The paper is focused on the cost of travel method and specific issues involved by the use of this method for monetization of benefits provided by nature preservation investment projects. Usually, nature preservation investment projects are non revenue generator projects and consequently the monetization of benefits provided is essential in the process of analysis and valuation of these projects, because benefits are the only positive effects able

Many financial models are based on the efficient capital markets hypothesis. Therefore, the validation of this concept is an interesting investigation field, not only for the developed economies but also for the emergent ones. The results of our research could be useful to evaluate the applicability of these models in developing capital markets. For testing informational efficiency, we focused on the Romanian case, using standard methods. Based on

The Romanian capital market has considerably grown in the last decade. This study reveals new evidences regarding informational efficiency of this market. Applying Multiple Variance Ratio test to random walk hypothesis, assuming, on the one hand homoskedasticity, and on the other hand heteroskedasticity, it was found that for most of the stock prices the random walk hypothesis cannot be rejected. Consequently, the returns are not predictable by using