Analiza activităţii Firmei … (Analiza duratelor de … · Web view1. Analiza activităţii...

Victor DragotăBibliografii minimale recomandate pentru studenţii la lucrarea de diplomă

1. Analiza activităţii Firmei … (Analiza duratelor de rotaţie)

1. Antoniu, Nicolae (coordonator). 1993. Finanţele întreprinderilor. Ed. Didactică şi Pedagogică, RA, Bucureşti.

2. Bistriceanu, Gheorghe; Adochiţei, Mihai; Negrea, Emil, Finanţele agenţilor economici, EDP, Bucureşti, 1995.

3. Bran, Paul, Finanţele întreprinderii, Ed. Economică, Bucureşti, 1996.4. Brealey, R., Myers, St., Principles of Corporate Finance, 5th ed., The McGraw Companies, Inc., 1996,

pag. 794-809.5. Brezeanu, Petre, Gestiunea financiară a întreprinderii. Analiza financiară, Ed. ASE, Bucureşti, 1999.6. Brezeanu, Petre, Gestiunea financiară a întreprinderii în economia de piaţă, Ed. Fundaţiei “România

de Mâine”, Bucureşti, 1999.7. Brezeanu, Petre, Gestiunea financiară a întreprinderii şi politicile financiare ale întreprinderii, Ed.

Fundaţiei “România de Mâine”, Bucureşti, 1998.8. Dragotă, Victor; Ciobanu, Anamaria; Obreja, Laura; Dragotă, Mihaela, Management financiar, Ed.

Economică, Bucureşti, 2003.9. Dragotă, Victor; Lipară, Carmen; Ifrim, Elena; Sclifos, Ionuţ, “Considerente privind analiza financiară

a activităţii firmei”, Finanţe, bănci, asigurări, No. 8 (80) / 2004, pag. 20-28. 10. Eglem, J.Y.; Mikol, A.; Stolowy, H., Les mecanismes financieres dans l’entreprise, Ed. Montcretien,

Paris, 1988.11. Halpern, Paul; Weston, Fred; Brigham, Eugene – Finanţe manageriale; Ed. Economică, Bucureşti,

1998.12. Ilie, Vasile; Gestiunea financiară a întreprinderii, EDP, Bucureşti, 2002.13. Niculescu, Maria, Diagnostic global strategic, Ed. Economică, Bucureşti, 1997.14. Opriţescu, Marin; Sichigea, Nicolae; Drăcea, Marcel, Gestiunea financiară a întreprinderii, Ed. Dova,

Craiova, 1996.15. Ross, St.; Westerfield, R., Jaffe, R., Corporate Finance, 2001.16. Stancu, Ion, Finanţe, Ed. Economică, Bucureşti, Bucureşti, 2002, pag. 905-925.17. Stancu, Ion; Bran, Paul; Ilie, Vasile, Finanţele unităţilor economice prin metoda instruirii active, Ed. a

III-a, Tipografia ASE, Bucureşti, 1989.18. Troie, Liviu, Viteza de rotaţie a activelor imobilizate şi circulante – posibilităţi de determinare şi de

analiză, Finanţe, Credit, Contabilitate nr. 4, aprilie 1998.19. Van Horne, J., Financial Management and Policy, 11th ed., Prentice Hall, New Jersey, 1998, pag. 727-

751.20. Vintilă, Georgeta, Gestiunea financiară a întreprinderii, EDP, Bucureşti, 2000.21. Vintilă, Georgeta; Vuţă, Mariana, Gestiunea financiară a întreprinderii. Lucrări aplicative şi studii de

caz, Ed. ROLCRIS, Bucureşti, 2000, pag. 117-138.22. *** OMFP nr. 94 / 29 ianuarie 2001 pentru aprobarea Reglementărilor contabile armonizate cu

Directiva a IV-a a Comunităţilor Economice Europene şi cu Standardele Internaţionale de Contabilitate.

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2. Analiza costului capitalurilor caracteristic firmelor româneşti

1. Belkaoui, A.R.: “Capital Structure. Determination, Evaluation and Accounting”; Quorum Books, 1986.2. Bellalah, M: “Finance Moderne d’Entreprise”, Collection Connaissance de la Gestion, 1998.3. Benninga, Simon. Z.; Oded H. Sarig: “Corporate Finance. A Valuation Approach”; McGraw-Hill

Companies, 1997.4. Brealey, R., Myers, St., Principles of Corporate Finance, 5th ed., The McGraw Companies, Inc., 1996,

pag. 794-809.5. Brezeanu, Petre, Gestiunea financiară a întreprinderii. Analiza financiară, Ed. ASE, Bucureşti, 1999.6. Copeland, T., Koller, T., Murrin, J., “Valuation: Measuring and Managing the Value of Comp.”,

N.Y.:Wiley, 1990.7. Dragotă, Victor; Ciobanu, Anamaria; Obreja, Laura; Dragotă, Mihaela, Management financiar, Ed.

Economică, Bucureşti, 2003.8. Dumitrescu, Dalina; Dragotă, Victor; Ciobanu, Anamaria, Evaluarea întreprinderilor, Ed. Economică,

Bucureşti, 2002.9. Eglem, J.Y.; Mikol, A.; Stolowy, H., Les mecanismes financieres dans l’entreprise, Ed. Montcretien,

Paris, 1988.10. Ehrhardt, Michael C.: “Measuring the Company’s Cost of Capital”. President and Fellows of Harvard

College, 1994. 11. Grinblatt, M; S. Titman: “Financial markets and corporate strategy”,Irwin/McGraw-Hill, 1998.12. Grossman, S.J.; J. E. Stiglitz: “Information and Market Structure”; The American Economic Review,

1979.13. Halpern, Paul; Weston, Fred; Brigham, Eugene – Finanţe manageriale; Ed. Economică, Bucureşti,

1998.14. Ilie, Vasile; Gestiunea financiară a întreprinderii, EDP, Bucureşti, 2000.15. Jensen, Michael; Meckling, William – Theory of the Firm: Managerial Behavior, Agency Costs and

Ownership Structure; Journal of Financial Economics, 3, 1976.16. Linke, C.M. si J.K.Zumwalt: “Estimation Biases in Discounted Cash Flow Analyses of Equity Capital

Cost in Rate Regulation”, Financial Management 13(3), 1984, pag.15-21, apud Grinblatt, M; Titman (1998).

17. Ly-Baro, Fatimata: “Structure financiere de l’entreprise”, Economica, Paris, 2002. 18. Masulis, Ronald W.: “The Debt/Equity Choice”. Ballinger Publishing Company, 1988.19. Megginson, W.L.: “Corporate Finance Theory”; Addison Wesley, 1997.20. Modigliani, F.; M.H. Miller: “Corporate Income Taxes and the Cost of the Capital’; American

Economic Review, 1963.21. Modigliani, F.; M.H. Miller: “The Cost of the Capital, Corporation Finance, and the Theory of

Invesment”; The American Economic Review, 1958.22. Myers S.: “The Capital Structure Puzzle” ; Journal of Finance 39, 1984, apud Belkaoui, A.R.: “Capital

Structure. Determination, Evaluation and Accounting”, 1986.23. Obreja, Laura, “Structura optimă a capitalului: factori de influenţă şi dinamică”, Lucrările colocviului

financiar-monetar: Finanţele şi dreptul, Ed. ASE, Bucureşti, 2002.24. Ross, St.; Westerfield, R., Jaffe, R., Corporate Finance, 2001.25. Siegel J.J.: “The Application of the DCF Methodology for Determining the Cost of Equity Capital”;

Financial Management 14, 1985.26. Smith, C., J.Warner: “On Financial Contracting: An Analysis of Bond Covenants”, Journal of

Financial Economics 7, 1979, apud Grinblatt, M; Titman, S. (1998).27. Stancu, Ion, Finanţe, Ed. Economică, Bucureşti, Bucureşti, 2002.28. Stancu, Ion (coordonator), Finanţe. Investiţii directe şi finanţarea lor, Ed. Economică, Bucureşti, 2003,

cap. 5-6.29. Van Horne, J., Financial Management and Policy, 11th ed., Prentice Hall, New Jersey, 1998, pag. 727-

751.30. Vintilă, Georgeta, Gestiunea financiară a întreprinderii, EDP, Bucureşti, 2000.

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3. Aplicabilitatea modelelor de evaluare a acţiunilor pe piaţa bursieră românească1. Aharony, Joseph; Swary, Itzhak, Quaterly Dividend and Earnings Announcements and Stockholders’

Return: an Empirical Analysis, Journal of Finance, 35, march 1980, pag. 1-12.2. Bellalah, Mondher. 1998. Gestion Financiere. Diagnostic, evaluation et choix des investissements. Ed.

Economica, Paris.3. Benninga, Simon.Z.; Oded H. Sarig: “Corporate Finance. A Valuation Approach”; McGraw-Hill

Companies, 1997.4. Bernard, Victor; Thomas, Jacob; Abarbanell, Jeffery, “How Sophisticated is the Market in Interpreting

Earnings News?”, Journal of Applied Corporate Finance 6, Summer 1993, pag. 54-63.5. Berry, Thomas D., Howe, Keith, “Public Information Arrival”, Journal of Finance 49, sept. 1994, pag.

