Petre Brezeanu

Petre Brezeanu
Bucharest Academy of Economic Studies | ASE · Department of Finance

Professor

About

179
Publications
35,014
Reads
How we measure 'reads'
A 'read' is counted each time someone views a publication summary (such as the title, abstract, and list of authors), clicks on a figure, or views or downloads the full-text. Learn more
152
Citations
Additional affiliations
March 2009 - June 2009
Bucharest Academy of Economic Studies
Position
  • Research Director
Description
  • Financial management of the risk of bankruptcy. Empirical perspective on corporate default risk specific emerging countries. Mode of obtaining Competition Business Partnership
January 2009 - December 2011
Bucharest Academy of Economic Studies
Position
  • Project Manager
Description
  • Economic risk analysis and specific financial corporate sector in emerging Eastern European Contracting Authority/Employer UEFISCU Mode of production National Competition CNCSIS Ideas Exploratory
January 2004 - January 2021
Bucharest Academy of Economic Studies
Position
  • Member of the Doctoral School of Finance
Description
  • Coordinator of doctoral thesis for a lot of doctoral students.
Education
September 2011 - September 2011
Paris Dauphine University
Field of study
  • Mission teaching in undergraduate and postgraduate program in the field of finance
March 2008 - March 2008
Europlace Institute of Finance , Paris
Field of study
  • Scientific mission to the International Scientific Conference
November 2001 - February 2002
Université d'Orléans
Field of study
  • Training grant awarded to the Francophone University Agency (AUF)

Publications

Publications (179)
Article
Full-text available
Since 1970, the intensity of implementing budgetary policies in the two categories of states, developed states, and emerging states, has been observed in Europe. These policies had the effect of increasing the levels of taxation, also called progressive taxation, at that time. To stop this phenomenon of progressive taxation, the Maastricht Treaty a...
Article
Full-text available
VAT evasion reduces significantly the budget revenues and is often approximated by way of VAT Gap, which refers to the difference between the total VAT that should have been collected according to the applicable VAT Law (VTTL) and VAT actually collected by public budgets. The phenomenon of VAT Gap, to a greater or lesser extent, is an acute problem...
Article
Full-text available
This paper intends to apply the Altman Z-score model to all the companies active in the wholesale of motor vehicle parts and accessories (NACE 4531), with extended financial statements. Using the panel data model over the time series for 2008-2016 on the companies of this sector, we conclude that 99% of the Z-score is explained by the independent v...
Article
Full-text available
In this study we reveal the measures taken by the Council of the European Union in the field of VAT to support SMEs and the reasons that led the Council of the European Union to take these decisions. It is also indicated the general definition of SMEs in European law as it has been taken up by various other authors, as well as the supportive behavi...
Preprint
Full-text available
The purpose of this research is to determine whether there is a relationship between capital structure and commercial performance of firms active in Romania in the wholesale of motors vehicle parts and accessories (NACE 4531). Capital structure refers to how a firm chooses to finance their investments and future growth by dividing debt into subcate...
Article
Full-text available
In this research, we analyze the dependence between financial return (as a dependent, endogenous variable) and bank credit (the volume of bank credits and the cost of borrowed capital, both expressed as independent, exogenous variables), applicable to Romanian companies that deal in the wholesale trade sector of parts and accessories for motor vehi...
Article
Full-text available
This paper intends to apply the Altman Z-score model to all the companies active in the wholesale of motor vehicle parts and accessories (NACE 4531), with extended financial statements. Using the panel data model over the time series for 2008-2016 on the companies of this sector, we conclude that 99% of the Z-score is explained by the independent v...
Conference Paper
Full-text available
The fiscal policy implemented at country level, in the context of globalization and market liberalization, is a favorable field for the assessment of economic imbalances and the development of harmful fiscal competition. In determining the value of an economic entity, the assessor in the valuation process must take into account the fiscal implicati...
Article
Full-text available
The purpose of this paper is to make a quantitative and qualitative critical analyse regarding the three important aspects of stock market evolution. First, the forecasting problems are presented and analyse in order to establish the main problems and the potential solutions. Second, the valuation problems are tackled in order to observe different...
