Analele Stiintifice ale Universitatii Al I Cuza din Iasi - Sectiunea Stiinte Economice

Abstract Modern environment in which operate tourism-economic factors is characterized by a high level of instability and the dynamics of change. Changes with its influences determine external operating conditions, over which micro organizational units have no control. In order to successfully survive it is necessary to identify and adapt to them. Marketing strategy of cultural heritage tourist valorisation, in this context, appears as an adequate approach. Strategic management enables planning on an analysis of past events, and in a special way takes into account estimates and projections of future conditions of the environment. Also, it should take into account that the coexistence of cultural heritage with the achievements of modern life is defined with sustainable development syntax. This paper in which research, formulation and presentation of the results were used the methods of analysis and synthesis, comparative, descriptive and historical methods outlines the development and analyzes the current state of cultural tourism in Croatia, and discusses approach to effective strategic marketing management of cultural heritage tourist valorisation, focusing on the sustainable development of tourism.

Damir Demonja

Tatjana Gredičak

Analele ştiinţifice ale Universităţii "Al.I. Cuza" din Iaşi. Ştiinţe economice

Exploring the 'Cultural Tourism-Sustainable Development' Nexus: the Case of Croatia

探索“文化旅游-可持续发展”的纽带：以克罗地亚为例

Abstract This paper is concerned with relationship between growth and land value change. It builds a heterogeneous-households growth model with endogenous wealth accumulation and fixed nondepreciating asset (land) in an integrated Walrasian general equilibrium and neoclassical growth theory. The production side consists of one service sector and one industrial sector. We use an alternative utility function proposed by Zhang, which enable us to develop a dynamic growth model with genuine heterogeneity. The wealth and income inequality is due to household heterogeneity in preferences and human capital as well as the households’ initial wealth. This is different from the standard Ramsey-type heterogeneous-households growth models, for instance, by Turnovsky and Garcia-Penalosa (2008), where agents are heterogeneous only in their initial capital endowment, not in preference or/and human capital. We build a model for any number of types of household and provide a computational procedure for simulating model. For illustration we simulate the model for the economy with three types of households. We simulate the motion of the national economy and carry out comparative dynamic analysis. The comparative dynamic analysis provides some important insights. For instance, as the rich group increases its propensity to save, the GDP and land value are increased. In the long term the group accumulates more wealth, consumes more goods and services and accumulates more wealth. But in the long term the other two groups suffer from the rich households’ preference change as their lot sizes, consumption levels of services and goods, and wealth are all reduced.

Wei-Bin Zhang

Land Value and Rent Dynamics in an Integrated Walrasian General Equilibrium and Neoclassical Growth Theory

瓦尔拉斯一般均衡与新古典增长理论中的土地价值与租金动态

Abstract The lack of supervision and thorough regulation of the financial system, by virtue of the exercise of the principle of laissez-faire, is likely to lead to imbalances with destructive consequences on the standard of living and savings of the population. The global crisis which started in 2007 is the most illustrative example in this regard. This has highlighted the inability of the regulatory and supervisory institutions to adapt to the realities of the market. As a result, nowadays authorities are still concerned with restoring the balance between the freedom of the markets, firms and financial products and their appropriate regulation. The anticipated result: the installation of the sustainable growth. This requires the existence of a more transparent financial system, with severe rules in accounting/accounting reporting of assets and a mechanism for ensuring the integrity of the financial markets. We must assert that lately there has been a certain intensification of the intervention of the executive authority/government by juridical means (government ordinances and decisions) in the economic and business system, due, as we will show, to the deterioration of the financial problems. Therefore, in this paper we seek to emphasize the specific manner in which the national executive authority was involved in the direction shown. Obviously, we address the topic from the perspective of the economic and financial legislation, also considering the budgetary aspects and, to some extent, certain elements of impact. To this end, we used the most recent law and economic/financial bibliography, reports issued by prestigious specialized institutions and also the substantiation notes drafted by the governmental factors when adopting normative acts of the type described above, as the issue in question concerned us over the last five years.

Ionel Bostan

Juridical Tools of Governmental Nature Used to Mitigate Various Difficulties of the Financial and Budgetary System

政府性质的法律工具用于缓解财政和预算系统的各种困难

Abstract The flow work is focused around discovering the aspects that fixed Argentina's during the recent (2014) crisis nation's destiny. Variables focused around prior analysis utilizing the logistic regression model conveyed for a twelve years period (2002-2013 to clarify the occurrence and checking whether conceivable elements could be foreseeable. The results demonstrate that foreign exchange reserves reduction, monetary aggregates (M3) raise, crises in trading partners, oil price and consumer price index level seem to boost early 2014 turbulence and they also predicted accurately the forthcoming crisis. Also the development of the phenomenon was rapid giving positive signs later than the previous works suggested. The capital flight named as the major factor that led to depreciation is statistically unimportant.

Dimitrios Dapontas

The Argentinian Peso Crisis (2014)

阿根廷比索危机（2014）

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.

