Within-month anomalies and influence of macroeconomic news announcements are important characteristics of a stock market. In this paper we investigate their presence on Bucharest Stock Exchange. We find significant within-month effects and a considerable impact of some US macroeconomic news...

This paper examines the holiday effect presence of on the Romanian stock market. We perform regressions with dummy variables and daily values of some from the main indexes of the Bucharest Stock Exchange. The results indicate a post-holiday effect for all the indexes and a pre-holiday effect...

The systematic risk is considered as one of the most important factors that influence the investment in financial assets. Usually, it is evaluated in the framework of the Capital Asset Price Model. The systematic risk associated to firm equities is affected by some firm’s characteristics,...

In the last decades, the employment of persons with disabilities became a priority for the social policy from many countries. Usually, such policies are oriented in two directions: to support the persons with disabilities seeking jobs and to provide for the employers who hire these persons some...

This paper explores the changes in the daily seasonality of the Romanian foreign market from January 2005 to February 2010. Our investigation employs data from the prices in the Romanian national currency, of the two main currencies used in the financial transactions: euro and US dollar. For the...

This paper investigates the systematic patterns displayed by the Romanian Foreign Exchange Market in some months of the year. In our analysis we employ monthly values of the Romanian national currency rates against the United States dollar and the euro. We find that since the Foreign Exchange...

This paper examines the changes induced by the actual financial crisis in the dynamic relation between the currency rates and the differentials of the interest rates from Romania and euro area. In the framework of the Uncovered Interest Rate Parity hypothesis we apply the Vector Autoregressive...

In the last decades the specialized literature revealed the seasonal effects on the financial markets evolution. Among them there is the day – of – the – week effect, which consists in significant differences from the average returns on some days of the week than others. This paper...

The adhesion to the European Union imposed to Romania major changes for the main indirect taxes. In this article we study the implications of these changes on the imports from EU. We conclude that the most significant effect the settlements had regarding the payment of VAT for the intra –...

The SAD effect is a calendar anomaly linked to the few length of the daylight during the autumn and the winter. In this paper we investigate the presence of this seasonal effect on the Romanian capital market. We find evidences of a significant SAD effect for an important index of the Bucharest...