1331-1346.6. Bodie, Zvi; Kane, Alex; Marcus, Alan, Investments, 2nd Edition, Richard D. Irwin, Inc, Homewood, IL,

1993.7. Brealey, R., Myers, St., Principles of Corporate Finance, 5th ed., The McGraw Companies, Inc., 1996,

pag. 47-84.8. Broquet Claude, André van den Berg, "Gestion de portefeuille. Actions, obligations, options", De

Boeck-Wesmael, Editions Universitaires, Paris, 1990.9. Campbell, John; Shiller, Robert, “Stock Prices, Earnings and Expected Dividends”, Journal of

Finance, 43, july 1988, pag. 661-676.10. Copeland, Thomas; Weston, Fred, Financial Theory and Corporate Policy, 3rd Ed., Addison-Wesley

Publishing Company: Reading, MA, 1988.11. Dragotă, Victor; Ţâţu, Lucian; Dămian, Oana; Stoian, Andreea, “Cursul bursier al acţiunilor pe piaţa

de capital”, Finanţe, Bănci, Asigurări no. 7-8 / 2003, pag. 21-25.12. Dragotă, Victor; Dămian, Oana; Stoian, Andreea, “Eficienţa pieţei financiare din România”, Finanţe,

Bănci, Asigurări no. 7-8 / 2003, pag. 25-26.13. Dragotă, Victor; Ciobanu, Anamaria; Obreja, Laura; Dragotă, Mihaela, Management financiar, Ed.

Economică, Bucureşti, 2003.14. Dragotă, Victor; Mitrică, Eugen, Romanian Capital Market – Testing Efficiency, EWGFM-29, Vilnius,

2001, site Internet.15. Dumitrescu, Dalina; Dragotă, Victor; Ciobanu, Anamaria, Evaluarea întreprinderilor, Ed. Economică,

Bucureşti, 2002.16. Emanuel, David, “A Theoretical Model for Valuing Preferred Stock”, Journal of Finance, 38, sept.

1983, pag. 1133-1155.17. Fama, E., Fisher, L., Jensen, M., Roll, R., The Adjustment of Stock Prices to New Information,

International Economic Review, 10, 1969, pag. 1-21.18. Fama, Eugene; French, Kenneth, “Common risk factors in the returns on stocks and bonds ”, Journal

of Financial Economics, 33, 1993, pag. 3-56; 19. Fama, Eugene; French, Kenneth, “Multifactor Explanations of Asset Pricing Anomalies”, Journal of

Finance, vol. LI, no. 1, mart. 1996, pag. 55-84.20. Fama, Eugene; French, Kenneth, “Size and Book-to-Market Factors in Earnings and Returns”, Journal

of Finance, vol. 50, Issue 1, mart. 1995, pag. 131-155.21. Fama, Eugene; French, Kenneth, “The Cross-Section of Expected Stock Returns”, Journal of Finance,

vol. XLVII, no. 2, june 1992, pag. 427-465.Gordon, M.J.; Shapiro, E. – Capital Equipment Analysis: the Required Rate of Profit; Management Science, vol.II, martie 1956.

22. Halpern, Paul; Weston, Fred; Brigham, Eugene – Finanţe manageriale; Ed. Economică, Bucureşti, 1998, pag. 534-585.

23. Lakonishok, J.; Lev, B., Stock Splits and Stock Dividends: Why, Who and When, Journal of Finance, 1987, pag. 913-932.

24. Megginson, William – Corporate Finance Theory; Wesley, 1997, pg.161-225.25. Ross, St.; Westerfield, R., Jaffe, R., Corporate Finance, 2001.26. Stan, Sorin (coordonator), Evaluarea întreprinderii, Ed. IROVAL, Bucureşti, 2003, cap. 6.727. Stancu, Ion, Finanţe, Ed. Economică, Bucureşti, Bucureşti, 2002, pag. 381-434.28. Taggart, Robert A. Jr. – Quantitative Analysis for Investment Management, Prentice Hall, Upper

Saddle River, NJ, 1996, pg. 3-84.29. Van Horne, J., Financial Management and Policy, 11th ed., Prentice Hall, New Jersey, 1998, pag. 727-751.

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30. Vâşcu Barbu, Teodora & Victor Dragotă – Pieţe de capital. Evaluarea şi gestionarea valorilor mobiliare; Ed. Fundaţiei “România de Mâine”, Bucureşti, 1998.

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4.Aplicabilitatea teoriilor comportamentale în fundamentarea politicii de dividend

1. Aharony, Joseph; Swary, Itzhak, Quaterly Dividend and Earnings Announcements and Stockholders’ Return: an Empirical Analysis, Journal of Finance, 35, march 1980, pag. 1-12.

2. Campbell, John; Shiller, Robert, “Stock Prices, Earnings and Expected Dividends”, Journal of Finance, 43, july 1988, pag. 661-676.

3. Cyert, R.M.; March, J.G.: “A Behavioural Theory of the Firm”; Prentice-Hall, Englewood Cliffs, New Jersey, 1963 apud Koutsoyiannis (1977).

4. Djarraya, Mohamed. 1980. Behavioral Models of Dividend Policy and their Implications to Financial Management; University of Illinois, Ph.D. thesis.

5. Dragotă, Victor; Ţâţu, Lucian; Dămian, Oana; Stoian, Andreea, “Cursul bursier al acţiunilor pe piaţa de capital”, Finanţe, Bănci, Asigurări no. 7-8 / 2003, pag. 21-25.

6. Dragotă, Victor; Dămian, Oana; Stoian, Andreea, “Eficienţa pieţei financiare din România”, Finanţe, Bănci, Asigurări no. 7-8 / 2003, pag. 25-26.

7. Frankfurter, G. & R. Jr. Wood. 1997. The Evolution of Corporate Dividend Policy. Journal of Financial Education 23, pg. 16-33.

8. Grossman, S.J.; J.E.Stiglitz: “Information and Market Structure”; The American Economic Review, 1979.

9. Megginson, W.L.: “Corporate Finance Theory”; Addison Wesley, 1997.10. Simon, H.A.: “A Behavioural Model of Rational Choice”; Quaterly Journal of Economics, 1955 apud

Koutsoyiannis (1977).

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5. Aplicabilitatea Value-at-Risk în gestiunea portofoliului format din titluri financiare cotate la Bursa de Valori din Bucureşti

1. Altăr, Moisă "Inginerie financiară", note de curs, 2002, www.dofin.ase.ro.2. Altăr, Moisă "Teoria portofoliului", note de curs, 2002, www.dofin.ase.ro.3. Amenc, Noel; Le Sourd, Veronique, 2002. Theorie du Portefeuille et Analyse de sa Performance. Ed.

Economica, Paris.4. Dragotă, Victor; Dragotă, Mihaela; Dămian, Oana; Mitrică, Eugen, Gestiunea portofoliului de valori

mobiliare, Ed. Economică, Bucureşti, 2003.5. Haugen Robert A., “Modern Investment Theory”, 2nd edition, Prentice Hall, 1990.6. Jorion, Philippe, Value at Risk: The New Benchmark for Controlling Market Risk, McGraw-Hill, New

York ş. a., 1997.7. Radcliffe Robert c., “Investments”, Scott Foresman, Little Brown High Education, 1989.8. Reilly Frank, “Investment Analysis and Portfolio Management”, 3rd edition, Dryden Press, 1989.9. *** Risk Metrics, "Technical Document", Part II, 4th Edition, JP Morgan/Reuters, New York.

December, 1996. 10. *** AIMR. 1997. Performance Presenttion Standards Handbook, 2nd ed.11. www.riskmetrics.com

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6. Armonizarea conflictelor potenţiale dintre stakeholderii firmei prin intermediul politicii de dividend

1. Agrawal, A.; Jayaraman, N. 1994. The Dividend Policies of All-Equity Firms: A Direct Test of the Free Cash Flow Theory. Managerial Decision Economics, 15, pg. 139-148, apud Lease ş.a. (1999).

2. Albouy, Michel; Dumontier, Pascal, 1992. La politique de dividende des enteprises, Presses Universitaires de France, Paris.

3. Allaire, Yvan; Fîrşirotu, Mihaela – Management strategic. Strategiile succesului în afaceri; Ed. Economică, Bucureşti, 1998 (varianta în limba franceză publicată în 1993).

4. Ang, James. 1987. Do Dividends Matter? A Review of Corporate Dividend Theories and Evidence. Salomon Brothers Center for the Study of Financial Institutions and Graduate School of Business Administration, New York University,1987.

5. Barnard, Chester. 1938. The Functions of the Executive. Harvard Business Press, Cambridge, MA. apud Williamson (1996).

6. Bellalah, M.: “Finance Moderne d’Entreprise”, Collection Connaissance de la Gestion, 1998.7. Cohen, K.J. şi R.M.Cyert (1965), “Theory of the Firm”, Prentice-Hall, apud Koutsoyiannis (1977)8. Cyert, R.M.; March, J.G. – A Behavioural Theory of the Firm; Prentice-Hall, Englewood Cliffs, New

Jersey, 1963 apud Koutsoyiannis (1977)9. Djarraya, Mohamed. 1980. Behavioral Models of Dividend Policy and their Implications to Financial

Management; University of Illinois, Ph.D. thesis.10. Dragotă, Victor, Politica de dividend, Ed. All Beck, Bucureşti, 2003.11. Dragotă, Victor; Ciobanu, Anamaria; Obreja, Laura; Dragotă, Mihaela, Management financiar, Ed.

