{"title":"The Influence of the Banking Sector Functions on Economic Activity in Macedonia","authors":"E. Naumovska, Kiril Jovanovski, Gorgji Gockov","doi":"10.1515/aicue-2015-0014","DOIUrl":"https://doi.org/10.1515/aicue-2015-0014","url":null,"abstract":"Abstract The subject of this paper is the way in which the banking sector in Macedonia contributes to the economic growth by performing five basic functions: savings mobilization, risk diversification, resource allocation, corporate control and easing exchange. The basic purpose of this paper is, through assessment of the relative importance of each of the functions of the banking sector and analysis of the relationship existing between the banking sector intermediation and economic growth (as measured by GDP) to investigate the impact of the banking sector on the real sector performance in the Macedonia. According to the obtained results the paper provides conclusions for opportunities and directions for increasing the efficiency of the banking sector in the Republic of Macedonia.","PeriodicalId":55523,"journal":{"name":"Analele Stiintifice Ale Universitatii Al I Cuza Din Iasi - Matematica","volume":"33 1","pages":"208 - 221"},"PeriodicalIF":0.0,"publicationDate":"2015-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"77676697","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":"Effects of Tourism Seasonality at Local Level","authors":"B. Petrevska","doi":"10.1515/aicue-2015-0016","DOIUrl":"https://doi.org/10.1515/aicue-2015-0016","url":null,"abstract":"Abstract The paper underlines the importance of identifying seasonality effects over tourism development. The study applies a simple test for examining the presence of seasonality in tourism demand in the line of exploring its concentration and strength at local level. The investigation is covered by calculating some commonly applied indicators for measuring tourism seasonality, like Gini coefficient, Seasonality Indicator and Coefficient of Variation. The data set addresses the total tourist arrivals between 2000-2013 and elaborates the case of Ohrid, as the most famous tourist destination in Macedonia. The research results point to high level of tourism seasonality with significant flow distribution to tourism development. Finally, the study may serve as a base for identifying measures and activities necessary for creating comprehensive local and regional tourism policy.","PeriodicalId":55523,"journal":{"name":"Analele Stiintifice Ale Universitatii Al I Cuza Din Iasi - Matematica","volume":"63 1","pages":"242 - 251"},"PeriodicalIF":0.0,"publicationDate":"2015-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"91067125","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":"Modeling the Frequency of Auto Insurance Claims by Means of Poisson and Negative Binomial Models","authors":"M. David, D. Jemna","doi":"10.1515/aicue-2015-0011","DOIUrl":"https://doi.org/10.1515/aicue-2015-0011","url":null,"abstract":"Abstract Within non-life insurance pricing, an accurate evaluation of claim frequency, also known in theory as count data, represents an essential part in determining an insurance premium according to the policyholder’s degree of risk. Count regression analysis allows the identification of the risk factors and the prediction of the expected frequency of claims given the characteristics of policyholders. The aim of this paper is to verify several hypothesis related to the methodology of count data models and also to the risk factors used to explain the frequency of claims. In addition to the standard Poisson regression, Negative Binomial models are applied to a French auto insurance portfolio. The best model was chosen by means of the log-likelihood ratio and the information criteria. Based on this model, the profile of the policyholders with the highest degree of risk is determined","PeriodicalId":55523,"journal":{"name":"Analele Stiintifice Ale Universitatii Al I Cuza Din Iasi - Matematica","volume":"4 1","pages":"151 - 168"},"PeriodicalIF":0.0,"publicationDate":"2015-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"88920547","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":"Equity Market Reaction to Sharp Price Changes: Evidence from Poland","authors":"Rasoul Rezvanian, Zbigniew Krysiak, E. Klaczyńska","doi":"10.1515/aicue-2015-0012","DOIUrl":"https://doi.org/10.1515/aicue-2015-0012","url":null,"abstract":"Abstract We examine investors’ reaction to sharp price changes using two equity market indices in Poland: WIG and WIG20. Using daily market returns for the two indices from April 1991 and April 1994 to November 2012, we identify the event days as the days where market indices exhibited positive or negative daily price changes of 3 percent or more as well as two and three standard deviations from the mean of the market returns. By following the market behaviour through price trend for 30 days after the event days, two conclusions can be reached: (a) The arrival of unexpected news that cause sharp price changes impacts volatility of market indices, and (b) the subsequent price adjustments after the