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  Support for the Small and Medium Business in the EU

  The purpose of the paper is to present at various national and European legislative and desirable instruments and initiatives aimed at supporting small and medium businesses. Subject of the study are small and medium-sized enterprises, European policy. The present design consists of three main modules: the first "Modern Policy in SMEs", the ... The purpose of the paper is to present at various national and European legislative and desirable instruments and initiatives aimed at supporting small and medium businesses. Subject of the study are small and medium-sized enterprises, European policy. The present design consists of three main modules: the first "Modern Policy in SMEs", the second module, "Entrepreneurship and public-private partnerships", the third module, "Support for EU businesses."

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  The Rate of Time Preference: a Praxeological Oxymoron

  In ordinal utility analysis, one can but prefer or set aside. A person can choose option A or option B. Chalk or cheese, guns or butter. There cannot be any such thing as a rate at which a man engages in such activities. Cardinality cannot enter into the picture. No one prefers a given amount of chalk twice as much as cheese. This basic ... In ordinal utility analysis, one can but prefer or set aside. A person can choose option A or option B. Chalk or cheese, guns or butter. There cannot be any such thing as a rate at which a man engages in such activities. Cardinality cannot enter into the picture. No one prefers a given amount of chalk twice as much as cheese. This basic praxeological insight should not be lost sight of when we enter the more complex realm of time preference and interest rate determination. And yet, it commonly is. For we all speak of a “time preference rate.” This is an oxymoron and a praxeological monstrosity. The present paper is devoted to promoting clear thinking by attempting to purify economic language, so as to jettison the concept of a “time preference rate.”

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  Value Added Creation by Intellectual Capital in Bulgarian Public Companies

  In this paper we apply the measurements of intellectual capital focusing on the human capital efficiency (HCE), the structural capital efficiency (SCE), the intellectual capital efficiency (ICE) and the value added intellectual coefficient (VAICTM ) developed by Pulic (2000; 2004) for non financial companies listed at Bulgarian Stock Exchange ... In this paper we apply the measurements of intellectual capital focusing on the human capital efficiency (HCE), the structural capital efficiency (SCE), the intellectual capital efficiency (ICE) and the value added intellectual coefficient (VAICTM ) developed by Pulic (2000; 2004) for non financial companies listed at Bulgarian Stock Exchange (BSE) using accounting data published with their financial statements for the period 2005-2009. The research is focused on companies in the manufacturing and tourism industry in order to derive any particularities in the measurements. The financial industry is excluded from the study as being specific. At this moment and at our knowledge, there’s no significant research on the value added of intellectual capital of Bulgarian non – financial industry. We extended the formula of intellectual capital valuation and arrived at the conclusion, that intellectual capital is playing an important role in the value creation process in companies listed at BSE. The relationship between the components of VAIC TM and the Tobin’s Q indicator characterizing the market performance of public companies.