Editorial introduction

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This article presents a multiproduct model of a non-stationary Gale-type economy with technology convergent to a certain limit technology, in which changes in the production technology (the dynamics of Gale production spaces) are governed by the size of investments. Thus, this model differs from the vast majority of Gale-type models considered in mathematical economy. With this assumption, the so-called “very strong” version of the multilane production turnpike theorem in the Gale economy with investments is proved. According to the theorem, if the optimal growth process in such an economy reaches the multilane turnpike, it remains on it from then on, with the possible exception of the last period of the economic horizon being analysed.
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“Very strong” turnpike effect in a non-stationary Gale economy with investments, multilane turnpike and limit technology

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This study proposes two novel tests for security analyst herding based on binomial correlation and forecast error volatility scaling, and applies it to investigate herding patterns in analyst target prices in 2008–2020 in the UK. Analysts robustly herd in their valuations, with results consistent across years, sectors, in terms of panel fixed effect, quantile, instrumental variable regressions, and when controlled for optimism and conservatism. Herding becomes prominent for stocks followed by at least five analysts and towards the long sides of Fama-French sorts, reinforcing its non-spurious and behavioral nature.
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Analyst herding—whether, why, and when? Two new tests for herding detection in target forecast prices

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The aim of this study is to examine the factors that influence the savings rate in middle-income countries and to compare the results with other studies devoted to different subgroups of countries. Among the potential determinants of savings the study considers: demography, income level, financial sector, international trade, inflation and the structure of the economy. The research sample is confined to 44 middle-income countries and covers the period between 2000 and 2019. Six model specifications are constructed using three different estimators: FE, FGLS and PCSE. In the next step, the same models are estimated using alternative dependent variables. Results suggest that industrial share in GDP has a positive impact on the savings rate. On the other hand, a negative relationship was diagnosed between the savings and unemployment rates, the share of labour compensation in GDP, military expenditure, inflation and the young dependency ratio.
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What drives the savings rate in middle -income countries?

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The study aims to assess whether there are significant differences among EU member states regarding the Russo-Ukrainian-conflict-driven changes in macroeconomic indicators and whether these differences are linked to the country’s energy vulnerability. Applying <italic>k</italic>-means clustering, three country groups are distinguished, similar with regard to their energy intensity, energy dependence (including dependence on Russian gas), and household budgets’ exposure to energy prices. Based on the Kruskal-Wallis and Wilcoxon pairwise comparison tests, the study reveals statistically significant differences among the distinguished country clusters in the level of inflation and interest rates at the time of this conflict as well as differences in the 2022 forecasts’ changes for GDP, inflation, budget balance and unemployment. The results indicate that EU economies characterised by the most significant energy vulnerability economically suffer the most in the aftermath of the Russian invasion of Ukraine.
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Institute of Economics and Finance, Department of Econometrics and Statistics

Russian aggression against Ukraine and the changes in European Union countries’ macroeconomic situation: Do energy intensity and energy dependence matter?

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The migration process is becoming more and more intensive in the European region. Various opinions have been expressed about the effects of immigration on the country’s economy. Most of these opinions reveal a positive impact via fulfilling deficits in the labour market and tax payments. On the other hand, a negative long-term effect on the social security system because of the poor integration of immigrants into the domestic population can be seen as a thread in this discussion. This paper analyses the impact of immigration, based on the United Nations National Transfer Accounts methodology developed by Lee and Mason. This methodology is employed to break down the System of National Accounts with respect to age groups and generations and, in addition, show the economic flows between them. The findings of this paper show that the earnings and consumption behaviour of immigrants and natives in Slovakia differ; immigrants tend to work after retirement age, earn more, and consume less, which results in positive effects on the aggregate life cycle deficit.
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Assessment of immigrants’ impact on the Slovak economy

