Volume 58 (2022): Issue 1 (March 2022)

Diversification of financial securities is considered a substantial element of portfolio risk. In this context, the construction of an optimal portfolio is an ongoing concern for portfolio managers. This study measures the risk–reward tradeoffs linked to the stock indexes of Germany, Spain, Italy, France, and England. First, the stock indexes are analyzed as individual portfolios and later compared to the hypothetical common equity index. The results show diversification benefits gained from a hypothetical common European stock market. Individual stock prices and trade volumes are collected weekly from January 1, 2008 to December 31, 2018. The results indicate that, on average, the most well-diversified equity indexes are IBEX35, FTSE MIB, and FTSE100. In contrast, DAX, MDAX, and CAC40 on average tend to be less diversified. The diversification risk for DAX, MDAX, and CAC40 decreases from joining a common hypothetical stock market, while for FTSE100, FTSE MIB, and IBEX it increases.

This article aims to examine and present trade relations in global value chains (GVCs) and their impact on Polish trade, emphasizing Poland's ability to react to rapid changes in the global economy, as in the case of the COVID-19 pandemic. For this purpose, the author proposed a two-stage study. The first stage focuses on analyzing selected indexes describing the Polish share and position in GVCs against the background of the European Union (EU) and OECD countries. The second stage is related to the analysis of the latest economic trade data and the reaction of Poland, the EU, and OECD to changes in international trade in 2020 and 2021 in the context of GVC. The study uses data from the OECD and WTO Trade in Value Added Database and the Eurostat Database. The relatively quick adaptation of Poland to the world's standards indicates great possibilities for adaptation of the Polish economy. The share of foreign value added in Polish exports was consistent with global trends. The export orientation of Polish production increased during the analyzed period, proving Poland's deep commitment to global production chains. Despite a similar decline in import and export in the first months of 2020, as in the OECD and the EU26, the growth dynamics in the following months were higher in Poland. Many industries in Poland are highly dependent on the smooth operation of GVCs. At the same time, the service sector is gaining importance, and its share in exports is systematically growing. The highly flexible nature of Poland's international trade allowed it to reduce the negative impact of the COVID-19 pandemic on its economy.

Lockdowns imposed by the European Union (EU) Member States produced significant consequences in the form of losses to companies, which is why the Member States decided to assist businesses from public funds. This paper aims to identify and initially assess the implementation of schemes under which coronavirus disease-2019 (COVID-19)-related state aid was granted in Poland in 2020 for different instruments and beneficiary sizes. The idea was to find out how well aforementioned schemes responded to the needs of companies affected the most by the COVID-19-inflicted crisis. To this end, statistical analysis was deployed to learn about the share of individual groups of businesses of different sizes in support instruments granted in relation with COVID-19 by type of aid. The study helped to demonstrate that Polish aid schemes approved by the European Commission in 2020 assisted mainly micro- and small-sized companies, which usually suffered from poor liquidity, by predominantly soft instruments.

Accelerators have been becoming increasingly popular among young entrepreneurs interested in developing products, attracting investors, or establishing relations with industry represented by large companies.

The focus of the studies is to conduct literature review due to the small number of scientific articles are available on this topic. The article aims to show the current state of knowledge about startup accelerators and the support they provide. It outlines what added value accelerators offer in their programs for young innovative companies.

To achieve the stated aim, the authors combine a systematic literature review with a bibliometric analysis. The results of this research will be helpful in better matching the developed project with existing accelerator programs on the market. It can contribute to a better understanding of the principles governing the programs, program expectations of the accelerator and its partners with respect to the proposed solutions (corporations, business angels, and venture capital funds).