Search results for: European Directive 2004/104/EC.

Authors: Mario Spremić, Natalija Kokolek, Božidar Jaković, Jurica Šimurina

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This paper deals with various questions related to functionality and providing banking services in the European union on the Internet. Due to the fact that we live in the information technologies era, the Internet become a new space for doing economic and business activities in all areas, and especially important in banking. Accepting the busy tempo of life, in the past several years electronic banking has become necessity and a must for most users of banking services. On a sample of 300 web sites of the banks operating in European Union (EU) we conduct the research on the functionality of e-banking services offered through banks web sites with the key objective to reveal to what extent the information technologies are used in their business operations. Characteristics of EU banks websites will be examined and compared to the basic groups of business activities on the web. Also some recommendations for the successful bank web sites will be provided.

Keywords: Electronic banking, electronic business, European Union banks, internet.

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Authors: Claudio D'Alonzo

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According to recent tendencies, progress on resource efficiency is possible and it will lead to economic, environmental, and social benefits. The passage to a circular economy system, in which all the materials and energy will maintain their value for as long as possible, waste is reduced and only a few resources are used, is one of the most relevant parts of the European Union's environmental policy to develop a sustainable, competitive and low-carbon economy. The concept of circular economy is to be found in Decision 1386/2013/EU of the European Parliament and of the Council on a General Union Environment Action Programme to 2020 named “Living well, within the limits of our planet”. To modernise waste management systems in the Union and to consolidate the European model as one of the most effective in the world, a revised waste legislative framework entered into force in July 2018. Regarding the Italian legislation, the laws to be modified are the Legislative Decree 3 April 2006, n. 152 and the laws ruling waste management, end-of-waste, by-products and, the regulatory principles regarding circular economy. European rules on end-of-waste are not fully harmonised and so there are legal challenges. The target to be achieved is full consistency between the laws implementing waste and chemicals policies. Only in this way, materials will be safe, fit-for-purpose and designed for durability; additionally, they will have a low environmental impact.

Keywords: Circular economy, end-of-waste, legislation, secondary raw materials.

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Authors: Laszlo Vari

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In the digital age, the spread of the mobile world and the nature of the cyberspace, offers many new opportunities for the prevalence of the fundamental right to free expression, and therefore, for free speech and freedom of the press; however, these new information communication technologies carry many new challenges. Defamation, censorship, fake news, misleading information, hate speech, breach of copyright etc., are only some of the violations, all of which can be derived from the harmful exercise of freedom of expression, all which become more salient in the internet. Here raises the question: how can we eliminate these problems, and practice our fundamental freedom rightfully? To answer this question, we should understand the elements and the characteristic of the nature of freedom of expression, and the role of the actors whose duties and responsibilities are crucial in the prevalence of this fundamental freedom. To achieve this goal, this paper will explore the European practice to understand instructions found in the case-law of the European Court of Human rights for the rightful exercise of freedom of expression.

Keywords: Collision of rights, European case-law, freedom opinion and expression, media law, freedom of information, online expression

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Authors: Nicola Gualandi, Luca Mantecchini, Davide Serrau

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Airport capacity has always been perceived in the traditional sense as the number of aircraft operations during a specified time corresponding to a tolerable level of average delay and it mostly depends on the airside characteristics, on the fleet mix variability and on the ATM. The adoption of the Directive 2002/30/EC in the EU countries drives the stakeholders to conceive airport capacity in a different way though. Airport capacity in this sense is fundamentally driven by environmental criteria, and since acoustical externalities represent the most important factors, those are the ones that could pose a serious threat to the growth of airports and to aviation market itself in the short-medium term. The importance of the regional airports in the deregulated market grew fast during the last decade since they represent spokes for network carriers and a preferential destination for low-fares carriers. Not only regional airports have witnessed a fast and unexpected growth in traffic but also a fast growth in the complaints for the nuisance by the people living near those airports. In this paper the results of a study conducted in cooperation with the airport of Bologna G. Marconi are presented in order to investigate airport acoustical capacity as a defacto constraint of airport growth.

