Cornelia Pop | Babes-Bolyai University (original) (raw)

Papers by Cornelia Pop

JOURNAL STUDIA UNIVERSITATIS BABES-BOLYAI NEGOTIA, 2011

At the end of November 2010 Bucharest Stock Exchange celebrated 15 years of contemporary/ modern ... more At the end of November 2010 Bucharest Stock Exchange celebrated 15 years of contemporary/ modern history since its reopening for activity in November 20 th 1995, after it has been closed in 1948 due to the nationalization process imposed by the communist regime. After a slow start, Bucharest Stock Exchange registered and important growth between January 2003 and June 2007, and yielded spectacular results for its investors. Thus, when compared with neighboring countries, Romanian capital market ranks at the same level with Slovenia, one of the smallest country in the region. Furthermore, Romania and its capital market are included in the category of frontier markets by well known international companies like Standard & Poors's and MSCI-Barra. Romania, along with other small countries from European Union, must face the question regarding the development direction, consolidation and integration of its capital market and should take into consideration the fact that this capital market might not necessarily be relevant in European Union context. The present paper will present Bucharest Stock Exchange evolution, asses its current position inside the country and at regional level and will try to identify its future evolution perspective, taking into account its present standing.

Studia Universitatis Babeş-Bolyai, Dec 31, 2022

Studia Universitatis Babeş-Bolyai, Jun 30, 2021

The present paper tries to bring a certain degree of clarity to the cryptocurrencies puzzle by di... more The present paper tries to bring a certain degree of clarity to the cryptocurrencies puzzle by discussing the existing definitions and some classifications identified by academic studies. Further, it investigate, based on various academic studies, the uses of cryptocurrencies and their potential role as alternative money. The regulations regarding the cryptocurrencies are also considered since the spreading of the cryptocurrency phenomenon and the risks associated with the use of cryptocurrencies in various capacities raise problems related to (small) investor protection and anti-money laundering. Key words: cryptocurrencies, medium of exchange, assets, regulations JEL Classification: E49; E59

The present research is the first to concentrate only on the EU 10 frontier markets and their int... more The present research is the first to concentrate only on the EU 10 frontier markets and their internal diversification potential for the equity market segments. The EU 10 frontier markets present all five characteristics identified by the academic literature for the (equity) frontier markets. A sixth characteristic was identified and added for the EU 10 frontier securities markets. The results show that the EU 10 frontier markets exhibit internal diversification potential and therefore can present interesting investing opportunities for domestic and international investors. The internal diversification potential seems to be lower in the cases of Latvia and Malta, with trading concentrated around the pharmaceutical and banking sectors, respectively. Romania has a peculiar position with an apparently limited internal diversification potential. These general results complete and enhance, from an inside-out point of view, the findings of partial integration of the EU 10 frontier markets and the overall conclusion that they present diversification opportunities for international portfolios.

The AMFITEATRU ECONOMIC journal, 2016

Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Zwecken und zum Privatgebrauch ge... more Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Zwecken und zum Privatgebrauch gespeichert und kopiert werden. Sie dürfen die Dokumente nicht für öffentliche oder kommerzielle Zwecke vervielfältigen, öffentlich ausstellen, öffentlich zugänglich machen, vertreiben oder anderweitig nutzen. Sofern die Verfasser die Dokumente unter Open-Content-Lizenzen (insbesondere CC-Lizenzen) zur Verfügung gestellt haben sollten, gelten abweichend von diesen Nutzungsbedingungen die in der dort genannten Lizenz gewährten Nutzungsrechte. Terms of use: Documents in EconStor may be saved and copied for your personal and scholarly purposes. You are not to copy documents for public or commercial purposes, to exhibit the documents publicly, to make them publicly available on the internet, or to distribute or otherwise use the documents in public.

DOAJ (DOAJ: Directory of Open Access Journals), Dec 1, 2010

The present paper will try to determine if Bucharest Stock Exchange activity is under the influen... more The present paper will try to determine if Bucharest Stock Exchange activity is under the influence of the five traded Financial Investment Companies (called also 'Societati de Investitii Financiare' or SIFs). The Financial Investment Companies were introduced at Bucharest Stock Exchange listing in November 1999 and since November 2000 they have a dedicated index, BET-Fi. The direct observations made over the listing period of above mentioned companies suggested the idea that the transactions in Financial Investment Companies might have an important impact on Romanian capital market activity. Inside the current paper, authors will analyze different series of data using regression analysis and Granger-causality tests in order to confirm or reject the hypothesis formulated in the title.

