Galati, Romania
Galati, Romania

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Nicolau M.,Danubius University | Palomba G.,Marche Polytechnic University
Resources Policy | Year: 2015

According to the most common financial theories, the price of a futures contract is always influenced by the spot price of its underlying asset (the cost-of-carry model) or by the expected future spot price conditional on information set (the asset-pricing theory). The aim of this paper is to analyze the dynamic relationship between spot and futures prices, and to establish if there is the possibility of a valid "period by period" prediction of the futures price conditional on the prediction of the spot price, and vice-versa. The empirical analysis is conducted on the two most important energy commodities, crude oil and natural gas, and on gold, the most important commodity used for risk hedging and investment during financial turmoil, paying particular attention to the exogeneity issue. We estimate a battery of recursive bivariate VAR models over a sample of daily spot and futures prices, ranging from January 1997 to May 2014. Our results show that some interactions between spot and futures prices clearly exist and they mainly depend on commodity type and futures contracts maturity. Thus, a strong exogeneity operates in the case of the natural gas, while this is not the case for the crude oil, where the exogeneity generally is weak and depends on the contract maturity. On the gold market the results show no possibility of a valid forecasting between spot and futures prices. © 2015 Elsevier Ltd.


Gheorghe S.,Danubius University
11th International Multidisciplinary Scientific Geoconference and EXPO - Modern Management of Mine Producing, Geology and Environmental Protection, SGEM 2011 | Year: 2011

Corporations regarded as socially responsible can benefit from a large satisfied clientage while the public image of social irresponsibility can end up with a boycott or any other hostile actions from costumers. Positive contributions to social development can be considered by companies as long term investments in the consolidation of a safer community life, better educated and much more equitable which corporations can benefit from by unfolding their activities in a more dynamic, stable and resourceful environment. These are serious economic reasons which can be in the advantage of economic agents who can commit towards different social groups. Companies' social implication has become a frequently approached subject due to a set of factors like: economic globalization, depletion tendency of resources, alarming increase of pollution and the diminishing role of the public sector. Consequently, corporate social responsibility becomes a component more and more significant of the business environment's interaction with the society where organizations unfold their activities. This term is of interest to both those who apply it in their current activities and also to the academic environment which, in order to create future managers, gets involved in its study. © SGEM2011 All Rights Reserved by the International Multidisciplinary Scientific GeoConference SGEM.


Gheorghe S.,Danubius University
11th International Multidisciplinary Scientific Geoconference and EXPO - Modern Management of Mine Producing, Geology and Environmental Protection, SGEM 2011 | Year: 2011

The policies for social responsibility in the frame of environment protection is not exclusively related to XXI century state, on the contrary, the need to benefit from a healthy environment is a sine qua non demand of all participants involved in current social activities. Although at the individual level, the possibilities for expression in this respect are not absolute, the representation through the agency of non-governmental organizations can fulfil these targets. The management difficulties, implicitly social responsibility, gets more complex as globalization becomes a worldwide reality. It is very likely that the problems a community or a state faces to be more conspicuous in the frame of another community, people or any other geographical region with respect to both social responsibility for the environment protection and common principles considered ethical, moral values, specially strategies, methods and means of ecological resolution. As the planet's resources diminish exponentially, there rises the necessity for a responsible behaviour from those who pollute and exploit it. People's duty to maintain environment's quality has to lead to systemic changes in the way of action of the population, market and society in order to live in full harmony with the others and the planet itself. There are three main principles according to which managers and society also need to be preoccupied with a responsible behaviour of the organization: • a company's existence right depends on its responsibility towards the environment; • governments can come up with strict laws if the business does not include in its area social standards; • a policy characterized by social responsibility leads to social acceptance and implicitly to the consolidation of a company's viability. © SGEM2011 All Rights Reserved by the International Multidisciplinary Scientific GeoConference SGEM.


Trandafir M.,Danubius University
Metalurgia International | Year: 2013

The paper deals with the analysis of negative effects of the inflation which, in the current global crisis, represents major challenges for the monetary policy. The objectives of the paper are to analyse the paradigm changes of the conventional thinking framework internationally, the monetary policy by abandoning the anti-inflationary anchors and adopting the direct inflatin targeting as a monetary policy strategy. The paper analysis by comparison the advantages and limitations of the strategies adopted in the monetary policy in the 70's. Statistical databases and information are provided by the central bank websites and the international institutions.


Andronic B.,Danubius University
Metalurgia International | Year: 2013

In the cybernetic approach the company- system is defined as a result of the connections between an internal subsystem - the production subsystem, and an external subsystem- the subsystem of the company market. The cybernetic nature of the two systems is given by their adjustment elements. Designing of some diagrams reflecting causal relationships between the components of the two subsystems, would improve the understanding of the overall frame of the of companies operation.