Keywords: Airport acoustical capacity, airport noise, air traffic noise, sustainability of regional airports.

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Authors: Changhong Guo, Shaomei Fang, Yong He

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In this paper, fractional Black-Scholes models for the European option pricing were established based on the fractional G-Brownian motion (fGBm), which generalizes the concepts of the classical Brownian motion, fractional Brownian motion and the G-Brownian motion, and that can be used to be a tool for considering the long range dependence and uncertain volatility for the financial markets simultaneously. A generalized fractional Black-Scholes equation (FBSE) was derived by using the Taylor’s series of fractional order and the theory of absence of arbitrage. Finally, some explicit option pricing formulas for the European call option and put option under the FBSE were also solved, which extended the classical option pricing formulas given by F. Black and M. Scholes.

Keywords: European option pricing, fractional Black-Scholes equations, fractional G-Brownian motion, Taylor’s series of fractional order, uncertain volatility.

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Authors: Robert Grzeszczak, Magdalena Gniadzik

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The article deals with one of the most significant issues concerning the functioning of the internal market of the European Union – the free movement of workers and free movement of persons. The purpose is to identify the political and legal effects of the “renationalisation process” on the EU and its Member States. The concept of renationalisation is expressed through Member States’ aim to verify the relationship with the EU. The tendency is more visible in the public opinion of several MS’s of the ‘EU core’ and may be confirmed by the changes applied by the regulatory body. The thesis for the article is the return of renationalisation tendencies in the area of the Single Market, which is supported by, among others, an open criticism of the foundations of EU integration or considerations on withdrawal from the EU by some MS. This analysis will focus primarily on the effects that renationalisation may have on the free movement of persons. The free movement of persons is one of the key issues for the development of the European integration. It is still subject to theoretical reflections, new doubts and practical issues. The latest developments in politics, law and jurisprudence demonstrate the need to reflect on the attempts to redefine certain principles regarding migrant EU workers and their protection against nationality-based discrimination.

Keywords: European law, European Union, common market, free movement of workers, posting of workers, case law.

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Authors: Fang Yao, Minglei Chen

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City shrinkage is one of the thorny problems that many European cities have to face with nowadays. It is mainly expressed as the decrease of population in these cities. Eastern Germany is one of the pioneers of European shrinking cities with long shrinking history. The paper selects one representative shrinking city Halle (Saale) in eastern Germany as research objective, collecting and investigating nearly 20 years (1993-2010) municipal data after the reunification of Germany. These data based on five dimensions, which are demographic, economic, social, spatial and environmental and total 16 eligible variables. Factor Analysis is used to deal with these variables in order to assess the most important factors affecting shrinking Halle. The results show that there are three main factors determine the shrinkage of Halle, respectively named “demographical and economical factor”, “social stability factor”, and “city vitality factor”. The three factors act at different time period of Halle’s shrinkage: from 1993 to 1997 the demographical and economical factor played an important role; from 1997 to 2004 the social stability factor is significant to city shrinkage; since 2005 city vitality factor determines the shrinkage of Halle. In recent years, the shrinkage in Halle mitigates that shows the sign of growing population. Thus the city Halle should focus on attaching more importance on the city vitality factor to prevent the city from shrinkage. Meanwhile, the city should possess a positive perspective to shift the growth-oriented development to tap the potential of shrinking cities. This method is expected to apply to further research and other shrinking cities

Keywords: Demography, Factor analysis, Halle, Shrinking cities.