Economică, Bucureşti, 2003.12. Dragotă, Victor; Vlăsceanu, Simona; Zecheru, Anca, “Dividendul: mijloc de monitorizare a deciziilor

acţionarilor cu putere de control”, Finanţe, Bănci, Asigurări no.9 / 2003, pag. 36-42.13. Easterbrook, F. ”Two Agency-Cost Explanations of Dividends.” American Economic Review 74

(1984): 650-659 apud Lease ş.a. (1999). 14. Frankfurter, G. & R. Jr. Wood. 1997. The Evolution of Corporate Dividend Policy. Journal of

Financial Education 23, pg. 16-33, apud Lease ş.a.(1999).15. Handjinicolaou, G.; Kalay, A. 1984. Wealth redistributions or Charges in Firm Value: An Analysis of

Returns to Bondholders and the Stockholders around Dividend Announcements. Journal of Financial Economics, 13, no. 1, pg. 35-63, apud Lease ş.a. (1999).

16. La Porta, Rafael; Lopez-de-Silanes, Florencio; Shleifer, Andrei; Vishny, Robert W. 1999. Agency Problems and Dividend Policies Around the World, site Internet.

17. Lease, Ronald; Kose John, Avner Kalay, Uri Loewenstein & Oded Sarig (1999), “Dividend Policy. Its Impact on Firm Value ”, Harvard Business School Press, Boston, Massachusetts.

18. Megginson, W.L.: “Corporate Finance Theory”; Addison Wesley, 1997.19. Ross, St.; Westerfield, R., Jaffe, R., Corporate Finance, 2001.20. Stancu, Ion, Finanţe, Ed. Economică, Bucureşti, Bucureşti, 2002.21. Stancu, Ion (coordonator), Finanţe. Investiţii directe şi finanţarea lor, Ed. Economică, Bucureşti, 2003,

cap. 8.22. Williamson, Oliver E. – Managerial Discretion and Business Behaviour; American Economic Review,

1963 apud Koutsoyianis (1977).23. Williamson, Oliver E. 1996. The Mechanisms of Governance. Oxford University Press, Inc.

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7. Dividendul – semnal al performanţelor viitoare ale firmei

1. Aharony, J.; Swary, I. - Quaterly Dividend and Earnings Announcements and Stockholder’s Return : An Empirical Analysis; Journal of Finance no. 1, mart 1980.

2. Akerlof, George – The Market for ‘Lemons’ Qualitative Uncertainty and the Market Mechanism; Quaterly Journal of Economics, 84, august 1970 apud Megginson(1997).

3. Albouy, Michel; Dumontier, Pascal, 1992. La politique de dividende des enteprises, Presses Universitaires de France, Paris.


5. Asquith, P.; Mullins, D.W. – The Impact of Initiating Dividend Payments on Shareholders’ Wealth; Journal of Business, 1983 apud Megginson(1997).

6. Bar Yosef, S.; Huffman, L. – The information content of dividends: a signalling approach; Journal of Financial and Quantitative Analysis, martie 1988, pg. 47-58 apud Albouy & Dumontier (1992).

7. Bellalah,M: “Finance Moderne d’Entreprise”, Collection Connaissance de la Gestion, 1998.8. Benartzi, S.; Michaely, R.; Thaler, R. – Do Changes in Dividends Signal the Future or the Past?,

Journal of Finance, 52, 1997, pg. 1007-1034 apud Megginson(1997).9. Bernard, Victor; Thomas, Jacob; Abarbanell, Jeffery, “How Sophisticated is the Market in Interpreting


1331-1346.11. Bhattacharya, Sudipto – Imperfect information, dividend policy, and “the bird in the hand” fallacy;

The Bell Journal of Economics, vol. 10, no.1, Spring 1979.12. Bodie, Zvi; Kane, Alex; Marcus, Alan, Investments, 2nd Edition, Richard D. Irwin, Inc, Homewood, IL,

1993.13. Brealey, R., Myers, St., Principles of Corporate Finance, 5th ed., The McGraw Companies, Inc., 1996,

pag. 47-84.14. Brook, Y.; Charlton, W. Jr.; Hendershott, R. – Do Firms use Dividends to Signal Large Future Cash

Flow Increases?, Financial Management, 27, 1998, pg. 46-57 apud Megginson(1997).15. Campbell, John; Shiller, Robert, “Stock Prices, Earnings and Expected Dividends”, Journal of

Finance, 43, july 1988, pag. 661-676.16. Cobbaut, Robert (1992), “Theorie Financiere”, 2e edition, Ed. Economica, Paris.17. Copeland, Thomas; Weston, Fred, Financial Theory and Corporate Policy, 3rd Ed., Addison-Wesley

Publishing Company: Reading, MA, 1988.18. Dielman, T.E.; Oppenheimer, H.R. – An Examination of Investor Behavior During Periods of Large

Dividend Changes; Journal of Financial and Quantitative Analysis, 1984 apud Megginson(1997).19. Divecha, A.; Morse, D. – Market Responses to Dividend Increases and Changes in Payout Ratios;

Journal of Financial and Quantitative Analysis, 18 (2), 1983 apud Megginson(1997).20. Dragotă, Victor, Politica de dividend, Ed. All Beck, Bucureşti, 2003. 21. Dragotă, Victor; Ciobanu, Anamaria; Obreja, Laura; Dragotă, Mihaela, Management financiar, Ed.

Economică, Bucureşti, 2003.22. Dyl, E.; Weigand, R. – The Information Content of Dividend Initiations: Additional Evidence;

Financial Managemnt, 27, 1998, pg. 27-35 apud Megginson(1997)23. Fama, E., Fisher, L., Jensen, M., Roll, R., The Adjustment of Stock Prices to New Information,

International Economic Review, 10, 1969, pag. 1-21.24. Fama, Eugene – Efficient Capital Markets: a Review of Theory and Empirical Work; Journal of

Finance, 25, mai 1970.25. Fama, Eugene F. (1998), “Market efficiency, long-term returns, and behavioral finance”, Journal of

Financial Economics, 49, pp. 283-306.26. Gonedes, N. – Corporate Signalling, External Accounting, and Capital Market Equilibrium: Evidence

on Dividends, Income, and Extraordinary Items; Journal of Accounting research, 16, 1978, pg. 26-79 apud Megginson(1997)


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28. Handjinicolaou, G.; Kalay, A. 1984. Wealth redistributions or Charges in Firm Value: An Analysis of Returns to Bondholders and the Stockholders around Dividend Announcements. Journal of Financial Economics, 13, no. 1, pg. 35-63.

29. Lease, Ronald C.; John, Kose; Kalay, Avner; Loewenstein, Uri; Sarig, Oded H. – Dividend Policy. Its Impact on Firm Value; Harvard Business Scholl Press, Boston, Massachusetts, 1999.

30. Lipson, M.; Maquieira, C.; Megginson, W. – Dividend Initiations and Earnings Surprises; Financial Management, 27, 1998, pg.36-45

31. Megginson, William – Corporate Finance Theory; Addison-Wesley, 1997.

32. Michaely, Roni; Thaler, Richard H.; Womack, Kent – Price Reaction to Dividend Initiations and Omissions: Overreaction or Drift; Journal of Finance, 50, iunie 1995.

33. Ofer, A.; Siegel, D. – Corporate Financial Policy, Information, and Market Expectations: An Empirical Investigation of Dividends; Journal of Finance, 42, 1987, pg. 889-911.

34. Pettit, R.R. – Dividend Announcements, Security Performance, and Capital Market Efficiency; Journal of Finance, 27 (5), 1972.

35. Ross, St.; Westerfield, R., Jaffe, R., Corporate Finance, 2001.36. Ross, Stephen – The Determination of Financial Structure: The Incentive – Signaling Approach; Bell

Journal of Economics and Management Science, 8, spring 1977.37. Shiller, Robert J. – Market Volatility; The MIT Press, Cambridge, Massachusetts, London, England,

fifth printing 1997.38. Spence, Michael – Job Market Signaling; Quaterly Journal of Economics, 87, august 1973 apud

Spence (1974).39. Stancu Ion, "Finanţe", Editura Economică, 2002.40. Stancu, Ion (coordonator), Finanţe. Investiţii directe şi finanţarea lor, Ed. Economică, Bucureşti, 2003,

cap. 8.41. Stancu, Ion – Articole fundamentale în teoria financiară; DOFIN, Bucureşti, 1998.

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8. Evaluarea clădirii…

1. Crivii, Adrian; Vascu, Adrian, Evaluarea întreprinderilor, ANEVAR, 2000.2. Dumitrescu, Dalina; Dragotă, Victor; Ciobanu, Anamaria, Evaluarea întreprinderilor, Ed. Economică,

Bucureşti, 2002.3. Peştişanu, Constantin; Şchiopu, Corneliu, Clădiri. Sisteme – subsisteme constructive, Ed. IROVAL,

Bucureşti, 2003.4. Stan, Sorin (coordonator), Evaluarea întreprinderii, Ed. IROVAL, Bucureşti, 2003, cap. 6.75. Stan, Sorin (coordonator), Ghid practic de evaluare, Ed. IROVAL, Bucureşti, 2003. 6. Şchiopu, Corneliu, Inspecţia proprietăţilor în scopul evaluării, Ed. IROVAL, Bucureşti, 2003.7. Appraisal Institute, Evaluarea proprietăţii imobiliare, ANEVAR, 2001.8. ANEVAR, Evaluarea proprietăţii imobiliare, Colecţia Biblioteca ANEVAR, Bucureşti, 2002.

