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Abstract

The main purpose of this article is to determine the impact that Big 4 companies have had after the adoption of IFRS became mandatory and if the level of the fees related to the audit services registered a significant increase. Thus, after a thorough research of the specialized studies, we analyzed the impact of financial reporting according to the International Financial Reporting Standards, determining how the audit fees were influenced and which was the impact of the largest companies targeted in this study. In order to determine the number of companies audited by Big 4, we analyzed all the companies listed on Bucharest Stock Exchange, during the period 2010-2018, which trade premium shares. It is obvious that the financial reporting according to the International Financial Reporting Standards increases the number of companies audited by Big 4, although there has audit fees with higher values. In the following, we will analyze the changes that have occurred in the audit market of Romania.

Abstract

Considering that the reliability of reserves valuation directly influences the financial strength of an insurance company, the main aim of this paper is to present a claims reserving estimation for a Romanian non-life insurer based on the most popular chain methods which are typically used in practice for the estimation of outstanding claims reserves in general insurance industry: Standard Chain Ladder and Munich Chain Ladder both on the claims incurred data and claims paid data. The tail development factors have been estimated based on the curve-fitting methods. The obvious advantage of these methods is represented by its simplicity of the practicality application. The results of the research under two chain claims reserving models reveal significant differences between the Standard Chain Ladder and Munich Chain Ladder with respect to the claims reserves level. Probably the Standard Chain Ladder based on paid method underestimates the outstanding loss liabilities and Standard Chain Ladder based on Incurred method overestimates the claims reserves. The claims reserves predictions under the Paid Munich Chain Ladder and Incurred Munich Chain Ladder are between the two Standard Chain Ladder outstanding loss liabilities estimates. The results of the tail extrapolation shown that the incorporation of the tail factors can have a significant impact on claims predictions.

Abstract

The main purpose of this paper is to provide an objective analysis of the economic development level of countries. This is done by measuring it through a new index and by classifying the countries in an optimal number of clusters, each group characterizing different levels of economic development. The proposed methodology is based on three steps: creating a composite index (by applying the principal component analysis), establishing the optimal number of development groups (based on the number of principal components and on the hierarchical clustering) and clustering countries into them (with the help of k-means analysis). Therefore, this approach solves the difficulty of classifying the countries, complication that is mentioned in the specialized literature. Also, the paper creates a better understanding on the economic development level of countries, as, usually, the papers examine the economic growth level of countries. The analysis is conducted at the level of 60 countries for year 2015, using 12 indicators from categories that influence economic development (income, inequality, health, education and living conditions). The empirical results revealed that the countries can be grouped in two groups: economical developed countries (approximatively 2/3) and economic developing countries (approximatively 1/3). The countries that are most developed from an economic point of view are: Singapore, Luxemburg and Finland.

Abstract

In this paper we evaluate comparatively the performance of non-banking financial institutions in Romania by the means of unsupervised neural networks in terms of Kohonen’ Self-Organizing Maps algorithm. We create a benchmarking model in the form of a two-dimensional map (a self-organizing map) that can be used to assess visually the performance of non-banking financial institutions based on different performance dimensions, such as capital adequacy, assets’ quality and profitability. We use the following indicators: Equity ratio (Leverage) for the capital adequacy dimension, Loans granted to clients (net value) / total assets (net value) for the assets’ quality dimension and Return on assets (ROA) for the profitability dimension. We have excluded from our analysis the other three dimensions used in evaluating the performance of banks, due to lack of data (for the two qualitative dimensions: quality of ownership and management) and irrelevance with the NFIs’ sector (liquidity). The proposed model is based on the Self-Organising Map algorithm which creates a two-dimensional map (e.g. 6x4 = 24 neurons) from p-dimensional input data. The data were collected for eleven non-banking financial institutions for four years 2007-2010, in total 44 observations. Using the visualization capabilities of the Self-Organising Map model and the trajectories we show the movements of the three non-banking financial institutions with the worst performance: the largest underperformer denoted with X, the second largest underperformer denoted with Y and the third largest underperformer denoted with Z between 2007 and 2010.

Abstract

A graph G = (V;E) is word-representable if there is a word w over the alphabet V such that x and y alternate in w if and only if the edge (x; y) is in G. It is known [6] that all 3-colourable graphs are word-representable, while among those with a higher chromatic number some are word-representable while others are not.