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Authors: Alena Dadova, Katarina Holla, Anna Cidlinova, Linda Makovicka Osvaldova, Jiri Vala, Samuel Kockar

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Occupational health and safety (OHS) is an area in which procedures and applications are constantly evolving and changing through legislation and new directives and guidelines. In this way, the relevant organizations strive to ensure continuous progress and the advantage of up-to-date information to ensure safety and prevent occupational accidents. Three ESENER surveys have been carried out in the European Union, led by the Agency for Safety and Health at Work (EU-OSHA). On the basis of surveys, it was determined how European workplaces manage risks and how they manage the field of safety and health protection at work. Thousands of companies and organizations in the European Union were involved in the surveys. Organizations and businesses were presented with a questionnaire that focused on the following topics: the impact of general risks on the field of OSH and the possibility of their management, psychosocial risks and other factors such as stress, harassment and bullying, and employee participation in OSH procedures. The article is dedicated to the fundamental conclusions from these surveys and their subsequent connection with the strategic intent of the Strategic Framework of European Union for the years 2021-2027. In the conclusion, emerging risks are identified and the EU will soon have to deal with them.

Keywords: ESENER, emerging risks, strategic framework in OSH, EU.

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Authors: Andreas Ahrens, Jelena Zascerinska

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Emotions are crucial in online classes in adult education. Despite that, a little attention was devoted to the emotional experience of being an online teacher in the field of andragogy, and the online teacher’s emotional perspectives in ever changing environments have to be analysed. The paper aims at the analysis of teachers’ emotional experience in online classes in adult education in selected European countries. The research tends to propose implications for training of teachers who work in online classes in adult education. The survey was conducted in April 2022. In the selected European countries 78 respondents took part in the study. Among them, 30 respondents represented Germany, 28 respondents Greece, and 20 respondents were from Italy. The theoretical findings allow defining teacher emotional experience. The analysis of the elements of the respondents’ emotional experience allows concluding that teachers’ attitude to online classes has to be developed. The key content for teacher training is presented. Directions of further work are proposed.

Keywords: Adult education, online classes, teacher emotional experience, European countries.

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Authors: Ingrid Majerová, Michaela Horúcková

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The concept of competitiveness is currently very frequently used term. However, the interpretation of its essence is different. In this paper, one of the many concepts of competitiveness will be analyzed and that is macroeconomic competitiveness, which is understood as a process, which is based on the productivity growth through the growth of key macroeconomic indicators such as standards of living and employment, where all of these variables must have a sustainable basis. Given the competition is a relative quantity it must be constantly compared with the development of competitiveness in other economies or regions. And this comparison method is also used in the article that compares the macrocompetitiveness of selected economies of the European Economic Area – the Czech Republic, Poland, Austria, Switzerland and Germany. The aim of the paper is to verify the hypothesis concerning the direct correlation between the size of the economy and its competitiveness.

Keywords: Comparison, Competitiveness, European Economic Area, Global Competitiveness Index, Immeasurable Indicators of Competitiveness, Macro-competitiveness.

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Authors: Lorenzo Maiorino, Fabio Fortuna, Giovanni Panebianco, Marco Sanzari, Gabriella Arcese, Valerio Maria Paolozzi

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It is well known that sport is a factor of social cohesion and the breaking down of barriers between people. From this point of view, the aim is to demonstrate how, through the (re)generation of sustainable structures, it is possible to give life to a new social, cultural and economic pathway, where possible, in peripheral areas with problems of abandonment and degradation. The aim of this paper is therefore to study realities such as European programs and funds and to highlight the ways in which planning can be used to respond to critical issues such as urban decay, abandonment, and the mitigation of social differences. For this reason, the analysis will be carried out through the Multiannual Financial Framework (MFF) package, the next generation EU, the Recovery and Resilience Facility (RRF), the Cohesion Fund, the European Social Fund, and other managed funds. The procedure will rely on sources and data of unquestionable origin, and the relation to the object of study in question will be highlighted. The project lends itself to be ambitious and explore a further aspect of the sports theme, which as we know, is one of the foundations for a healthy society

.

Keywords: Sport, social inclusion, urban regeneration, sport facilities, European funds.

