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Not so fast, rejoins the prime minister, who recently inked a new agreement with the EU.
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In financial markets, transparency of financial information is one of the most effective variables of investment strategies. Information asymmetry can seriously affect firm performance on the stock exchange and firms with a poor informational environment can lose the interest of investors. Reducing information asymmetry can have an important effect on firm performance on the stock exchange. Firms may lack a clear informational environment in the market because of the emerging conditions governing the Tehran Stock Exchange. Because larger and more active firms on the Tehran Stock Exchange provide more information, measuring the informational environment of these firms provides an overview of information asymmetry. The present study calculated the information asymmetry in these firms using the PIN and FE indices. The inconsistent results provided by these indices prompted the authors to offer a new index that is a composite of the PIN and FE that can better explain information asymmetry in developing market such as Asian stock markets. The results show that the new composite index, by using the mechanisms of the PIN and FE indices, provides a better outcome. The new composite index shows that the Tosee Melli Inv (TMEL1), Mobarakeh Steel (FOLD1), Iran Mobil Tele (HMRZ1), Saipa (SIPA1) and I.N.C. Ind. (MSMI1) firms have a better informational environment on the Tehran Stock Exchange.
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The main purpose of this paper is to investigate the performance of initial public offerings (IPOs) in the emerging markets with particular focus on the markets of Balkan countries. The paper provides analysis of long and short performance of IPOs. In the Balkan emerging markets IPOs are relatively rarely used. Although all observed Balkan countries have gone through processes of transition from planned economies to market economies in the past 25 years, just a few state-owned companies have been privatized by use of IPOs. Due to this specific nature of the companies the analyzed sample of IPOs is comprised of state-owned and non-state- owned companies. The results are interpreted and expounded accordingly, taking into consideration the aforementioned conjunction. The findings indicate that company characteristics, signalling variables and financial variables have influence on the IPOs short and long term performance. The paper provides academia and policymakers with new revelations concerning the IPO processes in Balkan emerging economies’ capital markets.
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Sustain growth of value added is one of the most important problem in many countries with transition economy. The article provides new evidence about determining the future dynamics of the economic activities with increasing value added. In this paper, we have used Hopfield’s neural network to clarify the strategies of social and economic development of country. Three types of strategies have been created with using mathematical models and quantitative assessment of their efficiency has been made. From the simulation results, it is observed that state regulation based on this methodology can build the basis for further improvements in economic policy.
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Companies in Lithuania have to follow Business Accounting Standards (BAS) when preparing their financial statements. Recording financial transactions according to BAS ensures that the information a company shares with potential lenders and investors gives a true and fair view of its business situation. However, the tax law prescribes its own set of accounting rules, which can result in a difference between what a business shows in financial statements and what it reports on its tax returns. This paper examines whether Lithuanian companies predominantly use tax accounting principles that migrate into their financial statements to create an inaccurate picture of business performance. The method of experts’ evaluation was chosen for that purpose. The results indicate that Lithuanian companies tend to heavily rely on accounting principles prescribed in corporate income tax law thus distorting information contained in financial statements. The paper contributes to the scarce literature on this issue of high relevance to both academics and practitioners.
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The reduction of the development gap of South and East European economy compared with the rest of the developed countries represent an important condition to achieve the goal of „healthy development” of European Union. High level of competitiveness in West European industries as well as new policy of sustainable development causes a rethinking of strategy of individual countries. Creative industries may contribute to the efficient utilization of local resources and individual characteristics. Using the culture like an ”engine” of regional development, in South and Eastern Europe, countries can generate many positive and lasting effects on these economies. This article presents the role and evolution of creative goods and industries in South and Eastern European countries, and aims to prefigure their impact on sustainable development of these regions. The involvement of these goods in international trade may improve or rehabilitate the position of different economies at European level.
