Volume 2, Issue 1, March 2012 

 

1. Who BENEFITS FROM FUNDS OF HEDGE FUNDS? A CRITIQUE OF ALTERNATIVE ORGANIZATIONAL STRUCTURES IN THE HEDGE FUND INDUSTRY (II)  

Yang CAO

Joseph P. OGDEN

Cristian I. TIU
University at Buffalo, Buffalo, New York

USA

 

This paper provides a critique of alternative organizational structures in the hedge fund industry. Our critique is facilitated by several stylized models describing alternative industry structures. The models include: (1) An inside-only hedge fund model; (2) A straddling hedge fund model; (3) A straddling “feeder” fund of funds (FOF) hedge fund model; (4) A stand-alone outside hedge fund; and (5) An outside “feeder” FOF hedge fund model. Our discussion of these models, which centers on benefits vs. fundamental problems related to illiquidity, information asymmetry, and conflicts of interest, leads to several hypotheses about the differential characteristics and return performance of both individual hedge funds and FOFs. We test as many of these hypotheses as data availability allows, and evidence is consistent with these hypotheses. Regarding characteristics, we predict that some hedge funds and FOFs will have greater leverage and/or more restrictive withdrawal policies than others, and evidence is consistent with these predictions. Regarding return performance, we predict that certain hedge funds, and FOFs in general, will have relatively poor return performance, and evidence is consistent. ...

2. Investments for a sustainable energy future

Corina PIRLOGEA

The Bucharest Academy of Economic Studies, Bucharest

Romania

Taking into account that today the consumption of energy has grown six times since half a century ago, investments are needed for diversifying the sources of energy consumption and raising the efficiency of energy use. In this article authors concentrate on declaring trends in the energy field in the last decade, with emphasis on production, consumption and installed capacity. We also focus on shaping a view for Romanian energy market, which even though it is a net importer of energy, it also has a great potential for various resources: natural gas, coal, oil, uranium ore and renewable resources. Finally the subject of financing investments in renewable energy is discussed. All this arguments combined may explain our country’s average score for the Energy Sustainability Index that gives us a middle place in this country ranking. ...

3. COLLABORATIVE DECISION – MAKING PLATFORM FOR PARTICIPATORY STRUCTURES AND GROUP DECISION – MAKING BODIES

Marian-Mihai CIOC

The Bucharest Academy of Economic Studies, Bucharest

Romania

The first part of the paper addresses the issue of group decision making, in the context of theoretical and methodological conceptualization of the main approaches for developing and using collaborative platforms, as well as those related to deployment of GDSS (Group Decision Support Systems). The second part of the paper is focusing on a business development model and a set of IT support functions for collaborative activities, consisting both of collaborative tools (online accessibility, communication facilities in remote, interactive exchange of information synchronously  like chat, brainwriting  or asynchronously  like forums, project management -) and the automation of computer algorithms for identification and analysis of decisional alternatives, evaluating the status of decision-makers, ranking of decision alternatives and selection of optimal decision alternative. ...

4. SPACE USE VARIATIONS AND MICROCLIMATE

Hocine BOUMARAF

University Mohamed Khider, Biskra

Algeria

Abdelmalek TACHERIFT

University Ferhat Abbas, Sétif

Algeria

This paper is a part of study about the impact of the microclimate on the space use and the user’s behaviours. The purpose of our study is to get an in-depth understanding of how people use out door public spaces in different climatic conditions, how their behaviour and perception of the space change with the climatic variations. We have employed a multi-method approach which combines a “qualitative” and “quantitative” analysis. Three squares were chosen as a setting for either video observations, climatic measurement and interviews with the users. The whole investigations were conducted one day in winter 2009 and one day in summer 2010. The result of the qualitative and the quantitative analysis revealed that the climate variables played very different roles in predicting the use mode and density of the three squares in the two seasonal periods.  ...

5. PUBLIC ADMINISTRATION’S MANAGEMENT: CHALLENGES AND POSSIBLE SOLUTIONS

Monica-Daniela TESU (PASCULESCU)

Bucharest City Hall, Bucharest
Romania

This study investigates several challenges for public administration’s management with the intention of revealing some possible solutions in an attempt to improve the management of public administration. The main conclusion of this study is that improving public administration’s management is possible if it is based on a coherent strategy, which may take into account the economic, social, and environmental problems that need to be solved in the near future. The study was carried out using a wide range of sources from the national and international literature, as well as personal experiences related to the issues concerning the public administration. The findings of this study may be used for further research in the field of improving public administration’s management.  ... 

6. MOTIVATION – A STIMULATING FACTOR FOR INCREASING HUMAN RESOURCE MANAGEMENT PERFORMANCE

Emanoil MUSCALU
Silvana MUNTEAN

“Lucian Blaga” University of Sibiu, Sibiu
Romania

Motivation is the basis of behaviours and activities that people deliver inside the association in relation to the peculiarity of the challenges that follow a category or another of functional relations. Thus, in order to assure the performance of the modern associations there is the need to know and understand the elements that motivate or demotivate an employee and even more, to apply them. Individual and constructional performance is in direct relationship with the direct implementation of the management of human resources. Thus, only by knowing the motivational theories and by applying efficient managerial strategies in order to engage the employees in competitive achievement of the organization's objectives there can be created a structural background which can help the interests of the organization as well as the ones of the employees. ...

7. DRIVING FORCES FOR URBAN DESIGN AND CITIES FUNCTIONALITY

Madalina DOCIU
Anca DUNARINTU
Ana Maria CALIN

The Bucharest Academy of Economic Studies, Bucharest

Romania

The global population is mostly concentrated in cities, created as areas that face many challenges such as economic, social or environmental ones. The impact of urban areas is felt not only in cities but also in other regions so well designed and well managed urban areas are premises for sustainable living and great opportunities for urban population. ...