if you have applied the latest Oracle Security Patches released in October 2014 to your enterprise database. You need to roll back the patch OR grant elevated permissions.

for myself, i have granted each geodatabase user the “select” permission to the view “v_$parameter” and it fixed the problem. Of course, this is a workaround but not advisable implementation from security perspective since the normal oracle/geodaabase account should not have permission on this view.

The Bug ID Number is: BUG-000082555

ESRI Link for this issue: http://support.esri.com/en/knowledgebase/techarticles/detail/43293/

i will update my blog  whenever esri provides a permanent fix.

Update **** 11 November 2014 ****

Esri Provided a patch fixing the issue for multiple ArcGIS Versions:

http://support.esri.com/en/downloads/patches-servicepacks/view/productid/67/metaid/2143

Good Luck,