Athenaeum University

Double Blind Review Evaluation


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ISSN-L 2065 - 8168
ISSN (e) 2068 - 2077
ISSN (p) 2065 - 8168



Giuseppe Garibaldi No. 2A
Bucharest, Romania


Tel: +4
Fax: +4





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  1. Authors:
      • Professor Dan ARMEANU, PhD, email:, Afiliation: Academy de Economics Bucharest
      • Ana TUDORACHE, Assistant lecturer, email:, Afiliation: Academy de Economics Bucharest
      • Sorin-Iulian CIOACĂ, PhD Student, email:, Afiliation: Academy de Economics Bucharest
      • Ana-Maria BURCĂ, PhD Student, email:, Afiliation: Academy de Economics Bucharest

      • 58|66

  2. Keywords: financial crisis, capital market, market cap, traded volume, foreign investment

  3. Abstract:
    The recent years have been characterized by important challenges in all areas of the society, mainly in the financial one. The financial markets crisis had a high impact on the stock exchange, affecting mostly the emergent markets, such as Romania, which experienced a severe consequences of the crisis. The main spot market of the stock exchanges was characterized by high volatility in the years following the subrime crisis, especially in 2008. These effects lead to a massive fall in the market value of most of the listed companies, at the same time with the decrease of the market cap and the average of the traded value. The decrease of the traded volume was not only generated by the foreign investors` reluctance to invest in the Romanian capital market, but also by the severe decrease of the prices of the listed companies. The financial crisis altered the consolidation of the internal capital market, strongly emphasising the leading factors that generated the severe contraction of this domain (especially, the cvasidependence on the foreign capitals and the lack of some strong local institutionals, given by – for example - the very late inception of the public pension sector reform). In the Romanian capital market, the subprime crisis altered most of the listed companies and resulted in extreme volatility, that lead to the ìncrease of the investors` risk aversion. Therefore, it is necessary to identify remedies for the present state of the capital market, that will allow the stock exchange to regain its role as an alternative channel for financing the companies.

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