Site - FINAL Program FI BA 2015

FACULTY OF FINANCE,
INSURANCE, BANKING AND

STOCK EXCHANGE
INTERNATIONAL FINANCE
AND
BANKING CONFERENCE
FI BA 2015
(XIII edition)
March 26-27, 2015, Bucharest, Romania
Organized by
FACULTY OF FINANCE, INSURANCE, BANKING AND STOCK EXCHANGE

from Bucharest University of Economic Studies
in collaboration with
SIF BANAT-CRISANA
Romanian Association of Finance and Banking RoFIBA
(Asociatia Romana de Finante - Banci RoFIBA)
Center of Financial and Monetary Research (CEFIMO)

(Centrul de Cercetri Financiar-Monetare CEFIMO)
www.fin.ase.ro/FIBA2015
Wednesday, 25 March 2015

17.30 20.00
The meeting point with the guide is in

the front of the Le Boutique Hotel
Moxa (address: Mihail Moxa Street no.
4, Bucharest)
Visiting Bucharest
Thursday, 26 March 2015

08.30 09.30
Registration
Location: Conference registration desk is

open in front of the Aula Magna,
Bucharest University of Economic
Studies (Ion N. Angelescu building)
Address: Piata Romana no. 6, District 1,
Bucharest
09.30 12.00
Plenary Session
Location: Aula Magna
Session Chair:
Professor Ion STANCU, PhD. Vice-rector of the Bucharest University
of Economic Studies, Faculty of Finance, Insurance, Banking and Stock
Exchange, Romania
Welcome speeches
Professor Pavel NSTASE, PhD. Rector of the Bucharest University of Economic Studies,
Romania
Associate Professor Ionela COSTIC, PhD. Dean of the Faculty of Finance, Insurance,
Banking and Stock Exchange, Bucharest University of Economic Studies, Romania
Keynote speakers
Banking Union as a shock absorber
Professor Ansgar BELKE, PhD.

University of Duisburg-Essen, Germany
The spirit of the law: cooperation versus aggressive

tax avoidance
Professor Erich KIRCHLER,

University of Vienna, Austria
PhD.
Economic integration and financial instability: Associate Professor Alberto BAGNAI,

lessons from Southern to Eastern European PhD. Gabriele d'Annunzio University,
countries
Italy
Associate Professor Rui Henrique
Completing the Economic and Monetary Union:
ALVES, PhD. University of Porto,
results and challenges
Portugal
Questions & Answers
Plenary Session
Location:
Aula Magna,
Bucharest
University of Economic Studies (Ion N.
Angelescu building)
Bucharest
12.00 13.30
Lunch
Location: Cafeteria located in the

Studies (Ion N. Angelescu building, 3rd
floor)
Bucharest
13.45 16.15
Parallel Sessions
Location: Paul Bran building (Moxa)

Address: Mihail Moxa Street no. 5-7,
District 1, Bucharest
16.15 16.30
Coffee break
Location: first floor Paul Bran building

(Moxa) and Department of Money and
Banking
16.30 19.00
Parallel Sessions

Dinner
Location: Panoramic Restaurant

Address:
Marshal
Garden
Hotel,
Dorobantilor Boulevard, 50B, District 1,
Bucharest
09.30 12.00
19.30 22.30
Friday, 27 March 2015

09.00 11.00
11.00 11.15
11.15 13.45
13.45 14.45
15.00 18.00
Parallel Sessions

Coffee break
Location:
first floor Paul Bran
building (Moxa) and Department of
Money and Banking
Parallel Sessions

Lunch
Location: Cafeteria located in the Moxa

Complex
Organized visit to the National Village

Museum Dimitrie Gusti
The guide will meet those who have

registered for the tour in the front of
the Paul Bran building (Moxa).
Address of the museum: 28-30 Kiseleff
Blvd., Bucharest 011347, Romania
(http://www.muzeul-satului.ro/contact-us)
14.15 18.00

Room 3101
Session 1
Insurance
Session Chair:
Professor Cristina CIUMA, PhD. Faculty of Economics and Business
Administration, Babes Bolyai University, Cluj-Napoca, Romania
Professor Dumitru BADEA, PhD. Faculty of Finance, Insurance,
Banking and Stock Exchange, Bucharest University of Economic
Studies, Romania
Invited member: Associate Professor Paul TNSESCU, PhD. Faculty of
Finance, Insurance, Banking and Stock Exchange, Bucharest University
of Economic Studies, Romania
Secretary: Costin A. ISTRATE, PhD. Student Bucharest University of Economic
Studies, Romania
1. Equilibrium prices of guarantees under unit- Professor Cristina CIUMA, PhD.
linked life insurance contracts
Faculty of Economics and Business
Babes Bolyai
Discussant: Professor Dumitru BADEA, PhD. Administration,
Faculty of Finance, Insurance, Banking and Stock University, Cluj-Napoca, Romania
Exchange, Bucharest University of Economic Diana-Maria CHI, PhD. Student Babes
Studies, Romania
Bolyai University, Cluj-Napoca,
Romania
Emilia-Anua COROVEI, PhD. Student
Babes Bolyai University, Cluj-Napoca,
Romania
2. The insurance market in 2014. Europe vs. Ctlin GOIA, PhD. Student Bucharest
Romania
University of Economic Studies, Romania
Discussant: Presenter of paper no. 4
3. The importance of the transition to IFRS for

insurance companies in Romania
Costin A. ISTRATE, PhD. Student

Studies, Romania
Professor Dumitru BADEA, PhD.
Faculty of Finance, Insurance, Banking
and
Stock
Exchange,
Bucharest
4. The effect of implementation of insurance Paul DUMITRU, PhD. Student
transparency mediation on the Danish and Bucharest University of Economic
Finnish insurance markets
Studies, Romania
16.15 16.30
Coffee break
Location: first floor Paul Bran building (Moxa)
5. Specific procurement procedures - sources of risk Professor Dumitru BADEA, PhD.