initial sharp price changes take an upward corrective pattern only after the initial negative price changes, but not after positive price changes.","PeriodicalId":55523,"journal":{"name":"Analele Stiintifice Ale Universitatii Al I Cuza Din Iasi - Matematica","volume":"13 1","pages":"169 - 190"},"PeriodicalIF":0.0,"publicationDate":"2015-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"84980008","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":"Determination Of Customer Preferences For Benefits Provided By Sales Promotion At Shopping Centres In Lithuania","authors":"L. Pilelienė, A. Bakanauskas","doi":"10.1515/aicue-2015-0006","DOIUrl":"https://doi.org/10.1515/aicue-2015-0006","url":null,"abstract":"Abstract The intensifying competition forces organizations to search for various measures which could help in persuading consumer to buy a product. Consequently, the attention to customer attraction is growing enormously. One of marketing measures used for this purpose is sales promotion. However, many measures of this marketing tool used by the companies do not attract consumers and end in failure. The article is aimed to determine customer preferences for benefits provided by sales promotion at shopping centres in Lithuania. Based on the results of questionnaire research the main conclusion is that customers of shopping centres in Lithuania are mainly driven by the utilitarian benefits of sales promotion, and are not affected by hedonic ones.","PeriodicalId":55523,"journal":{"name":"Analele Stiintifice Ale Universitatii Al I Cuza Din Iasi - Matematica","volume":"25 1","pages":"85 - 92"},"PeriodicalIF":0.0,"publicationDate":"2015-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"80173811","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":"Determinants Of A Fast-Growing Firm’s Profits: Empirical Evidence For Slovenia","authors":"Dijana Mocnik, Karin Širec","doi":"10.1515/aicue-2015-0003","DOIUrl":"https://doi.org/10.1515/aicue-2015-0003","url":null,"abstract":"Abstract This paper seeks to explain the relationship between a firm’s profitability and firm size, leverage ratio and labour costs – using a sample of 782 Slovenian fast-growing firms from the years 2008 and 2009. We determined that profitability is negatively related to the firm size and leverage ratio, but positively to the labour costs. These results illustrate that, with increasing firm size, a fast-growing firm becomes less profitable. The negative coefficient for the leverage ratio indicates that the higher the extent to which debts were used as the source of financing, the lower the profits. One explanation for this is that profitable, fast-growing firms rely on their equity capital. Alternatively, higher-leveraged firms bear greater risks of bankruptcy; consequently, creditors are reluctant to approve credit for such clients. The positive association between labour costs and profitability implies that the higher the labour cost, the higher the profitability of fast-growing firms.","PeriodicalId":55523,"journal":{"name":"Analele Stiintifice Ale Universitatii Al I Cuza Din Iasi - Matematica","volume":"31 1","pages":"37 - 54"},"PeriodicalIF":0.0,"publicationDate":"2015-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"81480294","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":"Determinants Of Bank’s Profitability In EU15","authors":"Bogdan Căpraru, Iulian Ihnatov","doi":"10.1515/aicue-2015-0007","DOIUrl":"https://doi.org/10.1515/aicue-2015-0007","url":null,"abstract":"Abstract In this paper we analyse determinants of bank profitability of EU15 banking systems for the period 2001-2011. We use as proxy for banks profitability the return on average assets (ROAA), the return on average equity (ROAE) and net interest margin (NIM). We also measure the impact of the first and the largest wave of enlargement (10 new members in 2004) on EU15 bank profitability, introducing a dummy variable. The contribution of this paper for the empirical literature is that there are no other studies that deal bank profitability for all EU 15 countries for the period considered (2001-2011). The literature splits the factors that influence banks’ profitability in two large groups: bank-specific (internal) factors and industry specific and macroeconomic (external) factors. Our results are in line with the economic theory. Cost to Income Ratio, credit risk and market concentration had a negative influence in case of all measures of banks’ profitability, while bank liquidity only for ROAE and NIM. The size of banks had a negative impact on NIM, suggesting that bigger the bank is, smaller the net interest margin ratio is, but, on the contrary, in case of ROAA, had a direct effect. The market concentration had a negative influence, meaning that the increasing competition, as a structural point of view, increases banks’ profitability. The results show us that the process of European Union enlargement from 2004 does not have significant impact on EU15 banking systems’ profitability. It has a week and negative effect only in case of net interest margin. As policy recommendations, we