{"title":"A turnpike theorem involving a modified Golden Rule","authors":"Darong Dai, Kunrong Shen","doi":"10.2139/ssrn.2276946","DOIUrl":"https://doi.org/10.2139/ssrn.2276946","url":null,"abstract":"In the current study, we investigate efficient capital accumulation in a stochastic neoclassical aggregate growth model. The underlying uncertainty is driven by Brownian-motion shocks and the major results do not rely on the specification of production functions. The stochastic balanced path of the capitallabor ratio is naturally derived by a martingale, and the corresponding modified Golden Rule path of capital accumulation is well-defined. The powerful martingale theory is thus employed, and a stochastic turnpike theorem involving the modified Golden Rule is proved. That is, the underlying path of capital accumulation is asymptotically efficient in the sense of consumption maximization. We focus on asymptotic turnpike theorems and our turnpike theorem only relies on the requirement that the modified Golden-Rule path of capital accumulation is reachable in any almost surely finite Markov time. Finally, it is asserted that the modified Golden-Rule path of capital accumulation indeed provides us with a robust turnpike under very weak assumptions.","PeriodicalId":30009,"journal":{"name":"Theoretical and Applied Economics","volume":"96 1","pages":"25-40"},"PeriodicalIF":0.0,"publicationDate":"2013-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"68054154","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"The Decline of Modernity","authors":"M. Dinu","doi":"10.7551/mitpress/5659.003.0004","DOIUrl":"https://doi.org/10.7551/mitpress/5659.003.0004","url":null,"abstract":"","PeriodicalId":30009,"journal":{"name":"Theoretical and Applied Economics","volume":"1 1","pages":"1-2"},"PeriodicalIF":0.0,"publicationDate":"2011-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"71239865","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"FRAUD RISK MANAGEMENT","authors":"Ionuţ Şerban","doi":"10.1002/9781119203889.ch8","DOIUrl":"https://doi.org/10.1002/9781119203889.ch8","url":null,"abstract":"This paper aims to highlight certain aspects of the fraud risk faced by all organizations, regardless of the specific activity. Also, in this work are presented some practical examples in order to show how the risk of fraud is managed. The implications of this risk can be unlimited and may lead to bankruptcy when the organization affected. In general, the risk of fraud is more threatening in times of crisis and also threatens the financial stability of organization.","PeriodicalId":30009,"journal":{"name":"Theoretical and Applied Economics","volume":"146 2","pages":"550-556"},"PeriodicalIF":0.0,"publicationDate":"2009-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1002/9781119203889.ch8","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"50759482","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Insolvency And Restructuring","authors":"C. Belei, C. Schmidt","doi":"10.5040/9781526502278.chapter-001","DOIUrl":"https://doi.org/10.5040/9781526502278.chapter-001","url":null,"abstract":"During a crisis period, many businesses become insolvent. Insolvency implies closing down a company through bankruptcy or reorganizing that company. In our present economical situation, closing down a business is totally disadvantageous. Because of the low demand on the market the firm's assets will be sold at a low price. Reorganizing implies approving of a plan, which offers a series of advantages to the creditors: the rescheduling of debts, the suspending of all judiciary actions, re-planning of activities, renegotiation of ongoing contracts, re-dimensioning of costs. After the period of maximum three years the company has a chance to become viable.","PeriodicalId":30009,"journal":{"name":"Theoretical and Applied Economics","volume":"1 1","pages":"665-669"},"PeriodicalIF":0.0,"publicationDate":"2009-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"70539706","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Theoretical and Practical Aspects Regarding the Nulity of Commercial Companies","authors":"C. Lefter, Ovidiu Ioan Dumitru","doi":"10.2139/ssrn.3484125","DOIUrl":"https://doi.org/10.2139/ssrn.3484125","url":null,"abstract":"The absence of a Romanian legal definition of the concept of nullity of commercial companies arouses a lot of questions. The delimitation of this concept is very important for a correct establishment of its field of application. In other words, are the cases of nullity of commercial companies regulated only by Law no. 31/1990 or by the provisions of common law as well? Started from the fact that the nullity is not considered by the legislator a simple sanction applicable to the juridical acts but it affects directly the existence of the company and becomes a means to sanction the creation of a legal person by disregarding the imperative legal provisions, we analyzed firstly the Romanian (II) and the EU legal provisions regarding the nullity of commercial companies. The elements of this analyze helped us to qualify the nullity of commercial companies and its effect (III). Finally, through the conclusion formulated we hope to call the attention on the fact that a company, even created through the non-observance of the legal rules, can be viable from economic point of view and it is senseless to make it disappearance.","PeriodicalId":30009,"journal":{"name":"Theoretical and Applied Economics","volume":"1 1","pages":"33-40"},"PeriodicalIF":0.0,"publicationDate":"2009-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"68597577","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"The Political State","authors":"M. Dinu","doi":"10.4018/978-1-5225-2756-5.ch006","DOIUrl":"https://doi.org/10.4018/978-1-5225-2756-5.ch006","url":null,"abstract":"","PeriodicalId":30009,"journal":{"name":"Theoretical and Applied Economics","volume":"1 1","pages":"1-1"},"PeriodicalIF":0.0,"publicationDate":"2007-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"70432495","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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