There has been some recent research on the word-representability of polyomino triangulations. Akrobotu et al. [1] showed that a triangulation of a convex polyomino is word-representable if and only if it is 3-colourable; and Glen and Kitaev [5] extended this result to the case of a rectangular polyomino triangulation when a single domino tile is allowed.

It was shown in [4] that a near-triangulation is 3-colourable if and only if it is internally even. This paper provides a much shorter and more elegant proof of this fact, and also shows that near-triangulations are in fact a generalization of the polyomino triangulations studied in [1] and [5], and so we generalize the results of these two papers, and solve all open problems stated in [5].

Abstract

Economic growth is one of the most studied topics in the literature in the field due to its significant role in the development of each country. Studies divide economic determinants into two categories based on their influence on economic growth: endogenous and exogenous. The study aims to estimate economic growth against two types of determinants for Romania and Central and Eastern European countries using data for 1995-2017 in order to compare the two cases. For Romania, we used time series specific methods (e.g. stationarity checking using Augmented Dickey-Fuller test, OLS model). In case of Central and Eastern European countries, we employed methods specific for panel data (e.g. estimation of the OLS general model, fixed effects model, random effects model, and feasible generalized least squares model). The results showed that in Romania, in the studied period, only the exogenous determinants (e.g. high technology exports) have a significant influence on economic growth, while Central and Eastern European countries were influenced by both types of determinants (e.g. life expectancy, foreign direct investments). In case of Romania, foreign direct investment did not represent a significant determinant for economic growth during 1995-2017 due to slower transition from communist regime to market economy.

Abstract

The phenomenon of corruption is known all over the world, and its intensity varies according to economic, behavioral and educational factors. Transparency International is a global civil society that carries out regular opinion surveys and publishes the perceptions of corruption in countries around the world. This index identifies the level of corruption perceived in the world and contributes achieving a ranking of countries in this regard. The corruption perception index should be correlated with economic situation of a country. The economic situation of a country can be reflected by GDP and unemployment rate. The purpose of this study is to determine whether the index of corruption is influenced by the economic situation of a country, so the study analyses the corruption perception index, GDP and unemployment rate, establishing whether there is a link between them.

Abstract

Permutations are frequently used in solving the genome rearrangement problem, whose goal is finding the shortest sequence of mutations transforming one genome into another. We introduce the Deletion-Insertion model (DI) to model small-scale mutations in species with linear chromosomes, such as humans. Applying one restriction to this model, we obtain the transposition model for genome rearrangement, which was shown to be NP-hard in [4]. We use combinatorial reasoning and permutation statistics to develop a polynomial-time algorithm to approximate the minimum number of transpositions required in the transposition model and to analyze the sharpness of several bounds on transpositions between genomes.

Abstract

There has been a shift in medicine from relying on clinical biomarkers to including patient-reported outcome measures. From a healthcare perspective, health-related quality of life (HRQOL) measures can be used to enhance patient care and reducing treatment cost for patients. Given the possible importance of Medical Outcome Study in medicine, and the conflicting reports in literature about its use in healthcare, it is important to identify its utility within the medical community.

In this study 150 people were recruited prospectively from patients at the Hospital and the emergency сenter №1 in Zaporizhzhya, Ukraine. Four groups were formed. The inclusion criteria to group were different comorbid pathology of osteoarthrosis. We assessed patients HRQOL SF-36 SF-36 changes before and after pharmacotherapy (over 1 year), than it were compared with the control group.

The validity of the construct has been analyzed by discriminant analysis. To assess SF-36 ability identifying discriminating functions were developed, determine its prediction value, define which scales of SF-36 are the best predictors for every groups. In addition, canonical analysis demonstrates SF-36 ability to estimate effect of pharmacotherapy.

Statistical analysis show that all indices quality of life through SF – 36 scales except of third (physical role functioning, physical functioning, emotional role functioning) have prognostic value (p>0.05) and validity of SF-39 scales for examination of the patients with coexisting disease is statistically significant(p<0.05).

Abstract

The fiscal analysis is an important research topic, aiming at identifying/creating fair fiscal systems, which can respond to requests coming from both the state (which needs revenue to finance various public projects) and from taxpayers. The economic agents, but also the taxpayers will always want a reduction of the taxes, and the public decider aims to increase the revenues attracted to the budget through (higher) taxes. An optimal tax system could be characterized by taxes that produce minimal effects of distorting the behavior of taxpayers, as well as a positive impact on the development of society.