CERTIFIED EUROPEAN FINANCIAL ANALYST DIPLOMA CEFA PROGRAM

Certified-European-Financial-Analyst3

Bucharest Summer University 2014

Have you made plans for this summer? You still have time to apply for the Bucharest Summer University 2014 international summer school, the academic event that will gather together 55 participants (your new international friends) from over 27 countries!

The Bucharest University of Economic Studies (ASE), Alumni ASE Association, Bucharest University of Economic Studies Students’ Union (US ASE), through the Students’  Senate, with the academic mentoring of the Faculty of Finance, Insurance, Banking and Stock Exchange (FABBV), having as educational partner the "Dan Voiculescu" Foundation for Romania’s Development (FDVDR) gladly invites you to take part in one of this summer’s most interesting educational experiences: Bucharest Summer University 2014. This 10th edition of the international summer school, held annually in Bucharest, gathers students from all over the world to discuss different topics in the economics field.

Don’t miss the chance to make new friends, the find out interesting aspects about the world cultures, to demonstrate your team spirit, to accumulate new knowledge regarding the economic global world from the best specialists in the field and last, but not least, to enjoy the coolest cultural and fun activities.

Apply until the 25^th of June for a partial/total payment via our e-mail address: application@bsu.ase.ro and book your ticket for an amazing summer!

For more details, please visit our web site: www.bsu.ase.ro and our Facebook page: www.fb.com/BSU.2013 !

Board of Advisors 

Speakers

Courses

Activities

Prietenia si dragostea sunt cele doua solutii pe care ni le-a dat Dzeu impotriva trecerii timpului

Prietenia si dragostea sunt cele doua solutii pe care ni le-a dat Dzeu impotriva trecerii timpului
<BR>
 Love and Friendship are the two solutions provided to us by God to use against the inexorable passing of time

Burse CFA pentru studentii ASE - master DAFI

Dear DAFI Master of Finance students/candidates for scholarships for CFA Program:

On behalf of our faculty that helped in the previous 2011 selection process for 5 scholarships for CFA Program granted to 5 of DAFI students, we would like to announce you that the program is open for this year students also.

For prospective students/candidates, please note how the process works, for your reference:

· Candidates completed and returned their application form for signature. They provided a resume and a purpose letter (presented at interview) - as good additions to application.
· Based also on input from other faculty, in my position as a full time professor with your DAFI Program, I will recommend and sign the CFA Institute Student Scholarship Form - June 2012 Level I Exam, for best candidates enrolled into the current academic year.

In sponsoring their application, please be sure that I will strictly followed the CFA Institute policy on: "Discrimination on the basis of race, religion, gender, or nationality is prohibited. Suggestions for criteria include financial need, scholastic grades, or essays. Discrimination on the basis of race, religion, gender, or nationality is prohibited. Suggestions for criteria include financial need, scholastic grades or essays."

· Please note that signature for scholarship is not a guarantee of scholarship. Student candidates have to fulfill all proper requirements of the CFA Institute. Also please remember that applicants must fulfill all CFA candidate requirements to enroll and must confirm receipt of their degree in writing to progress to the next exam.

For your additional reference, please checked the CFA Institute website link that provides all info:
http://www.cfainstitute.org/cfaprogram/process/scholarships/Pages/cfa_institute_student_scholarships.aspx

We would like the sponsorship program to be extended for future generations of students. Back in 1997, I had also the privilege to receive a scholarship from then the Association for Investment Management and Research (now the CFA Institute). That just-in-time support was an inflection point in my profession - that I am still very proud today. I am convinced that you and our future candidates will enjoy the outstanding professional privilege to be associated with the gold standard in the investment management profession – the Chartered Financial Analyst designation.

To all of you: the local society of the CFA Institute – CFA Romania welcomes your membership applications. CFA Romania’s members are recognized as ethical, knowledgeable professionals of the investment and finance community. As a not-for-profit educational organization, CFA Romania’s mission is to educate and inform investment decision-makers, promote highest ethical standards in our industry, and assist financial professionals in their career development. It is a forum for education, information and communication centered on the needs of investment professionals and academics; it promotes awareness of the investment profession and the CFA charter and adheres to the highest professional behavior and ethical standards.

