Governor Gent Sejko meets with journalists, analysts and media executives

Publication date: 22.12.2015


On 22 December 2015, on the occasion of the end of the year, Mr Gent Sejko, the Governor of the Bank of Albania met with journalists of the print and electronic media, politics and economy analysts, managers and other representatives of the media in Albania.

In his opening address, Governor Sejko, among others, highlighted the appreciation for the professional and realistic approach of the media during 2015. He stressed that the media has reflected the Bank of Albania decisions on monetary policy and financial stability with transparency and truthfulness, thus contributing to Bank of Albania achieving its objectives. Concluding and looking forward to enhanced cooperation and better understanding in 2016, the Governor wished the guests a successful and prosperous new year.

An established tradition now, during the end-of-year event, the winners of The Governor's Award for the Best Diploma 2014-2015 were announced.

1. The first prize was awarded to Ms Ajla Ngjeliu, a student at the University of Greenwich, for her thesis on: "Determinants of capital structure of listed companies in the Balkans". This award was handed over to her by Mr Gent Sejko, the Governor of the Bank of Albania.

This study contributes to the existing literature with an analysis on the determinants of the capital structure of companies in the Balkans. The study researches whether the capital structure and the behaviour of listed companies in the Balkans is in accordance with the theories of capital in advanced economies. Also, the study aims to identify changes in the determining of the capital structure, focusing also on the assessment of the differences that exist between the group of companies in the European Union and other companies. Results of the study show that the determinants of capital structure for companies in our region are: profitability, size of the company and collateral. These findings indicate that the determinants of capital structure of the companies operating in the Balkans are different from those in advanced economies.

2. The second prize was awarded to Mr Klajd Panariti, a student at the Università Commerciale Luigi Bocconi. His thesis was on Empirical evidence on mergers and acquisitions in the banking industry during the financial crisis. The award was handed over to him by Ms Elisabeta Gjoni, the First Deputy Governor of the Bank of Albania.

His thesis analyses cases of mergers and acquisitions in the banking sector of the United States and the United Kingdom during the crisis, to see whether they are accompanied by a creation or a destruction of the value. The indicators taken into consideration are the daily indicators for the abnormal average return, the abnormal average cumulative return and the relevant statistical significances extended to a 10-day interval before and after the occurrence. Results indicate that these activities are mainly associated with a value destruction and are made due to urgent liquidity needs, government intervention aimed at saving respective banks or as a result of minimum estimates.

3. The third prize was awarded to Mr Gentjan Çera, a student at the Agricultural University of Tirana, for his thesis on Assessing the financial sector in Albania's economic performance. The award was handed over to him by Ms Natasha Ahmetaj, the Second Deputy Governor of the Bank of Albania.

This study seeks to evaluate the impact of the financial system on the performance of the economy. It raises two different hypotheses, which focus on Albania. Firstly, it evaluates whether the loan affects the economic performance and secondly whether there is a correlation between the financial development and economic growth. The results and their interpretation are within the analysed context and may also be valid in terms of policymaking. The conclusions echo the hypotheses, while the concluding comments are based on results.
The Governor's Award is an annual competition for Albanian students graduated in Albania and abroad for scientific research on issues related to monetary policy and international economics, price and financial stability, European economic integration of Balkan countries, Bank of Albania activity, Albanian financial system, role of banks in the Albanian economy, as well as to other macro and micro aspects of the economy.