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Dr. Alexandra Horobet
Bucharest University of Economic Studies, Department of International Business and Economics

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Journal article
Published: 05 July 2021 in Journal of Risk and Financial Management
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Given the high resilience of the Central and Eastern Europe (CEE) banking sectors during the last financial crisis and their major role in the CEE region in financing the economy and supporting the high growth rates achieved there, our paper investigates the determinants of banking profitability in the CEE banking sectors based on a Generalized Method of Methods (GMM) approach using data between 2009 and 2018. We have selected determinants from the macroeconomic factors and from the financial-banking specific factors using a two-step GMM method. Our findings demonstrate that unemployment rate, inflation, budget balance, non-governmental credit, non-performing loan rates, concentration rate and capitalization rate negatively impact on the banking profitability in the CEE banking sectors. According to these findings, some policy recommendations were elaborated.

ACS Style

Alexandra Horobet; Magdalena Radulescu; Lucian Belascu; Sandra Dita. Determinants of Bank Profitability in CEE Countries: Evidence from GMM Panel Data Estimates. Journal of Risk and Financial Management 2021, 14, 307 .

AMA Style

Alexandra Horobet, Magdalena Radulescu, Lucian Belascu, Sandra Dita. Determinants of Bank Profitability in CEE Countries: Evidence from GMM Panel Data Estimates. Journal of Risk and Financial Management. 2021; 14 (7):307.

Chicago/Turabian Style

Alexandra Horobet; Magdalena Radulescu; Lucian Belascu; Sandra Dita. 2021. "Determinants of Bank Profitability in CEE Countries: Evidence from GMM Panel Data Estimates." Journal of Risk and Financial Management 14, no. 7: 307.

Journal article
Published: 15 May 2021 in Energies
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The European Union’s environmental goal by 2050 is to become the first climate-neutral continent in the world. This means specific efforts for diversifying the energy mix and investing in low-carbon energy. Our study investigates the nexus among carbon emissions, energy consumption and mix, and economic growth in a modified framework that includes the contribution of inward foreign direct investments and international trade to lowering air pollution. We have used a two-step approach to explore in more detail the links between these variables in 24 EU countries over the period 1995–2018, followed by a panel VECM analysis. Our results indicate that there is a unidirectional link between economic growth and CO2 emissions, which should imply a decoupling of environmental improvement measures from the pace of economic growth. We also find bidirectional causal relationships between low-carbon energy shares in consumption and CO2 emissions, as well as between low-carbon energy share in consumption and GDP per capita, which confirms both pollution haven and the halo effect hypotheses for FDI on gas emissions. However, in the long term, FDI, exports, and imports have positively impacted the reduction in CO2 emissions; therefore, stronger EU investment and trade integration should be promoted to improve the quality of the environment.

ACS Style

Alexandra Horobet; Oana Popovici; Emanuela Zlatea; Lucian Belascu; Dan Dumitrescu; Stefania Curea. Long-Run Dynamics of Gas Emissions, Economic Growth, and Low-Carbon Energy in the European Union: The Fostering Effect of FDI and Trade. Energies 2021, 14, 2858 .

AMA Style

Alexandra Horobet, Oana Popovici, Emanuela Zlatea, Lucian Belascu, Dan Dumitrescu, Stefania Curea. Long-Run Dynamics of Gas Emissions, Economic Growth, and Low-Carbon Energy in the European Union: The Fostering Effect of FDI and Trade. Energies. 2021; 14 (10):2858.

Chicago/Turabian Style

Alexandra Horobet; Oana Popovici; Emanuela Zlatea; Lucian Belascu; Dan Dumitrescu; Stefania Curea. 2021. "Long-Run Dynamics of Gas Emissions, Economic Growth, and Low-Carbon Energy in the European Union: The Fostering Effect of FDI and Trade." Energies 14, no. 10: 2858.