Cordially,
Dr. Adrian T. Mitroi, CFA, MBA
Associate Professor of Investments/Behavioral Finance, Master DAFI, ASE Bucharest, Romania
Secretary, CFA Romania. CFA Program exam Grader with the CFA Institute, 2002-

Investment and Capital Finance in unusual uncertain times

Investment and Capital Finance in unusual uncertain times

Macro: Systemic vs. Unique Risks
Corporate: Risk vs. Return
Individual: Survive vs. Succeed
Decision making: Psi-Factors vs. Rational

The Course
FACULTY
• Faculty Name: Dr. Adrian T. Mitroi, CFA, MBA
• Contact Information: adrian.mitroi@cityu.edu; adrian.mitroi@gmail.com

COURSE DESCRIPTION
• Students will learn the role of modern finance in business development and management. From the use of micro-loans in developing economies, through local and regional service banks, to the role of national and multi-national institutions, students will learn how banks and capital market function. Special topics will include investment banks and the function of IMF, WB, ECB.
• The course prepares learners to understand the flow of capital affect the businesses where they work and the communities in which they live. Finance has evolved rapidly over the past decade in terms of methods, institutions, and the national economies in which major banks have emerged. This is an advanced course that builds on the basic graduate finance courses. Current economic context will be a core topic.
• The course will address in detail the subject of Behavioral Finance and its relevance in today’s financial and business environment
The content of this course aligns with the following program outcomes:
• Communicate effectively both orally and in writing with internal and external stakeholders
• Lead individuals and organizations to achieve business missions in a global environment
• Build, lead and participate in productive and diverse teams
• Leverage managerial effectiveness through recognition of individual strengths, values, business philosophy
• Use people skills to manage diverse work environments and navigate organizational politics.
• Capitalize on business opportunities in a rapidly changing environment by thinking critically and applying quantitative procedures and tools
• Recognize when information is needed; find, evaluate and use it to support continuous professional and organizational development.

LEARNING GOALS
This course supports the following learning goals:
Professional Competency
Professional Identity
Strong Communication and Interpersonal Skills
Critical Thinking
Commitment to Ethical Practice and Service
Lifelong Learning

more on:
http://www.adrive.com/public/SKgzaC/Curs Presentare Mitroi Investment and PsiFinance 2012.pdf

Investitii financiare si gestiunea portofoliului

Master DAFI - ASE Bucuresti

Cursul se adresează, în primul rând, studenţilor la programul de Masterat DAFI “Management financiar şi bursier”, Academia de Stiinţe Economice, Facultatea de Finanţe, Asigurări, Bănci şi Burse de Valori, Catedra de Finanţe, partea a III a disciplinei de Analiza Investiţională şi Gestiunea Portofoliului: Finanţe Comportamentale. Cursul este însoţit de prezentări de studiu de caz, articole şi studii considerate relevante subiectului administrării investiţiilor, gestiunii portofoliului şi al finanţelor personale. Informaţia prezentată poate fi deasemenea folosită şi de studenti în anii terminali sau de profesionişti din sistemul financiar bancar, al pieţelor de capital, al fondurilor de investiţii, pensii sau de asigurări. Materialele de studiu reprezintă o sinteză actualizată a prezentărilor făcute la diferite programe de training de tip executiv pe tema Finanţelor Investiţionale: ASE Bucuresti, Master DAFI, Booz Allen and Hamilton, Scoala de Vară ASE, Scoala de Business, Cursul de Consultanţi de Plasament, etc. Prezentarea cursului şi a seminarului se face pe baza unor fişiere .ppt si .xls care conţin doar ideiile principale, însă prezenţa la curs este cel mai eficient mod de a înţelege aspectele practice ale Investiţiilor Financiare şi Finanţelor Comportamentale. Cursul se completează cu prezentări ale unor profesionişti din domeniu sau alte cadre universitare, pe teme specifice (bursa, piaţa forex, bănci, asigurări, managementul riscului, evaluare, etc) dar şi pe participarea activă a studentilor, element care aduce avantajul diversificării cunostinţelor şi al diversităţii opiniilor. În plus, punctele de vedere ale celor care practică sau îşi câştigă existenţa în domeniul financiar pot aduce valoare informaţională adăugată tuturor participanţilor. Studiul de caz se administrează pe echipe sau individual, şi constă în prezentarea unor soluţii practice, relevante la modul specific al Finanţelor Comportamentale, în contextul prezent al economiei şi pieţelor. Cea mai mare parte a materialelor este prezentată şi în limba engleză.

