Papers by Alexandra Horobet
Expert Journal of Economics, Apr 16, 2015
We investigate the effects of the monetary policy conduct on the domestic capital market for a sa... more We investigate the effects of the monetary policy conduct on the domestic capital market for a sample of developed countries where the capital market plays a significant role in the economy. We break down the policy rate innovations in rules-based and discretionary components in order to determine the degree of prudentiality in the monetary policy conduct and we study their accounts with respect to capital market rationality. The rulesbased component is determined using an interpolated vanilla Taylor-rule policy rate at the event date and the discretionary component is obtained by subtracting the rules-based rate from the target monetary policy rate innovation. Using an event study approach, we analyze the impact of monetary policy components on the returns of the stock market and we determine that the conduct of the monetary policy can cause irrational responses of the capital market. More than that, we show, for the analyzed countries, that if the general level of discretion in the monetary policy is high the response of the stock market becomes increasingly erratic, indicating that forward guidance may help reduce uncertainty on capital markets.
Contributions to Economics, 2016
Economics & Sociology, 2012
The Economic Crisis and European Integration, 2011
Review of Economic and Business Studies, 2010
... Alexandra HOROBEŢ 196 ... The financial euphoria in the last years, the unprecedented number ... more ... Alexandra HOROBEŢ 196 ... The financial euphoria in the last years, the unprecedented number of financial innovations, the development of highly risky financial instruments, not always sufficiently tested and understood, the insurance and reinsurance of risk (although the risk ...
Is it interesting a 2 billion euro insurance market for the “old†Europe? “Not very much†o... more Is it interesting a 2 billion euro insurance market for the “old†Europe? “Not very much†one may say considering this figure represents no more than 16% of the insurance turn-over in the case of the most recent entry in the Romanian market, Groupama. The answer is still not as simple as that because “interesting†in business terms is not only about today, but very much about tomorrow. By the end of 2007 it was obvious that the Romanian insurance market is far from calming down. Not only that for the time being change is still the main real constant in use, but figures show that the market environment becomes more challenging than ever these days. The market situation showed that this allegation it was by that time more likely to be true than ever.
This paper aims to analyse the status quo of the EU energy markets in terms of regulatory framewo... more This paper aims to analyse the status quo of the EU energy markets in terms of regulatory framework and degree of competition and to recommend improvements of the system in order to balance the issues of competition, energy security and environment protection in the EU energy markets.
The effective management of Romanian companies can represent an advantage in a competitive busine... more The effective management of Romanian companies can represent an advantage in a competitive business environment, shaped by the end of transition, the EU membership and the globalization process. MBA programs represent, in our view, the key for the implementation of management theories and practices whose effectiveness has been validated by Western countries experience. The Romanian market developed slowly since 1993,
The paper investigates the dynamic links between stock prices and exchange rates in Romania, afte... more The paper investigates the dynamic links between stock prices and exchange rates in Romania, after 1997, considering the changes in the exchange rate regime occurred after 1997. The research employs advanced econometric methods – cointegration and Granger causality tests, in order to capture the bi-directional influences between stock prices and exchange rates, applied to monthly data over the 1999-2007 period.
Competition is the mechanism that helps companies, institutions and markets to become more produc... more Competition is the mechanism that helps companies, institutions and markets to become more productive and efficient. one of the main obstacles to economic growth is represented by the policies that hinder competition. Excessive protection may create a handicap for the European economic system which will have not all the necessary instruments to face the increasing competition between companies, countries, economic
The paper investigates the impact that exchange rate risk has on the risk-return profile of inves... more The paper investigates the impact that exchange rate risk has on the risk-return profile of investments in emerging countries. The emerging countries under scrutiny are Czech Republic, Hungary, Poland, Romania, Russia and Turkey, all from Central and Eastern Europe. We examine the importance of currency risk from the perspective of a US dollar based investor, by looking at the contribution
Balkan Region Conference on Engineering and Business Education, 2014
The enlargement of the European Union in 2004 and 2007, with the accession of twelve Central and ... more The enlargement of the European Union in 2004 and 2007, with the accession of twelve Central and South-Eastern European countries, out of which ten are former- communist states, marks an economic and political experiment that is radically different from all previous EU adhesions. The integration process of these countries will directly influence their monetary and financial markets, considering their specific
SSRN Electronic Journal, 2000
... 12, No. 5, pp. 291-346 12 El-Masry, A. (2003), The Exchange Rate Exposure of UK Nonfinancial... more ... 12, No. 5, pp. 291-346 12 El-Masry, A. (2003), The Exchange Rate Exposure of UK Nonfinancial Companies: Industry-Level Analysis Manchester Business School Working Paper Page 3. ... Among others, Abdullah and Hayworth (1993)26 and Chen et. ...
At times of heightened global capital market volatility, high-yielding currencies tend to depreci... more At times of heightened global capital market volatility, high-yielding currencies tend to depreciate, while low-yielding currencies tend to serve as a€ssafe heavena€t. We present the results of a test for Uncovered Interest Parity for selected European cu
SSRN Electronic Journal, 2000
ABSTRACT
The paper addresses the issue of asset allocation policies of Romanian pension funds and the pote... more The paper addresses the issue of asset allocation policies of Romanian pension funds and the potential impact they may have in the development of local capital markets, through active involvement in terms of investing funds, capital market expertise and improvements in corporate governance practices in Romanian companies. We analyze the investment alternatives available to Romanian pension funds starting from the limits imposed by the law and we discuss the proposed asset allocation strategies presented in funds’ issuance prospects.
soton.ac.uk
Our paper explores the area of time-varying benefits that European investors obtain from holding ... more Our paper explores the area of time-varying benefits that European investors obtain from holding internationally diversified portfolios from the perspective of changing preferences for home against foreign assets holdings. We offer insight into the reallocation ...
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Papers by Alexandra Horobet