The aim of the article is to assemble an optimal portfolio of chosen stocks of the Prague Stock Exchange. The Markowitz portfolio model is used. At rst, Pearson correlation coecients and covariance are calculated for the stocks ČEZ, KOMERČNÍ BANKA, TELEFÓNICA, UNIPETROL, NWR and PX Index in order to nd the dependence measure from 2003{ 2012. These values are presented in a correlation matrix and covariance matrix. Yield, risk and yield to risk ratios are calculated for stocks and PX Index. The dependence between yield and risk of stocks as well as yield and risk of portfolios are found. Stocks have di erent weights in a portfolio. A set of possible portfolios and a set of ecient portfolios are assembled for various combinations of ve-component stock portfolios. Based on that, an optimal portfolio is assembled. This article brings a method that can be used by investors and other subjects of the nancial market while deciding to what stocks to invest in.
Nowadays the value and the market position of an enterprise is more and more commonly a derivative of human capital of a given organisation. The development of human capital requires appropriate reporting and measurement. An analysis of instruments of identification and reporting human capital applied so far, in the light of intellectual capital, allows to state that there is no single universal instrument of identification and reporting human capital. Most researchers opt for multi-index tools, without specifying the way of calculating each index. Additionally, models developed so far focus, in a selective manner, on individual areas of human capital and provide separate indices for particular categories of human resources (e.g. only for management staff, or only for the clericals). Most methods are based both on qualitative and quantitative indices. The authors of the study find that, due to the complex nature of the human capital phenomenon, it is not possible to provide a method based on one index. They propose a multi-index, authors’ model for the analysis of human capital from several perspectives simultaneously: the perspective of costs; the perspective of time and quantity; the perspective of effectiveness; financial perspective and quality perspective. In total there are 28 indices, operationalised in detail, calculated in an annual perspective for the management staff and for the executive employees. Due to the simplicity of measures in the developed method, it can be applied by all enterprises, irrespective of their size.
The presented article uses the method of non-weighted average absolute deviation for expressing income inequality in 11 selected Central and Eastern European Countries. Specifically, the analysis of income inequality is done for Poland, the Czech Republic, the Slovak Republic, Austria, Slovenia, Hungary, Romania, Bulgaria, Latvia, Lithuania and Estonia. Based on the determination of income inequality in the article an analysis is made concerning the development of income inequality, including the subsequent inter-regional comparison in the context of the degree of income inequality in a given human society and economy. The text of this article is organized in 4 parts, after Introduction follows the analytic chapter where, primarily, the method of non-weighted average absolute deviation is explained. The third part contains the empirical analysis of income inequality, and the Conclusion highlights some major conclusions of detailed analysis made in Chapter 3. The analysis of income distribution of 11 European households between years 2005-2013 and its order is made in deciles basing on empirical data from the Statistics on Living Conditions and Welfare published by Eurostat.
Financial analysts have recently paid more attention to so-called emerging markets that are slowly reaching the level of developed stock markets. The objective of this paper is to evaluate the level of yields and risk attributed to developed stock markets (USA, United Kingdom and Germany) and to emerging markets (Brazil is South America, Mexico in Central America, Hong Kong in Asia and Australia). These levels are set separately for the periods from 30 September 2004 to 30 September 2008 and from 30 September 2008 to 30 September 2012. The author compares the changes in levels between both periods and also development of the level of yields and risk within whole period of 12 months periodicity. The macroeconomic situation of these countries during selected period is monitored by means of GDP growth. The values of the stock indices are taken from major stock exchanges in these countries and bond yields are also used. Different standard deviations from the yield of the stock index, variation coefficients and Sharpe ratios are calculated. The author investigates to what extent it is true that higher yields can be achieved on emerging markets, but at the expense of a higher risk than on developed stock markets. Based on founded results it is clear that higher yields can be achieved on emerging markets at the expense of higher risk than on developed ones, but not in every case.
