APROB Preedintele Consiliului facultii Finane prof.univ., dr.hab.

Ludmila Cobzari ______________________ Subiectele de examinare la examenul de licen pentru absolvenii specialitii Finane i Bnci, facultatea Finane, promoia anului 2012, nvmnt cu frecven la zi i frecven redus varianta englez FINANE PUBLICE 1. Countrys financial management: concept, components and characteristics of the financial system basic element of the financial mechanism, economic and financial levers, financial planning, financial control, bodies with functions in the domain of public finance, financial law. 2. Concept of financial policy: components, instruments of the financial policy, features of the financial policy in the Republic of Moldova. 3. Public expenditures: economic content, factors that influence their volume and classification of public expenditures. Level, structure and dynamics of public expenditures. Trends in public expenditures evolution in current conditions. 4. Budget system and budgetary process: concept of state budget and budgetary principles, concept and types of budget systems, characteristics of the budget systems of the Republic of Moldova. Concept of budgetary process and its characteristics, phases of the budgetary process. Budgetary process in the Republic of Moldova. 5. Public debt: concept, causes of apparition, classification criteria, features of public debt management in the Republic of Moldova. References required: 1. Finane, coord. Botnari N., Baurciulu A., Editura ASEM, 2010 2. Finanele publice, A.Secrieru, Chiinu, 2004 3. Finane publice: sintez, scheme, teste. Colectiv de autori. Coordonator: R. Hncu. Editura ASEM. Chiinu, 2005. 4. Finane publice locale, T. Manole, Chiinu, 2003. 5. Finane publice, sub red. Iu. Vcrel, Editura Didactic i pedagogic, Bucureti, 2001. 6. . ( ). Chiinu: ASEM, 2007. Further reading: 1. Legea Republicii Moldova privind sistemul bugetar i procesul bugetar(republicat n Monitorul Oficial al Republicii Moldova, 2005, ediie special)Nr. 847 din 24.05.1996 2. Legea Republicii Moldova privind indemnizaiile pentru incapacitate temporara de munca si alte prestaii de asigurri sociale nr.289-XV din 22.07.2004. Monitorul oficial 168170/773 din 10.09.2004. 3. Tranziia: retrospective i perspective, Chiinu, 2002, pag. 95-96. 4.www.minfin.gov.md 5. http://lex.justice.md FISCALITATE 1. Socio - economic essence of taxes: criteria of classification function of taxes, tax elements, classical and modern principles of the taxation, taxation methods, and ways of collection of taxes.

2. Tax system of Republic Moldova: system of state and local taxes and charges of Republic Moldova, the tax authorities of Republic Moldova. Republic Moldova tax law: the Tax Code and other acts developed on its basis. 3. The VAT: general provisions on the VAT in Republic Moldova; subjects of VAT taxation; the rates of the VAT, definition of taxation object ; passing offset (for future periods) under the VAT; reimbursement of the VAT from the budget; the deliveries exempted (released) from the VAT; criteria obligatory and voluntary registration of VAT subjects; VAT declaration. 4. Excises: a general characteristic of excises; the subject of taxation by excises; a procedure of payments of excises; registration of subjects of the taxation by excises; the excise certificate; declaring of excises payment; terms of payment of excises; excise allowances. 5. Income tax: a income tax general characteristic; subjects of taxation; rates of income tax; coverage scope of the income tax- sources of taxable income; exemptions from income tax; income tax allowances; deductions for the taxation purposes; income tax declarations. 6. The customs duties: a general characteristic of the customs duties; types of the customs duties; methods of customs cost of the goods determination; a procedure of payments of the customs duties; customs duties allowances. Bibliografia obligatorie: 1. Ecaterina Balaban. Fiscalitatea agenilor economici. Chiinu 2008 2. Codul Fiscal al Republicii Moldova. Legea Republicii Moldova Nr.1163-XII din 24.04.97, cu modificrile la situaia de 01.01.2012; 3. Codul Vamal. Legea RM nr.1149-XIV din 20.07.2000; 4. Legea RM Cu privire la tariful vamal Nr. 1380 XIII din 20.11.1997; 5. Legea Bugetului de stat; 6. Legea RM cu privire la Centrul pentru Combatere a Crimelor Economice i Corupiei, nr.1104XV din 6.06.2002 ( MO al RM nr.91-94 din 27.07.2002); Bibliografia suplimentar: 1. Cobzari, L. Administrarea fiscal: curs universitar / L. Cobzari, O. Kuzmina, T. Moraru. Chiinu: ed. ASEM, 2007. 479 p 2. .., . 2010 3. .., .. . . 2006 4. .. . . 2007 5. www.fisc.md 6.www.minfin.gov.md 7.http://lex.justice.md CORPORATE FINANCE 1. The capital of the enterprise: concept and forms of its manifestations; Financial structure of the enterprise and its optimization criteria. Financial leverage. Financial leverage effect. The risk of insolvency. 2. Financial policy of the enterprise: contents and objectives. Financing policy: internal sources and ways to increase the capital; External sources of the enterprise financing. Dividend policy: characteristic, types of dividend policies and their effects on the ability of self-financing; indicators characterizing the dividend policy; Forms of dividend payments and methods of calculation (for preferential shares and ordinary shares); sources of payment of dividends. 3. Fixed assets of the enterprise: general characteristic; types of wear of fixed assets and the effects on financial results; calculating methods of the depreciation; indicators for assessing the effectiveness of fixed assets: indicators of structure, degree of use, return on assets, sources of financing fixed assets. 4. Management of current assets: general characteristics of the current assets; Inventory management methods; Financing sources of current assets: working capital

