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Informacje o czasopiśmie
Format
Czasopismo
eISSN
2719-3454
Pierwsze wydanie
30 Mar 2015
Częstotliwość wydawania
4 razy w roku
Języki
Angielski

Wyszukiwanie

Tom 14 (2018): Zeszyt 4 (December 2018)

Informacje o czasopiśmie
Format
Czasopismo
eISSN
2719-3454
Pierwsze wydanie
30 Mar 2015
Częstotliwość wydawania
4 razy w roku
Języki
Angielski

Wyszukiwanie

8 Artykułów
Otwarty dostęp

Comparison of Risk Index Estimating Methods on the Polish Financial Market

Data publikacji: 15 Apr 2019
Zakres stron: 1 - 11

Abstrakt

Abstract

The purpose of this paper is to determine a practical approach of calculation of the systematic risk of companies in line with the CAPM model. By performing an analysis of the methodology used in practice of determining the beta and review of the literature on the subject the accounting rules that make the best possible impact on the change in the level of risk index are determined. In this work on the Polish financial market are also carried out simulations showing the impact of the change in assumptions on the final amount of beta. Based on the empirical results there is a recommendation formulated as to what method should determine beta for public companies using the CAPM model. These boundary conditions are also possible implementations of the proposed approach and possible desirable solutions, if minimum boundary conditions are not met. The defined scope for the use of the recommended method of calculating the risk index allows us to reduce the error probability of over-or underestimation of the value of the index.

Słowa kluczowe

  • valuation
  • systematic risk
  • cost of capital
  • bankruptcy forecasting

JEL Classification

  • G12
  • C33
Otwarty dostęp

A Real Or a Marginal Trend in Participatory Budgets in Local Governments

Data publikacji: 15 Apr 2019
Zakres stron: 12 - 21

Abstrakt

Abstract

The purpose of the article is analysis of participatory budgets as a tool for shaping decisions of local communities on the use of public funds. The authors ask the question of whether the current practice of using the participatory budget is actually a growing trend in local government finances or, after the initial euphoria resulting from participation, society ceased to notice the real possibilities of influencing the directions of public expenditures as an opportunity to legislate public policies implemented. It is expected that the conducted research will allow us to evaluate the participatory budget and indicate whether this tool practically acts as a stimulus for changes in the scope of tasks under public policies. The authors analyzed and evaluated the announced competitions for projects as part of the procedure for elaborating participatory budgeting for selected LGUs. Then, they carried out an in-depth analysis of the data used to assess real social participation in the process of establishing social policies.

Słowa kluczowe

  • public finances
  • public policies
  • budget
  • participation

JEL Classification

  • H70
  • H71
  • H72
Otwarty dostęp

The Effect of an Electronic Exchange on Prices and Return Volatility in the Fine Wine Market

Data publikacji: 15 Apr 2019
Zakres stron: 22 - 35

Abstrakt

Abstract

Fine wine has become an attractive alternative asset class in recent decades. In our study, we take the market microstructural perspective and verify how innovations in trading infrastructure affect the fine wine market. More specifically, we examine the average prices and the return volatility of fine wines traded on three different trading systems: automated electronic exchange, auctions and over-the-counter agreements (the OTC market). Our findings confirm an important role of a fully automated, cost-effective wine exchange in improving pricing efficiency and reducing market risk. This may constitute useful information for professional wine traders and institutional investors, who might consider shifting from less transparent trading systems into an automated on-book venue. This may also be a valuable indication for the future development of trading infrastructure in wine and other agricultural commodity markets.

Słowa kluczowe

  • wine trading
  • wine prices
  • return volatility
  • electronic exchange
  • auctions

JEL Classification

  • G12
  • Q14
  • L66
Otwarty dostęp

Investment Strategies that Beat the Market. What Can We Squeeze from the Market?