Interdisciplinary Management Research, 2008

Hotel industry is an important component of travel and tourism (T&T) sector. However, less studie... more Hotel industry is an important component of travel and tourism (T&T) sector. However, less studies are dedicated to hotel industry than to the T&T sector as a hole. Even less studies are available on hotel companies or groups listed on stock exchanges around the world. The present study will focus on Romanian hotel groups listed at Bucharest Stock Exchange, compared with the situation in Europe.

Studia Universitatis Babeş-Bolyai, Mar 31, 2023

"The purpose of the present paper is to provide an integrated approach to the development of... more "The purpose of the present paper is to provide an integrated approach to the development of wine tourism in Romania’s rural areas. The main research question is: are the communes hosting vineyards and wine-producing facilities and/or cellars/wineries in a better position to attract tourists, compared to the other communes? This question was induced, first, by the fact that Romania is among the top 15 wine pro-ducers worldwide, and some of its wine brands are (well)known at least at the regional level, hence this position might influence Romania as a wine tourism destination. Second, Romanian rural tourism is still in its early stages of development at the national level and therefore a differ¬entiation feature represented by wine-related activities might enhance the attractiveness of a rural destination. Furthermore, wine tourism is a fastly developing trend at the international level and those destinations which have the resources to establish and/or improve wine tourism should take advantage of this trend. The findings of the current paper indicate that wine tourism is poorly developed for the group of wine-producing Romanian rural localities. The extra tourist potential of these localities (represented by vineyards and wineries) is used in an unsatisfactory and inexpertly manner for attracting tourists. The findings are in line with the relatively low level of rural tourism development in Romania presented by other academic works. Keywords: vineyards, wine tourism, rural area, Romania JEL Classification: Z32, L83, C10, R00."

JOURNAL STUDIA UNIVERSITATIS BABES-BOLYAI NEGOTIA, 2015

"The current paper presents and discuss the evolution of Bucharest Stock Exchange over the p... more "The current paper presents and discuss the evolution of Bucharest Stock Exchange over the past 25 years since the re-establishment of this institution. The study also discuss the upgrade and re-classification of the Romanian capital market as a secondary emerging market by the index provider FTSE Russel. Further, it presents Bucharest Stock Exchange position among the security exchanges of the former communist countries, which became member of the European Union. Also, some influences resulting from the implementation of European Union directives in financial sector are discussed The paper concludes showing that Bucharest Stock Exchange still has a long road ahead until it will fulfill the conditions to be re-classified as a full emerging market by the other two global index providers, MSCI Barra and Standard and Poor’s. Key Words: security market, frontier market, secondary emerging market JEL Classification: G10, G19 "

Social Science Research Network, Aug 1, 2012

A frontier market can play a significant role in the diversification of a global portfolio. Equal... more A frontier market can play a significant role in the diversification of a global portfolio. Equally important are the companies selected in order to fulfill the diversification needs. We focused on Bucharest Stock Exchange, considered a frontier market, and we analyzed its own diversification power based on the presence/ absence of a leading index that influences the price evolution of the other traded companies. This idea was suggested by the strong position of the five listed closed-end funds in the equity sector of the Bucharest Stock Exchange. We show through combined correlation, regression and Granger-causality analysis that BET-Fi has a direct influence on Bucharest Stock Exchange blue chips represented by BET index. As follows, BET-Fi can be considered an index leader and we discuss the general implications of this finding.