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The aim of the paper is to analyse the effectiveness of <italic>F-</italic>Score-like models using the example of the Polish stock market. <italic>F-</italic>Score is a scoring model based on a high B/M investing strategy, which uses fundamental signals to assess the economic condition of an entity. So far, its effectiveness has been generally proven in numerous stock markets worldwide. However, no comprehensive study focusing on the Polish market has been conducted. Therefore, <italic>F-</italic>Score and similar models (<italic>FS-</italic>Score and PiotroskiTrfm) were analysed in this regard. It was shown that companies with higher scores generated positive both raw and market-adjusted returns on average. However, they were lower than the mean returns of low-score companies (for <italic>FS-</italic>Score) or total high B/M portfolio (regarding <italic>F-</italic>Score and PiotroskiTrfm). The results of the study show that <italic>F-</italic>Score, <italic>FS-</italic>Score and PiotroskiTrfm are generally effective investing tools. However, it might be more advisable for value investors to choose a total high B/M portfolio instead of shares of high-score entities according to <italic>F-</italic>Score or PiotroskiTrfm.
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Is value investing based on scoring models effective? The verification of <italic>F-</italic>Score-based strategy in the Polish stock market

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This study examines whether there is a causal and nonlinear relationship between trade credit policy and firm value. In line with this purpose, the 2005Q1–2018Q4 period data is examined for 103 companies operating in the manufacturing industry in an emerging market, Borsa Istanbul, and the relationships revealed. The nonlinear relationship between trade credit and firm value has been proved with the two -step System GMM (Generalized Moment of Methods) and causality with Dumitrescu-Hurlin (2012) heterogeneous panel causality tests. According to the findings, a nonlinear (inverted U-shaped) relationship has been found between trade credit policy and firm value. Moreover, the values of firms that have moved away from optimum trade credit levels are also negatively affected. One of the original aspects of this study is that the bidirectional causal relationship between trade credit policy and firm value has been revealed.
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A causal and nonlinear relationship between trade credit policy and firm value: Evidence from an emerging market

AHEAD OF PRINT

Volume 10 (2024): Issue 1 (April 2024)

Volume 9 (2023): Issue 4 (December 2023)

Volume 9 (2023): Issue 3 (October 2023)

Volume 9 (2023): Issue 2 (April 2023)

Volume 9 (2023): Issue 1 (April 2023)

Volume 8 (2022): Issue 4 (December 2022)

Volume 8 (2022): Issue 3 (October 2022)

Volume 8 (2022): Issue 2 (July 2022)

Volume 8 (2022): Issue 1 (April 2022)

Volume 7 (2021): Issue 4 (December 2021)

Volume 7 (2021): Issue 3 (September 2021)

Volume 7 (2021): Issue 2 (June 2021)

Volume 7 (2021): Issue 1 (March 2021)

Volume 6 (2020): Issue 4 (December 2020)

Volume 6 (2020): Issue 3 (August 2020)

Volume 6 (2020): Issue 2 (June 2020)

Volume 6 (2020): Issue 1 (March 2020)

Volume 5 (2019): Issue 4 (December 2019)

Volume 5 (2019): Issue 3 (September 2019)

Volume 5 (2019): Issue 2 (June 2019)

Volume 5 (2019): Issue 1 (March 2019)

Volume 4 (2018): Issue 4 (November 2018)

Volume 4 (2018): Issue 3 (July 2018)

Volume 4 (2018): Issue 2 (June 2018)

Volume 4 (2018): Issue 1 (April 2018)

Economics and Business Review

The aim of Economics and Business Review is to provide a platform for academicians from all over the world to share, discuss and integrate their research in the fields of economics and finance, including both behavioural economics and finance, with a key interest in topics that are relevant for emerging market economies. The journal welcomes submissions of articles dealing with micro, mezzo and macro issues that are well-founded in modern theories or based on empirical studies and which are valuable for an international readership.   The journal is published in English. Texts are double-blind peer-reviewed by independent specialists from Polish and foreign academic centers. The journal is open for contributions from economists and management specialists both from Poland and abroad.  Economics and Business Review is scored 70 points in the Ministerial List of Journals.  The journal is edited and published in the paper form and also presented on-line.  This journal is the open access and non-profit enterprise.  The journal have no articles processing charges (APCs) nor article submission charges.  Archiving  Sciendo archives the contents of this journal in Portico - digital long-term preservation service of scholarly books, journals and collections.  Plagiarism Policy  The editorial board is participating in a growing community of Similarity Check System's users in order to ensure that the content published is original and trustworthy. Similarity Check is a medium that allows for comprehensive manuscripts screening, aimed to eliminate plagiarism and provide a high standard and quality peer-review process. 