Data publikacji: 15 Apr 2019
Zakres stron: 36 - 55

Abstrakt

Abstract

The paper presents a new approach to optimizing automatic transactional systems. We propose a multi-stage technique which enables us to find investment strategies beating the market. Additionally, new measures of combined risk and returns are applied in the process of optimization. Moreover, we define new elements of a risk control system based on volatility measures and consecutive signal confirmation. As a result, we formulate three complex investment systems which maximize returns and simultaneously minimize risk in comparison to all other alternative investments (IR=2, Maximum Drawdown<21%, Maximum Loss Duration=0.75 year). Our analysis is based on historical daily data (1998-2010, in- and out-of-sample period) for index and commodity futures. Afterwards, the systems are reoptimized and reallocated each half a year in order to include the most recent financial data. Finally, we show the results for a joint model consisting of our three systems.

Słowa kluczowe

  • investment strategies
  • automatic trading systems
  • optimization
  • technical and fundamental analysis
  • market volatility
  • efficient risk and return measures
  • EMH
  • mutual and hedge funds

JEL Classification

  • G14
  • G15
  • C61
  • C22
Otwarty dostęp

Crowdfunding as an Alternative Method of Raising Capital

Data publikacji: 15 Apr 2019
Zakres stron: 56 - 66

Abstrakt

Abstract

Crowdfunding is a method of financing new ventures, commercial, cultural or social, often in return for future products or actions, engaged in by many investors. Currently, it is an important element in the structure of available sources of financing for investment projects. Despite the interest of potential investors, individual social sponsors and large-scale activities of institutions promoting knowledge about the functioning of crowdfunding aimed at encouraging and promoting it as a source of capital for new ventures, there is a lack of knowledge and, consequently, experience on its development and achievement. The aim of this study is to analyze this source of financing, assess its development globally and in Poland. In the preparation of the article,. a critical analysis of foreign and Polish literature was carried out, and descriptive and comparative research methods applied. The research task undertaken in the study was to analyze the crowdfunding market globally and in Poland. The Polish crowdfunding platforms were detailed and compared in terms of value in relation to the largest global platforms. The source for analyses of crowdfunding development in Poland was available literature on the analyzed topic and secondary data from the websites of specialized internet platforms. The article depicts a new, but important, aspect of financing the activity of enterprises, which is crowdfunding. It should be emphasized that there is still insufficient knowledge about this type of institution and, as a result, the importance and role that social financing plays in the financial market.

Słowa kluczowe

  • Crowdfunding
  • financing
  • investment projects

JEL Classification

  • G14
  • G23
  • G24
Otwarty dostęp

The Impact of Quantitative Easing on Emerging Markets – Literature Review

Data publikacji: 15 Apr 2019
Zakres stron: 67 - 76

Abstrakt

Abstract

The article presents the results of the review of the empirical literature regarding the impact of quantitative easing (QE) on emerging markets (EMs). The subject is of interest to policymakers and researchers due to the increasingly larger role of EMs in the world economy and the large-scale capital flows occurring after 2009. The review is conducted in a systematic manner and takes into consideration different methodological choices, samples and measurement issues. The paper puts the summarized results in the context of transmission channels identified in the literature. There are few distinct methodological approaches present in the literature. While there is a consensus regarding the direction of the impact of QE on EMs, its size and durability have not yet been assessed with sufficient precision. In addition, there are clear gaps in the empirical findings, not least related to relative underrepresentation of the CEE region (in particular, Poland).