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9. Evaluarea Întreprinderii … pe baza metodelor bursiere

1. Benninga, Simon.Z.; Oded H. Sarig: “Corporate Finance. A Valuation Approach”; McGraw-Hill Companies, 1997.

2. Copeland, Tom; Koller, Tim; Murrin, Jack, 1996. Valuation. Measuring and Managing the Value of Companies. 2nd ed. McKinsey & Company, Inc., John Wiley & Sons, Inc.

3. Crivii, Adrian; Vascu, Adrian, Evaluarea întreprinderilor, ANEVAR, 2000.4. Dragotă, Victor; Ciobanu, Anamaria; Obreja, Laura; Dragotă, Mihaela, Management financiar, Ed.


Bucureşti, 2002.6. Gordon, M; Shapiro, E., 1956. Capital Equipment Analysis: The Required Rate of Profit, Management

Science, vol.3, pg. 102-110.7. Stan, Sorin (coordonator), Evaluarea întreprinderii, Ed. IROVAL, Bucureşti, 2003, cap. 6.79. Stan, Sorin (coordonator), Ghid practic de evaluare, Ed. IROVAL, Bucureşti, 2003. 8. Stan, Sorin, Coerenţe şi corelaţii în evaluarea întreprinderii, Ed. IROVAL, 2001.9. Stancu, Ion, Finanţe, Ed. Economică, Bucureşti, Bucureşti, 2002.10. Taggart, Robert A. Jr. – Quantitative Analysis for Investment Management, Prentice Hall, Upper

Saddle River, NJ, 1996, pg. 3-84.11. Vâşcu Barbu, Teodora & Victor Dragotă – Pieţe de capital. Evaluarea şi gestionarea valorilor

mobiliare; Ed. Fundaţiei “România de Mâine”, Bucureşti, 1998.

11


10. Evaluarea Întreprinderii … pe baza metodelor financiare

1. Bellalah,M: “Finance Moderne d’Entreprise”, Collection Connaissance de la Gestion, 1998.2. Benninga, Simon.Z.; Oded H. Sarig: “Corporate Finance. A Valuation Approach”; McGraw-Hill

Companies, 1997.3. Copeland, Tom; Koller, Tim; Murrin, Jack, 1996. Valuation. Measuring and Managing the Value of

Companies. 2nd ed. McKinsey & Company, Inc., John Wiley & Sons, Inc.4. Crivii, Adrian; Vascu, Adrian, Evaluarea întreprinderilor, ANEVAR, 2000.5. Dumitrescu, Dalina; Dragotă, Victor; Ciobanu, Anamaria, Evaluarea întreprinderilor, Ed. Economică,

Bucureşti, 2002.6. Gordon, M; Shapiro, E., 1956. Capital Equipment Analysis: The Required Rate of Profit, Management

Science, vol.3, pg. 102-110.7. Guatri, L., The Valuation of Firms, Blackwell Publishers, Cambridge, Mass., 1994, pag. 70-111.8. Manaţe, Daniel, Diagnosticul şi evaluarea întreprinderilor cotate şi necotate, IROVAL, Bucureşti,

2001, pag. 348-376.9. Stan, Sorin (coordonator), Evaluarea întreprinderii, Ed. IROVAL, Bucureşti, 2003, cap. 6.710. Stan, Sorin (coordonator), Ghid practic de evaluare, Ed. IROVAL, Bucureşti, 2003. 10. Stan, Sorin, Coerenţe şi corelaţii în evaluarea întreprinderii, IROVAL, Bucureşti, 2001.11. Stan, Sorin, Metode şi uzanţe de evaluare a întreprinderilor, Ed. Teora, Bucureşti, 1997.12. Stancu, Ion, Finanţe, Ed. Economică, Bucureşti, Bucureşti, 2002.13. Vintilă, Georgeta, Diagnosticul financiar şi evaluarea întreprinderilor, EDP, RA, Bucureşti, 1998,

pag. 268-296.14. Appraisal Institute, Evaluarea proprietăţii imobiliare, ANEVAR, 2001.

12


11. Evaluarea obligaţiunilor pe piaţa bursieră românească

1. Altăr, Moisă "Teoria portofoliului", note de curs, 2002, www.dofin.ase.ro.2. Bellalah,M: “Finance Moderne d’Entreprise”, Collection Connaissance de la Gestion, 1998.3. Bodie, Zvi; Kane, Alex; Marcus, Alan, Investments, 2nd Edition, Richard D. Irwin, Inc, Homewood, IL,

1993.4. Brealey, R., Myers, St., Principles of Corporate Finance, 5th ed., The McGraw Companies, Inc., 1996.5. Brezeanu, Petre; Prăjişteanu, Bogdan, Gestiunea financiară a portofoliului, Ed. Economică, Bucureşti,

2003.6. Broquet Claude, André van den Berg, "Gestion de portefeuille. Actions, obligations, options", De

Boeck-Wesmael, Editions Universitaires, Paris, 1990.7. Cobbaut, Robert (1992), “Theorie Financiere”, 2e edition, Ed. Economica, Paris.8. Dragotă, Victor; Ciobanu, Anamaria; Obreja, Laura; Dragotă, Mihaela, Management financiar, Ed.

Economică, Bucureşti, 2003.9. Fama, Eugene; French, Kenneth, “Common risk factors in the returns on stocks and bonds ”, Journal

of Financial Economics, 33, 1993, pag. 3-56; 10. Grinblatt, Mark and Sheridan Titman, “Financial Markets and Corporate Strategy”, Irwin McGraw-

Hill, 1998.11. Halpern, Paul; Weston, Fred; Brigham, Eugene – Finanţe manageriale; Ed. Economică, Bucureşti,

1998.12. Megginson, William – Corporate Finance Theory; Addison-Wesley, 1997.

13. Ross, St.; Westerfield, R., Jaffe, R., Corporate Finance, 2001.14. Smith, C., J.Warner: “On Financial Contracting: An Analysis of Bond Covenants”, Journal of

Financial Economics 7, 1979.15. Stancu, Ion, Finanţe, Ed. Economică, Bucureşti, Bucureşti, 2002.16. Taggart, Robert A. Jr. – Quantitative Analysis for Investment Management, Prentice Hall, Upper

Saddle River, NJ, 1996, pg. 3-84.17. Van Horne, J., Financial Management and Policy, 11th ed., Prentice Hall, New Jersey, 1998, pag. 727-

751.18. Vâşcu Barbu, Teodora & Victor Dragotă – Pieţe de capital. Evaluarea şi gestionarea valorilor

mobiliare; Ed. Fundaţiei “România de Mâine”, Bucureşti, 1998.

13


12. Evaluarea proiectelor de investiţii prin mecanismul opţiunilor

1. Bellalah,M: “Finance Moderne d’Entreprise”, Collection Connaissance de la Gestion, 1998.2. Black, F. & Scholes, M.. 1973. The pricing of options and corporate liabilities. Journal of Political

Economy, 81, May-June, 637-654.3. Briys, E.; Bellalah, M.; Mai, H.M. & de Varenne, F.. 1998. Options, Futures and Exotic Derivatives.

John Wiley & Sons, Chichester , New York etc.4. Broquet Claude, André van den Berg, "Gestion de portefeuille. Actions, obligations, options", De

Boeck-Wesmael, Editions Universitaires, Paris, 1990.5. Cox, J.C., Ross, S.A. & Rubinstein, M.. 1979. Options pricing: a simplified approach. Journal of

Financial Economics, 7, September, 229-263.6. Dragotă, Victor; Ciobanu, Anamaria; Obreja, Laura; Dragotă, Mihaela, Management financiar, Ed.

Economică, Bucureşti, 2003.7. Megginson, William – Corporate Finance Theory; Addison-Wesley, 1997.

8. Stancu, Ion, Finanţe, Ed. Economică, Bucureşti, Bucureşti, 2002.9. Taggart, Robert A. Jr. – Quantitative Analysis for Investment Management, Prentice Hall, Upper

Saddle River, NJ, 1996, pg. 3-84.10. Trigeorgis, Lenos, Real options. Managerial flexibility and strategy in resource allocation, The MIT

Press, London, 1997.

14


13. Evaluarea terenului…

1. Crivii, Adrian; Vascu, Adrian, Evaluarea întreprinderilor, ANEVAR, 2000.2. Dumitrescu, Dalina; Dragotă, Victor; Ciobanu, Anamaria, Evaluarea întreprinderilor, Ed. Economică,

Bucureşti, 2002.3. Stan, Sorin (coordonator), Evaluarea întreprinderii, Ed. IROVAL, Bucureşti, 2003, cap. 6.74. Stan, Sorin (coordonator), Ghid practic de evaluare, Ed. IROVAL, Bucureşti, 2003. 5. Ştefînescu, Iulian, Evaluarea terenurilor. Metoda comparaţiei directe, Buletin Informativ ANEVAR

nr. 1-2/2001.6. Ţâţu, Lucian, “Impozitul şi taxa pe teren”, Finanţe, Bănci, Asigurări no.9 / 2003, pag. 8-11.7. Appraisal Institute, Evaluarea proprietăţii imobiliare, ANEVAR, 2001.