Conference paper
Published: 05 January 2021 in Sustainable Transport Development, Innovation and Technology
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This paper investigates the relationship between financial companies’ stock prices and nonrenewable energy sources prices (crude oil and coal price) using a sample of major financial companies headquartered in the EU. The link between stock prices and nonrenewable energy sources prices risk is modeled using a set of macroeconomic variables, such as Brent crude oil price, coal price, local stock market indices, the EUR/USD exchange rate, long-term interest rates and a global volatility measure (VIX). We apply panel data as the base econometric model and an ARDL extension that sheds light on the long versus short-run exposure of EU financial companies to nonrenewable energy prices volatility. Our results show that the EU financial sector is pervasively exposed to the nonrenewable energy sources price fluctuations over the long-run and this exposure represents a component of financial companies’ exposure to real economy risk factors. At the same time, the short-term exposure is specific to financial companies and highlights a different behavior of market investors compared to the long-run valuation of financial companies’ stock prices. These results point towards the fundamental role of the financial sector in the EU economy in transmitting systemic shocks, which raises serious challenges for the EU financial authorities.

ACS Style

Alexandra Horobet; Georgiana Vrinceanu; Consuela Popescu; Lucian Belascu. Nonrenewable Energy Prices and Stock Prices of EU Financial Companies: A Short Versus Long-Term Analysis. Sustainable Transport Development, Innovation and Technology 2021, 55 -70.

AMA Style

Alexandra Horobet, Georgiana Vrinceanu, Consuela Popescu, Lucian Belascu. Nonrenewable Energy Prices and Stock Prices of EU Financial Companies: A Short Versus Long-Term Analysis. Sustainable Transport Development, Innovation and Technology. 2021; ():55-70.

Chicago/Turabian Style

Alexandra Horobet; Georgiana Vrinceanu; Consuela Popescu; Lucian Belascu. 2021. "Nonrenewable Energy Prices and Stock Prices of EU Financial Companies: A Short Versus Long-Term Analysis." Sustainable Transport Development, Innovation and Technology , no. : 55-70.

Chapter
Published: 25 October 2020 in Contributions to Economics
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The paper proposes a new method for analysing the structure and dynamics of economic activity undertaken by locally owned and foreign-owned companies within the European Union. We employ an unsupervised learning algorithm that generates a neural network depicted on Kohonen maps and offering a clustering of companies with a different ownership (local and foreign) from various industries and countries of the European Union during 2009–2016. The research methodology, based on a self-organizing map (SOM) algorithm, belongs to a class of neural networks trained to organize data so that unknown patterns may be discovered, thus leading to results that cannot be attained by more traditional clustering methods. Each type of company (locally owned and foreign-owned) from a specific industry and country is characterized by a series of performance indicators that are included in the SOM algorithm, i.e. indicators at the average enterprise and employee level (turnover, value added at factor cost, gross operating surplus, personnel costs, gross investments) and comprehensive indicators, such as labour productivity and profitability (the latter through the gross operating rate). We detect various clusters of companies based on Euclidian distances that provide similarities and differentiation between companies’ common production activities by taking into account their ownership (foreign versus local), industry and country of location, and related performance results, as well as their interrelationships. The resulting classification can be used to understand the linkages between European Union companies and the different branches of economic activities across EU countries, as well as to investigate the performance gap between locally owned and foreign-owned companies.

ACS Style

Alexandra Horobet; Oana Popovici; Lucian Belascu. Mapping Economic Activity in the European Union: Do Ownership, Industry and Location Matter? Contributions to Economics 2020, 3 -33.

AMA Style

Alexandra Horobet, Oana Popovici, Lucian Belascu. Mapping Economic Activity in the European Union: Do Ownership, Industry and Location Matter? Contributions to Economics. 2020; ():3-33.

Chicago/Turabian Style

Alexandra Horobet; Oana Popovici; Lucian Belascu. 2020. "Mapping Economic Activity in the European Union: Do Ownership, Industry and Location Matter?" Contributions to Economics , no. : 3-33.

