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1
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Expensive and cheap funds – Polish stock mutual fund fees in 2017

100%
Fraś A.
Nauki o Finansach
|
2018
|
issue vol. 23 no. 4
38-49
EN
Mutual fund fees are extraordinarily high in Poland – almost three times higher than in Western Europe and almost five times higher than in the United States. In fact is that from among 183 Polish open-ended stock mutual funds as many as 81 impose a management fee of 4%, which is the highest value in the sample. The question arises whether it is really worth to invest in funds from the more expensive group. Comparing funds charging the highest fees (4%) with the cheaper ones it seems that there is no statistically significant difference between rate of return, risk and efficiency. However, more expensive funds have on average higher costs, are three years older and have almost 70% bigger assets. This may suggest that a well-established market position – not performance – is the trigger for raising their fees. Interestingly, funds with a relatively high minimal initial contribution level (5,000 PLN) have significantly lower management fees with similar costs, total assets value and performance results. Further analysis has also indicated that the costs level (Total Expense Ratio) is higher for older funds, while it is not related to funds’ size.
2
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Zatwierdzanie taryf za zbiorowe zaopatrzenie w wodę i zbiorowe odprowadzanie ścieków przez organ regulacyjny a konstytucyjne rozumienie nadzoru nad działalnością samorządu terytorialnego

100%
Miaskowska-Daszkiewicz K., Przywora B.
Zeszyty Prawnicze BAS
|
2021
|
issue 3(71)
37-54
EN
The subject of this paper is to analyse the provisions of the Act of 7th June 2001 on the Collective Water Supply and Collective Waste Water Disposal to the extent that they provide the regulatory body with the power to approve a tariff for collective water supply and collective waste water disposal. The authors show that the approval of tariffs by the regulatory authority does not constitute an act of supervision over local self-government within the meaning of Article 171 of the Constitution, and therefore this provision of the Constitution cannot constitute an adequate basis for the constitutional review of the provisions under analysis.
3
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Wskaźnik kosztów uczestnictwa jako efekt oddziaływania atrybutów funduszy inwestycyjnych

88%
Filip D., Karaś D.
Annales Universitatis Mariae Curie-Skłodowska, sectio H – Oeconomia
|
2018
|
vol. 52
|
issue 4
EN
The aim of this paper is to examine if fund attributes such as size, age and family size influence the expense ratio. The study employs multiple regression analysis for cross-section data with the use of three methods of estimation (OLS, Fama–MacBeth and IRLS). The analysis is conducted using data from four segments of Polish mutual funds. The results confirm the existence of small economies of scale in the case of the expenses incurred in connection with the increasing assets under management.
PL
Celem artykułu jest ustalenie wpływu atrybutów funduszy inwestycyjnych, takich jak wiek, wielkość funduszu oraz wielkość towarzystwa, do jakiego należy dany fundusz, na wysokość opłat pobieranych przez omawianych pośredników. W tym celu wykorzystano analizę regresji wielorakiej dla danych przekrojowych z wykorzystaniem trzech metod estymacji paramentów (OLS, Fama–MacBetha oraz IRLS). Analizę zależności wskaźników kosztów uczestnictwa od cech organizacyjnych oparto o dane dotyczące czterech segmentów polskich funduszy inwestycyjnych. Otrzymane wyniki potwierdzają istnienie niewielkich korzyści skali w opłatach pobieranych przez fundusze w związku ze zwiększaniem się wartości posiadanych aktywów.
4
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Zachowania żywieniowe wśród podopiecznych domu dziecka

75%
Wójtowicz B., Dębska G., Ławska W.
Państwo i Społeczeństwo
|
2013
|
issue 1
51-60
EN
Introduction. The connection between eating disorders, lifestyle, eating habits and environmental and social conditionings is obvious. They cause life-threatening somatic aftermath, as well as mental and social outcomes. Aim of the research. The research was carried out in order to learn about eating habits of charges from children’s home. Girls in general are more prone to development of negative eating behaviour. The variables measurement was taken by the use of diagnostic survey based on original questionnaire and the analysis of documents and also by the means of observation and survey. The research was taken at the beginning of 2010 and included 65 charges of children’s home. Girls in general are more prone to development of negative eating behaviour. The risk of appearance of eating disorders is increasing proportionally to age. The eating habits among the charges are not developed correctly and because of that the risk of eating disorders is high. Special prophylactic programs of eating disorders should be created among the charges of children’s homes. In the high-risk groups the activities should be concentrated on educating children and tutors about the body mass norms and figures.
PL
Związek zaburzeń odżywania ze stylem życia, nawykami żywieniowymi oraz uwarunkowaniami psychospołecznymi jest oczywisty. Powodują one zagrażające życiu następstwa somatyczne, a także psychiczne i społeczne. Cel badań: badanie podjęto w celu poznania zachowań żywieniowych wśród wychowanków Domu Dziecka. Metodyka: pomiaru zmiennych dokonano metodą sondażu diagnostycznego wykorzystując autorski kwestionariusz ankiety. Badania przeprowadzono na początku 2010 roku i objęto nimi 65 wychowanków Domu Dziecka. Wyniki: dziewczęta są bardziej narażone na wystąpienie negatywnych zachowań żywieniowych. Nawyki żywieniowe wśród wychowanków nie są prawidłowo rozwinięte, istnieje więc ryzyko zagrożenia zaburzeniami odżywania. Zagrożenie zaburzeniami odżywiania wzrasta wprost proporcjonalnie do wieku. Wnioski: należy opracować programy profilaktyczne zaburzeń odżywiania wśród wychowanków domów dziecka. W grupach podwyższonego ryzyka opiekunowie dzieci i młodzież powinni posiadać wiedzę dotyczącą norm masy ciała w odniesieniu do wysokości i wieku.
5
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Are the Highest Mutual Fund Fees Justified by Their Performance?