Gottlob Frege has already distinguished sense (Sinn) from reference (Bedeutung) because expressions can possess the same referent and different senses. G. Frege also argued that some words have a sense, but it is very doubtful if they have a reference. Moreover, for example, the words “the least rapidly convergent series” have sense but no referent. According to this distinction, we can notice that the expression “indexing” has many different senses, but it is hard to say if the meaning of this expression exists. We can index the Latin word index and list: an informer, a traitor, a spy, a demonstrative finger, a title or an inscription etc. But how to index the word “indexing”? Should we rather say perhaps an indexing grammar, according to Ludwig Wittgenstein’s undenotational theory of meaning as use of expression? Though in postmodernism this anti-essential impulse was strengthened (Derrida, Rorty, Welsch), however we have to cope with this – a true or false, good or oppressive – indexing game and at the same time with the game against the discipline of indexing. An indexing is proper both for the doctrines which have an absolutistic (Arystoteles) or publicly religious pronunciation (Pascal), also for relativism and contextualism or – only vestigially – (con)textualism.
The adverse effects of simulation on the phenomenal reality of a principal cultural institution - the language are viewed here. Bid to identify and put into shape everything captures anything and everything that has no nature and is understood as things existent. Speculative substitutions of a live "here is"-reality for its significant and indicative alternative lead to the validation of a reality that is not involved in existence.
The article focuses on the notion of the image of self-shadow in American photography in the second half of the twentieth century, understood as a shadow silhouette of the creator captured in a photograph. The two main problems that concern the author’s research are the lack of current, theoretical study on the problem of shadow in the history of photography from the perspective of art history (V. Stoichita, R. Casati, P. Cavanagh, H. Kanaan) and the lack of the definition of the phenomenon of self-shadow and its possible types in self-portraiture. The author’s proposition of a definition of self-shadow is based on selected photographs by four artists whose works touch upon the problem of shadow in the context of relations between the “self” and the “other” (Lee Friedlander), race and subjective invisibility (Shawn W. Walker), mask and the other-self (Andy Warhol), and the intimate recording of identity (Nan Goldin). In her analyses, the author discusses the problem of the hybrid ontology of the shadow, which is both visible and visual. In this understanding, the shadow not only refers to a physical body, present “here and now” but more importantly evokes a sense of presence, even when the artist’s body is absent in the picture. The double index refers to the image leaving its mark both in reality and on light-sensitive paper. The rudimentary, vitalistic relation linking the human body with its shadow is only a starting point for analyses of the complexity of its status and symbolism. The concepts framing Andy Warhol’s Polaroid are twinning, the mask, and the Jungian theory of the shadow archetype. To discuss the self-portrait of Shawn W. Walker, the author applies the literary-philosophical concept of invisibility based on writings from Black existentialists (W.E.B. Du Bois, F. Fanon, R. Ellison). The analyses of Lee Friedlander’s photograph have been based on the psychological distinction between the figures of the “self” and the “other”. The closing concepts that frame Nan Goldin’s self-portrait are the haptic thinking subject (M. Smolińska) and the notion of a diary. The critical apparatus of the study is supplemented by contemporary analyses of the myth of Narcissus, the mythical origins of the self-portrait, and the notion of the index (after R. Krauss, M. Michałowska, M.A. Doane).
Objectives The objective of this study was to present a technique for estimating the effect of ambient air pollution mix on health outcomes. Material and Methods We created a technique of indexing air pollution mix as a cause of the increased odds of health problems. As an illustrative example, we analyzed the impact of pollution on the frequency of emergency department (ED) visits due to colitis among young patients (age < 15 years, N = 11 110). Our technique involves 2 steps. First, we considered 6 ambient air pollutants (carbon monoxide, nitrogen dioxide, sulphur dioxide, ozone, and 2 measures of particulate matter) treating each pollutant as a single exposure. Odds ratios (ORs) for ED visits associated with a standard increase (interquartile range – IQR) in the pollutants levels were calculated using the case-crossover technique. The ORs and their 95% confidence intervals (95% CIs) were also found for lagged exposures (for lags 1–9 days). Second, we defined a Health Air Study Index (HASI) to represent the combined impact of the 6 air pollutants. Results We obtained positive and statistically significant results for individual air pollutants and among them the following estimations: OR = 1.06 (95% CI: 1.02–1.1, NO₂ lag 3, IQR = 12.8 ppb), OR = 1.04 (95% CI: 1.01–1.07, SO₂ lag 4, IQR = 2.3 ppb), OR = 1.04 (95% CI: 1–1.06, PM lag 3, IQR = 6.2 μg/m³). Among the re-calculated ORs with the HASI values as an exposure, the highest estimated value was OR = 1.37 (95% CI: 1.12–1.68, for 1 unit of the HASI, lag 3). Conclusions The proposed index (HASI) allows to confirm the pattern of associations for lags obtained for individual air pollutants. In the presented example the used index (HASI) indicates the strongest relation with the exposure lagged by 3 days.