Journal article
Published: 06 October 2020 in Medicina
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Background and objectives: Breast cancer is among the most common cancer types encountered during pregnancy. Here, we aimed to describe the characteristics, management, and outcomes of women with pregnancy-associated breast cancer at a tertiary-level hospital in Romania. Material and Methods: We retrospectively and prospectively collected demographic, oncological, and obstetrical data for women diagnosed with cancer during pregnancy, and who elected to continue their pregnancy, between June 2012 and June 2020. Complete data were obtained regarding family and personal medical history and risks factors, cancer diagnosis and staging, clinical and pathological features (including histology and immunohistochemistry), multimodal cancer treatment, pregnancy management (fetal ultrasounds, childbirth, and postpartum data), and infant development and clinical evolution up to 2020. Cancer therapy was administered following national guidelines and institutional protocols and regimens developed for non-pregnant patients, including surgery and chemotherapy, while avoiding radiotherapy during pregnancy. Results: At diagnosis, 16.67% of patients were in an advanced/metastatic stage, while 75% were in early operable stages. However, the latter patients underwent neoadjuvant chemotherapy rather than up-front surgery due to aggressive tumor biology (triple negative, multifocal, or HER2+). No patient achieved complete pathological remission, but only one patient relapsed. No recurrence was recorded within 12 months among early-stage patients. Conclusions: In this contemporary assessment of real-world treatment patterns and outcomes among patients with pregnancy-associated breast cancer, our findings were generally consistent with globally observed treatment outcomes, underscoring the need for a multidisciplinary team and reference centers.

ACS Style

Anca Simionescu; Alexandra Horobeț; Lucian Belaşcu; Dragoş Median. Real-World Data Analysis of Pregnancy-Associated Breast Cancer at a Tertiary-Level Hospital in Romania. Medicina 2020, 56, 522 .

AMA Style

Anca Simionescu, Alexandra Horobeț, Lucian Belaşcu, Dragoş Median. Real-World Data Analysis of Pregnancy-Associated Breast Cancer at a Tertiary-Level Hospital in Romania. Medicina. 2020; 56 (10):522.

Chicago/Turabian Style

Anca Simionescu; Alexandra Horobeț; Lucian Belaşcu; Dragoş Median. 2020. "Real-World Data Analysis of Pregnancy-Associated Breast Cancer at a Tertiary-Level Hospital in Romania." Medicina 56, no. 10: 522.

Journal article
Published: 09 September 2020 in International Journal of Environmental Research and Public Health
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Specific and older age-associated comorbidities increase mortality risk in severe forms of coronavirus disease (COVID-19). We matched COVID-19 comorbidities with causes of death in 28 EU countries for the total population and for the population above 65 years and applied a machine-learning-based tree clustering algorithm on shares of death for COVID-19 comorbidities and for influenza and on their growth rates between 2011 and 2016. We distributed EU countries in clusters and drew a map of the EU populations’ vulnerabilities to COVID-19 comorbidities and to influenza. Noncommunicable diseases had impressive shares of death in the EU but with substantial differences between eastern and western countries. The tree clustering algorithm accurately indicated the presence of western and eastern country clusters, with significantly different patterns of disease shares of death and growth rates. Western populations displayed higher vulnerability to malignancy, blood-related diseases, and diabetes mellitus and lower respiratory diseases, while eastern countries’ populations suffered more from ischaemic heart, cerebrovascular, and circulatory diseases. Dissimilarities between EU countries were also present when influenza was considered. The heat maps of EU populations’ vulnerability to diseases based on mortality indicators constitute the basis for more targeted health policy strategies in a collaborative effort at the EU level.

ACS Style

Alexandra Horobet; Anca Angela Simionescu; Dan Gabriel Dumitrescu; Lucian Belascu. Europe’s War against COVID-19: A Map of Countries’ Disease Vulnerability Using Mortality Indicators. International Journal of Environmental Research and Public Health 2020, 17, 6565 .

AMA Style

Alexandra Horobet, Anca Angela Simionescu, Dan Gabriel Dumitrescu, Lucian Belascu. Europe’s War against COVID-19: A Map of Countries’ Disease Vulnerability Using Mortality Indicators. International Journal of Environmental Research and Public Health. 2020; 17 (18):6565.

Chicago/Turabian Style

Alexandra Horobet; Anca Angela Simionescu; Dan Gabriel Dumitrescu; Lucian Belascu. 2020. "Europe’s War against COVID-19: A Map of Countries’ Disease Vulnerability Using Mortality Indicators." International Journal of Environmental Research and Public Health 17, no. 18: 6565.