management and its policies; Indicators for assessing the efficiency of current assets, effects of slowing or accelerating the rotation speed of current assets; directions and measures to accelerate the speed of rotation of current assets. 5. Organization of the of money movement at the enterprise: The need for cash, the advantages and disadvantages of holding cash. Treasury and its functions. Directions to optimize cash flow (balancing of receipts and payments, timing of receipts and payments, net cash flow optimization). Forecast receipts and payments. 6. Financial analysis of enterprise: necessity and objectives of financial analysis, methods of financial analysis, system of indicators used in financial analysis:. analysis of financial results, liquidity and solvency analysis, profitability analysis: return on sales, assets, resources consumed, financial, measures to improve the indicators, breakeven analysis. References Required: 1. Botnari N. Finanele ntreprinderii, Ed. Prim, 2008 2. Botnari N. (coordonator) Finanele ntreprinderii: sinteze, teste, probleme, ed. ASEM, Chiinu 2006; 3. Hoan N. Finanele firmei, Ed. Economic, 2003 4. Sandu Gh., Finanarea ntreprinderii, ed. Economic, Bucureti, 2002; 5. Stancu Ion, Finane: piee financiare i gestiunea portofoliului, investiiile reale i finanarea lor, analiza i gestiunea financiar a ntreprinderii, Bucureti, 2002; Supplimentory Bibliography 1. P. Bran Dimensiunea financiar-monetar a ntreprinderii, ed. ASE, Bucureti, 2011; 2. iriulnicova N. (coordonator), Analiza rapoartelor financiare, ed. Tipografia Central, ASE Moldova, Chiinu, 2004; 3. Brezeanu P., Management financiar, V I-II, Bucureti, 2006; 4. I. A. Blanc, Strategia financiar a ntreprinderii, Kiev, Nica- Centru, liga, 2004 ASIGURRI I REASIGURRI
1. Juridical aspects of the insurance: definition of the insurance contract, legal characters,

conditions of validity, basic elements of the insurance contract, effects, cessation modalities of the insurance contract, basic concepts on insurance domain, legal framework. 2. General insurance: objects, risks, legal issues, types, contractors, obligations, rights, effects, peculiarities in Moldova; conditions for the existence of an insurable interest for property insurance; insurance cases and types of risks; procedure for concluding an insurance contract; period of the insurance; determination of the insurance premium and the insured sum; estimation of damages and establishment of compensations; determination and payment of insurance compensation; principles of calculation of insurance compensation; characteristics and particularities of civil responsibility insurance; insurance through effect of law of civil liability of vehicle owners. 3. Personal Insurance: essence, legal peculiarities, obligations, rights, risks, types, peculiarities in Moldova: essence and destination of personal insurances, type of risks in personal insurance, procedure for concluding of insurance contract; general elements of life insurance mechanism; general conditions and particularities of personal insurance. 4. Terrestrial Transport insurance: objects, risks, juridical aspects, contracts, obligations, rights, particularities in Moldova; essence of the insurance of terrestrial transport; particularities of the insurance of terrestrial transport, marine insurance, aircraft insurance, modalities to conclude an insurance contract, CASCO and CARGO insurance. 5. The economic essence of reinsurance operations: necessity, emergence and evolution, the economic content, forms and methods of reinsurance, role, meaning, functions, organization of the reinsurance activity in the Republic of Moldova. Bibliografia obligatorie: 1. Legea Republicii Moldova 407-XVI din 21 decembrie 2006 Cu privire la asigurri Monitorul Oficial al Republicii Moldova 47-49 (2034-2036) din 6 aprilie 2007.