JOURNAL STUDIA UNIVERSITATIS BABES-BOLYAI NEGOTIA, 2005

Closed-end funds are less known compared to open-end funds to most of investors. Due to their cla... more Closed-end funds are less known compared to open-end funds to most of investors. Due to their classical discounts, their behavior on the stock markets is less understood by the individual investors. These two statements are true on the mature capital markets, but on the Romanian emerging capital market, the closed-end funds were and still are the individual investors' darlings. The closed-end funds' position on the Romanian capital market can bemildly-viewed as peculiar. The present paper would try to answer several questions like: − Why are the Romanian closed-end funds more popular than the open-end funds? − Which was the closed-end funds' contribution to the development of the Bucharest Stock Exchange? − How did the structure of the Romanian closed-end funds' portfolios evolved/ changed over time? − How did the prices and premiums of the Romanian closed-end funds behave since their listing date at Bucharest Stock Exchange? Closed-end funds or closed-end investment companies represent the first investor-owned type of organization that pooled and invested funds primarily, but not exclusively, in financial assets. Closed-end investment companies were born in Europe in the early 19 th century and developed in England and Scotland during 1863-87, where investment funds are still popular today. By the late 19 th century, closed-end funds appeared in US as well and peaked in popularity during late 1920s. The open-end funds were formed later, in 1924 and found the way into investors hearts in about 20 years so widely that they over passed by far the closedend investment companies/ closed-end funds that stagnated for a long period of time-after the market crash of 1929. Starting with 1985, after decades of indifference and obscurity, new life was breathed into the industry and closed-end

Entrepreneurial Business and Economics Review, 2019

The aim of this article is to investigate if Romanian rural localities hosting or situated within... more The aim of this article is to investigate if Romanian rural localities hosting or situated within a natural WHS (World Heritage Site) have benefited from their situation and developed the local rural tourism. Research Design & Methods: Since the topic of this article had not been previously investigated for Romania, the research was constructed as a case study, exploring the available secondary data on tourism supply and demand. Within the case study, a combination of empirical methods was used in order to investigate two ratios (the survival rate and continuity ratio) constructed to study the sustainability of the offer of local tourism. Findings: Romanian rural localities hosting or being part of a WHS do not exploit properly their tourist potential. However, these localities are in a better position than common rural localities from the viewpoint of a sustainable tourism offer. Implications & Recommendations: Further studies on tourism demand and tourism governance for WHS localities are needed in order to help local governments to develop authentic and sustainable tourism for these areas. Contribution & Value Added: Given the sparse academic Romanian literature focusing on WHSs, this study contributes to this field and opens new avenues for research. Furthermore, the findings of this study add to the existing international literature by supporting the idea that simply the presence of a WHS in rural areas is not a panacea for promoting tourism.

Studia Universitatis Babeş-Bolyai, May 30, 2022

International journal of business research, Oct 1, 2013

Bucharest Stock Exchange is considered a frontier market and it is dominated by the financial sec... more Bucharest Stock Exchange is considered a frontier market and it is dominated by the financial sector trading. Starting with January 25th 2011, Proprietatea Fund, a closed-end investment Fund, starts listing at BVB increasing the dominance of the financial sector. The present paper briefly investigates the causes that generated the intense trading activity of this investment Fund shares between January 2011 and June 2013.

Social Science Research Network, Dec 16, 2017

To the best of our knowledge, no previous study exits on the survival of tourist accommodation un... more To the best of our knowledge, no previous study exits on the survival of tourist accommodation units and/or on the economic entities related to these accommodations in Romania. Therefore no such study exists in relation with the rural accommodation units. Through the present study we try to make a small step in filling the research gap regarding the survival of extant rural accommodation units in a developing country, Romania. The findings show an overall simple survival rate (SSR) of 38.21%. The existence of tourist attractions (spa/mountain resorts and World Heritage Sites) improve the extant lodgings SSR, while exceptions exist in the counties of Sibiu, Neamt, Suceava, Cluj and Harghita. The dominant surviving accommodation units are the rural pensions. The owners/operators of the survivor lodgings are mainly individual enterprises, though between 2005 and 2016 the number of operators registered as LLCs increased. Indirectly, the findings also imply that most of the survivor lodgings can be considered lifestyle enterprises.