Journal article
Published: 01 June 2020 in Studia Universitatis „Vasile Goldis” Arad – Economics Series
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This study investigates the relationship between oil price fluctuations and renewable energy stock returns using daily data on Brent crude oil prices and global renewable energy stock market indices between 29 November 2010 and 18 February 2020. The investigation is based on the existing evidence on positive correlations between stock prices and oil prices, but it also considers the shift from non-renewable to renewable sources of energy. A two-stage GARCH(1,1) model and a Granger causality test were applied. Our results show that volatility clustering is present in the renewable energy companies‘ stock prices, but, oil price volatility does not seem to induce any significant effects on returns‘ volatility. This might suggest that oil markets and renewable energy markets are rather disconnected, which means that the development of renewable energy businesses is less affected by potential shocks in the oil prices and markets. As a result, the exposure of companies and entrepreneurs in the renewable sector to an important source of macroeconomic volatility is reduced.

ACS Style

Georgiana Vrînceanu; Alexandra Horobeț; Consuela Popescu; Lucian Belaşcu. The Influence of Oil Price on Renewable Energy Stock Prices: An Analysis for Entrepreneurs. Studia Universitatis „Vasile Goldis” Arad – Economics Series 2020, 30, 24 -35.

AMA Style

Georgiana Vrînceanu, Alexandra Horobeț, Consuela Popescu, Lucian Belaşcu. The Influence of Oil Price on Renewable Energy Stock Prices: An Analysis for Entrepreneurs. Studia Universitatis „Vasile Goldis” Arad – Economics Series. 2020; 30 (2):24-35.

Chicago/Turabian Style

Georgiana Vrînceanu; Alexandra Horobeț; Consuela Popescu; Lucian Belaşcu. 2020. "The Influence of Oil Price on Renewable Energy Stock Prices: An Analysis for Entrepreneurs." Studia Universitatis „Vasile Goldis” Arad – Economics Series 30, no. 2: 24-35.

Chapter
Published: 08 December 2019 in Contributions to Economics
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Our paper builds on the importance of high-tech manufacturing and knowledge-intensive services as significant competitiveness and economic growth drivers in the European Union and offers a fresh approach of the study on the competitiveness of secondary and tertiary high-tech industries across EU member states. Our analysis covers the 2008–2015 period and includes twelve old and new EU members. We opt for a balanced panel data approach in OLS and ARIMA frameworks to investigate the competitiveness of high-technology industries in the EU with the aim of uncovering the nature of the main explanatory factors behind their performance. Our results show that the number of persons employed and the investment rate are both determinants of labour productivity and business profitability, while turnover and personnel costs have a specific influence on productivity and profitability, respectively. The GDP level and the percentage of population with tertiary education are the most significant location-related drivers for high-tech industries’ competitiveness. Overall, industry-related factors are more important for explaining the competitiveness of high-tech sectors compared to location-related factors, while external factors have a marginal impact on high-tech industries’ performance.

ACS Style

Alexandra Horobet; Oana Popovici; Lucian Belascu. Drivers of Competitiveness in European High-Tech Industries. Contributions to Economics 2019, 53 -79.

AMA Style

Alexandra Horobet, Oana Popovici, Lucian Belascu. Drivers of Competitiveness in European High-Tech Industries. Contributions to Economics. 2019; ():53-79.

Chicago/Turabian Style

Alexandra Horobet; Oana Popovici; Lucian Belascu. 2019. "Drivers of Competitiveness in European High-Tech Industries." Contributions to Economics , no. : 53-79.

Journal article
Published: 25 October 2019 in Energies
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Crude oil is an indispensable resource for the world economy and European Union (EU) countries are strongly dependent on oil imports. In a framework defined by generally positive correlations between oil and stock prices, the paper investigates the relationship between financial companies’ stock prices and crude oil price using a sample of major financial companies headquartered in the EU. The link between stock prices and oil price risk is modelled using a set of macroeconomic variables that includes local stock market indices, the EUR/USD exchange rate, the oil imports dependency, inflation rate, and global volatility indices. We employ panel data as the base econometric model and an ARDL extension that is more appropriated for our research objectives. Our findings show that the EU financial sector is pervasively exposed to oil price changes over the long-run and this exposure is a component of financial companies’ exposure to real economy risk factors, which points towards the key role of the financial sector in the EU economy in transmitting systemic shocks. At the same time, we detect signs of a different behavior of market investors over the short-versus the long-run concerning the valuation of financial companies’ stock prices in relation to oil price and other macroeconomic variables, which raises distressing challenges for financial authorities.

