Search results - CEJSH

1

MAKING MOST OF MOVING AVERAGE MODELS DURING STOCK MARKET ANALYSIS – SELECTION OF THE MODEL AND TIME PERIOD

100%

Letkowski D.

Acta Universitatis Lodziensis. Folia Oeconomica

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2014

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vol. 2

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issue 301

PL

Technical analysis rely on assumption that analysis of past market performance provides possibility for proper stock price forecasting, in particular by identification of buy and sell signals. The article describe main moving average models: simple moving average, weighted moving average and exponential moving average and manner of theirs usage while constructing investment strategy on financial market. The article outlines possibilities and limitations of moving averages usage in investment practice. In addition empirical verification of moving averages is provided for selected polish shares forming index WIG20.

2

Ryzyko podatkowe rozliczeń wirtualnych na przykładzie transakcji HYIP

80%

Biernacki K.

Nauki o Finansach

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2014

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issue 1(18)

11-18

EN

Nowadays Internet allows to make settlements in virtual currency, which can be exemplified by HYIP transaction. This abbreviation means High Yield Investment Programs and provides the possibility to invest for short periods with high rate of return. However, achieving income results in the necessity to tax such a gain. Because of the methodology of calculation of Polish taxes, especially income taxes, virtual settlements generate tax risk in three areas: subject, object and formal requirements of the taxation. In conclusion this tax risk may negatively influence the development of such investments in virtual space.

3

Studying the effect of assets return rate on stock price of the companies accepted in Tehran stock exchange

80%

Saeidi P., Okhli A.

Business and Economic Horizons

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2012

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vol. 8

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issue 2

12-22

EN

One of the criteria to evaluate management ability of a company to gain return is assets return rate, with regard to existing resources. Management is expected to use the current assets so that the maximum return is gained. The present study aims at investigating assets return rate impact on stock prices of the companies accepted in Tehran stock exchange. In this research, assets return rate is considered as independent variable, and stock price as dependent variable, and company size, company age, and beta coefficient as control variables from 2001 to 2010. Research method is correlation in terms of hypothesis testing, and through multi-variable regression statistic analysis has been done. The research findings indicate strong impact and relationship between independent and dependent variables, and the research hypothesis has been accepted.

4

PROBLEMATYKA INWESTOWANIA W WYBRANYCH KONCEPCJACH EKONOMICZNYCH

80%

Makary B.

Zeszyt Naukowy Wyższej Szkoły Zarządzania i Bankowości w Krakowie

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2013

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issue 27

84-95

PL

W teorii ekonomii możemy zauważyć różne podejścia do problemu inwestowania. Wynikają one między innymi z tego, że na przestrzeni wieków zmieniały się systemy ekonomiczne jak i społeczne. W artykule przedstawione zostaną różne podejścia do problematyki inwestowania w wybranych koncepcjach ekonomicznych. Analizie zostaną poddane inwestycje w teoriach przedklasycznych, klasycznych, Marksa oraz Keynesa

EN

The theory of economics includes various approaches to investment. They result from different economic and social systems that existed throughout ages. The article presents various approaches to investment in selected economic theories and analyzes the issue of investment in pre-classical, classical, Marx’s and Keynes’s theories.

5

APPLICATION OF ARTIFICIAL NEURAL NETWORK SUPPORTING THE PROCESS OF PORTFOLIO MANAGEMENT IN TERMS OF TIME INVESTMENT ON THE WARSAW STOCK EXCHANGE

80%

Halicki M., Kwater T.

Metody Ilościowe w Badaniach Ekonomicznych

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2014

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vol. 15

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issue 2

307-316

EN

The paper presents the use of artificial neural networks as a tool expert, which supports decision-making for the quarterly period investing on the stock exchange. The authors also proposed a set of 12 features of the economy and the stock market, which has a universal character so that the approach presented in the publication of this configuration data can be useful for any chosen market. Tests were carried out on the basis of actual data from WSE (GPW in Warsaw) and the Polish economy.

6

Szacowanie wewnętrznej stopy zwrotu inwestycji w wyższe wykształcenie

80%

Adamczyk A., Jarecki W.