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Taxation is a major factor in political, economic, social and fiscal policy decisions. The current study looks at the eurozone Member States in order to establish if fiscal convergence towards the Maastricht criteria leads to tax convergence. The research method is sigma-convergence based on three different variation measures (the coefficient of variation, the Gini coefficient and the Theil index). The overall tax burden is used to define national tax systems. The research period is 1995-2013.
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This paper examines the implications of fiscal rules measured through the Fiscal Rules Index and fiscal institutions that supervise fiscal policies on key aspects of fiscal policies such as public debt and budget deficits. Our goal was to identify the specific links between fiscal rules, institutions and fiscal policies, to support any rethinking of public policy matters. Our results confirm that the government’s consolidated debt is influenced by both fiscal rules and institutions. Through this research we have showed that an increased number of institutions and fiscal rules is closely related to an increase in public debt levels. We explained this influence by stating that cause may consist in not having one strong and independent institution, but more institutions more or less independent that divide key responsibilities. Also our results indicate that budget deficits aren’t influenced either by supervising institutions or fiscal rules.
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The paper deals with reasons resulted in anti- monopolistic (anti- trust) policy, the goals of competition policy and its historical fundamentals, as well as the experiences with the implementation of the policy in the world and in the Republic of Serbia. The points put forth in the paper have proved the following hypotheses: firstly, competition policy has been a necessary measure of intervention within high concentration industries since the Sherman Antitrust Act of 1890; secondly, sanctions imposed against monopolies and cartels are significantly lower if compared with benefits gained due to abusing their market power; thirdly, the experiences of developed countries in anti- monopolistic legislation provide useful guidelines for a more efficient implementation of competition policy in Serbia.
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In 2008 the European Central Bank added a new quantitative policy strategy to its traditional control of the interest rates. This new policy, sometimes called “enhanced credit support”, consists of fully satisfying the demand for liquidity of banks, with the European Central Bank deciding only the timing and characteristics of its interventions. This study analyses the market conditions in which these measures have been taken and their consistency with the demand for liquidity by the banking system. Measures in favour of the sovereign debt of PIIGS countries are also considered.
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We tested empirically through econometric methods the classic CAPM model for 15 shares listed on the NASDAQ market in United States of America. The results showed that, for the majority of shares, there is a linear relation between expected return and market return. The shares of the largest companies from sample (AAPL, MSFT, GOOGL, etc. INTC) had a subunitary beta and the shares of smaller companies (ADBE, YHOO, BIDU etc.) had a beta greater than one. Compared with Security Market Line (SML) the shares were found to be overestimated and overstated and using GARCH-VECH model we identified the presence of high correlation between shares and the volatility spillover phenomenon.
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This paper considers the choice of the most profitable sampling frequency for a feedback quality control system. It is assumed that the disturbance can be adequately modeled by a first-order Integrated Moving Average (IMA (0, 1, 1)) process. The cost model includes two terms, one for the cost of being off-target and one for the cost of sampling and adjustment. An analytical solution is obtained and the sensitivity of parameters examined.
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The purpose of this paper is to analyze the effect of fiscal decentralization on the government size in the European Union member states. The Two-Stage Least squares procedure is applied on the panel data for the period 2000-2010. The regression model which is constructed includes the total amount of government tax revenue as a dependent variable. The revenue and expenditure variable for fiscal decentralization are put as main explanatory variables. The empirical results support the theoretical assumptions for the restrictive influence of the revenue decentralization as well as the increasing effect of the expenditure decentralization on the government intrusion into economy measured via the amount of tax revenue.
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The study contains an overview of earnings management tools of reporting entities and capital groups in Poland. Relations between the phenomenon of earnings management and financial reporting policy have been analysed. A research problem related to the significance and application of particular earnings management tools as perceived by practitioners (accountants, executive board members, specialists) has been discussed. Selected tools of earnings management, usually linked with operations, are perceived to be used more intensively. The conducted analysis shows that in the opinion of the surveyed respondents the most effective instrument influencing the desired level of results presented in a financial statement is carrying out transactions under conditions which ensure the achievement of a reported goal. This applies also to capital groups, in which transactions effected between group units were indicated as the ones used to the greatest extent.
