This paper presents the theoretical background concerning capital budgeting techniques and cost of capital estimation and a literature review on cost of capital estimation practice applied by key European corporations as opposed to Asian and American firms. Previous studies showed that the most...

The principle of non arbitrage is regarded as a golden rule in financial theory, often representing the starting point in testing market efficiency. In this paper we intend to identify all the cash and carry arbitrage opportunities existing for the DESIF5 futures contract on Sibex during the 3rd...

This paper studies the performance of Romanian balanced funds over the period 2005-2011. It analyzes recent evolutions of Romanian balanced funds industry and it tries to assess the risk-adjusted performance of this category of funds as well as the market timing and selectivity abilities of...

Numerous recent studies are emphasizing the existence of different stock price behaviors, namely long random walk sub periods alternating with short ones characterized by strong linear and/or nonlinear correlations. All these studies suggest that these serial dependencies have an episodic...

In order to correctly estimate the unpredictable effects on their transaction portfolios, the banks developed stress testing methods which turned out to be a very important tool in the bank supervision process. Moreover, the supervision authorities started using stress-testing methods for...