Sethi and Thompson (1970) illustrated the applications of the maximum principle to solve simple dynamic cash balance problems. There we introduced the idea of penalty function to solve the cash balance problem with bounded state variables arising out of disallowing overdrafts and short selling....

Abstract. A recent study shows that industry-specific analysis has no incremental advantage over economy-wide analysis in forecasting firm profitability. This result seems puzzling because some earlier studies have documented the importance of industry effects in explaining firm profitability....

SMEs will continue to represent, in the following decades, the most active, dynamic and performant part of a country’s economy. In this respect we have tried an approach of some aspects of extreme importance for the role of the SMEs in Romania in the present economic context of the...

In the context of present day economy characterized by continuous change, enterprises are forced to make a series of modernizations in order to improve technology, to access various market niches, to satisfy clients’ demands. Consequently, enterprises invest annually substantial financial...

The emergence and development of new technologies, in which information and knowledge play a crucial role, the transition from industrial economy to modern society and then to postmodern society have led to compression of time and space and to the intensification of economic, social and politic...

In the context of present day economy characterized by continuous change, enterprises are forced to make a series of modernizations in order to improve technology, to access various market niches, to satisfy clients’ demands. Consequently, enterprises invest annually substantial financial...

The current world wide economy met deep changes, especially in the last decades, changes which had major effects over business area. These determined the adoption of some decisions, at the level of main actors of economical life, which allow them to resist at new challenges. In this way,...

In the present the authors show the modalities of analysis the cash – flow statement, based on an specific indicators system.

This paper presents an axiomatization of residual income, aka excess profit, and illustrates how it may univocally engenders fixed-income or variable-income assets. In the first part it is shown that, depending on the relations between excess profit and the investor's excess wealth, a...