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In this study we intend to highlight the monetary transmission mechanism and how the main economic and monetary variables react to various shocks in Romania over the period 2001 to 2012 using a BVAR model with a KoKo Minnesota/Litterman prior. BVAR models solve the overparameterization of VAR and have advantages in terms of objectivity and flexibility. The analysis reveals important conclusions. The interest rate channel is being more and more consistent in the last years, the positive aspect that emerges from this study being related to the absence of output and price puzzle. Under these circumstances, the role and the responsibilities of the central bank acquires a greater importance, given its ability to control the interest rate in accordance with its objectives. The relationship between inflation and unemployment rate is consistent with the Phillips curve in Romania
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Development of modern macroeconomic theory is characterized by the existence of a large number of theories, with also a large number of items in each of them, which are often in conflict with each other. This paper presents the attempts to overcome these differences, guided by the principle of including the most important contributions of different theories within a single concept. In the middle of last century, it was the case with the neoclassical synthesis, while in recent years we can speak about creating a “new” neoclassical synthesis, which has some similarity with the previous core. The aim of this paper is to present the basic features of the new neoclassical synthesis, as well as to consider the question of the real contribution of this new concept in development of macroeconomic theory and policy.
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Instruments endangering the vital values of a society remained the same when compared to the earlier period, only the modalities of their functioning have changed. This requires the use of appropriate counteracting instruments, which have to be based upon strengthening the economic power of the country. The connection between the economy and security is most clearly expressed through interdependence between collection and allocation of economic resources with the aim of effective functioning of the country in achieving the security system. In conditions caused by the economic crisis, which have affected all the areas of our life and work, preservation of security is imposed as a priority and a condition for survival.
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Many economic reforms in developing economies are, in fact, price deregulation in the product markets and trade liberalisation, concerning whether the growth of exports accelerates. This paper, however, attempts to offer a new flavour in the policy reforms using fixed price model to study the growth impact of different sectoral investments and transfers to households. We used Social Accounting Matrix (SAM) multipliers to analyse the flow structure and distributional effects of sectoral investments and transfers in a typical developing economy. Using the case of Nepal we simulate the effects of additional demand creations to sectors and transfer earning growth to households and measure their effects and conclude that in the given flow structure, the additional sector demand and transfer growth in the economy benefit the middle income groups more; whereas the benefit to the poorest is only modest. We examine the effects of potential pro-poor economic restructuring measures especially with regard to the improvements of efficiency parameters and redirection of factor endowments. Consequently, poor households transfer towards those activities which have higher multiplier effects of additional demand and transfer earning. Furthermore, redirection of factor endowments requires undergoing with the skill upgrade of poor labour to be conducive with higher economic growth.
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This is the fact today world in whole, specially countries in transition, including Serbia, are faced with urgent need, for deep changes in philosophy of business. In that sense is specially important new approach to leadership in public administration. Hovewer, new philoshopy of management is same in private and public sector. In comparison, leaders of public institutions and companies have higher level of responsibility, because because them decisions have strong influence to quality of life of citizens and society in whole. In Serbian society, unfortunately it is not case. Statistic data confirms that majority of public companies is in deep lost, and public administration is place for employment of rulling parties members.
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This paper examines the relationship between the structure and share of government expenditure into Gross Domestic Product (GDP) and the real GDP per capita. Our study uses a micro panel data for a sample made of ten countries from Central and East European, for the period 2002-2012. The empirical results of the linear regression show that the GDP/capita is positively correlated with public order and safety expenditures as well as with economic actions, while national defense and general public services are negatively correlated. The results obtained largely correspond with the ones reached by other researchers approaching the topic of the relationship between economic growth and composition of the government expenditures. The health and education expenses, though instrumental for the long-term development of any society, did not show any significant impact upon the evolution of the GDP/capita, probably as a result of the short-term available data.
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