Martin Jakubéci

Generating Investment Strategies Using Multiobjective Genetic Programming And Internet Term Popularity Data

利用多目标遗传编程和网络术语流行度数据生成投资策略

Abstract The present research examined the influences of pay for performance programs on employee performance in the Romanian context, by comparing a sample of employees in companies in which such programs are implemented to a sample of employees in organizations in which performance is not used as a criterion in deciding financial rewards. Results show that the work performances of the former, as evaluated by the direct supervisors of each employee, are significantly higher than those of the latter, and that this effect of performance pay is partly mediated by its positive effects on employee perceptions of distributive and procedural justice. Furthermore, results indicate that the individual - level financial incentive systems are more efficient in fostering work performance than the team - level performance pay programs in the Romanian employee sample, and that they also have stronger effects on the two dimensions of organizational justice.

Sebastian Uriesi

Efficiency of Pay for Performance Programs in Romanian Companies and the Mediating Role of Organizational Justice

罗马尼亚公司绩效薪酬计划的效率及组织公正的中介作用

Abstract The presence of different risk factors in international trade gives evidence of the necessity of support in gaps that may affect exporters’ activity. To maximize the trade volumes and in the same time to minimize the exporters’ risks the stakeholders use trade credit insurance. The paper provides analysis of conceptual background of the trade credit insurance in the world. We analyzed briefly the problems, arising in insurance markets due to asymmetric information, such as adverse selection and moral hazard. Also we discuss the main stages of development of trade credit insurance in countries worldwide. Using comparative and graphical analysis we provide a brief evaluation of the dynamics of claims and recoveries for different forms of trade credit insurance. We found that the claims related to the commercial risk for medium and long trade credits in recent years exceed the recoveries, while with the political risk the reverse trend holds. And we originally consider these findings in terms of information asymmetry in the trade credit insurance differentiated by type of risk.

Olena Sokolovska

Trade Credit Insurance and Asymmetric Information Problem

贸易信用保险与信息不对称问题

Abstract The paper reviews recent literature on the specifics of adoption of International Financial Reporting Standards (IFRS) by the new EU members from the Central and Eastern Europe. Despite being members of the EU or OECD, the transition to a standard developed economy has not yet finished. The first part of the paper presents macroeconomic statistics and capital market data, which underline a unique economic structure of the region (relative unimportance of capital markets for raising capital, strong dependence on foreign direct investments) combined with the lacks in institutional environment. Under such conditions, the economic consequences of IFRS adoption can be unpredictable and adverse. The second part of the paper analyses the reflection of specifics of the IFRS adoption in the CEE region in research studies covered by the Thomson Reuters’ Web of Science database. The analysis reveals (a) cross-country disproportion in the research coverage of the area; (b) relatively low coverage of the IFRS research focusing on these transition countries in top journals.

David Procházka

Specifics of IFRS Adoption by Central and Eastern European Countries: Evidence from Research

中欧和东欧国家采用国际财务报告准则的具体情况：研究证据

Abstract This paper explores what motivates college students at different stages of their academic studies. Using Herzberg’s two-factor theory, the researchers conducted a survey of 535 students in three south-western universities to determine if motivations changed throughout their academic careers. Results showed that students at different stages of their college careers have different concern s and, as such, different motivational strategies are needed to respond to their concerns. Implications are given to grow and retain enrolment.

Elias G. Rizkallah

Victoria Seitz

Understanding Student Motivation: A Key to Retention in Higher Education

理解学生动机：高等教育保留的关键

Abstract Behavioral science in the field of finance and investment is among new topics raised in recent years. The relationship between financial sciences and other fields of social sciences such as financial psychology has caused researchers to do many researches regarding the behavior of investors in the financial markets and their reactions to different situations. Based on the theories of financial behavior, shareholders’ decision to buy and sell stocks is under the influence of internal and external psychological factors. Through designing and experimental testing of the model of investors’ financial behavior in the Tehran Stock Exchange with an emphasis on brand, this study was an attempt to investigate the influence of these factors. To this end, financial, psychological and social factors were considered as the most important external factors influencing the behavior of investors and, considering the mediating role of brand awareness, their impact on perceived risk and perceived return as well as investment intention was tested. The research population consisted of all individual investors in the Tehran Stock Exchange. In order to determine the sample size, considering unlimited population, Cochran formula was used and hence the sample size was determined to be 145. For data collection, standard questionnaire was used. Confirmatory factor analysis was used to test the reliability of the questionnaire and the research hypotheses were tested using path analysis. The results showed that psychological factors have a positive impact on perceived risk and returns. Financial factors had a positive impact on perceived risk but no impact on perceived return. The impact of social factors on perceived risk and perceived return was not confirmed. Moreover, the results showed that brand awareness has a moderating role in the relationship between social factors and perceived risk and return. However, its moderating role was not confirmed in the relationship between the psychological and financial factors and perceived risk and return. Perceived risk had a positive effect on attitude toward the brand. However, the impact of perceived return on attitude toward the brand was not significant. Finally, the attitude toward the brand had a positive effect on shareholders’ investment intention.

Publication Information	Publisher: Alexandru Ioan Cuza University of Iasi，Publishing cycle: ，Journal Type: journal，Open Access Journals: No
Basic data	Year of publication: 2013，Proportion of original research papers: ，Self Citation Rate:， Gold OA Rate:

Analele Stiintifice ale Universitatii Al I Cuza din Iasi - Sectiunea Stiinte Economice

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