Amid the globalization and centralization of treasury operations, establishing the principles for their optimal management is the instrument by means of which economic stability, market dynamics and standards of living can be ensured. The directions of these principles, as well as their...

In this paper we analyze Romanian banking performance for the period 2006-2011 by computing a Malmquist index based on Data Envelopment Analysis. By adopting the intermediation approach in defining categories of inputs and outputs our conclusions focus on how ownership structure and size...

This paper focuses on corporate rating delivery process in terms of localization criteria differentiation. Corporate rating is conceived as a default predictor. We conduct a comprehensive study of the existing literature on the corporate default models, outlining the weak and the strong points,...

The project concentrates on the relationship between corporate rating and country rating. The approach is empirical. A series of hypothesis regarding the content and the direction of the relationship between the two variables are tested using various statistical methods. The focus is directed to...

The financial theory admits that levered firms record a value surplus compared to unlevered firms, at least because of the tax savings, related to interest. However, incurred debt, especially the long term debt, has a more consistent influence on performance, as stated by the Modigliani-Miller...

Optimality of fiscal policy is an issue widely debated in the literature from multiple perspectives. One way to address this problem is with the Laffer curve, causing the correlation between tax burden and tax revenue. This paper addresses the correlation with Laffer curve for income tax made...

This paper focuses on highlighting out the way financial leverage has been approached, both from classic and modern perspective. Literature on financial leverage is reviewed in order to get a deeper insight on the way theories, concepts and mentalities have evolved. From the classic neutral...

This paper focuses on applying Black and Scholes structural approach on credit risk in the case of the companies listed on Romanian Stock Exchange. We conduct a case-study on 35 companies belonging to five industries (energetic, materials, chemistry, pharmaceuticals, equipments) during a period...

This paper brings forth the contribution of corporate governance to risk management system at the enterprise level. The research is a complex one, integrating both quantitative and qualitative information. The quantitative information consists of balance sheet and profit and loss account data...

This paper focuses on CEE countries volatility captured by exchange rate dynamic. The spillover phenomenon is analyzed from the perspective of the actual financial crisis where cross-border capital flows strenghthened the premises of the financial contagion. Volatility will be approached...