15


14. Fundamentarea deciziei de finanţare pe cazul…

1. Belkaoui, A.R.: “Capital Structure. Determination, Evaluation and Accounting”; Quorum Books, 1986.2. Bellalah, Mondher. 1998. Gestion Financiere. Diagnostic, evaluation et choix des investissements. Ed.

Economica, Paris.3. Bellalah,M: “Finance Moderne d’Entreprise”, Collection Connaissance de la Gestion, 1998.4. Benninga, Simon.Z.; Oded H. Sarig: “Corporate Finance. A Valuation Approach”; McGraw-Hill

Companies, 1997.5. Brealey, R., Myers, St., Principles of Corporate Finance, 5th ed., The McGraw Companies, Inc., 1996,

pag. 47-84.6. Cobbaut, Robert (1992), “Theorie Financiere”, 2e edition, Ed. Economica, Paris.7. Copeland, Thomas; Weston, Fred, Financial Theory and Corporate Policy, 3rd Ed., Addison-Wesley

Publishing Company: Reading, MA, 1988.8. Dragotă, Victor; Ciobanu, Anamaria; Obreja, Laura; Dragotă, Mihaela, Management financiar, Ed.

Economică, Bucureşti, 2003.9. Ehrhardt, Michael C.: “Measuring the Company’s Cost of Capital”. President and Fellows of Harvard

College, 1994. 10. Gordon, M.J.; Shapiro, E. - Capital Equipment Analysis : the Required Rate of Profit; Management

Science, vol 11, mart.1956.11. Grinblatt, Mark and Sheridan Titman, “Financial Markets and Corporate Strategy”, Irwin McGraw-

Hill, 1998.12. Halpern, Paul; Weston, Fred; Brigham, Eugene – Finanţe manageriale; Ed. Economică, Bucureşti,

1998.13. Ilie, Vasile; Gestiunea financiară a întreprinderii, EDP, Bucureşti.14. Jensen, Michael; Meckling, William – Theory of the Firm: Managerial Behavior, Agency Costs and

Ownership Structure; Journal of Financial Economics, 3, 1976.15. Leland, H.; Pyle, D.H. – Information Asymmetries, Financial Structure, and Financial Intermediation;

Journal of Finance, May 1977 apud Megginson(1997).16. Ly-Baro, Fatimata: “Structure financiere de l’entreprise”, Economica, Paris, 2002. 17. McDaniel, M.: “Bondholders and Corporate Governance”, Business Lawyer 41, 1986.18. Megginson, W.L.: “Corporate Finance Theory”; Addison Wesley, 1997.19. Miller, M.H.: “Debt and Taxes”; The Journal of Finance, 1977.20. Modigliani, F.; M.H. Miller: “Corporate Income Taxes and the Cost of the Capital’; American

Economic Review, 1963.21. Modigliani, F.; M.H. Miller: “The Cost of the Capital, Corporation Finance, and the Theory of

Invesment”; The American Economic Review, 1958.22. Myers S.: “The Capital Structure Puzzle” ; Journal of Finance 39, 1984, apud Belkaoui, A.R.: “Capital

Structure. Determination, Evaluation and Accounting”, 1986.23. Obreja L.: “Structura optimă a capitalului: factori de influenţă şi dinamică”, Lucrările colocviului

financiar-monetar: Finanţele şi dreptul, Ed.ASE, Bucureşti, 2002.24. Ross, St.; Westerfield, R., Jaffe, R., Corporate Finance, 2001.25. Ross, Stephen – The Determination of Financial Structure: The Incentive – Signaling Approach; Bell

Journal of Economics and Management Science, 8, spring 1977.26. Siegel J.J.: “The Application of the DCF Methodology for Determining the Cost of Equity Capital”;

Financial Management 14, 1985, apud Grinblatt, M; Titman, S. (1998).27. Smith, C., J.Warner: “On Financial Contracting: An Analysis of Bond Covenants”, Journal of

Financial Economics 7, 1979, apud Grinblatt, M; Titman, S. (1998).28. Stancu Ion, "Finanţe", Editura Economică, 2002.29. Stancu, Ion (coordonator), Finanţe. Investiţii directe şi finanţarea lor, Ed. Economică, Bucureşti, 2003,

cap. 5-6.30. Stancu, Ion – Articole fundamentale în teoria financiară; DOFIN, Bucureşti, 1998.31. Van Horne, J., Financial Management and Policy, 11th ed., Prentice Hall, New Jersey, 1998.

16


15. Fundamentarea deciziei de investiţii pe cazul …

1. Bellalah, Mondher, Gestion financiere. Dianostic, evaluation et choix des investissements, Ed. Economica, Paris, 1998, pag. 269-398.


Companies, 1997.4. Bodie, Zvi; Kane, Alex; Marcus, Alan, Investments, 2nd Edition, Richard D. Irwin, Inc, Homewood, IL,

1996.5. Bran, Paul, Finanţele întreprinderii, Ed. Economică, Bucureşti, 1996.6. Brealey, R., Myers, St., Principles of Corporate Finance, 5th ed., The McGraw Companies, Inc., 1996,

pag. 47-84.7. Brezeanu, Petre, Gestiunea financiară a întreprinderi. Analiza financiară, Ed. ASE, Bucureşti, 1999.8. Copeland, Thomas; Weston, Fred, Financial Theory and Corporate Policy, 3rd Ed., Addison-Wesley


Economică, Bucureşti, 2003.10. Fama, Eugene; Miller, M.H., The Theory of Finance, New York, Holt, Rinehart & Winston, 1971.11. Gujarati, Damodar (1988), “Basic Econometrics”, McGraw Hill, International Edition.12. Halpern, Paul; Weston, Fred; Brigham, Eugene – Finanţe manageriale; Ed. Economică, Bucureşti,

1998, pag. 364-531.13. Megginson, William – Corporate Finance Theory; Addison-Wesley, 1997.

14. Românu, Ion; Vasilescu, Ion (coordonatori), Managementul investiţiilor, Ed. Mărgăritar, Bucureşti, 1997, pag. 9-457, 468-494, 547-572.

15. Ross, St.; Westerfield, R., Jaffe, R., Corporate Finance, 2001.16. Stancu Ion, "Finanţe", Editura Economică, 2002, pag. 345-380 şi 549-638.17. Stancu, Ion (coordonator), Finanţe. Investiţii directe şi finanţarea lor, Ed. Economică, Bucureşti, 2003,

cap. 2-4.18. Van Horne, J., Financial Management and Policy, 11th ed., Prentice Hall, New Jersey, 1998, pag. 727-

751.19. Vintilă, Georgeta, Gestiunea financiară a întreprinderii, EDP, Bucureşti, 2000.

17


16. Gestiunea portofoliului de valori mobiliare cu ajutorul A.P.T.

1. Broquet Claude, André van den Berg, "Gestion de portefeuille. Actions, obligations, options", De Boeck-Wesmael, Editions Universitaires, Paris, 1990.

2. Dragotă, Victor; Dragotă, Mihaela. 2000. Gestiunea portofoliului de valori mobiliare cu ajutorul modelului de arbitraj al lui Stephen Ross. Revista Finanţe, Credit, Contabilitate No.1, ian.2000, pag. 22-26.

3. Dragotă, Victor; Dragotă, Mihaela; Dămian, Oana; Mitrică, Eugen, Gestiunea portofoliului de valori mobiliare, Ed. Economică, Bucureşti, 2003.

4. Gourieroux, Christian; Scaillet, Olivier; Szafarz, Ariane, Econometrie de la finance. Analyses historiques, Ed. Economica, Paris, 1997.


6. Ross, Stephen. 1976. The Arbitrage Theory of Capital Asset Pricing. Journal of Economic Theory, dec. 1976. pag. 343-362.

7. Stancu, Ion – Articole fundamentale în teoria financiară; DOFIN, Bucureşti, 1998.8. Stancu, Ion, Finanţe, Ed. Economică, Bucureşti, Bucureşti, 2002.9. Vâşcu Barbu, Teodora & Victor Dragotă – Pieţe de capital. Evaluarea şi gestionarea valorilor

mobiliare; Ed. Fundaţiei “România de Mâine”, Bucureşti, 1998.10. *** AIMR. 1997. Performance Presenttion Standards Handbook, 2nd ed.11. www.kmarket.ro

18


18. Gestiunea portofoliului de valori mobiliare cu ajutorul modelului lui Markowitz

1. Altăr, Moisă "Teoria portofoliului", note de curs, 2002, www.dofin.ase.ro.2. Dragotă, Victor; Dragotă, Mihaela; Dămian, Oana; Mitrică, Eugen, Gestiunea portofoliului de valori

mobiliare, Ed. Economică, Bucureşti, 2003.3. Markowitz, Harry – Portofolio Selection, The Journal of Finance, vol.VII, No.1, (martie 1952), pag.