Gospodarka Narodowa. The Polish Journal of Economics

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2008

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vol. 228

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issue 11-12

77-93

EN

Surveys conducted in some of the world’s most developed countries have demonstrated that there is a positive relationship between the level of education and the level of income, Adamczyk and Jarecki write. According to the human capital theory, this effect is due to the growth of productivity. But education is also associated with costs. These costs can be divided into the direct costs of studying and opportunity costs. Thanks to the existence of measurable costs and effects, it is possible to assess the profitability of education. In order to measure the effects of investment in higher education, under the human capital theory, it is necessary to use a function in which the dependent variable is the level of income and the independent variables are age, education, and professional experience. However, this method cannot be used to determine whether or not studying is profitable, because it does not consider the costs of studying, Adamczyk and Jarecki note. They evaluate the profitability of investment in higher education in 2002, 2004 and 2006 using the internal rate of return (IRR) method. The IRR method is commonly used to evaluate the profitability of companies’ long-term investments. It makes it possible to take into account not only the level of effects and costs, but also the moment when they appear. A key advantage of this method is that it makes it possible to compare the effectiveness of investment in education with other kinds of investments, the authors say. The evaluation made by the authors showed that the rate of return was lower than 15 percent but higher than 16 percent, which means it was higher than the risk-free rate of return. In all, the obtained results show that investment in higher education in Poland is profitable. The analysis also demonstrated that the profitability of investment in higher education depends on sex. Men can obtain a higher rate of return than women. Another conclusion is that the profitability of studying can be affected not only by the income level but also by its time distribution.

7

Okres zwrotu indywidualnych inwestycji w wyższe wykształcenie

80%

Jarecki W.

Gospodarka Narodowa. The Polish Journal of Economics

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2006

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vol. 208

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issue 5-6

21-34

EN

The author calculates the value of potential paychecks lost by those who enroll for college studies instead of starting a professional career directly after graduation from high school. The author also determines the total cost of university-level education depending on individual types of studies and economic sectors. He estimates the period after which the incomes of people with a secondary education and those with a university-level education will level out. The analysis applies to the years 2000-2004. The amount of potential pay lost by college students was calculated by summing up the real remuneration of people with a secondary education in 2000-2004, considering the unemployment rate among people with a secondary education in the 15-24 age group. Total costs were determined by adding direct costs to pay lost. The payback period was calculated on the basis of the average 2004 pay of people with both a secondary and university-level education, considering the relevant unemployment rates and assuming steady geometric wage growth. It turns out that the average payback period for investments in higher education is five years. The period tends to be longer for graduates of technological studies and shorter for economists, administration graduates and teachers. The payback period is usually longer for studies with greater importance to the development of the economy (such as engineering) and the functioning of society (medicine and education). A short payback period is noted for investments in economic studies, which confirms the rationality of the choices made by many high-school graduates.

8

Finansowanie inwestycji w małych i średnich przedsiębiorstwach

80%

Szczepaniec M.

Gospodarka Narodowa. The Polish Journal of Economics

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2006

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vol. 206

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issue 3

59-70

EN

The article contributes to the overall body of knowledge about investments made by small and medium-sized enterprises (SMEs) and their sources of financing. The author conducts an empirical research through a direct interview method on two samples: a sample of 1,001 microbusinesses (meaning those with up to nine employees) and a sample of 1,202 SMEs with 10 to 249 employees. The research shows that only 41 percent of Poland’s SMEs carried out investments in 2004. Investment indicators were the highest among medium-sized enterprises (74 percent), while microbusinesses showed the lowest indicators (41 percent). In the case of individual types of investments (day-to-day maintenance and modernization, purchase of computer hardware and software, purchase of individual machines and equipment, purchase of means of transportation, construction of new plants and purchase of turnkey production lines), the highest investment indicators were invariably recorded among medium-sized enterprises. The percentage of investing companies increased with an increase in employment. The same is true of the percentage of companies declaring investment plans for the next 12 months. Most of the companies polled used their own funds to finance their investments. An important (though usually only supportive) role in financing some investments (in particular, the purchases of means of transportation, turnkey production lines, machines and equipment) was played by loans and leasing. In analyses by market segment, the following rule was observed: companies with a higher level of employment displayed a greater tendency to use loans and leasing programs. Other sources of funds for investment projects in the SME sector were of marginal importance. Comparative analyses reveal that the use of external sources of funds to finance SME investment projects in Poland is usually two to three times lower than in other EU countries and the United States. However, no evidence of discrimination against SMEs in lending by banks was obtained. Only 2.5 percent of the companies polled have been refused bank loans over the past three years. An increased propensity to invest among Polish SMEs could be stimulated by appropriate activities of the government, banks and entrepreneurs themselves.

9

RETURNS FROM THE ART MARKET. PRICE INDEX EVALU-ATED FOR THE MOST-TRADED POLISH PAINTERS

80%

Witkowska D., Kompa K.

