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Milena Beneva
Implementation of Environmental Factor in Pension Investments
Summary:
Modern financial markets create a new criterion for evaluating the investment performance of companies - a multidimensional approach that combines the financial, social and environmental aspects together. A sustainable and responsible investment approach is perceived as a long-term driver of value and many institutional investors around the world, incl. pension funds, integrate it into their traditional investment process. At the same time, Bulgarian private pension funds either neglect (underestimate) the issues of sustainable development, or changå their investment policy too timidly and uncertainly.
After an in-depth analysis of the sustainable and responsible investment practices imposed by the ecological leaders among the pension funds, the current research paper offers an adapted model for integrating the "green" investment trend, consistent with the organization and development of voluntary private pension funds in Bulgaria.
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Stoyan Stoykov
Some Procedural Issues Relating to Criminal Legal Protection of Resources from EU Funds
Summary:
This article is dealing with the procedural rules for investigation of crimes affecting the EU financial system. Attacks with such a specific subject are new to our penal law. However, investigations of abuse of EU funds should not create special difficulties, as though it comes to crimes related to the subject of violations that are generic objects. Native jurisprudence in the broadest sense is a very solid practice connected with crimes chl.201 chl.212-203 and CC.
By ratifying, the Convention concerning the financial protection of the European Community is applied in Bulgaria introduced additional stock of crimes, and therefore be adopted and a number of other changes in laws and regulations (Law on financial management and control of public sector § 1 item 6, the Public Procurement Act and other).
An introduction of this additional criminal law is a fact that could raise questions about the constitutionality of the extent of this protection. For the first time in the Criminal Code used terms such as "funds belonging to the European Union" or "funds available to the Bulgarian state of the European Union.
Looking on constitutionality of protection of these funds to the EU under Article 17 paragraph 2 of the Constitution, property is divided into private and public. The composition of the crimes set out in Chapter Five of the Penal Code "Crimes against property" refers to the concept of 'foreign' - foreign property, foreign property, foreign Money and foreign values. Assets from the funds of the European Union or those granted such a Bulgarian EU country, are relevant to the subject matter of the offense in Chapter V of P Code "Crimes against property.
Interpreting Article 17 paragraph 2 of the Constitution, European Union funds are public property. Constitution as fundamental law, which set the basic principles of state social control does not provide additional protection or priority in the protection of public property to private (article 17 paragraph 2 CRB).
Such additional protection on the various property is governed by the Penal Code, which exalts the offenses of illegal encroachments on the property as a crime which protects against illegal activities the funds in this case.
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Plamen Yordanov, Valentin Milinov, Margarita Nikolova
Characteristics of the Investment Process in Managing Financial Resouces of Supplementary Pension Insurance Funds in Bulgaria
Summary:
The object of research is the functioning of the social insurance market in Bulgaria, and the subject – the investment process in managing financial resources of supplementary pension insurance funds. The expose examines the existing interdependencies between the market supply of social insurance protection and the investment component in the process of managing the formed accumulations; the regulatory framework is outlined and the main parameters of the investment process in managing financial resources of supplementary pension insurance funds in Bulgaria are presented; the structure of the investment portfolio in managing financial resources of the supplementary pension insurance funds in Bulgaria is studied. The question is raised about the search for a reasonable compromise between the risks and benefits of a possible liberalisation of the investment process in the management of financial resources of supplementary compulsory pension insurance funds in the context of the emerging competition with the Pan-European Personal Pension Product, which is gaining popularity and distribution.
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Asen Angelov
Assessment of the Expected Impact of the Structural Funds according to the HERMIN Model applied on the Labor Market
Summary:
The current research is focused on the problem of the impact of the Structural funds on the labor market I Bulgaria. The special attention is given to the future impact on the market and resulted market situation, based on the solutions of the problem for achieving more precisions prognosis of the upper impact. The prognoses trends of the HERMIN model are defined as cyclical functions of the time for more accurate description of the labor market changes – employed people, the population under labor active age and the people in pension too.
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Polina Dimitrova
Practical and Applied Aspects in Investigation of Impact of Material Funds over Liquidity of the Firms in Subbranch "Nuclear energetics"
Summary:
The opinion that ratio of current liquidity can’t represent as accurately financial firm position as ratio of quick liquidity is widely spread in economical literature and practice. This statement is based on the idea that material funds require large time period to become financial resources. This article represents an empirical analysis about impact of material funds over liquidity of NPP Kozloduy, which is the only nuclear power-plant in Bulgaria. Our empirical analysis shows that the structure of NPP Kozloduy’s material funds has little impact over its liquidity. Thus the ratios of current and quick liquidity both represent the same information about short term financial status of the firm.
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Nikola Yankov
A Holistic Model and Methodics for the Business Development Process
Summary:
The problem is especially valid for the 2007 – 2013 ã., in which the Bulgarian economy has to be modernized and Bulgarian enterprises to be supported in their developmental efforts by special European and national strategic programes and funds. Applying for funding the enterprises has to create their own models. Due to this we present in the study possible conceptual models. They have to be available befor the real projects for business organizational development process starts. The development process needs a comprehensise methodics for the evaluation and strategizing. It is also presented in the study.
The object of the study is a holistic concept for approaching and for development of business systems to be presented. Before to start the real development of the business systems their management has to analyse and then to strategize them as networks. The relations between different managerial documents are also examined.
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Tsvetelina Nenkova
State and Trends in the Development of the Bulgarian Pension Market for 2007-2012
Summary:
The article examines the state of the pension market as a key element of private pension system in Bulgaria. The analysis focuses on: defining the degree of market concentration, reporting the results and financial performance of pension companies and the level of indicators characterizing the operation of the supplementary pension insurance. On this basis, following the main trends in the market for 2007-2012, some of the existing problems are outlined. At the same time some measures are suggested in order to overcome the problems in the future.
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Magdalena Mosionek Schweda, Maciej Tokarski
The Absorption of the European Funds Granted to Poland for the Period 2007-2013 – Examples of Projects and Evaluation
Summary:
Poland was granted over ˆ 67.3 billion as the European aid for the years 2007-2013. It comprised almost 20% of the total amount earmarked for the cohesion policy of the European Union for the years 2007-2013. The funds were utilized by Polish enterprises, local governments, non-governmental institutions, farmers and other entities. The main aim of this article is to present the evaluation of use of the EU funds in Poland for the period 2007-2013. The analysis was based upon the statistics data published in Poland by the Ministry of Infrastructure and Development, Eurostat and the European Commission. The analysis of the sources on the subject as well as observations of the business practices allowed forming a thesis that Poland competently utilised the European funds for the years 2007-2013 and thereby benefited considerably. Nonetheless, despite the significant influence of the funds onto the GDP growth dynamics and the increase in the standard of living, in the overall view Polish economy has not gained much in the innovation aspect due to the fact that the financial resources acquired by the Polish companies from the subsidies were largely earmarked to purchase the already existing western technologies, thus, making them dependent upon the know-how of the huge western conglomerates – which must be disapprovingly assessed.
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Yordan Vasilev
Is the Problems of Financing and Crediting of the Small and the Medium Business will Remain after our Incorporation in EU?
Summary:
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