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Authors: Ksenija Dumičić, Anita Čeh Časni, Berislav Žmuk

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The aim of this paper is to select the most accurate forecasting method for predicting the future values of the unemployment rate in selected European countries. In order to do so, several forecasting techniques adequate for forecasting time series with trend component, were selected, namely: double exponential smoothing (also known as Holt`s method) and Holt-Winters` method which accounts for trend and seasonality. The results of the empirical analysis showed that the optimal model for forecasting unemployment rate in Greece was Holt-Winters` additive method. In the case of Spain, according to MAPE, the optimal model was double exponential smoothing model. Furthermore, for Croatia and Italy the best forecasting model for unemployment rate was Holt-Winters` multiplicative model, whereas in the case of Portugal the best model to forecast unemployment rate was Double exponential smoothing model. Our findings are in line with European Commission unemployment rate estimates.

Keywords: European Union countries, exponential smoothing methods, forecast accuracy unemployment rate.

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Authors: N. Clavijo Buriticá, L. M. Correa Lópezand J. R., Sánchez Rodríguez

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The environmental impact caused by industries is an issue that, in the last 20 years, has become very important in terms of society, economics and politics in Colombia. Particularly, the tannery process is extremely polluting because of uneffective treatments and regulations given to the dumping process and atmospheric emissions. Considering that, this investigation is intended to propose a management model based on the integration of Lean Supply Chain, Green Supply Chain, Cleaner Production and ISO 14001-2004, that prioritizes the strategic components of the organizations. As a result, a management model will be obtained and it will provide a strategic perspective through a systemic approach to the tanning process. This will be achieved through the use of Multicriteria Decision tools, along with Quality Function Deployment and Fuzzy Logic. The strategic approach that embraces the management model using the alignment of Lean Supply Chain, Green Supply Chain, Cleaner Production and ISO 14001-2004, is an integrated perspective that allows a gradual frame of the tactical and operative elements through the correct setting of the information flow, improving the decision making process. In that way, Small Medium Enterprises (SMEs) could improve their productivity, competitiveness and as an added value, the minimization of the environmental impact. This improvement is expected to be controlled through a Dashboard that helps the Organization measure its performance along the implementation of the model in its productive process.

Keywords: Integration, environmental impact, management, systemic organization.

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Authors: D. Vlachopoulos, G. Tsokkas

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Although it is not intended to identify distance education students as a homogeneous group, recent research has demonstrated that there are some demographic and personality common traits among most of them that provide the basis for the description of a typical distance learning student. The purpose of this paper is to describe these common traits and to facilitate their learning journey within a distance education program. The described research is an initiative of the Distance Education Unit at the European University Cyprus (Laureate International Universities) in the context of its action for the improvement of the students’ performance.

Keywords: Distance education students, successful student performance, European University Cyprus, common traits.

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Authors: Shorena Pharjiani

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Present empirical paper investigates the relationship between FDI and economic growth by 10 selected industries in 10 Central and Eastern European countries from the period 1995 to 2012. Different estimation approaches were used to explore the connection between FDI and economic growth, for example OLS, RE, FE with and without time dummies. Obtained empirical results leads to some main consequences: First, the Central and East European countries (CEEC) attracted foreign direct investment, which raised the productivity of industries they entered in. It should be concluded that the linkage between FDI and output growth by industries is positive and significant enough to suggest that foreign firm’s participation enhanced the productivity of the industries they occupied. There had been an endogeneity problem in the regression and fixed effects estimation approach was used which partially corrected the regression analysis in order to make the results less biased. Second, it should be stressed that the results show that time has an important role in making FDI operational for enhancing output growth by industries via total factor productivity. Third, R&D positively affected economic growth and at the same time, it should take some time for research and development to influence economic growth. Fourth, the general trends masked crucial differences at the country level: over the last 20 years, the analysis of the tables and figures at the country level show that the main recipients of FDI of the 11 Central and Eastern European countries were Hungary, Poland and the Czech Republic. The main reason was that these countries had more open door policies for attracting the FDI. Fifth, according to the graphical analysis, while Hungary had the highest FDI inflow in this region, it was not reflected in the GDP growth as much as in other Central and Eastern European countries.

Keywords: Central and East European countries (CEEC), economic growth, FDI, panel data.