Metody Ilościowe w Badaniach Ekonomicznych

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2014

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vol. 15

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issue 2

414-428

EN

Relatively new approach toward investing is to concern pieces of art as in-vestment instrument or collateral. In order to decide whether art is a good in-vestment, it is necessary to evaluate expected returns, which might be ob-tained from such investment thus an art price index should be developed. The aim of the paper is to discuss artworks as investment assets and evaluate price index of paintings produced by 11 Polish artists whose artworks were traded the most often on auctions that held in Poland in the years 2007-2010. In our research, employing data concerning 750 objects, we apply he-donic index methodology to estimate returns from the paintings market. Our results justify the opinion that art can be treated as safe asset class, especially in comparison to equity market.

10

Investor Relations & Importance in the Global Financial Market

80%

Dziawgo D.

Equilibrium. Quarterly Journal of Economics and Economic Policy

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2012

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vol. 7

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issue 2

EN

The aim of the elaboration is to draw attention to selected aspects of investor relations importance for capital market functioning to increase the quality of communication with investors in the global financial market.The article presents the importance of investor relations from a macroeconomic and microeconomic point of view. The theory was complemented with selected surveys results.The surveys were conducted by the author on a sample of individual investors, stock-quoted companies and sell-side analysts on Polish capital market between June 2009 – March 2010. In the article, description method, comparison method, case study and questionnaire method were used.

11

GDP Fluctuation and Changes in Consumption and Investment. Comparative Analysis of Polish Economy and Some Countries of the European Union

80%

Rydarowska-Kurzbauer J.

Equilibrium. Quarterly Journal of Economics and Economic Policy

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2012

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vol. 7

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issue 3

EN

The turn of the century was full of dynamic and multi-dimensional changes in the global economy. The most spectacular phenomena may include financial crises. They exerted influence not only on the economy, in which they appeared, but as a result of deepening of globalization, spread "infecting" others. The purpose of this article was an attempt to find similarities in the dynamics of changes in production and global demand that characterized the economy of the selected European Union countries. The starting point was to show the dynamics of gross domestic product (GDP) in selected countries and to find similarities between them. In the next section, attention was focused on the changes in the two components of aggregate demand: consumption and investment, particularly on their correlation with the rate of change of GDP. For analysis and comparisons, the following economies were selected: the economy of the European Union (represented by the euro zone) and the economy of Central and Eastern Europe.

12

Polish Pension Funds Investment - is There A Place For Real Property in A Portfolio?

80%

Zaleczna M., Wolski R.

Folia Oeconomica Stetinensia

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2010

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vol. 9

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issue 1

151-166

EN

The pension fund investments should be characterised by a long term, low risk and profitability, which implicates the necessity of portfolio diversification. In general, pension funds having regular long-term contributions should develop the long-term policy and its effects would be responsible for the economic position of their future beneficiaries. The ways of capital allocation are also critical in terms of the entire economy, as a constant flow of financial resources provided by pension funds stimulates the activity of its recipients. The typical assets in a pension fund's portfolio in the developed economy are stocks, bonds and real property owing to low (negative) correlation between these assets and their diversified potential. The legal investment limits imposed on the Polish pension funds exclude direct investment in real property, which is responsible - in the authors' opinion - for the lower level of diversification and hinders the risk reduction. The authors analyze the Polish pension fund portfolios focusing on risk and return levels. The aim of the study is to find the answer to the important question about the results of hypothetically added real property to the portfolios of pension funds.

13

Neoindustrialization of Former Industrial Regions of Russia: The Example of “Titanium Valley"

80%

Burnasov A., Ilyushkina M., Kovalev Y., Stepanov A.

Prace Komisji Geografii Przemysłu Polskiego Towarzystwa Geograficznego

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2013

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vol. 21

327-331

EN

Russian economy in the 20th century experienced complex transformational processes. Havingintroduced the principles of a market economy, Russia has found itself under pressures of globalizationand neoindustrialization, which have had an effect on the nation’s industrial structure. Globalization hasexpanded state borders and opened the gates for Russian entrepreneurs to conquer world markets in oiland gas, ferrous and non-ferrous metals, engineering and chemical industries. The Urals region of Russiais developing in a very intensive way. The production cluster known as “Titanium Valley” was formedhere. This article throws light on some of the special features of its activity.

14

Liberalizacja zasad budowania farm wiatrowych

80%

Sobieraj K.

Zeszyty Prawnicze BAS

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2023

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issue 1(77)

206-218

EN

In the author’s opinion, the relaxation of the rules on the construction of wind farms should lead to an increase in investment in this area. However, the author recognises the risk of protests from local communities concerned about the potential health, environmental and landscape effects of the construction of wind farms.