in the management of structural funds in Faculty of Finance, Insurance, Banking
Romania
and
Stock
Exchange,
Bucharest
University
of
Economic
Studies,
Romania
Ciprian NICOLAE, PhD. Student
Studies, Romania
6. Study regarding financial sustainability in Tatiana BOGDAN, PhD. Student Lucian
Romanias health system
Blaga University, Romania
Discussant: Associate Professor Paul TNSESCU,
PhD. Faculty of Finance, Insurance, Banking and
Stock Exchange, Bucharest University of
Economic Studies, Romania
7. Fraud in insurance
Marian VELICA, PhD. Student Valahia

University of Trgovite, Romania
Gabriel-Iulian TNASE, PhD. Student
Valahia University of
Trgovite,
Romania
Location: Department of Finance
Session 2
Corporate finance and investments
13.45 19.00
1.
2.
3.
4.
Room 3110
Session Chair:
Professor Ion STANCU, PhD. Vice-rector of the Bucharest University
of Economic Studies, Faculty of Finance, Insurance, Banking and Stock
Exchange, Romania
Associate Professor Tatyana MIROSHNIKOVA, PhD. Vladivostok State
University of Economics and Service, Russian Federation
Invited member: Claudiu GHIURLUC, Director Audit and advisory services at
Deloitte Romania
Secretary: Liliana SIMIONESCU, PhD. Student Bucharest University of
Sales forecasting in the context of seasonal Professor Ion STANCU, PhD. Vice-rector
activities and sustainable growth
of the Bucharest University of Economic
Studies, Faculty of Finance, Insurance,
Discussant: Claudiu GHIURLUC, Director
Audit
and advisory services at Deloitte Banking and Stock Exchange, Bucharest
Romania
Professor Dalina DUMITRESCU, PhD.
and
Stock
Exchange,
Bucharest
Lecturer Andrei TINCA, PhD. Faculty of
Accounting
and
Management
Information
Systems,
Bucharest
Evaluation of the effectiveness of the Professor Yulia VERTAKOVA, PhD.
telecommunication
companys
cluster Southwest State University, Russian
management
Federation
Discussant: Professor Dalina DUMITRESCU, PhD. Professor Vladimir PLOTNIKOV, PhD.
Faculty of Finance, Insurance, Banking and Southwest State University, Russian
Stock Exchange, Bucharest University of Federation
Evgeniy LEONTYEV, PhD. Student
Southwest State University, Russian
Federation
Empirical evidence on corporate governance tefan Cristian GHERGHINA, PhD.
and business failure risk for the companies listed Student Bucharest University of
on the Bucharest Stock Exchange
Professor Georgeta VINTIL, PhD.
Director of the Finance Doctoral
School, Faculty of Finance, Insurance,
Banking and Stock Exchange, Bucharest
Capital structure of Romanian companies Liviu Adrian AGA, PhD. Student
recent tendencies
Studies, Romania
5. Non-linear panel data analysis for capital Sorana VTAVU, PhD. Student West
structure and its impact on profitability
University of Timisoara, Romania
16.15 16.30
Coffee break
Location: Department of Money and Banking
6. Formation of an effective mechanism of financial Associate

Professor
Tatyana
and credit support reproduction a companys MIROSHNIKOVA, PhD. Vladivostok
fixed assets
State University of Economics and
Service, Russian Federation
7. Is corporate social responsibility sensitive to Associate

Professor
Andreea
political factors?
SEMENESCU, PhD. Faculty of Finance,
Insurance, Banking and Stock Exchange,
Studies, Romania
Professor Victor DRAGOT, PhD.
and
Stock
Exchange,
Bucharest
Silvia STNOIU, PhD. National Bank of
Romania, Romania
Diana GEAMBAU Bucharest University
8. Toward investigating the influence of Corporate Liliana SIMIONESCU, PhD. Student
Social Responsibility (CSR) activities on Bucharest University of Economic
companies employees
Studies, Romania
9. Economic psychology of risk in financial decision Ioana Florina COITA (POPOVICI), PhD.
making on the capital market
Babes Bolyai University, Romania
10. Modern indicators of measuring the societies Professor Nicolae BALTE, PhD.
ability to create value
Faculty of Economics, Lucian Blaga
University, Romania
Alexandra-Gabriela-Maria DRAGOE, PhD.
Student Lucian Blaga University,
Romania
13.45 19.00