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Authors: Zeynep İltüzer Samur, Gül Tekin Temur

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Due to the increasing and varying risks that economic units face with, derivative instruments gain substantial importance, and trading volumes of derivatives have reached very significant level. Parallel with these high trading volumes, researchers have developed many different models. Some are parametric, some are nonparametric. In this study, the aim is to analyse the success of artificial neural network in pricing of options with S&P 100 index options data. Generally, the previous studies cover the data of European type call options. This study includes not only European call option but also American call and put options and European put options. Three data sets are used to perform three different ANN models. One only includes data that are directly observed from the economic environment, i.e. strike price, spot price, interest rate, maturity, type of the contract. The others include an extra input that is not an observable data but a parameter, i.e. volatility. With these detail data, the performance of ANN in put/call dimension, American/European dimension, moneyness dimension is analyzed and whether the contribution of the volatility in neural network analysis make improvement in prediction performance or not is examined. The most striking results revealed by the study is that ANN shows better performance when pricing call options compared to put options; and the use of volatility parameter as an input does not improve the performance.

Keywords: Option Pricing, Neural Network, S&P 100 Index, American/European options

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Authors: Mihai Caramihai, Irina Severin

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Despite the extensive use of eLearning systems, there is no consensus on a standard framework for evaluating this kind of quality system. Hence, there is only a minimum set of tools that can supervise this judgment and gives information about the course content value. This paper presents two kinds of quality set evaluation indicators for eLearning courses based on the computational process of three known metrics, the Euclidian, Hamming and Levenshtein distances. The “distance" calculus is applied to standard evaluation templates (i.e. the European Commission Programme procedures vs. the AFNOR Z 76-001 Standard), determining a reference point in the evaluation of the e-learning course quality vs. the optimal concept(s). The case study, based on the results of project(s) developed in the framework of the European Programme “Leonardo da Vinci", with Romanian contractors, try to put into evidence the benefits of such a method.

Keywords: eLearning, European programme, metrics, quality evaluation

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Authors: Yrfet Shkreli

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Despite all the wide research and literature on the subject, changing and challenging times often present themselves with new objectives, fluid politics, and everlasting point of views. Much is said about the subject and the trend nowadays is watching every European Union (EU) intervention as a form of neo colonialism or a form of establishing new markets. The paper will try to establish a perspective on EU influences, policies and impacts analyzed from multidimensional point of view, not limiting itself on a narrow external dimension, focusing on a broader understanding of it diverse contribution to global governance and peace keeping. Tending to be critical, this paper tends to fall out of extremes, nether holding a Eurocentric position, nor falling for cheap critic to the whole failures and impact of EU policies. The ambition is to show EU as a contributing factor while keeping in mind its nature as a multi layered actor and with not necessarily coinciding interests among its member states.

Keywords: European Union, global governance, globalization, normative power.

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Authors: Maria Lubomira Kubica

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The paper reveals the birth and evolution of the British precedent Rylands v. Fletcher that, once adopted on the other side of the Ocean (in United States), gave rise to a general clause of liability for abnormally dangerous activities recognized by the §20 of the American Restatements of the Law Third, Liability for Physical and Emotional Harm. The main goal of the paper was to analyze the development of the legal doctrine and of the case law posterior to the precedent together with the intent of the British judicature to leapfrog from the traditional rule contained in Rylands v. Fletcher to a general clause similar to that introduced in the United States and recently also on the European level. As it is well known, within the scope of tort law two different initiatives compete with the aim of harmonizing the European laws: European Group on Tort Law with its Principles of European Tort Law (hereinafter PETL) in which article 5:101 sets forth a general clause for strict liability for abnormally dangerous activities and Study Group on European Civil Code with its Common Frame of Reference (CFR) which promotes rather ad hoc model of listing out determined cases of strict liability. Very narrow application scope of the art. 5:101 PETL, restricted only to abnormally dangerous activities, stays in opposition to very broad spectrum of strict liability cases governed by the CFR. The former is a perfect example of a general clause that offers a minimum and basic standard, possibly acceptable also in those countries in which, like in the United Kingdom, this regime of liability is completely marginalized.

