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THE IMPACT OF THE LAGGED CONDITION VARIABLES ON THE CHANGES TO THE RATES OF RETURN ON THE SHARES QUOTED ON THE WARSAW STOCK EXCHANGE (Polish title - below)

100%
Urbanski S.
Przegląd Statystyczny
|
2009
|
vol. 56
|
issue 1
107-125
EN
(Polish title - 'Wplyw opóznionych zmiennych warunkowych na zmiany stóp zwrotu akcji notowanych na GPW w Warszawie'). The paper presents the testing of Fama and French three-factor model and the two- and three-factor aggregated model proposed earlier by the author. The conducted test concerns the impact of condition variables on changes to the rates of return on the shares quoted on the Warsaw Stock Exchange main market for 1995-2005. The analysis is based on the procedure proposed by Ferson and Harvey (1999). Fama and French lagged factors act as condition variables, the lagged rate of return on free-from-risk shares and lagged factor HMLF of the proposed aggregated model. The results of the analysis lead to the conclusion that the lagged rate of return on free-from-risk shares contributes additional information both to Fama and French model and the aggregated model. It implies that the two procedures may not be regarded as the examples of condition models. Lagged factor HMLF also has an impact on Fama and French model. On the other hand, no impact is recorded of Fama and French lagged factors on the description of the rates of return by means of the aggregated model. On the basis of the obtained results one should noute that the aggregated 2-factor and 3-factor models explain the cross section of average returns of shares listed on the Polish market better than Fama and French 3-factor model.
2

SPIRITUALITY OF MERCY ACCORDING TO BLESSED MICHAL SOPOCKO (Duchowosc milosierdzia wedlug bl. Michala Sopocki)

100%
Urbanski S.
Rocznik Teologii Katolickiej
|
2008
|
issue 7
13-30
EN
Spirituality of mercy is an expression of Christian formation to spiritual life. That is why the article does not discuss Blessed Michal Sopocko's doctrine of mercy, but his teachings on how to shape sainthood in an individual. The main aspect of sainthood was to follow Jesus Christ's mercy as a form of thankfulness for Jesus' love. This leads a person to showing mercy to others. This idea is a challenge for a 'new' spirituality which results in the hope for God's mercy for all. Following the example of Jesus, we can - through our words, deeds and sacrifices - promote merciful love of God. This is how Blessed Michal Sopocko understood mercy. A Christian has to encounter Jesus' and experience His merciful love first. Being united with Him and thus achieving the state of sainthood, he can show God's merciful love through his words and deeds. He can spread the 'new' sainthood which can change people and the world. It is sainthood of mercy. Everyone should strive for this state now, not to count on God's mercy on his last day.
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