Room 3M III
Session 3
Public finance
Session Chair:
Associate Professor hab. Magdalena ZIOLO, PhD. University of
Szczecin, Poland
Adrian VINTILESCU BELCIUG, PhD. D.G.A.S.P.C. Buzau, Romania
Invited member: Lecturer David DUFFY, PhD. University of Ulster, United
Kingdom
Secretary: Iulia BUTNARU, PhD. Student Bucharest University of Economic
Studies, Romania
1. Fiscal distress diagnosis: The Polish West Associate Professor hab. Magdalena
Pomeranian municipalities case study
ZIOLO, PhD. Faculty of Management
and Economics of Services, University
of Szczecin, Poland
2. A new framework for detecting the short term Associate Professor Andreea STOIAN,
fiscal vulnerability for the European Union PhD. Faculty of Finance, Insurance,
countries
University of Economic Studies,
Romania
Professor Laura OBREJA BRAOVEANU
PhD. Faculty of Finance, Insurance,
Romania
Lecturer Bogdan DUMITRESCU PhD.
and Stock Exchange,
Bucharest
Romania
Professor Iulian BRAOVEANU PhD.
and Stock Exchange,
Bucharest
Romania
3. Mechanisms to optimize expenditure on social Adrian VINTILESCU BELCIUG, PhD.
protection
D.G.A.S.P.C. Buzau, Romania
4. Results of the survey for the improvement of the Assistant Professor Ionu Valentin
performance of the public administration in PANEA, PhD. Student Faculty of
Romania
Finance, Insurance, Banking and Stock
Exchange, Bucharest University of
5.
Romania, between
deconcentration
decentralization
16.15 16.30
Coffee break
and Lecturer
Carmen
Maria
CONSTANTINESCU, PhD. Faculty of
Associate
Professor
Rodica
GHERGHINA, PhD. Faculty of Finance,
Insurance,
Banking
and
Stock
6. How to defend the profit shifting in front of the tax Iulia BUTNARU, PhD. Student
authorities?
Studies, Romania
Professor Iulian BRAOVEANU PhD.
and Stock Exchange,
Bucharest
Romania
7. A tax planning approach with European business Ana-Maria GEAMNU, PhD. Student
structures
Studies, Romania
8. An analysis of regional tax convergence in the Assistant Professor Ioana Laura
European Union
IBULC, PhD. Faculty of Finance,
Insurance,
Banking
and
Stock
9. Measuring efficiency within Romanian public Lecturer Georgiana Camelia CREAN,
funded universities
Romania
10.Investigating the effects of higher education Professor Emilia CMPEANU, PhD.
funding
and Stock Exchange,
Bucharest
Romania
Professor Dalina DUMITRESCU, PhD.
and Stock Exchange,
Bucharest
Romania
Associate Professor Ionela COSTIC,
Romania
13.45 19.00
Session 4
Financial markets and institutions

Room 3108
Session Chair:
Professor Cornelia POP, PhD. Faculty of Economics and Business
Administration, Babes Bolyai University, Romania
Lecturer Filip IORGULESCU, PhD. Faculty of Finance, Insurance,
Studies, Romania
Invited member: Professor Jan Van Hove, PhD. - University of Leuven and
University College Brussels, Belgium
Secretary: Dan Gabriel ANGHEL, PhD. Student Bucharest University of
1. The impact of the financial crisis on informational Associate Professor Angela Maria FILIP,
herding behavior in CEE stock markets
PhD. Faculty of Economics and Business
Administration,
Babes
Bolyai
University, Romania
Andreea Maria PECE, PhD. Student
Lecturer Maria Miruna POCHEA, PhD.
Administration,
Babes
Bolyai
University, Romania
2. Empirical investigations regarding CEEs stock Lecturer Claudiu BOOC, PhD. Faculty of
markets cointegration: static and dynamic Economics and Business Administration,
approach
West University of Timisoara, Romania
3. Asymmetric information versus financial markets

Professor Mitic PEPI, PhD. Faculty of

Economic Sciences, Ovidius University of
Constanta, Romania
4. Was RASDAQ doomed from the start? Further Professor Cornelia POP, PhD. Faculty of
investigations
Economics and Business Administration,
Lecturer Cristina BALINT, PhD. Faculty
of
Economics
and
Business
Administration,
Babes
Bolyai
University, Romania
Associate
Professor
Maria-Andrada
GEORGESCU, PhD. Faculty of Public
Administration, National University of
Political
Studies
and
Public
Administration, Romania
5. Tool for symbolic generation of discretization Associate Professor Tiberiu SOCACIU, PhD.
formulae used in Montecarlo simulations in Faculty of Economic Sciences and Public
multiasset vectorial differential stochastic model
Administration, Stefan cel Mare University
of Suceava, Romania
16.15 16.30
Coffee break
6. Considerations on the evaluation of volatility Lecturer Filip IORGULESCU, PhD. Faculty

forecasts
of Finance, Insurance, Banking and Stock
7. Some efficiency determinants in stock markets Dan Gabriel ANGHEL, PhD. Student
around the world
Bucharest University of Economic Studies,
Romania
8. Technical analysis and long memory in equity Olivia Andreea BACIU, PhD. Student
returns: empirical evidence on Bucharest Stock Babes Bolyai University, Romania
Exchange
9. The evolution of the main liquidity and solvency Georgiana Daniela MINCULETE (PIKO),
indicators of pharmaceutical groups Sanofi- PhD. Student Lucian Blaga University,
Aventis and Bayer from 2008 to 2015
Romania
10. Study on the financial balance for the companies Ruxandra Maria PAVEL, PhD. Student
in hotel industry, listed on the Bucharest Stock Lucian Blaga University, Romania
Exchange
13.45 19.00
Session 5
Macroeconomic stability

