Costin Ciora

Bucharest University of Economic Studies | ASE

During the industrial period, calculating the productivity of a business was related to production and time spent on producing a certain product or developing a service. Today, as the percentage of services in the global economy is higher than the production, more activities are related to knowledge workers. This paper examines labor productivity f...

Purpose This paper aims to estimate the green premium effect of retrofitted apartments in Bucharest and draw comparisons with international examples. Design/methodology/approach A geo-referenced transaction database including information on whether the property had been retrofitted is utilised. The paper uses two approaches to test the green premi...

The knowledge economy created the demand for new type of working space. The office buildings replaced the former factories and currently the number of green building have increased significantly. Many studies have pointed out the impact of green buildings on productivity, and this paper's main purpose is to integrate the growing body of literature....

As a consequence of the recent global financial crisis, the current economic environment emphasized the weak correlation between company performance and the incentives received by the management staff. Therefore, the existence and consistent implementation of best practices regarding the propelling of the management staff through incentives can lea...

Urban sprawl and economic development brought new ways of correlating the efficiency and performance, and green buildings are spreading at higher levels. In this normative study, we discuss specific issues in how valuation methods could be considered when assessing green buildings. The real estate market is one of the most dynamic sectors, and ther...

„Aceasta este cea mai buna carte despre problemele practice legate de stabilirea preturilor.“ — PHILIP KOTLER Aceasta este editia tradusa si adaptata de Costin Ciora a deja bestsellerului “Confessions of the Pricing Man” de Hermann Simon. Hermann Simon, cel mai important expert global in strategia de pricing, ne arata in confesiunile sale cum fun...

This paper analyses the role of business cycle to determine TOM in Bucharest housing market. It explores the relationship between TOM and the price levels in order to identify whether TOM varies depending on the housing quality (revealed by price levebpand with the cyclical moment. The database covers 2013-2016 which includes the economic recovery...

The development of new office buildings with green certification created the premises for better understanding of the impact on employees' productivity. The purpose of this paper is to analyze through a questionnaire the productivity perception of employees that work in such buildings. Moreover, the results will be compared with a control group fro...

Transport plays a crucial role in urban development by providing access for people to education, markets, employment, recreation, health care and other key services. Cities which prioritize public transport and non-motorized modes are considered at the top of surveys measuring urban quality of life. Concerns over the quality of life have spread to...

Retrofitting apartments represents an important necessity for Bucharest, as the city’s main body of residential construction was built during the communist era. The purpose of this paper is to reiterate the necessity of retrofitting apartments in Bucharest, through an analysis on the residential market on a large data sample of 19.795 transactions...

Real estate market could have significant difference between the behavior of buyers and sellers. The recent period had showed increasing irrationality in consumption correlated with housing bubble and financial crisis. The purpose of this paper is to analyze top prices for residential properties in Bucharest and comparison with the median prices. B...

Hedonic Price Index are the most significant methods of understanding the evolution of the housing market. The Romanian housing market, especially the one for Bucharest has been impacted both by conditions of financing and availability of dwellings. By following more than 15.000 transactions between 2013-2015, the purpose of this paper was to devel...

In this paper we draw upon the DTZ Research Institute database in order to analyze green certification brings a price premium for buildings in the EU. Specifically, we focus on Finland, France and Germany, countries with extensive information regarding green buildings transactions. Given that in the EU green certifications became prevalent after 20...

http://webfin.ro/job/aeef-analiza-cladirilor-verzi-bucuresti-editia-cladiri-de-birouri/

http://webfin.ro/job/aeef-rezidential-proiecte-noi-2016/

Analysis of the Bucharest residential market in 2015. http://webfin.ro/job/aeef-mls-market-report-q4-2015/

Cartea cuprinde 17 studii de caz grupate pe trei zone de interes: - analiza si strategia economico-financiara (primele 3 studii de caz) - analiza economico-financiara (studiile 4-11) - evaluarea firmei si a proprietatilor imobiliare (studiile 12-16)

In the last decade of the past century, the Romanian economy had registered suboptimal economic performances characterized by severe declines in the GDP, huge losses of the state-owned companies and gigantic inter-enterprise arrears that accounted for over 35% of Romania's GDP. The restructuring process of state-owned enterprises (SOE) in Romania s...

As the housing market is changing, a view on price adjustments is needed in order to understand certain patterns of action both for buyers and sellers. The first purpose of this paper is to introduce a new perspective on different changes of prices through the analysis of adjustment margin and negotiation margin. Furthermore, the results are presen...

A country’s home ownership can indicate a high level of development. At the same time, social factors may contribute to low home ownership, triggering imbalances in the unemployment rate. The historical evolution of the home ownership in Romania was also analyzed. The aim of this article is to verify the hypothesis that there is a direct relationsh...