Keywords: Dangerous activities, general clause, risk, strict liability.

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Authors: H. Ozbasaran

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IPN and IPE sections, which are commonly used European I shapes, are widely used in steel structures as cantilever beams to support overhangs. A considerable number of studies exist on calculating lateral torsional buckling load of I sections. However, most of them provide series solutions or complex closed-form equations. In this paper, a simple equation is presented to calculate lateral torsional buckling load of IPN and IPE section cantilever beams. First, differential equation of lateral torsional buckling is solved numerically for various loading cases. Then a parametric study is conducted on results to present an equation for lateral torsional buckling load of European IPN and IPE beams. Finally, results obtained by presented equation are compared to differential equation solutions and finite element model results. ABAQUS software is utilized to generate finite element models of beams. It is seen that the results obtained from presented equation coincide with differential equation solutions and ABAQUS software results. It can be suggested that presented formula can be safely used to calculate critical lateral torsional buckling load of European IPN and IPE section cantilevers.

Keywords: Cantilever, IPN, IPE, lateral torsional buckling

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Authors: Maria Lubomira Kubica

Abstract:

The paper reveals the birth and evolution of the British precedent Rylands v. Fletcher that, once adopted on the other side of the Ocean (in United States), gave rise to a general clause of liability for abnormally dangerous activities recognized by the §20 of the American Restatements of the Law Third, Liability for Physical and Emotional Harm. The main goal of the paper was to analyze the development of the legal doctrine and of the case law posterior to the precedent together with the intent of the British judicature to leapfrog from the traditional rule contained in Rylands v. Fletcher to a general clause similar to that introduced in the United States and recently also on the European level. As it is well known, within the scope of tort law two different initiatives compete with the aim of harmonizing the European laws: European Group on Tort Law with its Principles of European Tort Law (hereinafter PETL) in which article 5:101 sets forth a general clause for strict liability for abnormally dangerous activities and Study Group on European Civil Code with its Common Frame of Reference (CFR) which promotes rather ad hoc model of listing out determined cases of strict liability. Very narrow application scope of the art. 5:101 PETL, restricted only to abnormally dangerous activities, stays in opposition to very broad spectrum of strict liability cases governed by the CFR. The former is a perfect example of a general clause that offers a minimum and basic standard, possibly acceptable also in those countries in which, like in the United Kingdom, this regime of liability is completely marginalized.

Keywords: Abnormally dangerous activities, general clause, Rylands v. Fletcher, strict liability.

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Authors: Papathanasiou Anastasios, Liontos George, Liagkou Vasiliki, Glavas Euripides

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The purpose of this paper is to describe the growing problem of various cyber fraud schemes that exist on the internet and are currently among the most prevalent. The main focus of this paper is to provide a detailed description of the modus operandi, tools, and techniques utilized in four basic typologies of cyber frauds: Business Email Compromise (BEC) attacks, investment fraud, romance scams, and online sales fraud. The paper aims to shed light on the methods employed by cybercriminals in perpetrating these types of fraud, as well as the strategies they use to deceive and victimize individuals and businesses on the internet. Furthermore, this study outlines defense strategies intended to tackle the issue head-on, with a particular emphasis on the crucial role played by European legislation. European legislation has proactively adapted to the evolving landscape of cyber fraud, striving to enhance cybersecurity awareness, bolster user education, and implement advanced technical controls to mitigate associated risks. The paper evaluates the advantages and innovations brought about by the European legislation while also acknowledging potential flaws that cybercriminals might exploit. As a result, recommendations for refining the legislation are offered in this study in order to better address this pressing issue.

Keywords: Business email compromise, cybercrime, European legislation, investment fraud, Network and Information Security, online sales fraud, romance scams.