Room 3M IV
Session Chair:
Associate Professor Natalia Aleksandrovna NEKRASOVA, PhD.
Faculty of Economics and Management, Southwest State University,
Russian Federation
Senior research associate Valerija BOTRI, PhD. The Institute of
Economics, Zagreb, Croatia
Invited member: Assistant Professor Elias SOUKIAZIS, PhD. Faculty of
Economics, GEMF, University of Coimbra, Portugal
Secretary: Raluca Elena POP, PhD. Student Bucharest University of Economic
Studies, Romania
1. The innovative role of the creative class in the Associate
Professor
Natalia
formation of national export potential
Aleksandrovna NEKRASOVA, PhD.
Faculty of Economics and Management,
Federation
Professor
Ekaterina Vladimirovna
KHARCHENKO, PhD. Dean of the
Federation
Associate Professor Olga KRITSKAYA,
PhD. Faculty of Economics and
Management,
Southwest
State
University, Russian Federation
2. The effects of internal and external imbalances on Assistant Professor Elias SOUKIAZIS,
Romanians economic growth
PhD. Faculty of Economics, GEMF,
University of Coimbra, Portugal
Assistant Professor Micaela ANTUNES,
PhD. Faculty of Economics, GEMF,
University of Coimbra, Portugal
Associate Professor Andreea STOIAN,
Banking and Stock Exchange Bucharest
Romania
3. Triggering factors for economic convergence and Assistant Professor Ioana MIHU, PhD.
stability across Central and Eastern European Faculty of Economics and Business
countries
Administration, Babes Bolyai
University, Romania
Lecture Larisa POP, PhD. Faculty of
Economics
and
Business
University, Romania
Andreea PECE, PhD. student Babes
Bolyai University, Romania
4. FDI, trade and growth in the late reformers post Senior research associate Valerija
transition
BOTRI, PhD. The Institute of
Research associate Katarina BAI,
PhD. The Institute of Economics,
Zagreb, Croatia
Research
associate
Sunana
SLIJEPEVI, PhD. The Institute of
5. The formation of inflation expectations in EU Raluca Elena POP, PhD. Student

emerging countries
Studies, Romania
16.15 16.30
Coffee break
6. Entrepreneurship determinants in Central and Lecturer Ionela DUMITRU, PhD.

Eastern Europe. The case of Romania
Faculty of Business Administration, in
foreign languages, Bucharest University
of the Economic Studies, Romania
Professor Ionu DUMITRU, PhD.
and Stock Exchange,
Bucharest
Romania
7. Trend analysis of foreign direct investment flows Jovana ADI, PhD. Student Faculty of
in Serbia with special reference to the evaluation Business Economy, Educons University,
of the investment environment
Novi Sad, Republic of Serbia
Jelena TOKOVI, PhD. Student
Faculty of Business Economy, Educons
University, Novi Sad, Republic of Serbia
Jasna MARKOVI, PhD. Student
Faculty of Business Economy, Educons
University, Novi Sad, Republic of Serbia
8. Macroeconomic effects of inflation targeting: Associate Professor Can Tansel TUGCU,
evidence from the middle and high-income PhD. Faculty of Economics and
countries
Administrative Sciences, Nevehir Hac
Bekta Veli University, Turkey
Associate Professor Serdar OZTURK,
Administrative Sciences, Nevehir Hac
Bekta Veli University, Turkey
9.
Assessing determinants of total

productivities in the regions of Europe
factor Diana ALEXA, PhD. Student West

Professor Monica POP SILAGHI, PhD.
University, Romania
10. Corruption, institutions and growth: a PSTR Associate

Professor
Camelia
approach
TURCU, PhD. University of Orlans,
Discussant: Associate Professor Andreea STOIAN, France
PhD. Faculty of Finance, Insurance, Banking and Rda
MARAKBI
Laboratoire
Stock Exchange Bucharest University of Economic d'conomie d'Orlans University of
Studies, Romania
Orlans, France
13.45 19.00
Session 6
Banking
Location: Department of Money and