ACS Style

Alexandra Horobet; Georgiana Vrinceanu; Consuela-Elena Popescu; Lucian Belascu. Oil Price and Stock Prices of EU Financial Companies: Evidence from Panel Data Modeling. Energies 2019, 12, 4072 .

AMA Style

Alexandra Horobet, Georgiana Vrinceanu, Consuela-Elena Popescu, Lucian Belascu. Oil Price and Stock Prices of EU Financial Companies: Evidence from Panel Data Modeling. Energies. 2019; 12 (21):4072.

Chicago/Turabian Style

Alexandra Horobet; Georgiana Vrinceanu; Consuela-Elena Popescu; Lucian Belascu. 2019. "Oil Price and Stock Prices of EU Financial Companies: Evidence from Panel Data Modeling." Energies 12, no. 21: 4072.

Journal article
Published: 12 October 2019 in Sustainability
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The availability of open government data has expanded considerably in recent years. This expansion is expected to generate significant benefits not just for increasing government transparency, but also for the economy. The aim of this study is to illustrate the use of open government data in estimating personal income levels for all 3181 municipalities, towns, and communes in Romania. The novelty of our work comes from the high granularity of the estimates obtained. We use tax revenues collected by local governments in Romania on vehicles and buildings owned by natural persons, as well as data on energy subsidies. The classification is conducted using the k-means clustering algorithm. We find three distinct clusters of communities, which we map. The results can benefit both businesses and policymakers. The former can use the income level estimates for market intelligence purposes, while for the latter, these may aid in determining the financial sustainability of local governments and a better allocation of central government resources at the subnational level.

ACS Style

Vlad-Cosmin Bulai; Alexandra Horobeț; Lucian Belascu. Improving Local Governments’ Financial Sustainability by Using Open Government Data: An Application of High-Granularity Estimates of Personal Income Levels in Romania. Sustainability 2019, 11, 5632 .

AMA Style

Vlad-Cosmin Bulai, Alexandra Horobeț, Lucian Belascu. Improving Local Governments’ Financial Sustainability by Using Open Government Data: An Application of High-Granularity Estimates of Personal Income Levels in Romania. Sustainability. 2019; 11 (20):5632.

Chicago/Turabian Style

Vlad-Cosmin Bulai; Alexandra Horobeț; Lucian Belascu. 2019. "Improving Local Governments’ Financial Sustainability by Using Open Government Data: An Application of High-Granularity Estimates of Personal Income Levels in Romania." Sustainability 11, no. 20: 5632.

Journal article
Published: 03 August 2019 in Symmetry
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Overcoming symmetry in combinatorial evolutionary algorithms is a challenge for existing niching methods. This research presents a genetic algorithm designed for the shrinkage of the coefficient matrix in vector autoregression (VAR) models, constructed on two pillars: conditional Granger causality and Lasso regression. Departing from a recent information theory proof that Granger causality and transfer entropy are equivalent, we propose a heuristic method for the identification of true structural dependencies in multivariate economic time series. Through rigorous testing, both empirically and through simulations, the present paper proves that genetic algorithms initialized with classical solutions are able to easily break the symmetry of random search and progress towards specific modeling.

ACS Style

Vasile George Marica; Alexandra Horobet. Conditional Granger Causality and Genetic Algorithms in VAR Model Selection. Symmetry 2019, 11, 1004 .

AMA Style

Vasile George Marica, Alexandra Horobet. Conditional Granger Causality and Genetic Algorithms in VAR Model Selection. Symmetry. 2019; 11 (8):1004.

Chicago/Turabian Style

Vasile George Marica; Alexandra Horobet. 2019. "Conditional Granger Causality and Genetic Algorithms in VAR Model Selection." Symmetry 11, no. 8: 1004.