2. Legea Republicii Moldova 414-XVII din 22 decembrie 2006 Cu privire la asigurarea obligatorie de rspundere civil pentru pegube produse de autovehicole // Monitorul Oficial al Republicii Moldova- 32-35- 9.03.07. 3. S. Fotescu, A. ugulschi Asigurri i reasigurri Note de curs, Editura ASEM 2006 4. S. Fotescu Iniiere n asigurri Chiinau 2003 5. I.Vcrel, F. Bercea Asigurri i reasigurri, Bucureti, 1993, pag. 11-39; 6. Alexa Cst., Ciurel V.- Asigurri i reasigurri n comerul internaional, Editura ALL, Bucureti, 1992. 7. Cistelican L, Cistelican R- Asigurri comerciale, Editura D. Cantemir, Tg. Mure, 1997. 8. Constantinescu D.A Managementul societilor de asiguare, Editura Brend, Bucureti, 1998. 9. Galiceanu I., Galiceanu M. Asigurri interne i internaionale Craiova 1999 Publicaie periodic 2.1. Revista Profit & finane 2.2. Revista Economica 2.3 Revista Bnci, finane, asigurri.a. 1. 2. 3. 4. MONEY AND CREDIT Monetary organization: concept, elements, types of national monetary systems. European monetary system. International monetary system. Monetary system of the Republic of Moldova. Monetary circulation: essence, structure, types, broad money. Broad money aggregates and indicators. Factors that determine the volume and structure of broad money. Monetary circulation in the Republic of Moldova. Central Bank: history, evolution, structure, functions, factors, participants. Monetary multiplier and credit multiplier. Money market in the Republic of Moldova. Fundamentals of monetary policy: concept, objectives, tools, transmission mechanisms, effects. Money policy of the National Bank of the Republic of Moldova in the recent period. BIBLIOGRAFIE a) obligatorie 1. Constituia Republicii Moldova (adoptat la 29 iulie 1994) // Monitorul Oficial al Republicii Moldova. - Nr. 1. -1994. 2. Legea cu privire la Banca Naional a Moldovei, nr. 548-XIII din 21.07.95// Monitorul Oficial al R.Moldova. - Nr.56-57. 1995. 12 octombrie. 3. Legea institutiilor financiare nr. 550-XIII din 21.07.95 // Monitorul Oficial al R.Moldova nr.1/2 din 01.01.1996 4. BASNO, Cezar August. Moned, credit, bnci. - Bucureti : Editura Didactic i Pedagogic, 2003. 374p. 5. BERDIL, Ana, OBOROC, Iurie. Moned i credit (Scheme, studii de caz, teste). - Chiinu : Evrica, 2006. 119p. 6. Moned i credit // Vasile TURLIUC, Angela BOARIU, Ovidiu STOICA,.... - Bucureti : Editura Economic, 2005. 303p. 7. STOICA, Victor; DEACONU, P. Bani i credit : banii, teoriile monetare, administrarea banilor i politica monetar. - Bucureti : Editura Economic, 2003. 536p. 8. . . : / O. . (.), - 2-e . -: , 2004. 456c. 9. . . : / . ., . ., . ., - 2-e . -: -, 2003. 475c 10. Stratulat Oleg. Moned i credit/ manual (manuscris).- Chiinu: editura ASEM, 2009. b) suplimentar 1.ANDREI, Liviu. C. Euro. - Bucureti : Editura Economic, 2003. -238 p. 2.COCIUG, Victoria. Operaiuni bancare : concepte, scheme, aplicaii / V. Cociug, L. Mistrean. Chiinu : Dep. Ed.-Poligr. al A.S.E.M., 2006. -268 p.