Słowa kluczowe

  • quantitative easing
  • emerging markets
  • portfolio balance channel
  • monetary transmission
  • spillovers

JEL Classification

  • E52
  • E58
Otwarty dostęp

Understanding the Informal Economy in Practice – Evidence from Bosnia and Herzegovina

Data publikacji: 15 Apr 2019
Zakres stron: 77 - 89

Abstrakt

Abstract

This paper provides insights into the informal economy of Bosnia and Herzegovina (BiH), a post--conflict transition economy in the Western Balkan region aspiring to became part of the European Union. After the introductory section and literature review, we introduce the economic outlook of BiH and then provide evidence estimating the size of the informal economy, which is identified to be around 30% over the last couple of years. As the size of the informal economy is high and persistent, this implies that current policy approaches are not efficient in tackling this economic challenge. To understand how the informal economy operates in practice, we use data from two different surveys to assess tax morality, undeclared work and the structure of the participants in the informal economy. In the next section, we supplement the study with ethnographic insights. In particular, we identify how participants in the informal economy use it for different purposes and with different motives. This includes reliance on the informal economy as a survival strategy for households, as a way to supplement insufficient formal income, to compensate for economic insecurity, or to decrease costs of formal business by using “envelope wage” practices, but equally importantly to overcome formal institutional rigidities linked to current contradictory laws. Still, we find indications that the growth of informal business is converging to formalisation, as informality at some stages of business development becomes a burden to higher entrepreneurial growth aspirations.

Słowa kluczowe

  • informal economy
  • formal institutions
  • informal institutions
  • undeclared work
  • Bosnia and Herzegovina

JEL Classification

  • O17
Otwarty dostęp

Students’ Attitudes Towards Starting a Business, on the Example of Students at the University of Information Technology and Management in Rzeszów (Poland)

Data publikacji: 15 Apr 2019
Zakres stron: 90 - 103

Abstrakt

Abstract

Entrepreneurship understood as a manifestation of economic activity is an issue widely discussed in literature, especially in the field of economics. Today, a large part of society is involved in establishing and running a business, hence the shaping of entrepreneurial behaviors gains importance among all age groups, especially young people. The main objective of the conducted research was to examine the interest in starting their own business by students and to verify whether the direction of their studies or role in the group affects the students’ willingness to start a business and whether a family member runs a business influences this interest and moreover, whether capital and the idea are the two main criteria conditioning the decision.. The conclusions were based on a study, i.e. (mainly) the cross-analysis of data collected as part of a survey conducted among students of the University of Information Technology and Management in Rzeszów.

Słowa kluczowe

  • entrepreneurship
  • starting a business
  • students

JEL Classification

  • L26
  • A20
8 Artykułów
Otwarty dostęp

Comparison of Risk Index Estimating Methods on the Polish Financial Market

Data publikacji: 15 Apr 2019
Zakres stron: 1 - 11

Abstrakt

Abstract

The purpose of this paper is to determine a practical approach of calculation of the systematic risk of companies in line with the CAPM model. By performing an analysis of the methodology used in practice of determining the beta and review of the literature on the subject the accounting rules that make the best possible impact on the change in the level of risk index are determined. In this work on the Polish financial market are also carried out simulations showing the impact of the change in assumptions on the final amount of beta. Based on the empirical results there is a recommendation formulated as to what method should determine beta for public companies using the CAPM model. These boundary conditions are also possible implementations of the proposed approach and possible desirable solutions, if minimum boundary conditions are not met. The defined scope for the use of the recommended method of calculating the risk index allows us to reduce the error probability of over-or underestimation of the value of the index.

Słowa kluczowe

  • valuation
  • systematic risk
  • cost of capital
  • bankruptcy forecasting

JEL Classification

  • G12
  • C33
Otwarty dostęp

A Real Or a Marginal Trend in Participatory Budgets in Local Governments

Data publikacji: 15 Apr 2019
Zakres stron: 12 - 21

Abstrakt

Abstract

The purpose of the article is analysis of participatory budgets as a tool for shaping decisions of local communities on the use of public funds. The authors ask the question of whether the current practice of using the participatory budget is actually a growing trend in local government finances or, after the initial euphoria resulting from participation, society ceased to notice the real possibilities of influencing the directions of public expenditures as an opportunity to legislate public policies implemented. It is expected that the conducted research will allow us to evaluate the participatory budget and indicate whether this tool practically acts as a stimulus for changes in the scope of tasks under public policies. The authors analyzed and evaluated the announced competitions for projects as part of the procedure for elaborating participatory budgeting for selected LGUs. Then, they carried out an in-depth analysis of the data used to assess real social participation in the process of establishing social policies.