In recent years, housing indicators have become significant in understanding the evolution of the real estate market. As there is a significant impact of the housing price indexes on the public awareness of the current state of a real estate reliability of such indices is important. This paper examines the housing price index from a methodological...

Evidence of the impact of behavioral analysis in real estate has become clearer during the real estate market bubble, and prior to that, when irrational exuberance affected the movements in this market. The purpose of this paper is to comprise a literature review of behavioral real estate, looking closely on the concepts and potential for analysis.

The high spread of green building certification across Europe has become more visible with the new projects that have been built in the last five years. Our main research focus is on the location of green buildings within European cities. We argue that green buildings should cluster in a specific distance from the Central Business District (CBD). T...

The AEEF MLS Market Report Q1 2015 continues the information presented during the International Conference “Transparency of the Real Estate Market” from 16th of February 2015, with the market analysis for the first quarter of 2015, as a result of an independent and relevant indicators such as: real estate index, negotiation margin, adjustment margi...

Specific issues in valuation could be considered when assessing green building. With revolving of the economy, the real estate market, especially the commercial market increases in size and spreading, leading to increasing number of office buildings. Our objective is to present a step-by-step approach in understanding the need of specific correlati...

Real estate market can present different buyer and seller behavior. The purpose of this paper is to analyze the above the average price transaction in real estate market, especially the housing market. By stating as initial hypothesis the Veblen effect of consumers, our analysis will present the actual price premium of the top 10% of transaction on...

An important discussion in the real estate market is the impact of potential natural hazard like earthquakes of floods on the evolution of the urban development. In this article, we analyze specific literature dealing with impact of natural hazard on housing prices, before and after the actual occurring of natural events. The purpose is to signal t...

Studiul de piață imobiliară Apartamente Noi București, realizat de către Departamentului de Analiză Financiară și Evaluare (AEEF) din cadrul Facultății de Contabilitate și Informatică de Gestiune, Academia de Studii Economice din București. Datele au fost colectate pe parcursul a două luni (martie-aprilie 2015) de către studenții membrii ai Cerculu...

AEEF MLS Market Report brings, for the first time, as a result of independent and relevant analysis, indicators such as: housing index for residential market, negotiation margin, adjusting margin, marketability of market. The report was developed based on the information provided by the Multiple Listing Service Flexmls Romania, for the period 1st o...

The notion of performance has been shifted to a new paradigm after the recent years in which the real estate market has been affected. Both investors, buyers, lenders, sellers and general public have been receiving information about how the real estate market is performing. But what is performance in real estate market and how can this affect the t...

Human capital holds a primordial place in the national wealth of developed countries due to the change in its role from a constitutive element of cost to the main productive and social factor of economic growth. In the current research we want to put forward a system of indicators that would reflect the impact of education, professional development...

In the actual context (with issues like as viability of the global markets, cross-border transactions, transparency in financial reporting etc.) it is a common interest for professional valuers, investors, universities, researchers etc. to consider a convergent set of global professional valuation standards. It is also in their best interest to wor...

The financial world is under different stress, caused by the evolutions of many relevant economic and financial indicators. The stock market provides us a direct and updated reaction of investors to the evolution of the global economy. The analysis of different indicators can show us a relevant correlation between stock indexes. The purpose of our...

Business activity is usually influenced by the emergence of operational risk, but we should not overlook the impact that the structure of funding sources can have on the outcome of the enterprise. The purpose of this paper is to show the level of operational risk present at a number of five listed companies in the passenger road transportation indu...

The purpose of this article is verifying the existing relation between BET index (Bucharest Exchange Trading) and the main international stock index during 2005-2010, through correlation coefficients. Design/methodology to achieve the purpose we used econometric methods for calculating the evolution and variations of indexes. Finding –There is a st...

The role of indicators, in the decision process, to measure economic performance and efficiency is undeniable. The importance of these indicators has led to an increase of the methods throughout companies' measure performance. Not infrequently, economic indicators and financial performance has had a low correlation with market performance presented...

The purpose of this article is verifying the existing relation between BET index (Bucharest Exchange Trading) and the main international stock index during 2005-2010, through correlation coefficients. Design/methodology to achieve the purpose we used econometric methods for calculating the evolution and variations of indexes. Finding –There is a st...

Large companies have a great social impact through the number of operations that they produce every day, through the number of employees, or through the environment actions. In this article we will present evidence from both academic and practice of how corporate social responsibility is perceived. For better understanding, an empirical research wa...

The global financial crisis affected the international financial markets, having a general effect on the economies of EU member states: Romania and Bulgaria. Because of economic instability of the last two years, many investors are also following the evolution of the GDP in making decisions of stock portfolio. The study is going to present the rela...

In times of uncertainty, knowing the best methods of measuring performance and creating value, determines the increase competitiveness of companies. By development of international markets and globalization, companies pursue entry in many national, regional or international markets. Competitiveness of companies is linked to performance; the latter...