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 securities with similar patterns and quasi-identical charts, statistical results in contradiction to the evidence of the market can be obtained. This article makes a pledge in favour of the necessity for increased attention in constructing an optimal/efficient portfolio.
This paper presents the fundamentals of the tax system in general, the basic elements of a tax system as well as the organization of the German tax system analysis, especially throughout the tax levy and how the taxation typology functions. This theme was chosen in order to expose the principles of German taxation system. With a tumultuous and troubled history, mainly caused by the two World Wars" destructions, the German state is considered the "economic locomotive" and a pillar of the European Union. Germany"s economy is mainly driven by the automotive industry, chemical industry, telecommunications, commerce and agriculture. Of particular importance is the qualitative analysis of conventions for the avoidance of double taxation concluded by Germany; and related implications on fiscal policy. The methodology used in this paper consists of presenting literature derived theories and practical analysis of the German tax system in terms of tax legislation and the evolution of double taxation conventions concluded by Germany with different countries. After the study, the conclusions on the size of the national tax system driven by the example of the German tax system were founded.
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 and behavioral implications both for the central banks and for the society at whole. Central bank independence is needed in order to establish an autonomous central bank with a high degree of freedom in choosing its' instruments, objectives, techniques and tactics. Moreover, a high degree of transparency for the public disclosure and monitoring of central bank operation and transaction is needed for the social barometer of the central bank. Consequently the central bank must have a high degree of accountability and responsibility vis -á -vis of the most democratic institution, i.e. Parliament. In this article it is presented a comprehensive study regarding the complex relationship between central bank independence and inflation by modeling these two monetary policy panacea, in order to make a fine tuning regarding the causal relationship established in a heterodox manner.
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 practically analyzed, and the conclusions constitute a basis for developing new theories in the field of valuation.
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 become fully aware of causes for illicit practices, ways to fight any fraud attempts and to evaluate the accounting mechanism that both creates and identifies tax evasion.
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