75%
Fraś A.
Problemy Zarządzania
|
2018
|
issue 2/2018 (74)
62-73
PL
Opłata w funduszu inwestycyjnym – będąca ceną produktu – powinna być powiązana z cechami produktu, jak na przykład wyniki, na podstawie których inwestorzy podejmują decyzje odnośnie do zakupu. W niniejszej pracy sprawdzono czy istnieje zależność pomiędzy dobrymi wynikami funduszu w przeszłości (1- i 5-letni horyzont czasowy) a opłatą bieżącą. Badanie polskich otwartych funduszy inwestycyjnych w 2017 roku pokazuje, że nie ma wyraźnej liniowej bądź nieliniowej zależności między wynikami a opłatą bieżącą. Obliczenia zostały wykonane przy użyciu narzędzia dopasowywania krzywych w programie R i analizy korelacji. W drugiej części artykułu porównano strategie inwestowania w najdroższe i najtańsze fundusze z podziałem na typ funduszu (akcji, mieszane i obligacji). Wywnioskowano, że wyniki nie są istotnym czynnikiem podnoszącym opłaty. Jeśli opłaty nie zależą od rezultatów funduszu, to albo dystrybucja opłat pomiędzy funduszami jest losowa, albo wyjaśnienia należy szukać wśród czynników niefundamentalnych, jak reklama czy aspekty behawioralne.
EN
A mutual fund fee – being the price of a product – is related to the features of the product, like fund results, which are the base in the inves’s purchase decision making process. In the present study, we examine whether there is a relation between good performance of the fund in the past (1- and 5-year-time horizons) and the current fee. The research for the Polish open-ended mutual funds market in 2017 indicates that there is no clear linear or non-linear relation between past performance and current charges. The computations were conducted using fitting curves packages in the R programming language and a correlation analysis. In the second part of the article, the strategies of investing in the cheapest and the most expensive funds were compared, with a split into fund types (stock, mixed and bond funds). The overall conclusion is that performance is not a driver for imposing higher fees on the investors. If it is not, then either fee distribution among the funds is random or other non-fundamental factors matters. Keywords: mutual fund, fund fees, charges, fund performance.
6

Marszałek województwa jako organ podatkowy

63%
Ofiarski Z.
Prawo
|
2019
|
issue 327
175-192
EN
The Province Marshal (voivodeship marshal) does not hold the status of an authority in local government units. The Province Marshal serves only as the chairman of the province government, that is, the executive body of the local government of the province. From the perspective of the law on public levies, and in particular the law regulating the size and collection of public levies, the Province Marshal is a tax authority or at least a body which has the authority of a tax authority. As a result of introducing further public dues into the Polish system of public levies, in particular dues related to activities that have negative environmental impact, the scope of the Province Marshal’s role in assessing and levying of such dues has become more significant. The role of a Province Marshal is not limited only to the assessment and collection procedures, but also to other tasks, such as gathering of information, keeping of records and drawing up of reports.
7

Daniny publiczne związane z użytkowaniem dróg publicznych i ruchem drogowym w ustroju demokratycznym odrodzonej Polsk

51%
Antonów D.
Studia nad Autorytaryzmem i Totalitaryzmem
|
2019
|
vol. 41
|
issue 4
183-203
EN
The article is devoted to public levies connected with the use of public roads and the road traffic in the democratic system of reborn Poland (i.e. after regaining independence). Problems connected with public roads (first of all financing of building and maintaining the roads) as the elements of politics of democratic Poland in range of its economic restoration in the capitalist economic system after many years of annexation are described in the article. During that period the state collected different charges and other levies from participants of the road traffic and other subjects using public roads in different ways (e.g. industrial companies located by the roads, which use the roads in other way than normal users, that means they often transport heavy things by big vehicles). Takings from the levies were allocated for building and maintenance of public roads. The most important kinds of levies are shown and discussed in the article. An assessment of the politics of Poland in the field of road infrastructure during the first years after regaining independence is also conducted in the article.
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