Journal article
Published: 13 February 2019 in Sustainability
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Our study addresses the link between ownership concentration and corporate performance in the manufacturing sector in the European Union in an economic environment stressed by the global financial and sovereign debt crises. This is, to our knowledge, the first attempt to tackle differences between companies with different origin-countries in EU from the perspective of ownership concentration and corporate performance in a period marked by the adverse impact of the global financial crisis. Ownership concentration is measured by the number of shareholders and the percentage of their individual and collective holdings, while performance is measured by accounting-based and market-based indicators. Our results, based on a detailed and methodical statistical analysis, show a clear division between Western and Eastern companies in terms of ownership concentration and performance, with an impact on businesses’ recovery patterns. Overall, there is a positive link between ownership concentration and corporate performance in the case of Western companies, but not for Eastern-based companies. Moreover, ownership concentration has supported business recovery in EU, but particularly for Western companies. On the other hand, our results suggest that market investors’ assessment of corporate performance is disconnected from business fundamentals and do not acknowledge the role of ownership concentration (either beneficial of detrimental) for performance assessment.

ACS Style

Alexandra Horobet; Lucian Belascu; Ștefania Cristina Curea; Alma Pentescu. Ownership Concentration and Performance Recovery Patterns in the European Union. Sustainability 2019, 11, 953 .

AMA Style

Alexandra Horobet, Lucian Belascu, Ștefania Cristina Curea, Alma Pentescu. Ownership Concentration and Performance Recovery Patterns in the European Union. Sustainability. 2019; 11 (4):953.

Chicago/Turabian Style

Alexandra Horobet; Lucian Belascu; Ștefania Cristina Curea; Alma Pentescu. 2019. "Ownership Concentration and Performance Recovery Patterns in the European Union." Sustainability 11, no. 4: 953.

Conference paper
Published: 01 May 2018 in Proceedings of the International Conference on Business Excellence
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Over the past few years the global oil and gas industry has been going through a severe market downturn. Despite recent signs of stabilization, oil prices have a long history marked by volatility. In this context, it is imperative for oil companies to optimize their capital allocation, as this might support risk mitigation. The purpose of this paper is to offer a tool that might support the strategic decision-making process for companies operating in the oil industry. Our model uses Markowitz’ portfolio selection theory to construct the efficient frontier for currently producing fields and a set of investment projects. These relate to oil and gas exploration projects and projects aimed at enhancing current production. The net present value is obtained for each project under a set of usersupplied scenarios. For the base-case scenario we also model oil prices through Monte Carlo simulation. We run the model for a combination of portfolio items which include both currently producing assets and new exploration projects, using data characteristics of a mature region with a high number of low-production fields. Our objective is to find the vector of weights (equity stake in each project) which minimizes portfolio risk, given a set of expected portfolio returns. The model is of particular interest for companies operating in Eastern Europe, or in any other mature region. It can also support divestment and acquisition decisions since these may place the company’s portfolio closer or farther away from the efficient frontier. The model is highly versatile and can be implemented on any software with an optimization package such as Microsoft Excel.

ACS Style

Vlad-Cosmin Bulai; Alexandra Horobeț. A portfolio optimization model for a large number of hydrocarbon exploration projects. Proceedings of the International Conference on Business Excellence 2018, 12, 171 -181.

AMA Style

Vlad-Cosmin Bulai, Alexandra Horobeț. A portfolio optimization model for a large number of hydrocarbon exploration projects. Proceedings of the International Conference on Business Excellence. 2018; 12 (1):171-181.

Chicago/Turabian Style

Vlad-Cosmin Bulai; Alexandra Horobeț. 2018. "A portfolio optimization model for a large number of hydrocarbon exploration projects." Proceedings of the International Conference on Business Excellence 12, no. 1: 171-181.

Journal article
Published: 01 April 2018 in Economic Modelling
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ACS Style

Ion-Iulian Marinescu; Alexandra Horobet; Radu Lupu. Dichotomous stock market reaction to episodes of rules and discretion in the US monetary policy. Economic Modelling 2018, 70, 56 -66.

AMA Style

Ion-Iulian Marinescu, Alexandra Horobet, Radu Lupu. Dichotomous stock market reaction to episodes of rules and discretion in the US monetary policy. Economic Modelling. 2018; 70 ():56-66.

Chicago/Turabian Style

Ion-Iulian Marinescu; Alexandra Horobet; Radu Lupu. 2018. "Dichotomous stock market reaction to episodes of rules and discretion in the US monetary policy." Economic Modelling 70, no. : 56-66.