Banking
Room 3209
Session Chair:
Lecturer Dan Costin NIESCU, PhD. Faculty of Finance, Insurance,
Banking and Stock Exchange Bucharest University of Economic Studies,
Romania
Assistant Professor Simona MUTU, PhD. Faculty of Economics and
Business Administration, Babes Bolyai University, Romania
Invited member: Professor, Engineer Liviu MORAR, PhD. Department of
Machine Tools and Industrial Robots, Technical University of ClujNapoca, Romania
Secretary: Ciprian Sebastian TURCAN, PhD. Faculty of Finance, Insurance,
Banking and Stock Exchange Bucharest University of Economic Studies,
Romania
1. Study regarding the influence of the Maria-Daciana RODEAN (COZMA), PhD.
endogenous and exogenous factors on credit Student "Lucian Blaga" University,
Sibiu, Romania
institutions return on assets
Professor Nicolae BALTE, PhD.
Faculty of Economics, "Lucian Blaga"
University, Sibiu, Romania
2. The impact of policy interventions on systemic risk Assistant Professor Simona MUTU, PhD.
across banks
University, Romania
Professor Steven ONGENA, Ph.D.
University of Zrich and Swiss Finance
Institute, Switzerland
3. The impact of international swap lines on stock Lecturer Alin ANDRIE, PhD. Faculty
returns of banks in emerging markets
of
Economics
and
Business
Administration, Alexandru Ioan Cuza
University of Iasi, Romania
Andreas M. FISCHER, PhD. Swiss
National Bank, Switzerland
Pinar YESIN, PhD. Swiss National
Bank, Switzerland
4. A comparative performance analysis of the credit Economist Sorin TOADER, PhD. Student
bureau of Romania & Schufa Holding AG in Technical University of Cluj-Napoca,
Germany
Romania
Professor, Engineer Liviu MORAR, PhD.
Department of Machine Tools and
Industrial Robots, Technical University
of Cluj-Napoca, Romania
Engineer Emilia CMPEAN, PhD.
5. SMEs access to finance: a European perspective

16.15 16.30
Coffee break
Professor Vasile DEDU, PhD. Faculty

of Finance, Insurance, Banking and
Stock Exchange Bucharest University of
Lecturer Dan Costin NIESCU, PhD.
and
Stock
Exchange
Bucharest
Romania
Ciprian Sebastian TURCAN, PhD.
and
Stock
Exchange
Bucharest
Romania
6. The role of asset management companies in Research assistant Yusuf GOR, PhD.
resolving NPLS in Turkey
Faculty
of
Economics
and
Administrative
Sciences
Cankiri
Karatekin University, Turkey
Research assistant Bilgehan TEKIN,
Administrative
Sciences
Cankiri
Karatekin University, Turkey
7. Crowdfunding emerging financial models of the Professor Teodora BARBU, PhD.
post-crisis period
and Stock Exchange,
Bucharest
Romania
Lecturer Iustina BOITAN, PhD. Faculty
Stock Exchange, Bucharest University
8. Economic value added (EVA). A structural and
dynamic analysis, during 2006-2012, of the
companies having the business line in industry
and construction, listed and traded on the
Bucharest Stock Exchange
Assistant Professor Diana Elena VASIU,

PhD. Faculty of Economic Sciences
Romanian-German University, Sibiu,
Romania
Professor Nicolae BALTE, PhD.
Faculty of Economics, Lucian Blaga
University, Romania
Iulian Nicolae GHEORGHE, PhD.
Student Lucian Blaga University,
Romania
9. Determinants of non-performing loans ratio. Ana-Maria CAZACU (BANCU), PhD.

Evidence from firm-level data
Student Bucharest University of
10. Behavioral influences in Romanian banks lending Cristian BUZATU, PhD. Student
process
19.30 22.30
Dinner
Location: Panoramic Restaurant

Address: Marshal Garden Hotel,
Dorobantilor Boulevard, 50B, District 1,
Bucharest
Parallel Sessions

11.00 11.15
Coffee break
Location:
first floor Paul Bran
building (Moxa) and Department of
Money and Banking
11.15 13.45
Parallel Sessions

Lunch

Complex
09.00 11.00
13.45 14.45
15.00 18.00
Organized visit to the National Village

Museum Dimitrie Gusti

09.00 13.45
Session 1
Corporate finance and investments

Room 3110
Session Chair:
Associate Professor Kheswar JANKEE, PhD. Department of economics
and statistics, University of Mauritius, Mauritius
Professor Victor DRAGOT, PhD. Faculty of Finance, Insurance,
Studies, Romania
Invited member: Associate Professor Eugen MITRIC, PhD. Faculty of Finance,
Insurance, Banking and Stock Exchange, Bucharest University of
Secretary: Laura BRAD, PhD. Student Bucharest University of Economic
Studies, Romania
1. Investment strategies and internal financial Associate Professor Kheswar JANKEE,
markets amongst enterprises in Africa a case PhD. Department of economics and
study of Mauritius
statistics, University of Mauritius,
Mauritius
Chakeel PRAYAGSING, PhD. Student
University of Mauritius, Mauritius
2. Re-examining capital structure: is the religion Professor Ingrid-Mihaela DRAGOT, PhD.