77-91.4. Megginson, W.L.: “Corporate Finance Theory”; Addison Wesley, 1997.5. Reilly Frank - “Investment Analysis and Portfolio Management” 3rd edition, Dryden Press, 1989.6. Stancu, Ion – Articole fundamentale în teoria financiară; DOFIN, Bucureşti, 1998.7. Stancu, Ion, Finanţe, Ed. Economică, Bucureşti, Bucureşti, 2002.8. www.kmarket.ro9. www.riskmetrics.com

19


19. Impactul asimetriei de informaţii asupra formării cursului bursier la Bursa de Valori din Bucureşti


2. Berry, Thomas D., Howe, Keith, “Public Information Arrival”, Journal of Finance 49, sept. 1994, pag. 1331-1346.

3. Bhattacharya, Sudipto – Imperfect information, dividend policy, and “the bird in the hand” fallacy; The Bell Journal of Economics, vol. 10, no.1, Spring 1979.

4. Dragotă, Victor; Ţâţu, Lucian; Dămian, Oana; Stoian, Andreea, “Cursul bursier al acţiunilor pe piaţa de capital”, Finanţe, Bănci, Asigurări no. 7-8 / 2003, pag. 21-25.

5. Dragotă, Victor; Dămian, Oana; Stoian, Andreea, “Eficienţa pieţei financiare din România”, Finanţe, Bănci, Asigurări no. 7-8 / 2003, pag. 25-26.

6. Dragotă, Victor; Dragotă, Mihaela; Dămian, Oana; Mitrică, Eugen, Gestiunea portofoliului de valori mobiliare, Ed. Economică, Bucureşti, 2003.

7. Dragotă, Victor; Ciobanu, Anamaria; Obreja, Laura; Dragotă, Mihaela, Management financiar, Ed. Economică, Bucureşti, 2003.

8. Fama, E., Fisher, L., Jensen, M., Roll, R., The Adjustment of Stock Prices to New Information, International Economic Review, 10, 1969, pag. 1-21.


10. Leland, H.; Pyle, D.H. – Information Asymmetries, Financial Structure, and Financial Intermediation; Journal of Finance, May 1977 apud Megginson(1997).


12. Stancu, Ion, Finanţe, Ed. Economică, Bucureşti, Bucureşti, 2002.13. www.kmarket.ro

20


20. Impactul costurilor de tranzacţie asupra cursului bursier

1. Barker, A., Evaluation of Stock Dividends, Harvard Business Review, 1958, pag. 99-114.2. Dragotă, Victor; Dragotă, Mihaela; Dămian, Oana; Mitrică, Eugen, Gestiunea portofoliului de valori

mobiliare, Ed. Economică, Bucureşti, 2003.3. Dragotă, Victor; Mitrică, Eugen, “Emergent capital markets’ efficiency: The case of Romania”,

European Journal of Operational Research, article in press, Internet.4. Megginson, W.L.: “Corporate Finance Theory”; Addison Wesley, 1997.5. Stancu Ion, "Finanţe", Editura Economică, 2002.6. www.kmarket.ro7. www.riskmetrics.com

21


21. Implicaţii ale asimetriei de informaţii asupra managementului financiar al firmelor româneşti


2. Akerlof, George – The Market for ‘Lemons’ Qualitative Uncertainty and the Market Mechanism; Quaterly Journal of Economics, 84, august 1970.


4. Benartzi, S.; Michaely, R.; Thaler, R. – Do Changes in Dividends Signal the Future or the Past?, Journal of Finance, 52, 1997, pg. 1007-1034.

5. Bhattacharya, Sudipto – Imperfect information, dividend policy, and “the bird in the hand” fallacy; The Bell Journal of Economics, vol. 10, no.1, Spring 1979.

6. Campbell, John; Shiller, Robert, “Stock Prices, Earnings and Expected Dividends”, Journal of Finance, 43, july 1988, pag. 661-676.

7. Cyert, R.M.; March, J.G. – A Behavioural Theory of the Firm; Prentice-Hall, Englewood Cliffs, New Jersey, 1963.


9. Dragotă, Victor; Mitrică, Eugen, Romanian Capital Market – Testing Efficiency, EWGFM-29, Vilnius, 2001, site Internet.

10. Easterbrook, F. ”Two Agency-Cost Explanations of Dividends.” American Economic Review 74 (1984): 650-659 apud Lease ş.a. (1999).

11. Fama, E., Fisher, L., Jensen, M., Roll, R., The Adjustment of Stock Prices to New Information, International Economic Review, 10, 1969, pag. 1-21.

12. Fama, Eugene – Efficient Capital Markets: a Review of Theory and Empirical Work; Journal of Finance, 25, mai 1970.

13. Fama, Eugene F. (1998), “Market efficiency, long-term returns, and behavioral finance”, Journal of Financial Economics, 49, pp. 283-306.


15. Halpern, Paul; Weston, Fred; Brigham, Eugene – Finanţe manageriale; Ed. Economică, Bucureşti, 1998, pag. 534-585.

16. Jensen, M.; W.Meckling: “Theory of The Firm: Managerial Behavior, Agency Costs and Ownership Structure”; Journal of Financial Economics, 1976.

17. Koutsoyiannis, A. – Modern Microeconomics; Macmillan Press Ltd., London, 1977.18. Lease, Ronald C.; John, Kose; Kalay, Avner; Loewenstein, Uri; Sarig, Oded H. – Dividend Policy. Its Impact on

Firm Value; Harvard Business Scholl Press, Boston, Massachusetts, 1999.19. Leland, H.; Pyle, D.H. – Information Asymmetries, Financial Structure, and Financial Intermediation; Journal of

Finance, May 1977.20. Megginson, William – Corporate Finance Theory; Addison-Wesley, 1997.


22. Ofer, A.; Siegel, D. – Corporate Financial Policy, Information, and Market Expectations: An Empirical Investigation of Dividends; Journal of Finance, 42, 1987, pg.889-911.

23. Pettit, R.R. – Dividend Announcements, Security Performance, and Capital Market Efficiency; Journal of Finance, 27 (5), 1972.

24. Ross, St.; Westerfield, R., Jaffe, R., Corporate Finance, 2001.25. Ross, Stephen – The Determination of Financial Structure: The Incentive – Signaling Approach; Bell Journal of

Economics and Management Science, 8, spring 1977.26. Spence, Michael – Market Signalling: Informational Transfer in Hiring and Related Screening Processes; Harvard

University Press, Cambridge, Massachusetts, 1974.27. Stancu Ion, "Finanţe", Editura Economică, 2002.28. Watts, R. – The Information Content of Dividends; Journal of Business, 46, no.2, 1973, pg.191-211.29. Williamson, Oliver E. – Managerial Discretion and Business Behaviour; American Economic Review, 1963.

22


30. www.kmarket.ro

23


22. Particularităţi ale managementului financiar în cazul firmelor mici (sau mijlocii)

1. Alexandru, Felicia, “Finanţarea IMM-urilor în România”, Finanţe, Bănci, Asigurări, nr.3 /2003, pag. 31-34.

2. Albouy, Michel; Dumontier, Pascal – La politique de dividende des entreprises; Presses Universitaires de France, Paris, 1992.

3. Bran, Paul, Finanţele întreprinderii, Ed. Economică, Bucureşti, 1996.4. Brealey, R., Myers, St., Principles of Corporate Finance, 5th ed., The McGraw Companies, Inc., 1996.5. Dragotă, Victor; Ciobanu, Anamaria; Obreja, Laura; Dragotă, Mihaela, Management financiar, Ed.

Economică, Bucureşti, 2003.6. Halpern, Paul; Weston, Fred; Brigham, Eugene – Finanţe manageriale; Ed. Economică, Bucureşti,

1998, pag. 534-585.7. Jensen, M.; W.Meckling: “Theory of The Firm: Managerial Behavior, Agency Costs and Ownership

Structure”; Journal of Financial Economics, 1976.8. Nicolescu, Ovidiu, Managementul întreprinderilor mici şi mijlocii. Concepte. Metode. Aplicaţii. Studii

de caz, Ed. Economică, Bucureşti, 2003.9. Popescu, Delia, Procesul decizional în întreprinderile mici şi mijlocii. Concepte. Metode. Procese

decizionale, Ed. Economică, Bucureşti, 2003.10. Ross, St.; Westerfield, R., Jaffe, R., Corporate Finance, 2001.11. Stancu Ion, "Finanţe", Editura Economică, 2002.12. Williamson, Oliver E. 1996. The Mechanisms of Governance. Oxford University Press, Inc.

24


23. Strategie de redresare a activităţii Firmei …


2. Bellalah,M: “Finance Moderne d’Entreprise”, Collection Connaissance de la Gestion, 1998.3. Bran, Paul, Finanţele întreprinderii, Ed. Economică, Bucureşti, 1996.4. Brealey, R., Myers, St., Principles of Corporate Finance, 5th ed., The McGraw Companies, Inc., 1996.5. Dragotă, Victor; Ciobanu, Anamaria; Obreja, Laura; Dragotă, Mihaela, Management financiar, Ed.


1998.7. Jensen, M.; W.Meckling: “Theory of The Firm: Managerial Behavior, Agency Costs and Ownership

Structure”; Journal of Financial Economics, 1976.8. Megginson, William – Corporate Finance Theory; Addison-Wesley, 1997.

9. Nicolescu, Ovidiu (coordonator) – Strategii manageriale de firmă, Ed. Economică, 1998.10. Niculescu, Maria, Diagnostic global strategic, Ed. Economică, Bucureşti, 1997.11. Ross, St.; Westerfield, R., Jaffe, R., Corporate Finance, 2001.12. Stancu Ion, "Finanţe", Editura Economică, 2002.