more on:
http://www.adrive.com/public/4jGXUA/Finante_Investitionale_Mar_2012_Adrian_Mitroi.pdf

Piata de capital in Finante Comportamentale

Piata de capital in Finante Comportamentale

Introducere

- Finanţele şi psihologia banilor, în contextul unei crize economice şi financiare
o Macroeconomia Crizei şi Finanţele Comportamentale
- Finanţe comportamentale
o Finanţele comportamentale ca ştiinţă
o Finanţe clasice vs. Finanţe comportamentale
- Abordarea psiho-comportamentală, un aspect important al analizei investiţionale
o Exemple de factori psihologici relevanţi în contextul deciziei investiţionale
o Atitudinea faţă de risc şi luarea deciziei
o Raţional vs. non-raţional în decizia investiţională
o Importanţa percepţiei în administrarea aşteptărilor investiţionale
- Riscul în definiţia Finanţelor Comportamentale
o Riscul investiţional în căutarea şi imaginarea trendurilor
o Riscul de comportament financiar neraţional. Riscul de a pierde
- Erori cognitive relevante în contextul deciziei financiare
o Aversiune la regret vs. aversiune la risc
o Inerţia deciziei investiţionale
o Emoţiile. Procesul deciziei investiţionale este afectat de emoţie
o Încrederea prea mare în propriile abilităţi investiţionale
o Disonanţa afectiv-congnitivă în decizia investiţională
Efecte în sfera deciziei investiţionale generate prin disonanţă cognitivă
o Teama şi avariţia
o Diversificarea, ca recunoaştere explicită a limitei abilităţilor financiare
- Concluzii
- Bibliografia recomandată

more on:

http://www.adrive.com/public/BgQs9m/Capitol Finante comportamentale Final Version Mitroi.pdf

Temporal Changes in Shiller's Exuberance Data

http://papers.ssrn.com/sol3/papers.cfm?abstract_id=1754388

Mukul PAL, CMT,
CEO, Orpheus Capitals
e-mail: mukul@orpheus.asia

Adrian Mitroi, CFA, Phd
CFO, MKB Nextebank
e-mail: adrian.mitroi0@gmail.com

Megh Shah, B.E.
Masters in Satistical Science
e-mail: m5shah@students.latrobe.edu.au

Abstract:

Robert Shiller’s "Paper on The Volatility of Stock markets Prices", published in 1987 uses dividend data and real interest rates to seek evidence that true investment value changes through time sufficiently to justify the price changes. His paper concluded that most of the volatility of the stock market prices appears unexplained. Shiller volatility or fluctuations prove that behavior of markets is not normal. Non normal distribution series is a widely followed proof of inefficiency in prices.
The authors of the current paper reanalyze Shiller’s data not for the change but for rate of change. The rate of change in dividend values, interest rates and market price is used to isolate temporal changes (time durations) defined in days. Though on one side the time duration data illustrate a non normal distribution and confirms Shiller’s non normalcy finding within value (fundamental data) and market data, it opens a larger debate suggesting temporal changes to be the reason for market volatility and inefficiency.
Keywords: Stock market volatility, Temporal Changes, Non Normal Distributions
JEL Classification: G10
REL Classification: 11B

Introduction:

We took data series Long Interest Rate Rates GS10, Real Price, Real Dividend, Real Earnings (Column G,H, I, J) from Shiller's data available on his Yale page (Copy of ie_data.xls) and plotted the rate of change for the respective data series. From this rate of change date we isolate the temporal changes as explained by Nistor, Pal in their paper on "Time Duration Decay" 2010. After isolation the time duration data we created the time duration plot and tested the data for
normal distribution. 

Publicat pe Site-ul Social Science Research Network, 4 februarie 2011