one missing point in the list of country-specific Faculty of Finance, Insurance, Banking
determinants?
and
Stock
Exchange,
Bucharest
Professor Victor DRAGOT, PhD.
and
Stock
Exchange,
Bucharest
Associate
Professor
Andreea
SEMENESCU, PhD. Faculty of Finance,
Insurance, Banking and Stock Exchange,
Studies, Romania
Associate Professor Daniel Traian PELE,
PhD. Faculty of Economic Cybernetics,
Statistics and Informatics, Bucharest
3.
Microeconomic factors affecting financial Lavinia Mihaela GUU, PhD. Student

performance of Romanian companies listed on Bucharest University of Economic
Bucharest Stock Exchange
Studies, Romania
4. Choice in context: rationality and contingency in Assistant Professor Narcis TULBURE,

the dividend policy literature
PhD. Student Faculty of Finance,
Discussant: Professor Victor DRAGOT, PhD. Insurance, Banking and Stock Exchange,
Faculty of Finance, Insurance, Banking and Stock Bucharest University of Economic
Exchange, Bucharest University of Economic Studies, Romania
Studies, Romania
11.00 11.15
Coffee break
5.
Comparative study regarding

governance in Romania and Greece
corporate Lecturer Ramona Iulia ARAVULEA

(DIEACONESCU), PhD. Faculty of
International Business and Economics,
Studies, Romania
6. Discussing three pillars of corporate governance
Lecturer Andrei STNCULESCU, PhD.

and
Stock
Exchange,
Bucharest
Associate Professor Eugen MITRIC,
7. The impact of national and international Laura BRAD, PhD. Student Bucharest
accounting regime on financial performance
Assistant Professor Radu CIOBANU, PhD.
and
Stock
Exchange,
Bucharest
Assistant Professor Florin DOBRE, PhD.
Faculty of Accounting and Management
Information
Systems,
Bucharest
8.
Influences on the profitability of the Florina-Adriana STNIC, PhD. Student

pharmaceutical industry in Romania
Studies, Romania
Adina Ionela STRCHINARU, PhD.
Professor Vasile ILIE, PhD. Faculty of
9.
Financing
acquisitions
innovation
through
minority Ibrahim BOSTAN, PhD. Student Rutgers

Business School, USA
Associate
Professor
Mariana
SPATAREANU, PhD. Rutgers University,
USA
09.00 13.45
Session 2

Room 3M III
Public finance
Session Chair:
Professor Abbas AL-MEJREN, PhD. Faculty of Business
Administration, Kuwait University, Kuwait
Laureniu Dumitru ANDREI, Deputy General Director, PhD. Student
General Directorate of Treasury and Public Debt from the Ministry of
Public Finance, Romania
Invited member: Associate Professor Attila GYRGY, PhD. Faculty of Finance,
Insurance, Banking and Stock Exchange, Bucharest University of
Secretary: Cristina VLAD, PhD. Student Bucharest University of Economic
Studies, Romania
1. Fiscal policy as a source of macroeconomic Professor Abbas AL-MEJREN, PhD.
imbalances in a resource-rich economy: the case Faculty of Business Administration,
of Kuwait
Kuwait University, Kuwait
2. Arguments in the debate austerity versus growth Lecturer Bogdan DUMITRESCU PhD.
in Romania
and Stock Exchange,
Bucharest
Romania
3. Financial and accounting regulations applicable to Mircea CRICOVEAN, PhD. Student
the cult units within the Romanian patriarchy
4. The fiscal system in Romania vs. the fiscal
system in the European Union member states

11.00 11.15
Coffee break
Associate
Professor
Marilena
CIOBNAU, PhD. Faculty of Finance,
Banking, Accountancy and Business
Administration,
Titu
Maiorescu
University of Bucharest, Romania
Lecturer Georgiana Camelia CREAN,
Romania
Associate Professor Mirela Anca
POSTOLE, PhD. Faculty of Finance,
Administration,
Titu
Maiorescu
5. Features of the German taxation system
Professor Robert PIUAN, PhD.

and Stock Exchange,
Bucharest
Romania
6. The analysis of the evolution of fiscal pressure in Cristina VLAD, PhD. Student
correlation with the budget deficit in EU
Studies, Romania
Laureniu Dumitru ANDREI, PhD.
Professor Petre BREZEANU, PhD.
and Stock Exchange,
Bucharest
Romania
7. Romanian external debt evolution pre and post Lecturer

Carmen
Maria
accesion (2000-2012)
CONSTANTINESCU, PhD. Faculty of
Associate Professor Mirela Anca
POSTOLE, PhD. Faculty of Finance,
Administration,
Titu
Maiorescu
Associate
Professor
Marilena
CIOBNAU, PhD. Faculty of Finance,
Administration,
Titu
Maiorescu
8. The transition from private debt to public debt a
case study of Romania
9. The effects of budgetary performance on long term

Liviu FETIC, PhD. Student Bucharest

Romania
Professor Emilia CMPEANU, PhD.
and Stock Exchange,
Bucharest
Romania
Associate
Professor
Rodica
GHERGHINA, PhD. Faculty of Finance,
Insurance,
Banking
and
Stock
Associate Professor Attila GYRGY,
Romania
09.00 13.45
Session 3
Financial markets and institutions

Room 3108
Session Chair:
Gabriel GAIDUCHEVICI, PhD. National Bank of Romania, Romania
Lecturer Alin ANDRIE, PhD. Faculty of Economics and Business
Administration, Alexandru Ioan Cuza University of Iasi, Romania
Invited member: Professor Bogdan DIMA, PhD. Faculty of Economics and
Business Administration, West University of Timisoara, Romania
Secretary: Ionu Daniel POP, PhD. Student Bucharest University of Economic
Studies, Romania
1. Evidence of credit risk contagion between real and
financial sectors
Gabriel GAIDUCHEVICI, PhD. National