Conference Paper
Full-text available
The goal of any business is to maximize assets and minimize costs. In this regard, it is necessary to analyze the weight of each financing state (own funds or debts) in the share of total financing. In other words, all companies are looking to optimize their financial structure and to maximize its value. Thus, this paper intends to analyze the neut...
Article
Full-text available
Apparently, defining fiscal behavior is a relatively easy approach, but in essence, this concept requires the research of several elements, both economic and psychological. The taxpayer is the component of the tax system that reflects the fiscal policy and, implicitly, its changes. Thus, research in the field has shown that two types of behavior ca...
Article
Full-text available
This paper uses stock market data to compute the turbulence index at the European level. We also compute the dynamic matrix of correlations for all pairs of country indices in our sample. Running regressions of the turbulence index on dynamic correlations we attempt to identify the extent to which some particular pairs of correlations may influence...
Conference Paper
Full-text available
Abstract : Financial structure is one of the most complex areas of financial decision making due to its interrelationship with other financial decisions variables. Decision related to financial structure is important because it directly affects the profitability of the organization. The purpose of this paper is to empirically examine the impact of...
Article
Full-text available
This study analyses the consolidated financial indicators evolution for all active companies in the following sectors: maintenance and repair of motor vehicles (NACE 4520), retail trade of motor vehicle parts and accessories (NACE 4532). The companies' classification in this sector is made on the basis of the main declared NACE code, according to f...
Article
Full-text available
Throughout this study, we have shown the influence factors generating a significant impact on taxpayers’ tax behavior. We also analyzed the literature in the field, and the categories of factors that have a significant influence. Consequently, we have assigned a macroeconomic indicator in Romania, in an attempt to quantify the factors of influence....
Chapter
Taxation and its effects have an important role for any company, being a key element for a company’s financial situation. The corporate taxation is an endless dispute between the intention and vision of a country’s governors and the needs and desires of all types of companies. At the level of legal entities, the discussions (at both national and in...
Article
Full-text available
No arbitrage is one of the fundamental principles in the financial market, of similar importance to conservation principles in physics. Options and shares valuation (CAPM model) are based on a perfect market, which implies no arbitrage. Although the no arbitrage principle is recognized and applied on all markets, we determined that on the Romanian...
Article
Full-text available
Abstract A widely debated topic during the last years is represented by the choice of financial structure of companies, especially in developing or emerging countries, characterized by economies without a tough and a mature financial system. The purpose of this research is to determine whether there is a relationship between capital structure and...
Article
Full-text available
This paper focuses on detailing the general coordinates regarding tax evasion and the necessity of creating a common unitary European legal framework. Accounting information might mirror erroneously in a certain measure the micro to macroeconomic tendency of fraud by showing a gross image of available resources. It is of the utmost importance to be...
Article
Full-text available
The fiscal policy is an instrument that collects resources for the state budget necessary to perform state functions; stabilize the economy; regulation of the economy and recovery growth. The most important instruments are taxes and taxpayers. Since 1989, with the transition to a market economy, a special tax policy has been known by excise taxes....
Article
Full-text available
In an effort to reduce the tax transparency and banking secrecy, the Organisation for Economic Co-operation and Development (“OECD”) has been taking the lead on the battle against cross-border tax evasion, seconded by the Internal Revenue Services (“IRS”) of the United States of America (“USA”), the G20 and the European Commission. Understanding th...
Article
Full-text available
This article highlights some observations concerning the deficiencies in the application of statistics on the capital market, with special reference to Modern Portfolio Theory (MPT). The main point is the sensitivity of statistical parameters (especially the standard deviation of the daily rates of return) to subjective/random factors. For securiti...
Article
Full-text available
The paper aims to examine taxation in the EU in correlation with regional development measures implemented. We started with the EU vision on regional development. If during the 2007-2013 period, were pursued three major objectives (convergence, regional competitiveness and territorial cooperation), in the current 2014-2020 funding period, money is...
Article
Full-text available
Business valuation is dealing with a series of difficulties, legislative and/or normative inaccuracies, as well as problems related to divergent results obtained by standard approaches. This material is synthesizing some of these problems, highlighting possible research directions. Each of the standard approaches is investigated, theoretically and...
Article
Full-text available
The paper begins with a short literature review regarding the public governance concept in the EU approach and its methods for establishing a common way to manage different situations for all member states; we discovered that the problems they confront with have to do with good governance and qualitative public administration. In the second part, w...