3.DARDAC, Nicolae. Moned, bnci i politici monetare / Nicolae Dardac, Teodora Barbu. Bucureti : Editura Didactic i Pedagogic, 2006. -439 p. 4.GONDOR, Mihaela. Moned i credit / M. Gondor. - Trgu-Mure : Editura Universitii "Petru Maior", 2005. -250 p. 5.TUDORACHE, Dumitru; PRJOL, T. Moned, bnci, credit. - Bucureti : Editura Universitar, 2005. 511p. 6.O, Oe e. e, e, a : e. ooe / O. . o. oo-a-o : "e", 2001. -448 . 7.AAO, a ao. e. e. a: e. ooe / . . aao. - : aa, 2003. -511 . 8.e. e. a. ee a: a / E. . o, . . aoa, . . eeoa,.... - oa : -AA, 2003. -310 . 9.OA, . A. e. e. a / . A. oa. - oo-a-o : e, 2006. -348 . 10. e, e, a. e- : e. ooe / o e. O. . aa. oa : O, 2005. -319 . 1. 2. BANK ACTIVITY Bank equity: concept, functions, composition. Total Normative Capital (TNC): concept, structure and importance, the minimal required capital and its quantification, the risk weighted capital sufficiency. The attracted resources of the bank: the concept, the categories. Bank deposit - concept, classification, role. The nondeposit resources borrowed from the National Bank of Moldova: the goal of the operations, the conditions to fulfill, the mechanism of granting and reimbursement. The banking resources formed through the emission of bills of exchange, deposit certificates the concept, the types, the mechanism of emission, evidence and reimbursement, the importance of the banking bills of exchange, deposit certificates in the formation of the attracted resources. The banking resources formed through the emission of securities the procedure and phases of the emission of shares at the foundation of the bank, the procedure and phases of the secondary emission of shares, the procedures and phases of bond emission, the role and importance of the securities in the formation of the attracted resources of the bank. The assets operations of the commercial banks: definition, types and characteristics; crediting operations of the bank: notion, content, the principles and classification of the crediting operations, the analysis of the crediting operations efficiency, the necessity and principles of creation and management of the risk fund; banks securities operations: notion, content and classification of securities operations, the security emission realized by banks, the collateral, the utilization of securities with the purpose of adjustment of the banks solvency, banking investments. Credit specific operations of the commercial bank: definition, types, characteristics. Commission and connection operations of commercial banks: definition, typology, characteristics; trust operations, services offered by banks on the capital market; currency operations: concept, classification, characteristic, particularities of exchange rate establishment at commercial banks, banks currency position, operations of sale and purchase of currency. Payment and settlement operations on behalf of bank clients: the essence, forms and instruments of transfer of funds, the structure, legal frame for the accomplishment of payments in the RM, evolution and perspectives of the fund transfer system in the RM; accomplishment of payments through transfer concept and bank procedure of the transfer, the essence of the credit transfer, debit transfer. a)

3.

4.

5.

6.

1. Legea Republicii Moldova Legea instituiilor financiare N 550-XIII din 21.07.1995 // Monitorul Oficial, nr.1 din 01.01.1996 2. Legea cu privire la Banca Naional a Moldovei, Legea Republicii Moldova N 548-XIII din 21.07.1995 // Monitorul Oficial, nr.56-57 din 12.10.1995 3. Regulament nr.23/09-01 cu privire la autorizarea bncilor // Monitorul Oficial, nr.59-60 din 12.09.1996 4. Regulamentul nr. 42/09-01 cu privire la deinerea cotei substaniale n capitalul bncii // Monitorul Oficial, nr.80 din 12.12.1996 5. Regulamentul nr. 37/09-01 cu privire la deschiderea filialelor de ctre bnci // Monitorul Oficial, nr.75-76 din 21.11.1996 6. Regulamentul nr. 15 cu privire la exigenele fa de administratorii bnci // Monitorul Oficial, nr.24 din 26.03.1997 7. Regulamentul nr. 269 cu privire la suficiena capitalului ponderat la risc // Monitorul Oficial, nr.130 din 26.10.2001 8. Regulamentul nr. 81 cu privire la deinerea de ctre bnci a cotelor n capitalul unitilor economice // Monitorul Oficial, nr.49 din 28.05.1998 9. Regulamentul nr. 423 cu privire la modul de acordare de ctre Banca Naional a Moldovei a creditelor overnight bnci // Monitorul Oficial, nr.14-15 din 08.02.2001 b) : 1. McNuaghton D., Banking Institution in Development markets. - Washington, 1994. 2. Sinkey, Joseph F. Jr. Commercial Bank financial management in the Financial Services . -New York, 1992. 3. Rose Peter S. Commercail Bank Management Producing and Selling Financial Services IRWIN Inc. 1993 4. . ./ . ..- .: , 2002. 5. . ./ . ., ..- .: , 1998. 6. . ./ . ., .- : , 2002, .133-150. 7. . .- ., 1997. BANK MANAGEMENT 1. Bank liquidity: concept, role, methods of liquidity estimation and its influence on the banking activity. Strategies of bank liquidity management. Liquidity indicators. Management of liquidity insufficiency risk, risk evaluation, methods of decreasing the influence of the liquidity risk. 2. Strategies of managing commercial banks liabilities. The necessity and the problems regarding the management of banks liabilities. Management of liabilities quality and cost. Management of bank capital, estimation of banks insolvency risk. 3. The necessity and the problems regarding the management of bank assets. Management of assets quality. Management of the interest rate risk: evaluation of interest rate influences on the bank balance sheet. 4. Management of credit portfolio quality. Credit policy of the bank. Credits quality estimation. Management of the credit risk. Risk evaluation through classical systems and credit-scoring. Credit risk monitoring, elimination, insurance of credit risk. 5. Estimation of bank performances, indicators of banking activity evaluation ROE, ROA etc. DuPont model. Factors of influence on the bank performances. a) o 1. Basno C., Dardac N., Produse, costuri i performane bancare, Bucureti: Editura economic, 2000. 2. Dnil N., Berea A. Managementul bancar: Fundamente i orientri, Bucureti, 2000.