Bank of Romania, Romania
2. The nexus between foreign exchange and interest

rate in Romania
Lecturer Alin ANDRIE, PhD. Faculty

of
Economics
and
Business
Administration, Alexandru Ioan Cuza
University of Iasi, Romania
Associate Professor Bogdan CPRARU,
Business Administration, Alexandru
Ioan Cuza University of Iasi, Romania
Assistant Professor Iulian IHNATOV,
Business Administration, Alexandru
Ioan Cuza University of Iasi, Romania
3. Technical analysis appliance for portfolio selection Florin TURCA, PhD. Student
and post-investment analysis
Studies, Romania
Professor Petre BREZEANU, PhD.
and Stock Exchange,
Bucharest
Romania
Associate Professor Florin DUMITER,
PhD. Faculty of Economics, Vasile
Goldi Western University of Arad,
Romania
Anca OPRE, PhD. Student Bucharest
Romania
4. A financial wave model for stock indices
11.00 11.15
11.15 11.45
Coffee break
Professor Bogdan DIMA, PhD. Faculty

of
Economics
and
Business
Administration, West University of
Timisoara, Romania
Lucian PACA, PhD. Student West
Associate Professor Ciprian PREDA,
Business
Administration,
West
5. Estimating relative risk premium: the case of Simona PACIOAG, PhD. Student
Romanian stock exchange
Studies, Romania
6. An assessment of technical analysis rules in CEE Marcela-Daniela TODONI, PhD. Student

markets
West University of Timisoara,
Romania
7. The financial crisis rethinking the economy
Livia Maria ROTARU, PhD. Student

Studies, Romania
8. Impact of SNB decision to unpeg the franc from Dumitru-Cristian OANEA, PhD. Student
euro on financial markets: event study approach
Studies, Romania
9. Determination of risk in Financial Markets using
Extreme Value Theory (EVT)
Ionu Daniel POP, PhD. Student

Studies, Romania
09.00 13.45
Session 4
Macroeconomic stability

Room 3109
Session Chair:
Professor Yulia VERTAKOVA, PhD. Southwest State University,
Russian Federation
Professor Ileana NIULESCU-ASHRAFZADEH, PhD. Faculty of
Accounting and Management Information Systems, Bucharest
Invited member: Professor Ekaterina Vladimirovna KHARCHENKO, PhD. Dean
of the Faculty of Economics and Management, Southwestern state
Secretary: Valeriu NALBAN, PhD. Student Bucharest University of Economic
Studies, Romania
1. The peculiarities of the sectoral innovative Professor Yulia VERTAKOVA, PhD.

development of the Russian economy
Federation
Senior lecturer Olga GRECHENYUK,
PhD. Southwest State University,
Russian Federation
Associate
Professor
Anton
GRECHENYUK, PhD. Kursk Academy
of state and municipal service, Russian
Federation
2. Business cycle synchronisation between Central Lecturer Bogdan MURRAU, PhD.
and Eastern European countries and the Euro Faculty of Finance, Insurance, Banking
zone
and Stock Exchange,
Bucharest
Romania
Alina BOBAU, PhD. Bucharest
Romania
3. The assessment of efficiency of activity of bodies of Senior lecturer Elena Alexandrovna
Executive power
ALPEEVA, Candidate of Economic
Sciences Faculty of Economics and
Management,
Southwest
State
Professor Ekaterina Vladimirovna
KHARCHENKO, PhD. Dean of the
Southwestern state University, Russian
Federation
Associate
Professor
Natalia
Aleksandrovna NEKRASOVA, PhD.
Federation
4. DSGE vs. Bayesian VAR: a density forecasting Valeriu NALBAN, PhD. Student
comparison on Romanian data
Studies, Romania
11.00 11.15
Coffee break
5. Residential real estate in Europe's major cities: a Professor Elena DRUIC, PhD. Faculty
quantitative analysis of common risk factors
of Business and Administration,
Professor Calin VALSAN, PhD.
Williams School of Business, Bishops
University, Canada
Lecturer Rodica IANOLE, PhD. Faculty
of Business and Administration,
6.
An estimated dynamic stochastic general Georgiana Alina IONI, PhD. Student

equilibrium model for Central and Eastern Bucharest University of Economic
Europe countries - Bayesian approachStudies, Romania
7. Macroeconomic factors of SMEs failures in Marua BECA, PhD. Student

Romania in the period 2008-2013
Studies, Romania
Professor
Ileana
NIULESCUASHRAFZADEH, PhD. Faculty of
Accounting
and
Management
Information
Systems,
Bucharest
Romania
8. Assessing the impact of the financial disturbances Mdlin VIZINIUC, PhD. Student
on the Romanian GDP fluctuations
Studies, Romania
9. Microeconomic complexity: trading policy in Hosney (Harry) ZURUB, PhD. Student
conditions of crises - an empirical study from Bucharest University of Economic
Romania
Studies, Romania
Alexandru IONESCU, PhD. Student
Studies, Romania
Natalia BOB, PhD. Student Bucharest
Romania
Celia BECIU, PhD. Student Bucharest
Romania
10.00 13.45