Article
Full-text available
Modern Portfolio Theory selects financial assets based on return-risk analysis. The parameters are the average of daily rate of return, the dispersion of returns and the correlation between the financial assets. This paper subscribes to the many critiques, which highlighted the weaknesses of this approach; some of these critiques are detailed here,...
Article
This paper aims to present the evolution of the macro-prudential policy, to highlight the tools used in defining the financial stability and to underline the connection between macroprudential and fiscal policy. In the first part, it is shortly presented the macro-prudential policy in a hystorical approach. We exposed the origin of this term and th...
Article
Full-text available
Central bank independence represents the core element of assessing the complex relationship between government and central bank, having at background the fundamental issue of a free monetary policy decision-making process from the hands of the political circle. However, central bank independence is a multilevel concept within some social, economic...
Article
Full-text available
This article opens a suite dedicated to State Treasury financial structure optimization. It further develops our previous excursus on State Treasury mechanism, operation policies and practice, alignment to EU regulations, and the influence of fiscal pressure on the EU states economies. This article concentrates on risk prevention and containment of...
Article
Full-text available
The transition from a payment system on paper support to an electronic one in Romania was determined, on the one hand, by the development of the financial markets and the significant increase of the activity performed by means of payment systems, and on the other hand, by the need to move to a predominantly cashless society and to streamline cashl...
Article
Full-text available
The purpose of this article is to present the main problems posed by mergers and divisions, to valuators and experts, called to certify their correctness. This material summarizes the main Romanian and European legislative norms in the field, and shows, through a series of practical examples, which should be the internal legislative changes, in ord...
Article
Full-text available
The introduction of euro currency in 1999 paved the way for policymakers - EU governments, the European Parliament, the European Commission and the European Central Bank - to adopt the SEPA initiative. This is a complex process that aims to integrate the euro payments market, integration that also takes into account Romanian State Treasuries as pay...
Article
Full-text available
This study adds to the field of public administration by focusing on the nexus between government decision and bank performance scores highlighting the administrative regulatory dimensions of improvements. To this end, this research paper covers a unique database comprising all listed banks that operate on emerging European markets in the period 20...
Article
Full-text available
Informational efficiency of capital markets has been the subject of numerous empirical studies. Intensive research of the field is justified by the important implications of the knowledge of the of informational efficiency level in the financial practice. Empirical studies that have tested the efficient markets hypothesis on the Romanian capital ma...
Article
Full-text available
The first part of this work will treat the theoretical aspects of public expenditures. Taking the state as primary supplier of public goods, we have presented the concepts revolving around public and private goods, the theory of pure public goods, the four categories of goods and services, ”club theory”etc. In the second part we analyse different c...
Article
Full-text available
One of the main goals of the European Union is the economic progress. In the last 50 years, and especially beginning with the ‘80s, remarkable efforts have been made for removing the borders between the EU national economies and for creating a unique market where goods, persons, capital and services could move freely. Commercial interchanges betwee...
Article
Full-text available
This chapter describes an optimum regulation model for the public expenditures system in Romania. The aim of this work is to design an optimal control system of public expenditures in Romania. It contains an offline identification of the total public expenditures system in Romania for a timespan of 15 years. The total public expenditures system is...
Article
Full-text available
The development level of a society is closely related to the development state of its individuals. Ensuring a high level of welfare for individuals is done through public politics. In this work, the definition of public politics is presented through the synthesis of several authors` points of view. Starting from these visions, we have presented at...
Article
Full-text available
In this paper we analyze Romanian banking performance for the period 2006-2011 by computing a Malmquist index based on Data Envelopment Analysis. By adopting the intermediation approach in defining categories of inputs and outputs our conclusions focus on how ownership structure and size influence multi factor productivity change. Also this study a...
Article
Full-text available
This study aims at identifying the evolution of some of the key value based indicators in the case of Romanian listed banks. In particular we compute value based measures like Residual Income RI and Market Value Added MVA but also traditional measures like Earnings per Share EPS and Price to Earnings ratio PER in order to have a detailed view on th...