Social Science Research Network, Feb 12, 2016

In October 2011, the European Commission proposed a new definition of CSR as being the responsibi... more In October 2011, the European Commission proposed a new definition of CSR as being the responsibility of enterprises for their impacts on society (European Commission, 2011). As a European Union (EU) member state, Romanian organizations are expected to use henceforth this definition as the main framework. According to Mandl & Dorr (2007), Romanian organizations became familiar with the modern concept of CSR during the 1990s. An important step ahead for CSR evolution in Romania was the issuance of the National Strategy to Promote Social Responsibility 2011 and 2016. The present paper presents a brief survey of CSR in Romania based on the three recent studies published by Ernst & Young (2013, 2014, 2015) on CSR trends and realities in Romania and relate their results with some of the existing results published within the Romanian academic research. The results show that the CSR meaning remains blurry at the level of Romanian companies, in general. The results of this brief study are in accordance with the previous studies that showed the followings: a) CSR in Romania is a concept initially introduced (or rather imposed to their respective branches) by MNCs, (Iamandi, 2011); and in the cases of Romanian owned companies might be rather an imitation of the foreign practices (Obrad et al.2011); b) social responsibility programs are perceived as not important and irrelevant for the business, mainly by the Romanian owned companies (Cristache, 2011; c) the CSR in Romania is still at an early stage of development, despite the increase number of CSR initiatives; as Baleanu et al. (2011) showed, CSR is still punctual and targets relatively disparate activities with reputational aim; Zait et al. (2015) complete the image by highlighting that the CSR activities are based on wishes and circumstantial influences, subjective preferences and cultural inclinations of important managers of the respective companies; d)CSR seems to be developed rather due to the fact that it is perceived as 'politically correct' within the European Union, and fashionable. Still considered a frontier market economy, Romania lacks the investors' sophistication that might determine CSR to become a strategic tool for sustainable development. While the models of MNCs subsidiaries are good, they have to be adapted and transformed into Romanian companies 'own brand' of CSR activities. The numerous CSR initiatives at country level still lack coordination with the real social needs (maybe except for the natural environment). Thus, as Iamandi (2011) suggested, CSR development in Romania is expected to follow a path similar to other European countries. The pace of this development however is influenced by the specific domestic problems and perceptions.

HOLISTICA Journal of Business and Public Administration, 2012

The present paper tries to highligh the impact of the 2007-2009 global financial crisis on the Bu... more The present paper tries to highligh the impact of the 2007-2009 global financial crisis on the Bucharest Stock Exchange. Bucharest Stock Exchange is a small frontier domestic capital market wich suffered a sever impact of the 2007-2009 global financial crisis in absolute values, similar with the impact of the 1997-1998 Asian crisis. While the Bucharest Stock Exchange tried to diversify its activity in the post- crisis period, a second wave of negative influences hit the market when the problems regarding sovereign debt of several EU member states surfaced in mid-2010. Bucharest Stock Exchange authorities should asses the institution's position within the CEE region and establish a strategy for afurther sustainable development which must combine, if possible, the advantages of an increased international exposure and the presence of international investors, with the core services a domestic capital market should offer in order to support the country's economic development.

JOURNAL STUDIA UNIVERSITATIS BABES-BOLYAI NEGOTIA, 2009

The present paper tries to present briefly the relationship between the hotel companies and the c... more The present paper tries to present briefly the relationship between the hotel companies and the capital markets. This study uses results published since 2002 in order to show how the financial resources available for hotel companies evolved, and-based on the data provided by New York Stock Exchange-to asses the strength of the relationship with the capital markets.

Social Science Research Network, Jul 1, 2013

The current paper provides an inside-out view regarding the internal leader. Thus, we applied the... more The current paper provides an inside-out view regarding the internal leader. Thus, we applied the idea at Bucharest Stock Exchange level considering the three oldest indices (out of the seven currently reported limited to the six components of BET-FI portfolio constituents. Based on of BET-FI portfolio.

JOURNAL STUDIA UNIVERSITATIS BABES-BOLYAI NEGOTIA, 2013

The importance and contribution of the SME sector to the economic growth was frequently stated an... more The importance and contribution of the SME sector to the economic growth was frequently stated and discussed. While Bucharest Stock Exchange does not have a dedicated segment for SMEs, we concentrate our attention on this stock exchange, considered to be a frontier emerging market, due to the fact that the market capitalization was notoriously low. The natural question that arisen was: how many of Bucharest Stock Exchange listed companies are SMEs? The present paper documents the presence of SMEs within Bucharest Stock Exchange 2nd category and tests the size effect for a number of 10 selected companies, which were split in two portfolios.