3. 4. 5. 6.

Dedu V. Gestiune bancar Bucureti :Editura economic 1999. Lavruin O. Bankovskoe delo, Moscova 2000 Stoica M. "Managementul bancar". Bucureti: Editura economic, 1999. Basno C. Dardac N. Management bancar . Bucureti: Editura economic 2002.

b) 1. Roxin L. Gestiunea riscurilor bancare. Bucureti: Editura economic., 1997. 2. Sinkey, Joseph F. Jr. Commercial Bank financial management in the Financial Services New York, 1992 3. Timothy W. Koch. Bank management, Rinehart and Winston . Inc. 1988. 4. Bor M., Piatenko V. Strateghiceskoe upravlenie bankovskoi deiatelnosti Moscova, 1995. 5. Rose Peter S. Commercail Bank Management Producing and Selling Financial Services IRWIN Inc. 1993 INTERNATIONAL FINANCIAL AND CURRENCY RELATIONS 1. The mechanism of currency exchange rate: the actual model of the currency standard. The exchange rate: concept, classification, functions. Calculation techniques of the real currency exchange rate. The model of the economic currency exchange rate and the determinating factors. Methods of determining the currency exchange rate. The currency exchange rate forecast. The way of establishment of the MDL exchange rate. 2. International currency market: international currency market: contents, functions, participants, market segmentation. The currency spot market characteristics. The FOREX market way of functioning. Forward currency market peculiarities. The market of currency derivatives. Specific characteristics of the Moldovan currency market. 3. Currency risk management: currency risk (contents, classification, determinant factors). Currency risk management at the macroeconomic level. Currency risk management at mezoeconomic level. Currency risk management at microeconomic level through contractual and extra contractual methods (structural balancing, netting, pulling, matching, leasing, factoring, forfeiting). Currency hedging. Currency risk management in the Moldovan banking system. 4. International ways of payment: international flows of monetary notes. Types of international payments and the mechanism of their unrolling: the letter of credit; the incasso, the payment order, bank guarantees. Payments through compensation and clearing. Systems of international quick payments. The external balance of payments: the balance payments: concept, structure, indicators, determinant factors. Methods of equilibration and adjustment of the balance of payments. The balance of payments way of interpretation. The Moldovan balance of external payments analysis. BIBLIOGRAFIE a) obligatorie 1. Bran Paul, Relaii valutar-financiare internaionale, Bucureti: Editura Didactic i pedagogic, 1995. 2. P. Bran, I. Costic, Economica activitii financiare i monetare internaionale, Bucureti: Editura Economica, 2005, pag. 12-61. 3. Moisiuc Constantin (coordonator), Relaii valutar-financiare internaionale, Bucureti:Editura Fundaiei Romnia de mine, 2002. 4. Fetiniuc V., Lopotenco V., Belobrov A., Relaii valutar-financiare internaionale. Concepte, probleme, teste-gril. Note de curs. Chisinau: ASEM, 2005. 5. .., .., - , , : -, 2003, . 14-19, 33-45 6. .. - , , : , 2003, .7-122 b) suplimentar 1. Burnete Sorin, Relaii valutar-financiare internaionale, Sibiu: Editura Alma Mater, 2002.

2. Floricel C. Relaii valutar-financiare internaionale, Bucureti: Ed. Didactic i pedagogic, R.A., 1996. 3. Negru M., Pli i garanii internaionale, Bucureti: Ed. ALL, 1996. 4. Voinea Gheorghe, Mecanisme i tehnici valutare i financiare internaionale, Iai: Editura Sedcom Libris, 2003. 5. .., .., , , ., -, 1994. 6. .., .., .., - , , -,2002.

