GESTIUNEA PORTOFOLIULUI DE TITLURI FOLOSIND MODELE
      MULTICRITERIALE. COMENTARIU CAZUL ROMÂNIEI /
      MANAGEMENT OF TITLES PORTFOLIO THROUGHOUT
  MULTICRITERIALE MODELS. COMMENTARY ON ROMANIA’S CASE

Lect. univ. dr. Leonardo Badea – Universitatea „Valahia” Târgovişte

Developing practical multi-criteria models induces a series of problems related to the
identification of macroeconomic factors, associated risks and assets without risk. Following
the presentation of key macroeconomic factors, the paper shows that macroeconomic factors
influence is understandable, but is not sufficient as a unifactorial model, consequently it needs
an application as a multi-criteria merged model and also taking into account factors that
influence the evolution of the sectoral securities yield for long periods. Upholding the APT
model, we realize within the paperwork the application case for Romania, the author
concluded that there are distortions in the implementation of APT model because in the
observation period was short, applying the model must be made on a stable market for a
period of at least 15 years in order to determine the influences correctly and to establish a
forecast pattern of securities.

Keywords: factorial model, APT model, share

JEL codes: C33