Słowa kluczowe

  • public finances
  • public policies
  • budget
  • participation

JEL Classification

  • H70
  • H71
  • H72
Otwarty dostęp

The Effect of an Electronic Exchange on Prices and Return Volatility in the Fine Wine Market

Data publikacji: 15 Apr 2019
Zakres stron: 22 - 35

Abstrakt

Abstract

Fine wine has become an attractive alternative asset class in recent decades. In our study, we take the market microstructural perspective and verify how innovations in trading infrastructure affect the fine wine market. More specifically, we examine the average prices and the return volatility of fine wines traded on three different trading systems: automated electronic exchange, auctions and over-the-counter agreements (the OTC market). Our findings confirm an important role of a fully automated, cost-effective wine exchange in improving pricing efficiency and reducing market risk. This may constitute useful information for professional wine traders and institutional investors, who might consider shifting from less transparent trading systems into an automated on-book venue. This may also be a valuable indication for the future development of trading infrastructure in wine and other agricultural commodity markets.

Słowa kluczowe

  • wine trading
  • wine prices
  • return volatility
  • electronic exchange
  • auctions

JEL Classification

  • G12
  • Q14
  • L66
Otwarty dostęp

Investment Strategies that Beat the Market. What Can We Squeeze from the Market?

Data publikacji: 15 Apr 2019
Zakres stron: 36 - 55

Abstrakt

Abstract

The paper presents a new approach to optimizing automatic transactional systems. We propose a multi-stage technique which enables us to find investment strategies beating the market. Additionally, new measures of combined risk and returns are applied in the process of optimization. Moreover, we define new elements of a risk control system based on volatility measures and consecutive signal confirmation. As a result, we formulate three complex investment systems which maximize returns and simultaneously minimize risk in comparison to all other alternative investments (IR=2, Maximum Drawdown<21%, Maximum Loss Duration=0.75 year). Our analysis is based on historical daily data (1998-2010, in- and out-of-sample period) for index and commodity futures. Afterwards, the systems are reoptimized and reallocated each half a year in order to include the most recent financial data. Finally, we show the results for a joint model consisting of our three systems.

Słowa kluczowe

  • investment strategies
  • automatic trading systems
  • optimization
  • technical and fundamental analysis
  • market volatility
  • efficient risk and return measures
  • EMH
  • mutual and hedge funds

JEL Classification

  • G14
  • G15
  • C61
  • C22
Otwarty dostęp

Crowdfunding as an Alternative Method of Raising Capital

Data publikacji: 15 Apr 2019
Zakres stron: 56 - 66

Abstrakt

Abstract

Crowdfunding is a method of financing new ventures, commercial, cultural or social, often in return for future products or actions, engaged in by many investors. Currently, it is an important element in the structure of available sources of financing for investment projects. Despite the interest of potential investors, individual social sponsors and large-scale activities of institutions promoting knowledge about the functioning of crowdfunding aimed at encouraging and promoting it as a source of capital for new ventures, there is a lack of knowledge and, consequently, experience on its development and achievement. The aim of this study is to analyze this source of financing, assess its development globally and in Poland. In the preparation of the article,. a critical analysis of foreign and Polish literature was carried out, and descriptive and comparative research methods applied. The research task undertaken in the study was to analyze the crowdfunding market globally and in Poland. The Polish crowdfunding platforms were detailed and compared in terms of value in relation to the largest global platforms. The source for analyses of crowdfunding development in Poland was available literature on the analyzed topic and secondary data from the websites of specialized internet platforms. The article depicts a new, but important, aspect of financing the activity of enterprises, which is crowdfunding. It should be emphasized that there is still insufficient knowledge about this type of institution and, as a result, the importance and role that social financing plays in the financial market.