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Authors: L. Gómez-Limia, I. Franco, T. Blanco, S. Martínez

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European eels (Anguilla anguilla) belong to Anguilliformes order and Anguillidae family. They are generally classified as warm-water fish. Eels have a great commercial value in Europe and Asian countries. Eels can reach high weights, although their commercial size is relatively low in some countries. The capture of larger eels would facilitate the recovery of the species, as well as having a greater number of either glass eels or elvers for aquaculture. In the last years, the demand and the price of eels have increased significantly. However, European eel is considered critically endangered by the International Union for the Conservation of Nature (IUCN) Red List. The biochemical composition of fishes is an important aspect of quality and affects the nutritional value and consumption quality of fish. In addition, knowing this composition can help predict an individual’s condition for their recovery. Fish is known to be important source of protein rich in essential amino acids. However, there is very little information about changes in amino acids composition of European eels with increase in size. The aim of this study was to evaluate the effect of two different weight categories on the amino acids content in muscle tissue of wild European eels. European eels were caught in River Ulla (Galicia, NW Spain), during winter. The eels were slaughtered in ice water immersion. Then, they were purchased and transferred to the laboratory. The eels were subdivided into two groups, according to the weight. The samples were kept frozen (-20 °C) until their analysis. Frozen eels were defrosted and the white muscle between the head and the anal hole. was extracted, in order to obtain amino acids composition. Thirty eels for each group were used. Liquid chromatography was used for separation and quantification of amino a cids. The results conclude that the eels are rich in glutamic acid, leucine, lysine, threonine, valine, isoleucine and phenylalanine. The analysis showed that there are significant differences (p < 0.05) among the eels with different sizes. Histidine, threonine, lysine, hydroxyproline, serine, glycine, arginine, alanine and proline were higher in small eels. European eels muscle presents between 45 and 46% of essential amino acids in the total amino acids. European eels have a well-balanced and high quality protein source in the respect of E/NE ratio. However, eels with higher weight showed a better ratio of essential and non-essential amino acid.

Keywords: European eels, amino acids, HPLC, body size.

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Authors: H. C. Chinwenyi, H. D. Ibrahim, F. A. Ahmed

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In modern financial mathematics, valuing derivatives such as options is often a tedious task. This is simply because their fair and correct prices in the future are often probabilistic. This paper examines three different Stochastic Differential Equation (SDE) models in finance; the Constant Elasticity of Variance (CEV) model, the Balck-Karasinski model, and the Heston model. The various Martingales option price valuation formulas for these three models were obtained using the replicating portfolio method. Also, the numerical solution of the derived Martingales options price valuation equations for the SDEs models was carried out using the Monte Carlo method which was implemented using MATLAB. Furthermore, results from the numerical examples using published data from the Nigeria Stock Exchange (NSE), all share index data show the effect of increase in the underlying asset value (stock price) on the value of the European Put Option for these models. From the results obtained, we see that an increase in the stock price yields a decrease in the value of the European put option price. Hence, this guides the option holder in making a quality decision by not exercising his right on the option.

Keywords: Equivalent Martingale Measure, European Put Option, Girsanov Theorem, Martingales, Monte Carlo method, option price valuation, option price valuation formula.

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Authors: R. Pääkkönen, L. Korpinen

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We tried statistically to determine the biggest risks for accidents and injuries in Finland compared to other countries. We have a very high incidence of domestic falls and accidental poisoning compared to other European countries. On the other side, we have a relatively low number of accidents in traffic or at work globally, and in European scale, because we have worked hard to diminish these forms of accidents. In Finland, there is work to be done to improve attitudes and actions against domestic accidents.

Keywords: Injuries, accident, comparison, Finland.

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Authors: R.P.Masztalski, M.Michalski

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The paper presents the results of research on trends in shaping of multifamily buildings in Poland on the example of Wrocław, after Polish accession to the European Union. The study is conducted within the research project: “Trends in creating of multifamily housing development since 2004, on the Wrocław study case" supported by Polish Ministry of Science and Higher Education and will be completed in November 2011. The research involves multifamily buildings completed in the last decade, in term of fundamental urbanization factors such as: building-s coefficient area, useable area, green area (biologically active surface), intensity of building development, amount of dwellings, dwelling area, amount of parking places, numbers of floors, etc. The analysis of these indicators was conducted based on the date obtained in the study of approximately one hundred new housing units, completed in Wroclaw. The analysis attempts to formulate the main trends in creating of housing policy in Poland during the last 10 years in reference to local urban policy.