25


24. Strategii investiţionale în cazul zonelor defavorizate



3. Halpern, Paul; Weston, Fred; Brigham, Eugene – Finanţe manageriale; Ed. Economică, Bucureşti, 1998.

4. Nicolescu, Ovidiu (coordonator) – Strategii manageriale de firmă, Ed. Economică, 1998.5. Stancu Ion, "Finanţe", Editura Economică, 2002.6. Stancu, Ion, Finanţe, Ed. Economică, Bucureşti, Bucureşti, 2002.

26


24. Testarea eficienţei pieţei financiare româneşti1. *** AIMR. 1997. Performance Presenttion Standards Handbook, 2nd ed.2. Aharony, Joseph; Swary, Itzhak, Quaterly Dividend and Earnings Announcements and Stockholders’

Return: an Empirical Analysis, Journal of Finance, 35, march 1980, pag. 1-12.3. Alexander, Sidney – “Price Movements in Speculative Markets: Trends or Random Walks”, Industrial

Management Review, 2, May 1961, pp.7-26 apud Megginson(1997).4. Asquith, P.; Mullins, D.W. – The Impact of Initiating Dividend Payments on Shareholders’ Wealth;

Journal of Business, 1983 apud Megginson(1997).5. Bar Yosef, S.; Huffman, L. – The information content of dividends: a signalling approach; Journal of

Financial and Quantitative Analysis, martie 1988, pg. 47-58 apud Albouy & Dumontier (1992).6. Benartzi, S.; Michaely, R.; Thaler, R. – Do Changes in Dividends Signal the Future or the Past?,

Journal of Finance, 52, 1997, pg. 1007-1034 apud Megginson(1997).7. Bernard, Victor; Thomas, Jacob; Abarbanell, Jeffery, “How Sophisticated is the Market in Interpreting


1331-1346.9. Broquet Claude, André van den Berg, "Gestion de portefeuille. Actions, obligations, options", De

Boeck-Wesmael, Editions Universitaires, Paris, 1990.10. Dragotă, Victor; Mitrică, Eugen, “Emergent capital market’s efficiency: the case of Romania”,

European Journal of Operational Research, 155, 2004, pag. 353-360.11. Dragotă, Victor; Ţâţu, Lucian; Dămian, Oana; Stoian, Andreea, “Cursul bursier al acţiunilor pe piaţa

de capital”, Finanţe, Bănci, Asigurări no. 7-8 / 2003, pag. 21-25.12. Dragotă, Victor; Dămian, Oana; Stoian, Andreea, “Eficienţa pieţei financiare din România”, Finanţe,

Bănci, Asigurări no. 7-8 / 2003, pag. 25-26.13. Dragotă, Victor; Dragotă, Mihaela; Dămian, Oana; Mitrică, Eugen, Gestiunea portofoliului de valori

mobiliare, Ed. Economică, Bucureşti, 2003.14. Dragotă, Victor; Mitrică, Eugen, Romanian Capital Market – Testing Efficiency, EWGFM-29, Vilnius,

2001, site Internet.15. Fama, E., Fisher, L., Jensen, M., Roll, R., The Adjustment of Stock Prices to New Information,

International Economic Review, 10, 1969, pag. 1-21.16. Fama, Eugene – Efficient Capital Markets: a Review of Theory and Empirical Work; Journal of

Finance, 25, mai 1970.17. Fama, Eugene F. (1998), “Market efficiency, long-term returns, and behavioral finance”, Journal of

Financial Economics, 49, pp. 283-306.18. Fama, Eugene; Fisher, Lawrence; Jensen, Michael; Roll, Richard – The Adjustement of Stock Prices to

New Information; report 6705/ian.1967; University of Chicago.19. Grossman, S.J.; J.E.Stiglitz: “Information and Market Structure”; The American Economic Review,

1979.20. Healy, P.; Palepu, K. – Earnings Information Conveyed by Dividend Initiationsand Omissions; Journal

of Financial Economics, 21, no.2, 1988, pg. 149-176 apud Megginson(1997).21. Kwan, Clarence C. Y. – Eficient Market Tests of the Informational Content of Dividend

Announcements : Critique and Extension; Journal of Financial and Quantitative Analysis, iunie,1981 apud Ross, Westerfield, Jordan (1991).

22. Lang, L. & R. Litzenberger. “Dividend Announcements: Cash Flow Signalling vs. Free Cash Flow Hypothesis.” Journal of Financial Economics 24 (1989): 137-154. apud Lease ş.a. (1999).

23. Leland, H.; Pyle, D.H. – Information Asymmetries, Financial Structure, and Financial Intermediation; Journal of Finance, May 1977 apud Megginson(1997).

24. Lipson, M.; Maquieira, C.; Megginson, W. – Dividend Initiations and Earnings Surprises; Financial Management, 27, 1998, pg.36-45.



27. Mitrică, Eugen; Dragotă, Victor – Testarea eficienţei pieţei financiare din România, Colocviul financiar-monetar “Finanţele şi dinamica economică”, Editura ASE, Bucureşti, 2001.

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28. Ofer, A.; Siegel, D. – Corporate Financial Policy, Information, and Market Expectations: An Empirical Investigation of Dividends; Journal of Finance, 42, 1987, pg.889-911 apud Lease & col. (1999).

29. Roberts, Harry V. (1959), “Stock Market “Patterns” and Financial Analysis: Methodological Suggestions”, Journal of Finance, 14, March 1992, pp.1-10 apud Megginson (1997).

30. Ross, St.; Westerfield, R., Jaffe, R., Corporate Finance, 2001.31. Shiller, Robert J. – Market Volatility; The MIT Press, Cambridge, Massachusetts, London, England,

fifth printing 1997.32. Stancu Ion, "Finanţe", Editura Economică, 2002.33. Stancu, Ion – Articole fundamentale în teoria financiară; DOFIN, Bucureşti, 1998.34. Vâşcu Barbu, Teodora & Victor Dragotă – Pieţe de capital. Evaluarea şi gestionarea valorilor

mobiliare; Ed. Fundaţiei “România de Mâine”, Bucureşti, 1998.35. www.kmarket.ro

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25. Studiu de fezabilitate a proiectului de investiţii …


2. Antoniu, Nicolae (coordonator). 1993. Finanţele întreprinderilor. Ed. Didactică şi Pedagogică, RA, Bucureşti.

3. Bellalah, Mondher. 1998. Gestion Financiere. Diagnostic, evaluation et choix des investissements. Ed. Economica, Paris.


Companies, 1997.6. Bodie, Zvi; Kane, Alex; Marcus, Alan, Investments, 2nd Edition, Richard D. Irwin, Inc, Homewood, IL,

1993.7. Bran, Paul, Finanţele întreprinderii, Ed. Economică, Bucureşti, 1996.8. Brealey, R., Myers, St., Principles of Corporate Finance, 5th ed., The McGraw Companies, Inc., 1996.9. Brezeanu, Petre, Gestiunea financiară a întreprinderi. Analiza financiară, Ed. ASE, Bucureşti, 1999.10. Cobbaut, Robert (1992), “Theorie Financiere”, 2e edition, Ed. Economica, Paris.11. Copeland, Thomas; Weston, Fred, Financial Theory and Corporate Policy, 3rd Ed., Addison-Wesley



Bucureşti, 2002.14. Halpern, Paul; Weston, Fred; Brigham, Eugene – Finanţe manageriale; Ed. Economică, Bucureşti,

1998.15. Ilie, Vasile; Gestiunea financiară a întreprinderii, EDP, Bucureşti.16. Jorion, Philippe, Value at Risk: The New Benchmark for Controlling Market Risk, McGraw-Hill, New

York ş. a., 1997.17. Megginson, William – Corporate Finance Theory; Addison-Wesley, 1997.

18. Nicolescu, Ovidiu (coordonator) – Strategii manageriale de firmă, Ed. Economică, 1998.19. Ross, St.; Westerfield, R., Jaffe, R., Corporate Finance, 2001.20. Stancu Ion, "Finanţe", Editura Economică, 2002.21. Stancu, Ion (coordonator), Finanţe. Investiţii directe şi finanţarea lor, Ed. Economică, Bucureşti, 2003,

cap. 2-4.22. Van Horne, J., Financial Management and Policy, 11th ed., Prentice Hall, New Jersey, 1998.23. Van Horne, J.; J.M.Wachowicz: “Fundamentals of financial management”, 1992.24. Vintilă, Georgeta, Gestiunea financiară a întreprinderii, EDP, Bucureşti, 2000.

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26. Planul de afaceri….



3. Bellalah,M: “Finance Moderne d’Entreprise”, Collection Connaissance de la Gestion, 1998.4. Bran, Paul, Finanţele întreprinderii, Ed. Economică, Bucureşti, 1996.5. Brealey, R., Myers, St., Principles of Corporate Finance, 5th ed., The McGraw Companies, Inc., 1996.6. Brezeanu, Petre, Gestiunea financiară a întreprinderi. Analiza financiară, Ed. ASE, Bucureşti, 1999.7. Cobbaut, Robert (1992), “Theorie Financiere”, 2e edition, Ed. Economica, Paris.8. Copeland, Thomas; Weston, Fred, Financial Theory and Corporate Policy, 3rd Ed., Addison-Wesley



1998.11. Ross, St.; Westerfield, R., Jaffe, R., Corporate Finance, 2001.12. Stancu Ion, "Finanţe", Editura Economică, 2002.13. Van Horne, J., Financial Management and Policy, 11th ed., Prentice Hall,

New Jersey, 1998.