Słowa kluczowe

  • Crowdfunding
  • financing
  • investment projects

JEL Classification

  • G14
  • G23
  • G24
Otwarty dostęp

The Impact of Quantitative Easing on Emerging Markets – Literature Review

Data publikacji: 15 Apr 2019
Zakres stron: 67 - 76

Abstrakt

Abstract

The article presents the results of the review of the empirical literature regarding the impact of quantitative easing (QE) on emerging markets (EMs). The subject is of interest to policymakers and researchers due to the increasingly larger role of EMs in the world economy and the large-scale capital flows occurring after 2009. The review is conducted in a systematic manner and takes into consideration different methodological choices, samples and measurement issues. The paper puts the summarized results in the context of transmission channels identified in the literature. There are few distinct methodological approaches present in the literature. While there is a consensus regarding the direction of the impact of QE on EMs, its size and durability have not yet been assessed with sufficient precision. In addition, there are clear gaps in the empirical findings, not least related to relative underrepresentation of the CEE region (in particular, Poland).

Słowa kluczowe

  • quantitative easing
  • emerging markets
  • portfolio balance channel
  • monetary transmission
  • spillovers

JEL Classification

  • E52
  • E58
Otwarty dostęp

Understanding the Informal Economy in Practice – Evidence from Bosnia and Herzegovina

Data publikacji: 15 Apr 2019
Zakres stron: 77 - 89

Abstrakt

Abstract

This paper provides insights into the informal economy of Bosnia and Herzegovina (BiH), a post--conflict transition economy in the Western Balkan region aspiring to became part of the European Union. After the introductory section and literature review, we introduce the economic outlook of BiH and then provide evidence estimating the size of the informal economy, which is identified to be around 30% over the last couple of years. As the size of the informal economy is high and persistent, this implies that current policy approaches are not efficient in tackling this economic challenge. To understand how the informal economy operates in practice, we use data from two different surveys to assess tax morality, undeclared work and the structure of the participants in the informal economy. In the next section, we supplement the study with ethnographic insights. In particular, we identify how participants in the informal economy use it for different purposes and with different motives. This includes reliance on the informal economy as a survival strategy for households, as a way to supplement insufficient formal income, to compensate for economic insecurity, or to decrease costs of formal business by using “envelope wage” practices, but equally importantly to overcome formal institutional rigidities linked to current contradictory laws. Still, we find indications that the growth of informal business is converging to formalisation, as informality at some stages of business development becomes a burden to higher entrepreneurial growth aspirations.

Słowa kluczowe

  • informal economy
  • formal institutions
  • informal institutions
  • undeclared work
  • Bosnia and Herzegovina

JEL Classification

  • O17
Otwarty dostęp

Students’ Attitudes Towards Starting a Business, on the Example of Students at the University of Information Technology and Management in Rzeszów (Poland)

Data publikacji: 15 Apr 2019
Zakres stron: 90 - 103

Abstrakt

Abstract

Entrepreneurship understood as a manifestation of economic activity is an issue widely discussed in literature, especially in the field of economics. Today, a large part of society is involved in establishing and running a business, hence the shaping of entrepreneurial behaviors gains importance among all age groups, especially young people. The main objective of the conducted research was to examine the interest in starting their own business by students and to verify whether the direction of their studies or role in the group affects the students’ willingness to start a business and whether a family member runs a business influences this interest and moreover, whether capital and the idea are the two main criteria conditioning the decision.. The conclusions were based on a study, i.e. (mainly) the cross-analysis of data collected as part of a survey conducted among students of the University of Information Technology and Management in Rzeszów.

Słowa kluczowe

  • entrepreneurship
  • starting a business
  • students

JEL Classification

  • L26
  • A20

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