Stemming from assumption that Gross Domestic Product is an index oversimplifying economic development and not reflecting socio-economic development, the paper presents conceptualization, operationalization and estimation of Balanced Development Index (BDI), concerning both economic and social development in Poland. Actual values of this index as well as its four composite components (middle-level indexes) are presented for 1999-2013. A statistical model allowing estimation of BDI values as well as short-term forecasts is proposed alongside with the concept of balanced development. Application of this model for 1999-2016 is presented.
The livelihood approach aims at the analysis, understanding and restrictions that the poorest people have to face in order to recover from difficult situations. The Department for International Development model is applied to an urban zone with the purpose of making an assessment of the livelihood of the district ’la Comuna 1’ in Medellin, Colombia, which has been recognised as the poorest and one of the most dangerous districts of the city. The case study presents both a quantitative analysis (macro) and qualitative (micro) analysis, as a mixed method that allows a more complete analysis and understanding of livelihood, and providing a deeper understanding of the district from the livelihood approach. The results indicate a stable growth of livelihood during the period of analysis.
The article focus on insurance broker profession in connection with second part of professions deregulations. It briefly presents modifications in polish law in this domain. Next part concerns the insurance brokers market dynamics analysis. The results shows permanent increase in brokers quantity in spite of existing regulations. Presented paper makes start point to following analysis.
The recent years have seen a noticeable increase in the importance of corporate social responsibility (CSR) concepts in the business environment. As a result, the demand for tools measuring corporate social responsibility has been growing. Investors, too started to realise the particular importance of reporting which became apparent after the recent financial crisis that had significantly diminished the trust in the global market. In response to investors’ expectations, financial institutions today publish indices of social responsibility. Currently, there are dozens of stock indexes based on CSR criteria, including the most popular Dow Jones Sustainability Index and the FTSE4GOOD Index, as well as RESPECT Index, the first CSR index in Central and Eastern Europe. Companies are increasingly frequently willing to implement CSR solutions and they also apply for inclusion in social responsibility indices. However, despite the high awareness of the existence of such indexes, they are not recognised by market participants as a key criterion to be used when making investment decisions.
PL
W ostatnich latach zauważalny jest wzrost znaczenia koncepcji społecznej odpowiedzialności biznesu (corporate social responsibility – CSR) w przestrzeni gospodarczej. W związku z tym coraz większym powodzeniem wśród inwestorów cieszą się narzędzia pozwalające ocenić działalność spółek pod kątem ich społecznej odpowiedzialności. Szczególne znaczenie sprawozdawczości w tym zakresie jest zauważalne po ostatnim kryzysie finansowym, który nadszarpnął zaufanie na rynku globalnym. Wychodząc naprzeciw oczekiwaniom inwestorów, instytucje finansowe publikują indeksy społecznej odpowiedzialności. Obecnie funkcjonuje kilkadziesiąt indeksów giełdowych tworzonych zgodnie z kryteriami CSR, a wśród nich najpopularniejsze to Dow Jones Sustainability Index oraz FTSE4GOOD Index, a także pierwszy w Europie Środkowo-Wschodniej – RESPECT Index. Przedsiębiorstwa coraz chętniej wdrażają rozwiązania z zakresu CSR i chętnie zgłaszają się do indeksów społecznej odpowiedzialności. Niestety mimo dużej świadomości istnienia indeksów nie są one kluczowym kryterium branym pod uwagę przy podejmowaniu decyzji inwestycyjnych przez uczestników rynku.
The present paper explores the topic of authorial dictionaries – a subject rarely discussed in Czech academic discourse. The aim of the study is to present several forms of authorial dictionaries, focusing mainly on current and up-to-date methods. At the beginning, the study explores two viewpoints (J. Mattausch and H. E. Wiegand) of the taxonomy of authorial dictionaries, of which the second is subjected to slightly stronger criticism. The article also looks at the development of this special lexicographical discipline. Finally, the paper mentions future perspectives of modern corpus devices in the sphere of authorial lexicography.