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27. Fundamentarea strategiei financiare a firmei …



3. Bellalah,M: “Finance Moderne d’Entreprise”, Collection Connaissance de la Gestion, 1998.4. Bodie, Zvi; Kane, Alex; Marcus, Alan, Investments, 2nd Edition, Richard D. Irwin, Inc, Homewood, IL,

1993.5. Bran, Paul, Finanţele întreprinderii, Ed. Economică, Bucureşti, 1996.6. Brealey, R., Myers, St., Principles of Corporate Finance, 5th ed., The McGraw Companies, Inc., 1996. 7. Cobbaut, Robert (1992), “Theorie Financiere”, 2e edition, Ed. Economica, Paris.8. Copeland, Thomas; Weston, Fred, Financial Theory and Corporate Policy, 3rd Ed., Addison-Wesley



1998. 11. Megginson, William – Corporate Finance Theory; Addison-Wesley, 1997.

12. Ross, St.; Westerfield, R., Jaffe, R., Corporate Finance, 2001.13. Stancu Ion, "Finanţe", Editura Economică, 2002.14. Van Horne, J., Financial Management and Policy, 11th ed., Prentice Hall, New Jersey, 1998.15. Van Horne, J.; J.M.Wachowicz: “Fundamentals of financial management”, 1992.

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28. Finanţarea prin leasing1. Bellalah, Mondher. 1998. Gestion Financiere. Diagnostic, evaluation et choix des investissements. Ed.

Economica, Paris.2. Bellalah,M: “Finance Moderne d’Entreprise”, Collection Connaissance de la Gestion, 1998.3. Dragotă, Mihaela, “Finanţarea prin leasing în România”, Finanţe, Bănci, Asigurări no. 9 / 2003, pag.

43-47.4. Dragotă, Victor; Ciobanu, Anamaria; Obreja, Laura; Dragotă, Mihaela, Management financiar, Ed.


1998.6. Ross, St.; Westerfield, R., Jaffe, R., Corporate Finance, 2001.7. Stancu Ion, "Finanţe", Editura Economică, 2002.

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29. Gestiunea activă a portofoliului pe piaţa financiară din România

1. *** AIMR. 1997. Performance Presenttion Standards Handbook, 2nd ed.2. *** Risk Metrics, "Technical Document", Part II, 4th Edition, JP Morgan/Reuters, New York.

December, 1996. 3. Dragotă, Victor; Dragotă, Mihaela, “Gestiunea pasivă versus gestiunea activă în managementul

portofoliului”, Finanţe, bănci, asigurări, no. 5 (77) / 2004, pag. 17-20. 4. Dragotă, Victor; Dragotă, Mihaela; Dămian, Oana; Mitrică, Eugen, Gestiunea portofoliului de valori

mobiliare, Ed. Economică, Bucureşti, 2003.5. Dragotă, Victor; Mitrică, Eugen, Romanian Capital Market – Testing Efficiency, EWGFM-29, Vilnius,

2001, site Internet.6. Grossman, S.J.; J.E.Stiglitz: “Information and Market Structure”; The American Economic Review,

1979.7. Jorion, Philippe, Value at Risk: The New Benchmark for Controlling Market Risk, McGraw-Hill, New

York ş. a., 1997.

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30. Gestiunea pasivă a portofoliului pe piaţa financiară din România1. *** AIMR. 1997. Performance Presenttion Standards Handbook, 2nd ed.2. *** Risk Metrics, "Technical Document", Part II, 4th Edition, JP Morgan/Reuters, New York.

December, 1996. 3. Alexander, Sidney – “Price Movements in Speculative Markets: Trends or Random Walks”, Industrial

Management Review, 2, May 1961, pp.7-26 apud Megginson(1997).4. Dragotă, Victor; Dragotă, Mihaela; Dămian, Oana; Mitrică, Eugen, Gestiunea portofoliului de valori

mobiliare, Ed. Economică, Bucureşti, 2003.5. Dragotă, Victor; Dragotă, Mihaela, “Gestiunea pasivă versus gestiunea activă în managementul

portofoliului”, Finanţe, bănci, asigurări, no. 5 (77) / 2004, pag. 17-20. 6. Dragotă, Victor; Mitrică, Eugen, Romanian Capital Market – Testing Efficiency, EWGFM-29, Vilnius,

2001, site Internet.

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31. Analiza poziţiei financiare în cazul firmei…


2. Bellalah,M: “Finance Moderne d’Entreprise”, Collection Connaissance de la Gestion, 1998.3. Cobbaut, Robert (1992), “Theorie Financiere”, 2e edition, Ed. Economica, Paris.4. Dragotă, Victor; Ciobanu, Anamaria; Obreja, Laura; Dragotă, Mihaela, Management financiar, Ed.

Economică, Bucureşti, 2003.5. Dragotă, Victor; Ciobanu, Anamaria; Lipară, Carmen, “Considerente generale privind analiza

bilanţului financiar”, Finanţe, Bănci, Asigurări nr. 6 (66) / iunie 2003.6. Halpern, Paul; Weston, Fred; Brigham, Eugene – Finanţe manageriale; Ed. Economică, Bucureşti,

19987. Niculescu, Maria, Diagnostic global strategic, Ed. Economică, Bucureşti, 1997.8. Stancu Ion, "Finanţe", Editura Economică, 2002.9. Vintilă, Georgeta, Gestiunea financiară a întreprinderii, EDP, Bucureşti, 2000.

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32. Analiza profitabilităţii firmei…1. Antoniu, Nicolae (coordonator). 1993. Finanţele întreprinderilor. Ed. Didactică şi Pedagogică, RA,

Bucureşti.2. Bellalah, Mondher. 1998. Gestion Financiere. Diagnostic, evaluation et choix des investissements. Ed.

Economica, Paris.3. Bellalah,M: “Finance Moderne d’Entreprise”, Collection Connaissance de la Gestion, 1998.4. Bistriceanu, Gheorghe; Adochiţei, Mihai; Negrea, Emil, Finanţele agenţilor economici, EDP,

Bucureşti, 1995.5. Bran, Paul, Finanţele întreprinderii, Ed. Economică, Bucureşti, 1996.6. Brealey, R., Myers, St., Principles of Corporate Finance, 5th ed., The McGraw Companies, Inc., 19967. Brezeanu, Petre, Gestiunea financiară a întreprinderi. Analiza financiară, Ed. ASE, Bucureşti, 1999.8. Dragotă, Victor; Ciobanu, Anamaria; Obreja, Laura; Dragotă, Mihaela, Management financiar, Ed.


199810. Ilie, Vasile; Gestiunea financiară a întreprinderii, EDP, Bucureşti.11. Stancu Ion, "Finanţe", Editura Economică, 2002.12. Vintilă, Georgeta, Gestiunea financiară a întreprinderii, EDP, Bucureşti, 2000.

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33. Diagnosticul rentabilităţii şi riscului firmei…

1. Anghel, Ion, Falimentul. Radiografie şi predicţie, Ed. Economică, Bucureşti, 2002.2. Bellalah, Mondher. 1998. Gestion Financiere. Diagnostic, evaluation et choix des investissements. Ed.

Economica, Paris.3. Bellalah,M: “Finance Moderne d’Entreprise”, Collection Connaissance de la Gestion, 1998.4. Bran, Paul, Finanţele întreprinderii, Ed. Economică, Bucureşti, 1996.5. Brealey, R., Myers, St., Principles of Corporate Finance, 5th ed., The McGraw Companies, Inc., 19966. Brezeanu, Petre, Gestiunea financiară a întreprinderi. Analiza financiară, Ed. ASE, Bucureşti, 1999.7. Cobbaut, Robert (1992), “Theorie Financiere”, 2e edition, Ed. Economica, Paris.8. Copeland, Thomas; Weston, Fred, Financial Theory and Corporate Policy, 3rd Ed., Addison-Wesley



1998.11. Ilie, Vasile; Gestiunea financiară a întreprinderii, EDP, Bucureşti.12. Ross, St.; Westerfield, R., Jaffe, R., Corporate Finance, 2001.13. Stancu Ion, "Finanţe", Editura Economică, 2002.14. Vintilă, Georgeta, Gestiunea financiară a întreprinderii, EDP, Bucureşti, 2000.

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34. Evaluarea întreprinderilor pe baza metodelor bazate pe comparaţie

1. Copeland, T., T.Koller, J.Murrin: “Valuation: Measuring and Managing the Value of Comp.”, N.Y.:Wiley, 1990.

2. Crivii, Adrian; Vascu, Adrian, Evaluarea întreprinderilor, ANEVAR, 2000.3. Dragotă, Victor; Ciobanu, Anamaria; Obreja, Laura; Dragotă, Mihaela, Management financiar, Ed.


Bucureşti, 2002.5. Stan, Sorin (coordonator), Evaluarea întreprinderii, Ed. IROVAL, Bucureşti, 2003, cap. 6.76. Stan, Sorin (coordonator), Ghid practic de evaluare, Ed. IROVAL, Bucureşti, 2003. 7. Stan, Sorin, Coerenţe şi corelaţii în evaluarea întreprinderii, Ed. IROVAL, 2001.

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