Room 3 M IV
Session 5
Banking
Session Chair:
Profesor Eugeniu URLEA, PhD. Faculty of Accounting and
Management Information Systems, Bucharest University of Economic
Studies, Romania
Lecturer Iustina BOITAN, PhD. Faculty of Finance, Insurance, Banking
and Stock Exchange, Bucharest University of Economic Studies,
Romania
Invited member: Economist Sorin TOADER, PhD. Student Technical University
Secretary: Bogdan BDESCU, PhD. Student Bucharest University of Economic
Studies, Romania
1. The profile of the internal auditor in the Romanian Profesor Eugeniu URLEA, PhD.
banking sector
Faculty of Accounting and Management
Information
Systems,
Bucharest
Romania
Assistant Professor Mihaela MOCANU,
PhD. Faculty of Accounting and
Management Information Systems,
Studies, Romania
2. Real output costs of banking crisis on PIIGS Emilia-Anua COROVEI, PhD. Student
area
Professor Ioan TRENCA, PhD. Faculty
of
Economics
and
Business
University, Romania
Diana-Maria CHI, PhD. Student
Babes Bolyai University, ClujNapoca, Romania
11.00 11.15
Coffee break
3. The economic efficiency of the banking institutions

from the DEA perspective. Illustration by
comparative analysis of X-efficiency of six banks
in Romania, in the period 2009-2013
Economist Sorin TOADER, PhD. Student

Technical University of Cluj-Napoca,
Romania
Professor, Engineer Liviu MORAR, PhD.
Engineer Emilia CMPEAN, PhD.
Legal Adviser Dana-Elena MORAR, PhD.
Faculty of Law, Bogdan Voda
University of Cluj-Napoca, Romania
4. Global Competitiveness Index and economic Ana-Maria CAZACU (BANCU), PhD.

growth
5. Clustering patterns of socially responsible banks

6. Romanian banking system & millennials

Now is the time for bipolar adaptative change
Lecturer Iustina BOITAN, PhD. Faculty

Stock Exchange, Bucharest University
Lucian Ciprian CRIAN, PhD. Student
7. An overview of the unconventional monetary Bogdan BDESCU, PhD. Student

policies
Studies, Romania
13.45 14.45
15.00 18.00
Lunch
Organized visit to the National Village Museum

Dimitrie Gusti

Complex
Important remarks for the participants!

For each section of the International Finance and Banking Conference FI BA 2015
are allocated 30 minutes/paper, as follow:
- 15 minutes for the paper presentation;
- 10 minutes for the discussant presentation;
- 5 minutes for questions and answers.
There may be changes in order of presentation that will be notified properly.

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FACULTY OF FINANCE,

INSURANCE, BANKING AND

March 26-27, 2015, Bucharest, Romania

FACULTY OF FINANCE, INSURANCE, BANKING AND STOCK EXCHANGE

Center of Financial and Monetary Research (CEFIMO)

Wednesday, 25 March 2015

The meeting point with the guide is in

Thursday, 26 March 2015

Location: Conference registration desk is

Location: Aula Magna

Professor Ansgar BELKE, PhD.

The spirit of the law: cooperation versus aggressive

Professor Erich KIRCHLER,

Economic integration and financial instability: Associate Professor Alberto BAGNAI,

Questions & Answers

Thursday, 26 March 2015

Location: Cafeteria located in the

Location: Paul Bran building (Moxa)

Location: first floor Paul Bran building

Location: Paul Bran building (Moxa)

Location: Panoramic Restaurant

Friday, 27 March 2015

Location: Paul Bran building (Moxa)

Location: Paul Bran building (Moxa)

Location: Cafeteria located in the Moxa

Organized visit to the National Village

The guide will meet those who have

Location: Paul Bran building (Moxa)

Thursday, 26 March 2015

3. The importance of the transition to IFRS for

Costin A. ISTRATE, PhD. Student

Location: first floor Paul Bran building (Moxa)

5. Specific procurement procedures - sources of risk Professor Dumitru BADEA, PhD.

Marian VELICA, PhD. Student Valahia

Location: Department of Finance

Corporate finance and investments

Thursday, 26 March 2015

Location: Department of Money and Banking

6. Formation of an effective mechanism of financial Associate

7. Is corporate social responsibility sensitive to Associate

Location: Paul Bran building (Moxa)

Thursday, 26 March 2015

Discussant: Presenter of paper no. 3

Location: first floor Paul Bran building (Moxa)

Thursday, 26 March 2015

Financial markets and institutions

Location: Department of Finance

Thursday, 26 March 2015

3. Asymmetric information versus financial markets

Professor Mitic PEPI, PhD. Faculty of

Location: Department of Money and Banking

6. Considerations on the evaluation of volatility Lecturer Filip IORGULESCU, PhD. Faculty

Thursday, 26 March 2015

Location: Paul Bran building (Moxa)

Thursday, 26 March 2015

5. The formation of inflation expectations in EU Raluca Elena POP, PhD. Student

Location: first floor Paul Bran building (Moxa)

Thursday, 26 March 2015

6. Entrepreneurship determinants in Central and Lecturer Ionela DUMITRU, PhD.

Assessing determinants of total

factor Diana ALEXA, PhD. Student West

10. Corruption, institutions and growth: a PSTR Associate

Thursday, 26 March 2015