suggest for authorities a better supervision for credit risk and liquidity and maintaining a competitive banking environment. For banks’ management we also recommend to monitor the credit risk indicators, optimizing costs and diversifying the sources of income.","PeriodicalId":55523,"journal":{"name":"Analele Stiintifice Ale Universitatii Al I Cuza Din Iasi - Matematica","volume":"9 1","pages":"101 - 93"},"PeriodicalIF":0.0,"publicationDate":"2015-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"89657723","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":"Case Study In The Field Of Innovation In Selected Companies In Slovak Republic","authors":"Z. Hajduová, Roman Lacko, S. Mildeová, M. Stričík","doi":"10.1515/aicue-2015-0008","DOIUrl":"https://doi.org/10.1515/aicue-2015-0008","url":null,"abstract":"Abstract Innovations are the source of competitive advantage and direction of the strategic choices are the most important factor determining the success of a business in the 21st century. In this context, the objective is to examine the contribution of the innovation process in small and medium-sized enterprises in the Slovak Republic, with the help of analysis we evaluate the benefits of the introduction of innovations, and search for the structure of the system and behaviour of systems archetypes. There is some evidence that might be used as advice to help with effectivity of innovation process in wider international spectrum.","PeriodicalId":55523,"journal":{"name":"Analele Stiintifice Ale Universitatii Al I Cuza Din Iasi - Matematica","volume":"107 1","pages":"103 - 119"},"PeriodicalIF":0.0,"publicationDate":"2015-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"73671270","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}
Tatiana Miraldes, Susana Garrido Azevedo, F. Charrua-Santos, Luis Mendes, João Carlos De Oliveira Matias
{"title":"IT Applications In Logistics And Their Influence On The Competitiveness Of Companies/Supply Chains","authors":"Tatiana Miraldes, Susana Garrido Azevedo, F. Charrua-Santos, Luis Mendes, João Carlos De Oliveira Matias","doi":"10.1515/aicue-2015-0009","DOIUrl":"https://doi.org/10.1515/aicue-2015-0009","url":null,"abstract":"Abstract This paper aims to study the influence of Information Technologies on the competitiveness of companies/supply chains. That is, it intends to analyse if the adoption of Information Technologies contributes to improve costs, time and customer service. To attain this objective a case study and content analysis methodology is used. Results indicate that there is a positive relation between the adoption of technologies, namely RFID, A.R. and the competitiveness of companies/supply chains. By the use of these technologies it is possible to improve several processes across the supply chain, as well as the reduction of costs related to labor, improvement in inventories and management of transport channels as well as an improvement on customer service. The improvement of these indicators has as consequence a gain in competitiveness allowing the companies to respond to the market needs in a differentiated way increasing by this way the customers’ satisfaction. As the information technologies have been considered very important for businesses it is crucial to improve our understanding on the main advantages associates with them and their contribution for competitiveness improvement of companies and supply chains, so this paper represents an important contribution for academics and professionals in this field.","PeriodicalId":55523,"journal":{"name":"Analele Stiintifice Ale Universitatii Al I Cuza Din Iasi - Matematica","volume":"23 1","pages":"121 - 146"},"PeriodicalIF":0.0,"publicationDate":"2015-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"89873226","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":"Generating Investment Strategies Using Multiobjective Genetic Programming And Internet Term Popularity Data","authors":"Martin Jakubéci","doi":"10.1515/aicue-2015-0004","DOIUrl":"https://doi.org/10.1515/aicue-2015-0004","url":null,"abstract":"Abstract Searching for stock picking strategies can be modelled as a multiobjective optimization problem. The objectives are mostly the profit and risk. Because of the conflicting nature of these objectives, we have to find Pareto optimal solutions. Multiobjective genetic programming (MOGP) can be used to find tree based solutions, using evolutionary operators. The advantage is that this algorithm can combine any number of inputs and generate complex models. Recent research shows, that the popularity of different terms on the internet can be used to enhance the models. This paper deals with a SPEA2 MOGP implementation, which uses Google trends and Wikipedia popularity to find stock investment strategies.","PeriodicalId":55523,"journal":{"name":"Analele Stiintifice Ale Universitatii Al I Cuza Din Iasi - Matematica","volume":"4 1","pages":"55 - 62"},"PeriodicalIF":0.0,"publicationDate":"2015-03-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"76097361","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}