Gheorghe S.,Danubius University | Turtureanu A.,Danubius University
12th International Multidisciplinary Scientific GeoConference and EXPO - Modern Management of Mine Producing, Geology and Environmental Protection, SGEM 2012 | Year: 2012

By the time runs successful organizations within their economic activity and social responsibility programs at local, regional or national programs helps to increase the profit of their respective owners. A different view is considered rather financial success allows them to get involved in initiatives "generous". In addition to these economic arguments we must consider the moral arguments in favor of social responsibility of firms. Competitiveness in this area is top notch especially for multinational companies aim of occupying key positions or enter new ones. Visibility of companies in the business environment is extremely important, underestimation of their impact, with negative consequences ranging from loss of customers to drive down the darkening business or attract new clients. © SGEM2012 All Rights Reserved by the International Multidisciplinary Scientific GeoConference SGEM Published by STEF92 Technology Ltd.


Gheorghe S.,Danubius University | Turtureanu A.,Danubius University
12th International Multidisciplinary Scientific GeoConference and EXPO - Modern Management of Mine Producing, Geology and Environmental Protection, SGEM 2012 | Year: 2012

The globalization of economic problems such as the increased gap between the developed and underdeveloped countries, inflation, environmental pollution, resource depletion and the further preservation of the large areas at subsistence level, have brought to the attention of numerous specialists and international structures, the need for designing a new economic model economic able to solve at least a part of these issues and if possible others as well (unemployment, education and training, health, political issues). Besides all these problems, the increase of economic competitiveness and companies' profits which operate on the market is an indispensable accessory in nowadays global economy. Social responsibility policies on environmental protection is an argument not only the state in twenty-first century, by contrast, need to enjoy a healthy environment is a sine qua non of all participants involved in the political, social, economic and current. At local level possibilities of affirmation in this direction are not properly represented only by association with NGOs touching point objectives. For multinationals, this is much easier they enjoying a great financial strength it provides good visibility in any market. © SGEM2012 All Rights Reserved by the International Multidisciplinary Scientific GeoConference SGEM.


Gianina R.,Danubius University | Alexandrina G.,Danubius University
12th International Multidisciplinary Scientific GeoConference and EXPO - Modern Management of Mine Producing, Geology and Environmental Protection, SGEM 2012 | Year: 2012

Cash flow statement is the only component of financial statements that meet the solvency problem entity and financial flexibility. Generally, there are considerations according to which, how an entity's financial flexibility is higher, the risk to fail it is lower. The process of determining the economic value depends largely on the establishment of a realistic structure of the anticipated cash flows, the investment analysis. The paper aims to analyze the assessment by forecasting cash flows from STEELTRADE Joint Stock Company, given the many possibilities they have the foresight to consider the nature of flows. The structure of cash inflows and outflows should be, if possible, a strategic plan for your business evaluated. © SGEM2012 All Rights Reserved by the International Multidisciplinary Scientific GeoConference SGEM.


Gianina R.,Danubius University | Alexandrina G.,Danubius University
12th International Multidisciplinary Scientific GeoConference and EXPO - Modern Management of Mine Producing, Geology and Environmental Protection, SGEM 2012 | Year: 2012

On the basis of information provided by the cash-flow situation, you can calculate a variety of rates, for the correct assessment of the performance and financial risk associated with the activity of firms. Case study on financial analysis of the rates used in the cash flows is carried out on the company IVAS Ltd and have highlighted the relevant financial rates recommended by the literature and national and international practice. These rates shall be determined on the basis of information on the sources and uses of cash, being used in the company's liquidity and risk analysis, because they express the ability of the company to generate enough cash to allow the payment of debts and the renewal of tangible assets. © SGEM2012 All Rights Reserved by the International Multidisciplinary Scientific GeoConference SGEM.


Ionescu R.V.,Danubius University
Journal of Food, Agriculture and Environment | Year: 2014

CAP represents an "old" European policy with high impact on the socio-economic sustainable development. The paper is focused on the following goals: to realize a comparative analysis between the Member States using some representative indicators; to implement the idea of grouping the states into clusters; to forecast the agricultural indicators during 2014 - 2020. The analysis covers three steps: comparative dynamic analysis, regression and cluster analysis. All analysis' steps and conclusions are based on the latest official statistic data and are supported by pertinent diagrams. In order to obtain adequate results, we used long data series and dedicated software SPSS. The main conclusion of the paper is the existence of three speeds European agriculture, which supports the increase of the agricultural disparities. Moreover, the new financial perspective will be not able to solve the agriculture's problems, especially in the latest Member States. The problem becomes more difficult because some of these states have large agricultural surfaces.

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