BAZELE ACTIVITII INVESTIIONALE 1. Concept and Principals of Investments. Fundamentals of investments: definition of investment, its main elements (subject, object, effort and effects); specific features of investments. Classification of investments under different criteria (investments character, the investment purpose, investment time period etc.); the role of investments in the economic development (microeconomic and macroeconomic approach): businesses expanding, increase in economic efficiency, social welfare, benefits to national economy; priority directions to invest into national economy. 2. Investment Environment. The concept of investment environment; determinants of investment environment, evaluation of investment environment; influence of investment environment quality on investment decisions; investment environment in the Republic of Moldova: characteristics and main determinants, the countrys investment image. 3. Investment policy. Definition of investment policy: microeconomic and macroeconomic approach; enterprises investment policy and strategies; investment objectives of government investments policy and tools for its realisation; peculiarities and priorities of government investment policy in the Republic of Moldova; the legal and institutional framework for investment activity in Republic of Moldova. 4. Investment Process. Contents of investment process; its stages in preinvestment phase, investment phase, postinvestment phase; the main elements of investment process (objects, subjects of investment process); the investment project: definition and types; the documentation necessary for the realisation of investment project: opportunity study, prefeasibility study, the feasibility study of investment: essence, functions, contents. 5. Sources and Methods of Investment Financing. Internal sources for investments financing (investors own sources, self financing, reserves etc.): advantages and disadvantages; external sources for investments financing: shareholders contributions, bonds, bank credits, external loans, subsidies, leasing etc.; methods for investment financing: selfinancing, mixed financing, direct/indirect fiancing. 6. The Cost of Capital. The concept of the cost of capital, the explicit cost, the implicit cost of capital, the opportunity cost of capital, factors that affect the cost of capital; the cost of each capital components: cost of debt, cost of preferred stock, cost of retained earnings, and cost of common stock; the weighted average cost of capital (WACC); the marginal cost of capital and investment decisions; the optimum capital structure: definition, objectives and criteria. 7. Cash Flows from Investment Activity Process. Identifying the relevant cash flows from investment activity; the discount rate: ways and issues regarding its determination; time value of money: the present value and future value of cash flows, compounding and discounting, the effective interest rate; annuity: definition, types, future value and present value of an annuity, uneven cash flows. 8. Investments Economic Efficiency Evaluation. Concept of the investments economic efficiency, investment effort, investment effect, relation between them; traditional (static) methods for investments efficiency evaluation: return on

investments (ROI), the payback period of the investment (PP), accounting rate of return (ARR); dynamic methods of evaluating investments efficiency: Net Present Value (NPV), Internal Rate of Return (IRR), Discounted Payback Period (DPP), Modified Internal Rate of Return (MIRR), Profitability Index (PI). 9. Investment Risks. Concept of investment risks, risk and uncertainty relation; classification of investment risks under different criteria as: level of appearance, reasons of appearance, the degree of risk; the macroeconomic and microeconomic risks; qualitative and quantitative risk analysis; indices for measuring investment risk: standard deviation, the coefficient of variation; analytical techniques for assessing risk: sensitivity analysis, scenario analysis, and Monte Carlo simulation; investment risk management strategies: investment diversification, limitation of investment expenditures, anticipate the investment risk, insurance, distribution of investment risk etc. 10. Financial Investments. Financial assets as investment objects, scope and peculiarities of financial investments in the real sector of economy; the investment portfolio: concept, classification (by the investment object, by the investors preferences etc.); principals in investment portfolio construction. Literatura obligatorie: 1. Legea Republicii Moldova cu privire la investiiile n activitatea de ntreprinztor // Monitorul Oficial al R. Moldova N 64-66 din 23.04.2004. 2. Strategia Republicii Moldova de atragere a investiiilor i promovare a exporturilor, aprobat prin Hotrrea Guvernului Nr. 234 din 13.10.2006// Monitorul oficial al Republicii Moldova nr.43-45 din 30.10.2006 3. Cristian Silviu Banacu. Investments and Risks for sustainable development. www.ase.ro. 4. Brigham, Eugene F.; Houston, Joel F. Fundamentals of financial management. 1996. FortWorth,The Dryden Press. 1996. 5. Bunu M., Hncu R., Dascaliuc D. Lucrare metodico-didactic Bazele activitii investiionale (sinteze i aplicaii). Chiinu: Departamentul Editorial-Poligrafic al ASEM, 2010, 119 p. 6. Cistelecan L. M. Economia, eficiena i finanarea investiiilor. Bucureti: Ed. Economic, 2002. 536 p. 7. Caraganciu A., Domenti O., Ciobu S.. Bazele activitii investiionale. Chiinu : Ed. ASEM, 2004. 320 p. 8. Vasilescu I., Romnu I., Cicea C.. Investiii. Bucureti: Ed. Economic, 2000. 480 p. 9. Huru D. Investiiile: capital & dezvoltare. Bucureti: Editura Economic, 2007. 199 p. Literatura suplimentar: 10. Prvu, D. Eficiena investiiilor. Bucureti: Ed. Lumina Lex, 2003. 291 p. 11. Buhociu F., I. Negoescu. Evaluarea proiectelor de investiii. Galai : Ed. Algoritm, 1998. 207 p. 12. Culegerea de articole elaborate n cadrul conferinei tiinifice internaionale Rolul investiiilor n dezvoltarea durabil a economiei naionale n contextul integrrii europene, Chiinu, ASEM, 2010. 269 p. 13. Culegerea de articole Cercetarea riscurilor investiionale n sectorul real al economiei. Chiinu: ASEM, 2009. 99 p. 14. Investors Guide Republic of Moldova, MIEPO, 2010 TRANZACII BURSIERE 1. Spot stock exchanges transactions: organisation of spot SETrs on different markets; the mechanism of the negotiation of the contract; the mechanism of spot SETrs; stock exchanges orders: concept, priority rules and variety; clearing and settlements on the stock exchange market. 2. Forward stock exchanges transactions: firm forward stock exchanges transactions (with monthly settlement) with primary securities; the functioning characteristics of the stock exchange market with monthly settlement; the mechanism of report/deport; conditioned