Conference paper
Published: 12 January 2018 in Sustainable Transport Development, Innovation and Technology
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One of the most discussed issues related to foreign direct investments (FDI) refers to the impact they have on the economic and social welfare of a country. Moreover, if these effects are positive, the question is to what extent and by what instruments they can be enhanced by host country governments. In recent decades, the general political opinion on FDI changed, as they are rather understood as generating competitiveness and growth for host countries and less in terms of their negative effects on the economy. Our paper investigates the relationship between FDI flows and economic growth in countries from Central and Eastern Europe that are also EU members using the panel methodology and implementing various panel specifications that shed light on the particularities of this relationship among the five countries. We find that FDI have a positive contribution to economic growth in these economies, together with capital and, to some extent, international trade size, but also that country and period idiosyncrasies matter for a better understanding of economic growth determination.

ACS Style

Lucian Belaşcu; Oana Popovici; Alexandra Horobeţ. Foreign Direct Investments and Economic Growth in Central and Eastern Europe: A Panel-Based Analysis. Sustainable Transport Development, Innovation and Technology 2018, 35 -46.

AMA Style

Lucian Belaşcu, Oana Popovici, Alexandra Horobeţ. Foreign Direct Investments and Economic Growth in Central and Eastern Europe: A Panel-Based Analysis. Sustainable Transport Development, Innovation and Technology. 2018; ():35-46.

Chicago/Turabian Style

Lucian Belaşcu; Oana Popovici; Alexandra Horobeţ. 2018. "Foreign Direct Investments and Economic Growth in Central and Eastern Europe: A Panel-Based Analysis." Sustainable Transport Development, Innovation and Technology , no. : 35-46.

Chapter
Published: 10 August 2017 in Contributions to Economics
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Our chapter investigates the economic exposure to currency risk of stock markets from nine countries in South-Eastern Europe using bilateral exchange rates of the domestic currencies against their main trading partners’ currencies between 1999 and 2015. The relevance and magnitude of exposures are investigated through changes in exchange rates in linear and non-linear specifications. Our results indicate that these economies show contemporaneous exposure to currency risk, but they are different in size and sign from one country to another and from one currency to another, a result that can be explained by the dissimilar economic structures in the region. There is smaller evidence for asymmetric exposures in linear specifications, which might indicate a general inability of companies in the region to use real or financial options in order to benefit from the positive effects of changes in exchange rates or to hedge the undesired expected exposures. The evidence for non-linear exposures is strong for these economies and generally shows that companies’ value is negatively influenced by higher volatility in exchange rates and more frequent appreciations of foreign currencies. Overall, our findings suggest that countries from South-Eastern Europe face competitiveness challenges regarding their main trading partners, but also that companies from the region are less capable to use real and financial options to mitigate their exposures to currency risk and this is reflected in their overall market performance.

ACS Style

Alexandra Horobet; Aleksandar Shivarov; Lucian Belascu. Exposure to Exchange Rate Risk and Competitiveness: An Application to South-Eastern Europe. Contributions to Economics 2017, 57 -87.

AMA Style

Alexandra Horobet, Aleksandar Shivarov, Lucian Belascu. Exposure to Exchange Rate Risk and Competitiveness: An Application to South-Eastern Europe. Contributions to Economics. 2017; ():57-87.

Chicago/Turabian Style

Alexandra Horobet; Aleksandar Shivarov; Lucian Belascu. 2017. "Exposure to Exchange Rate Risk and Competitiveness: An Application to South-Eastern Europe." Contributions to Economics , no. : 57-87.

Book chapter
Published: 29 January 2016 in Contributions to Economics
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Our paper’s objective is to study the volatility of exchange rates from the region that have not yet adopted the Euro and are not members of the Exchange Rate Mechanism II by considering the exchange rate regime and the implications of currency volatility for foreign capital flows. We model exchange rate volatility by using standard deviations of daily logarithmic changes in the exchange rates, rolling standard deviations, Hodrick-Prescott filters to detect the trends in volatility and ARIMA models. We find that currency volatility remains a strong issue for these countries and that central banks have attempted to manage it, particularly after the global financial crisis. Spikes in monthly volatility are identified for all currencies, although with some variation in time. Over the long-run, some exchange rates experienced sudden increases in volatility over the entire period, but rather quickly corrected, while others have shown an episode of high volatility at the beginning of the period and recorded a reasonable level of volatility throughout the remaining period. Exchange rate volatility “has memory”, but some exchange rates are more prone to the persistent effects of shocks in volatility.