15

Przedszkolaki na start, czyli dzieci „wysokiej jakości” w drodze do sukcesu

80%

Mazurowska A.

Ogrody Nauk i Sztuk

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2012

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issue 2

EN

The article focuses on the new faces of the 21st century understanding of childhood, that is, more specifically, when a child becomes an investment of its parents. The moment the child starts receiving formal education all parental measures and efforts are aimed to create a successful individual. “High quality” children are representatives of modern childhood, which is not always an idyllic one. The aim of this article is to present how the perception of childhood has changed and what consequences this new perception arises for the contemporary child.

16

A Swot Analysis of New Investments in Brown Coal Deposits in Poland

80%

Ziętera A. M.

Finanse i Prawo Finansowe

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2014

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vol. 1

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issue 3

93-104

EN

The purpose of this article is to present factors determining the effectiveness of new investments in brown coal deposits. It discusses the weak and strong points of brown coal mining in Poland, as well as opportunities and risks in its development. The strong point is that Poland has abundant resources of lignite and the opportunity lies in the rising demand for energy. The weak point is that brown coal emits large amounts of CO2 and risk is perceived in that the EU tightens up its policy on coal-based production of energy. An analysis of all these factors allows reliable assessment of the discount rate on investment projects, which must be known for their profitability to be established.

17

Industrial Parks - History, Present and its Influence to the Employment

80%

Vidová J.

Review of Economic Perspectives

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2010

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vol. 10

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issue 1

41-58

EN

The term industrial park is currently a very frequently used. One of the conditions of their development is a positive trend of capital movement and correct allocation of capital in new conditions of Slovak and world economy. In current post-industrial stage of development, industrial parks grow in quality in comparison of parks built in the past when all the activities of product building were allocated were concentrated into one single place. The new generation of industrial parks is characteristic by producing just one product or completion of final goods from components. The present day development in Slovakia confirms that it is necessary to support creation of industrial parks because it has a positive influence to activities supporting research and development and increasing of employment.

18

Leasing składników majątku – skutki podatkowe dla korzystającego

80%

Sowa B.

Przedsiębiorstwo i Region

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2013

|

issue 5

65-76

EN

A company's development is an essential task for any entrepreneur. To start a new business or expand the existing range, the entrepreneur must, above all, achieve funds for investment. Capital requirements normally exceed the available financial resources, which makes it necessary to obtain missing capital from external sources. One of the forms of business financing is leasing – especially attractive for entrepreneurs, who are just starting their business. It gives the possibility to finance investments from outer funds, i.e. from financing entity, which is particularly useful in situations, when the potential customer’s orders cannot be met due to technological shortcoming of an entrepreneur. The purpose of the publication is to present leasing in terms of tax implications for entrepreneur (beneficiary), especially in the field of income tax.

19

Gazociąg TAPI – niepewna przyszłość ambitnego projektu

80%

Wojcieszak Ł.

Politeja : Pismo Wydziału Studiów Miedzynarodowych i Politycznych Uniwersytetu Jagiellońskiego

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2015

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issue 8(39)

221-243

EN

The paper presents the history of the project: Turkmenistan–Afghanistan– Pakistan–India (TAPI) Pipeline. The pipeline is designed to connect four Asian countries: Turkmenistan, Afghanistan, Pakistan and India, and provide them not only with natural gas but also contribute to the peace and stability in conflict– prone regions. The author describes genesis and details of this investment as well as how important it is for the U.S. Further section shows the role of TAPI competitor – the IPI gas pipeline (Iran–Pakistan–India). The author presents the attitude of each country: Turkmenistan, Afghanistan, Pakistan and India towards the project, focusing on factors that could lead to the success as well as to the failure of the investment. Finally it shows the position of Russia, one of the major players in the region, and the prospects of the planned investment.

20

The Use of Capital Market Instruments in Investment of European Insurance Companies

80%

Wolski R.

Finansowy Kwartalnik Internetowy e-Finanse

|

2011

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vol. 7

|

issue 4

92-99

EN

The financial and the insurance markets are increasingly penetrating each other, accounting for the fact that insurers are more and more often seen as major institutional investors of capital markets. The capital market offers a range of new opportunities, although it is not devoid of faults, mercilessly exposed by consecutive stock market collapses. Do insurance companies use the capital market instruments? And if so, to what extent? The conducted analysis has pointed at growing involvement of insurers in capital assets. This involvement varies significantly in particular European countries, although research shows that on average it maintains a relatively high level.

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