Article
Full-text available
The purpose of the paper is to provide a prognosis of total public expenditure and types of expenditures, starting from the evolution in time of total public expenditure and spending on public services, defense, public order and safety, economic affairs, environmental protection, housing and community amenities, health, recreation, culture and reli...
Book
Full-text available
Dicţionarul de management financiar şi al resurselor umane francez-român-portughez-spaniol-englezgerman este rodul unui contract de cercetare unde au colaborat profesori de la Universitatea Româno-Americană, de la Academia de Studii Economice din Bucureşti, care au ţinut cursuri şi la Universitatea Româno-Americană, ca de exemplu prof. univ. dr. Du...
Article
Full-text available
The main objective of this study is to establish the relationship between traditional measures of performance (ROE, ROA and NIM) and EVA in order to gain some insight about the relevance of using more sophisticated performance measurements tools. Towards this end the study uses two acknowledged statistical measures: Kendall’s Tau and Spearman rank...
Article
Full-text available
Optimality of fiscal policy is an issue widely debated in the literature from multiple perspectives. One way to address this problem is with the Laffer curve, causing the correlation between tax burden and tax revenue. This paper addresses the correlation with Laffer curve for income tax made during the period 2000-2010, highlighting the fact that...
Article
Full-text available
This paper brings forth the contribution of corporate governance to risk management system at the enterprise level. The research is a complex one, integrating both quantitative and qualitative information. The quantitative information consists of balance sheet and profit and loss account data while the qualitative one includes dummy variables refle...
Article
Full-text available
Many companies have invested in building internal models to cover their balance sheet risks over the past few years, sometimes driven by regulatory requirements, and sometimes driven by management or rating. The Solvency II framework introduces the oneyear risk framework which might affect the model architecture or the calibration process on these...
Article
Full-text available
The financial theory admits that levered firms record a value surplus compared to unlevered firms, at least because of the tax savings, related to interest. However, incurred debt, especially the long term debt, has a more consistent influence on performance, as stated by the Modigliani-Miller model. To this respect, the paper proposes the empirica...
Article
Full-text available
prelevaţi din bilanţul şi contul de profit şi pierdere, în timp ce perspectiva calitativă include variabile dummy care reflectă costurile de agent şi de monitorizare, acestea din urmă guvernând relaţia dintre manageri şi acţionari. Cuvinte-cheie: performanţa financiară; administrarea riscului; guvernanţa corporativă.
Article
Full-text available
The literature is addressed by tax competition to attract capital and the measures taken in this regard. These measures aim, in most cases, reducing tax rates. Most authors, especially the classics, believes that this reduction creates an underprovision of goods and services and addresses the problem in terms of their level. Very few scholars have...
Article
Full-text available
This paper concentrates on the key features of corporate governance models; first, it highlights the correlation between corporate governance and the economic welfare; secondly it sets forth the characteristics of the models at the country level. The focus is placed on the correlations between the key elements that are intrinsic to the governance e...
Article
Full-text available
This paper aims at identifying a potential impact of the macroeconomic environment on the profitability of the companies listed on the Bucharest Stock Exchange. This research derives from the most recent literature on the macroeconomic determination of the capital structure of companies located into emerging countries. Indeed, as for these corporat...
Article
Full-text available
This paper consists of a practical approach on corporate default valuation according to the localization criteria. There will be conducted a case-study on two samples of companies, one located into developed countries, the other into emerging countries, in order to highlight out potential differentiations in terms of corporate default assessment. T...
Article
Full-text available
In the current financial crisis access and absorption of structural funds is the biggest challenge for government, for business, farmers and nongovernmental organization sector. European integration itself depends on the optimization and substantial absorption for Romania during 2007-2013. This research work displays diverse aspects concerning the...
Article
Full-text available
This paper focuses on developed versus emerging markets arbitrage in terms of investors’ perception. We first perform a literature review on the topic, highlighting out both disconnection and transmission belt theories. Then we conduct a deep comparative analysis on the East-European corporate versus government spread bonds evolution during the las...
Article
Full-text available
This paper focuses on the CEE countries volatility captured by the exchange rate dynamics. In the first part, the spillover phenomenon is analyzed from the perspective of the recent financial crisis, where cross-border capital flows increased the risk of financial contagion. Volatility will be approached bi-dimensionally, from the perspective of th...