ACS Style

Alexandra Horobet; Lucian Belascu; Ana-Maria Barsan. Exchange Rate Volatility in the Balkans and Eastern Europe: Implications for International Investments. Contributions to Economics 2016, 137 -164.

AMA Style

Alexandra Horobet, Lucian Belascu, Ana-Maria Barsan. Exchange Rate Volatility in the Balkans and Eastern Europe: Implications for International Investments. Contributions to Economics. 2016; ():137-164.

Chicago/Turabian Style

Alexandra Horobet; Lucian Belascu; Ana-Maria Barsan. 2016. "Exchange Rate Volatility in the Balkans and Eastern Europe: Implications for International Investments." Contributions to Economics , no. : 137-164.

Journal article
Published: 01 January 2015 in Bulletin of Taras Shevchenko National University of Kyiv. Economics
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ACS Style

L. Belascu; Alexandra Horobet. FOREIGN DIRECT INVESTMENTS AND INSTITUTIONAL PERFORMANCE: A ROMANIAN PERSPECTIVE. Bulletin of Taras Shevchenko National University of Kyiv. Economics 2015, 21 -26.

AMA Style

L. Belascu, Alexandra Horobet. FOREIGN DIRECT INVESTMENTS AND INSTITUTIONAL PERFORMANCE: A ROMANIAN PERSPECTIVE. Bulletin of Taras Shevchenko National University of Kyiv. Economics. 2015; (174):21-26.

Chicago/Turabian Style

L. Belascu; Alexandra Horobet. 2015. "FOREIGN DIRECT INVESTMENTS AND INSTITUTIONAL PERFORMANCE: A ROMANIAN PERSPECTIVE." Bulletin of Taras Shevchenko National University of Kyiv. Economics , no. 174: 21-26.

Conference paper
Published: 15 August 2014 in Balkan Region Conference on Engineering and Business Education
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The development of viable partnerships with the business community is crucial for a sustainable development of universities in the current economic framework. The dialogue between academia and businesses may take place in different areas, like competences and skills needed to be developed for graduates, internships in companies, common research projects, trainings, funding a.s.o. The paper aims to present the experience of different universities across the world in developing successful partnerships and some of the success stories that can be identified in Romania, with the goal of proposing a framework for good practices within Romanian universities that will allow them to benefit from an appropriate dialogue with the business community in accordance with the European Union policies and that will foster their expansion.

ACS Style

Livia Ilie; Alexandra Horobet; Ioan Bondrea. Building Partnerships Between Businesses And Romanian Universities: A New Strategic Approach. Balkan Region Conference on Engineering and Business Education 2014, 1, 199 -202.

AMA Style

Livia Ilie, Alexandra Horobet, Ioan Bondrea. Building Partnerships Between Businesses And Romanian Universities: A New Strategic Approach. Balkan Region Conference on Engineering and Business Education. 2014; 1 (1):199-202.

Chicago/Turabian Style

Livia Ilie; Alexandra Horobet; Ioan Bondrea. 2014. "Building Partnerships Between Businesses And Romanian Universities: A New Strategic Approach." Balkan Region Conference on Engineering and Business Education 1, no. 1: 199-202.

Book chapter
Published: 17 September 2013 in The Economic Crisis and European Integration
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ACS Style

Alexandra Horobet; Sorin Dumitrescu; Wim Meeusen. Time-varying Diversification Benefits: The Impact of Capital Market Integration on European Portfolio Holdings. The Economic Crisis and European Integration 2013, 1 .

AMA Style

Alexandra Horobet, Sorin Dumitrescu, Wim Meeusen. Time-varying Diversification Benefits: The Impact of Capital Market Integration on European Portfolio Holdings. The Economic Crisis and European Integration. 2013; ():1.

Chicago/Turabian Style

Alexandra Horobet; Sorin Dumitrescu; Wim Meeusen. 2013. "Time-varying Diversification Benefits: The Impact of Capital Market Integration on European Portfolio Holdings." The Economic Crisis and European Integration , no. : 1.