The interdependence between countries and the importance of the economic links between them has reached an extend unprecedented in history. In the context of globalization, the mobility of production factors may get pressure on governments to reduce taxes in order to remain attractive. Reduction...

For Romania is essential to achieve development project of transport and to integrate the national transport system in technical and operational parameters at European level, because it is a consistent part with rout and rail network.

The budget represents the object of different negotiations between the member states and the European Union’s institutions, on the basis of some clear defined rules. In 1988, after a few years of annual negotiations, EU passed to multi-annual “financial perspectives”, or ensemble...

The problem of the environmental becomes pressing and they have already concerned the international, regional and national organizations. At the international level, there is a new strategy of the United Nations included in the „Millennium Development Goals“(MDG). Besides, the integrated...

The investment decision represents an important agent of the general policy, for the continuation and the increase of their activity. The necessity of achievement some important investments for national railway infrastructure is determined by the present situation of the railway transport...

This paper has like objective to present the main aspects concerning financial structure of the firm. So, we begin from the fact that the theory and the practice doesn’t find an answer at the question if a firm is too much or enough debt, we search after a short definition of financial...

The survey findings indicate the existence of gap between theory and practice of capital budgeting. Standard appraisal methods have shown a wider project value discrepancy, which is beyond and above the contingency limit. In addition, the research has found the growing trend in the use of value...

We apply utility indifference pricing to solve a contingent claim problem, valuing a connected pair of gas fields where the underlying process is not standard Geometric Brownian motion and the assumption of complete markets is not fulfilled. First, empirical data are often characterized by...

Real option theory has remained a fringe field; practitioners believe it is not practically applicable in complex real world environments. We show that this view is mistaken. We apply real option theory to a highly complex energy problem with unhedgeable risk, time varying volatilities and...

This paper shows that the presence of conditional staging in R&D (Research & Development) has a critical impact on portfolio risk, and changes diversification arguments when a portfolio is constructed. When R&D projects exhibit option-like characteristics, correlation between projects plays a...