The purpose of the work is to examine the relationship between market risk premium and default. The research hypothesis assumes that the amount of the market risk premium significantly affects the level of the estimated probability of default of the company. The analysis was carried out using the example of the largest capital markets in the European Union and GFCI within the period from 1 January 2012 to 31 December 2018. Time series of the 20 most important stock market indices of non-financial companies representing all continents were applied in the empirical study. The largest non-financial companies, with regard to assets held as of 1 January 2012, listed on particular capital markets and included in the analyzed stock indices, one for each index, were included in the study. The following research methods were applied: the CAPM equilibrium model, Sharpe’s market asset value ratio and the market value of the corporate equity. The empirical study used time series of the 20 most important stock market indices of non-financial companies representing the analyzed markets. As a result of the analysis, the following research conclusion was established: the final value of companies from the GFCI area does not prove any significant difference with regard to their value before considering the risk premium. In the case of the EU market, this difference is significant. This means that capital markets with weaker capital and poorer, less stable economic conditions are less able to face market risk.
PL
Celem artykułu jest zbadanie zależności między premią za ryzyko rynkowe a niewypłacalnością. Przyjęta hipoteza badawcza brzmi następująco: wysokość premii za ryzyko rynkowe wpływa zasadniczo na poziom oszacowanego prawdopodobieństwa niewypłacalności spółki. Analizę przeprowadzono na przykładzie największych rynków kapitałowych w UE oraz GFCI w okresie 1.01.2012-31.12.2017. W badaniu empirycznym wykorzystano szeregi czasowe 20 najważniejszych indeksów giełdowych spółek niefinansowych reprezentujących wszystkie kontynenty. Badaniem objęto największe pod względem posiadanych aktywów spółki niefinansowe w dniu 1.01.2012 r., notowane na poszczególnych rynkach kapitałowych i wchodzące w skład analizowanych indeksów giełdowych, po jednej dla każdego indeksu. Jako metody badawcze zastosowano: model równowagi rynku kapitałowego CAPM oraz rynkowy współczynnik wartości aktywów Sharpe’a i rynkową wartość kapitału własnego przedsiębiorstwa. W badaniu wykorzystano szeregi czasowe 20 najważniejszych indeksów giełdowych spółek niefinansowych reprezentujących analizowane rynki. Sformułowano wniosek badawczy: wartość finalna spółek z obszaru GFCI nie wykazuje istotnie różnicy w stosunku do ich wartości przed uwzględnieniem premii za ryzyko. W przypadku rynku UE różnica ta jest już znacząca. Wskazuje to, że rynki kapitałowe o słabszym kapitale i gorszych, mniej stabilnych warunkach gospodarowania gorzej radzą sobie z ryzykiem rynkowym.
Pojęcie zielonej gospodarki zyskało na znaczeniu w wyniku realizacji programów antykryzysowych, związanych z tworzeniem nowych ram rozwojowych w poszczególnych państwach. Z uwagi na dokonujący się proces transformacji gospodarki w poszczególnych krajach, konieczne stało się zdefiniowanie elementów tworzących zieloną gospodarkę oraz wskazanie instrumentów nieumożliwiających dokonanie analizy jej efektywności, a także stopnia zaangażowania państw na rzecz jej wdrażania. Opracowanie przybliża kwestię wykorzystania dostępnych narzędzi w postaci wskaźników zrównoważonego i trwałego rozwoju.
EN
The concept of a green economy has gained importance with the implementation of anti-crisis programmes related to the creation of new development frameworks for individual countries. Because of the ongoing economic transformation in particular countries, it became necessary to define the constituent elements of a green economy and to identify appropriate instruments to analyse its effectiveness as well as the degree of involvement of particular countries in its implementation. The present paper sheds light on the application of the tools available in the form of sustainable development indicators.
This article exposits Maritain’s and Peirce’s account of the preconditions for emergence of event relations. It spotlights Maritain’s model of how to prepare for the receipt of objective intellection, as well as Peirce’s treatment of abductive inferencing. It further identifies the foundational representations (signs) which compel the intuitional/inferencing process. Both Peirce and Maritain advocate that inferring event relations depends upon two distinct kinds of knowledge: from empirical sources in Secondness/sensible experiences, as well as from an objective transcendental state in Firstness. In the latter, intuitions emerge from unbidden pictures vividly flashing across the mind’s eye, while in the former, embodied action templates trace lived experiential paths with objective import.
