Valuation of Financial Securities in Romania: Educational Aspects

Article excerpt

Published online: 23 February 2013

[C] International Atlantic Economic Society 2013

Our analysis focuses on Romanian professional valuers and their activity in the area of financial instruments measurement. We model their opinions, knowledge, and perceptions in relation to a series of transformational processes taking place at the national and international levels. The analysis uses information obtained via questionnaires addressed to professional valuers and seeks to document an association between valuers' professional activity and their professional training. The tendency to develop behaviours that subscribe to the idea of lifelong learning is popular worldwide.

The following set of research hypotheses was proposed:

[H.sub.0]: When considering the market for valuation services in the area of financial assets (financial instruments' measurement), there is no direct connection between the dimension of the developed activity and the valuers' level of professional training.

[H.sub.1]: When considering the market for valuation services in the area of financial assets (financial instruments' measurement), there is a direct connection between the dimension of the developed activity and the valuers' level of professional training.

The results document the sustainability of the proposed regression model. Furthermore, the values obtained when running the Cox-Snell [R.sup.2] and Nagelkerke measure tests suggest that approximately 50% of valuers' professional activity in the field of financial instruments is determined by their professional training. …