(optional) forward stock exchanges transactions (with premium and straddle) with primary securities; on-margin stock exchanges transactions with primary securities: advantages, characteristics, elements and mechanism. 3. Stock exchanges transactions on the futures markets: futures contract trading stages; clearing and settlement of futures contract; the role of clearing house on futures markets; pricing and financial clearing on the futures market; factors that may affect the futures price; types of margin on futures market; daily settlement and margin call in futures trading; futures strategy; long hedging and short hedging through the futures contract; spreading Trs on futures markets. 4. Stock exchanges transactions on the options markets: types of options, components of an option contract; phases of running a transaction with options; ways of options liquidation; options trading mechanisms in following position: Long call, Short call, Long put, Short put; pricing on the options market; components of option premium; comparing actual value of the premium with its market value; types and general characteristics of the strategies with options on hedging stocks positions: combined strategies and spread strategies (Straddle, Strangle, Strap, Strip). Required references: 1. Legea Republicii Moldova cu privire la Piaa Valorilor Mobiliare. Nr.199-XIV din 18 noiembrie 1998 // Republicat: Monitorul Oficial nr.183-185/655 din 10.10.2008 2. Regulile Bursei de Valori a Moldovei, nr. 62/14 din 26.12.2008 // Monitorul Oficial nr.3740/125 din 20.02.2009 3. Anghelache, G. Piaa de capital. Caracteristici, evoluii, tranzacii. Bucureti: Editura Economica, 2004 4. Bodie Z., Kane A., Marcus A. Essentials of Investments. Fifth Edition. The McGrawHill Companies, 2003 5. Colburn, J.T. Trading in Options on Futures. - New York: New York Institute of Finance, 1990 6. Kolb, Robert W. Financial Derivatives. - New York: New York Institute of Finance, 1993 7. Madura, J. Financial Markets and Institutions. - USA: Florida Atlantic University, West Publishing Company, 1995 8. Mishkin Frederic S. The Economics of Money, Banking and Financial Markets. USA: Columbia University, Addison Wesley Publisher, 2002 9. , . . : ASEM, 2006 10. Popa, I. Bursa. Bucureti: Editura Adevrul, vol.I i II, 1993. - 298 p. Further reading: 1. Regulamentul cu privire la activitatea de brokeraj i dealer pe piaa valorilor mobiliare, nr.48/7 din 17.12.2002 // Monitorul Oficial al R.Moldova nr.20-22/31 din 14.02.2003 2. Ciobanu, Gh. Bursele de valori i tranzaciile la burs. Bucureti: Editura Economica, 1997 3. Gradu, M. Tranzacii bursiere. Pieele futures i de opiuni. Bucureti: Editura Economica, 1995. 207 p. 4. Priscariu, M. ; Dornescu, V. ; Stoica O. Tranzacii la bursele de mrfuri i valori. - Bacu: Editura Agora, 1996. 116 p. 5. Stancu, I. Finane. Teoria pieelor financiare. Finanele ntreprinderilor. Analiza i gestiunea financiar. - Bucureti : Editura Economica, 1997. - 720 p. BAZELE FUNCIONRII PIEEI DE CAPITAL 1. Capital market element of the financial market: the concept and structure of the financial market: classified according to Anglo-Saxon approach; structure of financial markets classified according to the types of trading assets and the mechanisms by which they are brought into the economic circuit; the main characteristics of money market and capital market; the concept, functions, structure and main components of the capital market; typology and characteristics of secondary capital markets according to different