Celem tego artykułu jest wstępne opisanie wskaźnika użytego przez Gøstę Esping-Andersena, który był wykorzystany do analizy trzech modeli państw opiekuńczych, czyli wskaźnika dekomodyfikacji, oraz pokazanie, jak zmieniła się klasyfikacja państw w ramach modeli społecznych opartych tylko na podstawie tego wskaźnika przez 30 lat. Esping-Andersen wsparł swoją teorię trzech modeli społecznych wskaźnikiem dekomodyfikacji, ale nie utożsamiał wyników wskaźnika bezpośrednio z przynależnością do danego modelu. Wskaźnik jest tylko narzędziem, a nie podstawą do budowania teorii. Autor wskaźnika uważał, że im wyższe, dłużej wypłacane i powszechniej dostępne są świadczenia z zabezpieczenia społecznego, tym wyższy jest poziom odtowarowienia mieszkańców danego kraju. W tekście zostały opisane jego ograniczenia empiryczne (bazy porównywalnych danych w dłuższym okresie), teoretyczne i metodyczne – sposób obliczania wskaźnika dekomodyfikacji przez odchylenie standardowe oraz także jego ewentualny kierunek uzupełnienia przez świadczenia polityki rodzinnej. Wynikiem tej analizy jest nowa klasyfikacja 18 państw pierwotnie zbadanych przez Esping-Andersena i opis tego, w jaki sposób część z nich zmieniła swoją pozycję tylko w ramach wartości wskaźnika. Zmianę klasyfikacji mogą potwierdzać reformy podjęte w części krajów na przestrzeni lat. Wskaźnik dekomodyfikacji w oryginalnym ujęciu – pomimo swojej prostoty – jest nadal użyteczny do analizy modeli polityki społecznej, ale można rozważyć jego modyfikację wraz ze zmianami sposobu definiowania dekomodyfikacji i istotnych z perspektywy welfare state usług społecznych.
EN
The purpose of this article is to describe the research method used by Gøsta Esping-Andersen to create the three models of a welfare state, i.e., the decommodification index, as well as to show how the classification of countries within the framework of these models has changed during the last 30 years. Esping-Andersen supported his theory of three social regimes by decommodification index, however, he did not identify the results directly with belonging to a particular model. The index serves only as a tool, not a basis for building theories. By this concept, he believed that the higher and more widely distributed social security benefits are, the higher is the level of decomodification of the inhabitants of the country. The paper describes empirical (databases comparable in longer time periods), theoretical and methodological limitations of the index – method of calculating the rate of decommodification by the standard deviation and also a possible supplementation of the index by family policy measures. The result of this study is a new classification of 18 countries, originally studied by Esping-Andersen, and an analysis of why and how some of them have changed their position in the ranking. Change in the classification may be confirmed by the reforms undertaken in some countries over the years. The decommodification index in the original terms, despite its simplicity, is still useful to analyse the three models of social policy. However, a modification in terms of changes to definitions of decommodification and − important from the perspective of welfare state − social services, may be considered.
The author reflects upon a possible empirical interpretation of Wittgenstein's well known thesis 7 in his Tractatus, as applied to some problems encountered when dealing with TRS. The most general idea is that TRS is what 'shows', in Wittgenstein's sense, rather than what can be rendered in terms of words; the reason being the threatening infinite regress behind any attempt at reducing the phenomena of TRS to primitive concepts as represented by definite segmental units. Subsequently, the author touches upon certain more specific themes in the relevant domain. One of them is the problem of how to account for non-restrictive attributes or "appositions". The author stresses the fact that they do not yield to interpretation in terms of something p such that 'speaker said that p'. Another issue is that of an adequate interpretation of 'I'. The author shows irreparable inadequacies inherent in Wierzbicka's as well as in his own (previous) accounts of 'I'. According to his new proposal, 'I' is equivalent to 'someone' with the first subscript (in an arbitrary list of subscripts) appended to the organism / body of the current speaker; the latter just shows in Wittgenstein's sense.
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