Mihai-Yiannaki, Simona

The Chinese Central Bank decided on June 8 and July 6, 2012, on the duplication and consecutive cut of the deposit and loan interest rates, together with the simultaneous loosening of the interest rate floating range of their financial institutions. Unquestionably, these measures resulted in a drastic change of the operating strategies of the whole banking system, for both nationalized and the private commercial banks. The article follows up on the causes and effects of these decisions in the Chinese banking arena, predicting a higher possible level of bad loans and followed by a higher systemic risk due to the three major banks’ reactions and copy-cat decisions in fixing interest rates. The research methodology uses the GARCH (1,1) model and the VaR to identify the way the interests are adjusted and study if this decision indicated a real liberalization or rather a controlled interest rate change by the authorities. Eventually, the Chinese interest rate liberalization brought good and bad news to the economy, while the essence remains in how such liberalization is handled and what is intended for the entire economy.

Under the premises that the U.S. Exchange Traded Funds (ETFs) hold over 70% of the ETFs’ World market, it seems that the European ones have been either under-researched or less demanded. This study provides some insights into the performance of two ETFs hubs, holding over 80% of the European ETFs activity, namely those operating in Luxembourg and Ireland, due also to their tax similarities. Following an updated literature review on the topic, the paper compares these two ETFs hubs by using secondary data publicly available, interpreted under a framework of previously identified performance methods: Tracking Error, Jensen's alpha and Modigliani- M2 measure of performance. This methodology completes the descriptive statistics analysis, while aiming at answering two hypotheses. The first hypothesis states that the Tracking Error of ETFs compared to their benchmark or market indexes equals zero, which is confirmed by the study. The second hypothesis suggests that these particular ETFs do not present significant alphas, which is partially confirmed. Moreover, the second hypothesis is tested not only against various features of these funds ‘benchmarks, but also from risk measurement perspectives, while employing correlation significance between the two countries ETFs. Overall, it appears that from the risk adjusted performance perspective, the ETFs domiciled in Luxembourg outperform the Irish ones, leading also to potential M&As in this industry.

Purpose: This paper aims to highlight for the first time, creativity's vital role in a new approach in the higher education world which can improve the current university instructional strategies post financial crisis. Design/methodology/approach: The paper offers a theoretical framework which has emerged from literature review and personal business and educational experiences of the authors. It seeks to provide synthetically some answers/"solutions", focusing on a three dimensional framework: where to play the game of creativity; how to deliver creativity to business students, meaning by what structures and methods; and how to win in implementing this game. Findings: Many researchers appeared to focus on making their findings applicable to the entire education system paying little attention to issues specific to the business education sector. Succinctly, the focus of the papers is on "how to do it" part, which provides several realistic insights on how to connect communities into the game of creativity. Other methods required relate to: balancing creativity with core essentials; promoting excellence and sustainability; networking between students; faculty, management and community; improving learning environment; developing staff; teaching; learning competencies and programme curricula under an integrated service vision; anticipating educational future trends in networking; and building creative climates and partnerships. Originality/value: The paper's conclusions and recommendations present a practical set of good practices through the explicit and implicit identification of core characteristics for creativity in higher education. Eventually, the first mission in wanting to be creative is to really comprehend the problem, knowing all ways to approach it.

For the past 12 years volatile waves of M&As and divestments in the banking sector were generated by numerous, but often similar motives. This article analyses the motives behind bank M&As regarding the acquirer's and the target's reasons and their perceived criteria of success or failure. The study has identified soft "irrational" factors such as bargain deals or excess cash, behind several economic motives such as synergies, survival, market penetration, or following the customer. Overall, the motives proved to be interconnected, allowing traceable further bank consolidation, especially during financial crisis, at the intercountry level.

The paper combines under a literature review, secondary and tertiary data analysis, a unique construct of three perspectives: the new classical macroeconomics theory related to unemployment, a finance approach of the relationship with exchange rates and the legal repercussions of the social policy drawn by the latest Lisbon Treaty. When comparing the strong evidence of similar reactions following the recent 2007-2010 financial crisis with the post crisis situation of 1973, EU's performance looks always unfavourable compared to the one of the US. One of the reasons presented is the EU's four-folded modular pattern in social and political policies compared to a relatively unitary one across the Atlantic. Despite evidence of similar reactions, the difference between the two worlds regards a certain degree of inability to understand the core of the problem economically, socially and politically, leading to failure to find the appropriate applicable social policies towards economic success.