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classification criteria; supply and demand on the capital market: structural and cyclical demand. Primary financial instruments of property (shares): concept, fundamentals features, features of ordinary and preferred shares; the dividend; peculiarities of the shares in the Republic of Moldova (classes of shares, share certificate); types of stock according to several classification criteria; types of preferred stock according of terms that can be set on them; the valuation of shares; determinants of shares market price. Primary financial instruments of debts (bonds): concept and fundamental characteristics (principal, issue price, maturity date, coupon, ways of reimbursement, market price of the bond); legal issue of bonds in the Republic of Moldova; bonds issuance in the Republic of Moldova; classification of the bonds according to several classification criteria; the valuation of the primary financial instruments of debts. Financial derivatives: futures contracts (essence and main elements; defining elements and differences between forward and futures contracts; variety of futures contracts); option contracts (concept and characteristics; put options and call options; option contracts typology according to the underlying asset of the contract); SWAP contracts (concept and defining elements; the SWAP mechanism; risks and reasons for swap utilisation on capital market; types of swaps in international experience). Stock Exchange of Moldova: the concept, functions and structure of Stock Exchange of Moldova; securities listing at the Stock Exchange of Moldova (requirements for entry / maintenance of securities to the listing); members of the Stock Exchange of Moldova (requirements for membership of the Stock Exchange of Moldova). Stock Exchange Indices: concept, their role, classification according to the several classification criteria; the stages of construction of stock exchanges indices; way of calculation of representative stock exchanges indices (Un-weighted average, Price-weighted average, Laspeyres method, Paasche method, Capitalization Weighted and other); stock exchanges indices in the Republic of Moldova: variety, evolution; way of calculation of CNPF Index; the role of stock exchange indices for our economy.

Required references: 1. Legea Republicii Moldova cu privire la Piaa Valorilor Mobiliare. Nr.199-XIV din 18 noiembrie 1998 // Republicat: Monitorul Oficial nr.183-185/655 din 10.10.2008 2. Legea Republicii Moldova privind Comisia Naional a Pieei Financiare [Titlul modificat prin Legea nr.129-XVI din 07.06.2007, n vigoare 06.07.2007] Nr.192-XIV din 12.11.98 // Monitorul Oficial al R.Moldova nr.117-126BIS din 14.08.2007 3. Legea Republicii Moldova cu privire la Societile pe Aciuni. Nr.1134-XIII din 02.04.97 // Monitorul Oficial al Republicii Moldova nr. 1-4/1 din 01.01.2008 4. Regulile Bursei de Valori a Moldovei, nr. 62/14 din 26.12.2008 // Monitorul Oficial nr.3740/125 din 20.02.2009 5. Regulamentului privind modul de acordare i retragere a licenelor pentru activitatea profesionist pe piaa valorilor mobiliare, nr. 53/12 din 31.10.2008 // Monitorul Oficial nr.36/1 din 16.01.2009 6. Darovanaia, A. Bazele funcionrii pieelor de capital. Chiinu: Editura ASEM, 2005 7. Bodie Z., Kane A., Marcus A. Essentials of Investments. Fifth Edition. The McGrawHill Companies, 2003 8. Madura, J. Financial Markets and Institutions. - USA: Florida Atlantic University, West Publishing Company, 1995 9. Mishkin Frederic S. The Economics of Money, Banking and Financial Markets. USA: Columbia University, Addison Wesley Publisher, 2002 10. Suhovici Ana (coordonator), Munteanu Nina, Roca Marcelina. Bazele funcionrii pieei de capital. Sinteze i aplicaii. Chiinu: ASEM, 2010 Further reading: 1. Regulamentul cu privire la activitatea de brokeraj i dealer pe piaa valorilor mobiliare, nr.48/7 din 17.12.2002 // Monitorul Oficial al R.Moldova nr.20-22/31 din 14.02.2003

2. Anghelache, G. Piaa de capital. Caracteristici, evoluii, tranzacii. Bucureti: Editura Economica, 2004 3. Stoica, O. Mecanisme i instituii ale pieei de capital. Piee de capital emergente. Bucureti: Editura Economica, 2002 4. Livingston, M. Money and Capital Markets. USA: New York Institute of Finance, 1993 5. Kolb, Robert W. Financial Derivatives. - New York: New York Institute of Finance, 1993