Keywords: Housing indicators, multifamily housing development in Poland, multifamily housing transformation.

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Authors: Ksenija Dumičić, Anita Čeh Časni, Irena Palić

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This paper examines economic and Information and Communication Technology (ICT) development influence on recently increasing Internet purchases by individuals for European Union member states. After a growing trend for Internet purchases in EU27 was noticed, all possible regression analysis was applied using nine independent variables in 2011. Finally, two linear regression models were studied in detail. Conducted simple linear regression analysis confirmed the research hypothesis that the Internet purchases in analyzed EU countries is positively correlated with statistically significant variable Gross Domestic Product per capita (GDPpc). Also, analyzed multiple linear regression model with four regressors, showing ICT development level, indicates that ICT development is crucial for explaining the Internet purchases by individuals, confirming the research hypothesis.

Keywords: European Union, Internet purchases, multiple linear regression model, outlier

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Authors: Lucia Abbamonte, Olimpia Matarazzo

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In recent years linguistic research has turned increasing attention to covert/overt strategies to modulate authorial stance and positioning in scientific texts, and to the recipients' response. This study discussed some theoretical implications of the use of rhetoric in scientific communication and analysed qualitative data from the authoritative The Cognitive Neurosciences III (2004) volume. Its genre-identity, status and readability were considered, in the social interactive context of contemporary disciplinary discourses – in their polyphony of traditional and new, emerging genres. Evidence was given of the ways its famous authors negotiate and shape knowledge and research results – explicitly appraising team work and promoting faith in the fast-paced progress of Cognitive Neuroscience, also through experiential metaphors – by presenting a set of examples, ordered according to their dominant rhetorical quality.

Keywords: Appraisal, disciplinary discourses, experientialmetaphors, genre, identity, knowledge, readability, rhetoric, strategies, theoretical implications.

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Authors: Ana Mouro, Ana Ramalheira

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Since 1989, with the Fall of the Berlin Wall, Germany has undergone a profound restructuring political and economic process. When the Euro Crisis broke out, Germany was no longer the “sick man” of Europe. Instead, it had recovered its dominance as the strongest and wealthiest economy within the European Union. With the European Debt Crisis, that has been taking place in the European Union since the end of 2009, Germany´s Chancellor Angela Merkel has gained the power of deciding, so to say, on the fate of the debtor nations, but she neither stands for binding German commitments, nor refuses assistance. A debate on whether Merkel’s hesitation has been deliberated and used as a means of coercion has arisen on international print media, and the Portuguese Press has been no exception. This study, which was conducted by using news reporting, opinion articles, interviews and editorials, published in the Portuguese weekly Expresso and the daily Público, from 2008 to 2015, tries to show how Merkel’s hesitation, depicted in the press by the term “Merkiavelli”, was perceived in Portugal, a country that had to embrace the austerity measures, imposed by the European Central Bank, but defined under Angela Merkel´s leading role.

Keywords: Euro crisis, “Merkiavelli”, cultural studies, Portuguese quality press.

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Authors: Monica Dudian , Raluca Andreea Popa

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This article analyses the relationship between sovereign credit risk rating and gross domestic product for Central and Eastern European Countries for the period 1996 – 2010. In order to study the metioned relationship, we have used a numerical transformation of the risk qualification, thus: we marked 0 the lowest risk; then, we went on ascending, with a pace of 5, up to the score of 355 corresponding to the maximum risk. The used method of analysis is that of econometric modelling with EViews 7.0. programme. This software allows the analysis of data into a pannel type system, involving a mix of periods of time and series of data for different entities. The main conclusion of the work is the one confirming the negative relationship between the sovereign credit risk and the gross domestic product for the Central European and Eastern countries during the reviewed period.

Keywords: credit rating agencies, economic growth, gross domestic product, sovereign credit risk rating.

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