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1

Hiszpańskie fundusze SOCIMI (REIT) a efektywność informacyjna pośrednich inwestycji rynku nieruchomości

100%

Kasprzak P.

Świat Nieruchomości

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2015

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issue 3(93)

41-48

PL

Szeroko rozumiana efektywność rynku jest różnie definiowana. Rynek efektywny w sensie alokacyjnym oferuje możliwość pozyskiwania kapitału tym uczestnikom, którzy gwarantują najwyższą stopę zwrotu z dokonanych inwestycji. Rynek efektywny w sensie transakcyjnym oferuje szybki do niego dostęp i niskie koszty transakcji. Na rynku efektywnym w sensie informacyjnym ceny aktywów w pełni odzwierciedlają dostępne o nich informacje. Rynek prywatnych inwestycji w nieruchomości jest niedoskonały, nieelastyczny, niezorganizowany i nieefektywny. Aby uatrakcyjnić rynek nieruchomości dla inwestorów ustawodawcy na rozwiniętych rynkach finansowych dopuszczają do funkcjonowania specjalistyczne fundusze typu REIT. Są one przykładem świadomie stosowanej polityki ekonomicznej, która np. dopuszcza redukcję obciążeń podatkowych po spełnieniu określonych wymogów, dla spełnienia istotnej gospodarczo funkcji. Obserwując ogarnięty kryzysem hiszpański rynek nieruchomości można zaobserwować zmiany w zakresie efektywności informacyjnej rynku inwestycji pośrednich wynikające z wprowadzenia do obrotu funduszy SOCIMI. Analiza jakościowa tego programu pozwala na zweryfikowanie hipotezy badawczej, że wprowadzenie funduszy typu REIT do obrotu giełdowego poprawia efektywność tego rynku. Dodatkową przesłanką powstania artykułu jest rozpoczęcie dyskusji o możliwości zastosowania analogicznych rozwiązań w Polsce, z oczekiwaniem pozytywnych efektów ich wprowadzenia.

EN

Broadly understood market efficiency is defined in various ways. A market which is efficient from the point of view of allocation offers a possibility to raise capital to those participants who guarantee the highest rate of return on the investments made. A market which is efficient from the transactional point of view offers fast access to it and low cost of transactions. On a market efficient in the informational sense, the prices of assets fully reflect available information on them. The real estate private investment market is imperfect,inflexible, unorganized and inefficient. To make the real estate market attractive to investors, on developed financial markets legislators allow the functioning of specialist funds of REIT type. They are an example of advisedly applied economic policy which, for example, provides for the reduction of tax burdens upon the fulfillment of specific requirements to meet an economically significant function. When observing the Spanish real estate market in crisis, we can notice changes in respect of information efficiency of indirect investment market, arising from the introduction of SOCIMI funds to the capital market. A qualitative analysis of this programme enables the verification of the research hypothesis that the introduction of REIT type funds to the capital market improves the effectiveness of this market. An additional premise to write this article is to start a discussion on the possibility to implement analogous solutions in Poland, with the expectation of positive effects of their introduction.

2

Energy Security of Polish Consumers in 2004–2021

63%

Gomółka K., Kasprzak P.

Annales Universitatis Mariae Curie-Skłodowska, sectio H – Oeconomia

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2022

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vol. 56

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issue 2

21-39

EN

Theoretical background: Energy security is one of the most important components of economic security. It is influenced not only by access to energy sources and the economic situation of the state and the individual consumer. The authors adopted the definition of energy security of an individual consumer as included in the UN report. It states that the energy security of an individual consumer is guaranteed when the average consumer has access to energy at all times, in various forms, in sufficient quantity and at a reasonable price, with the simultaneous development of support mechanisms for socially and economically sensitive consumers, and after implementation of independent mechanisms for resolving disputes with the energy company, which eliminate or at least alleviate the economic advantage of the enterprises.Purpose of the article: The main aim of the paper is to present the impact of macroeconomic indicators of the Polish economy on the energy security of Polish consumers with a minimum and average monthly income. Detailed objectives include determining the possibility of purchasing by consumers with such income, diesel oil, Pb95 gasoline, LPG, electricity, heat and present changes in the energy security of individual consumers in the analyzed period (i.e. 2004–2021).Methods: The study covered Poland, country which joined the European Union in 2004. The period of the analysis described the years from 2004 to 2021. The source of the collected information was a review of the literature on the subject and statistical data. Descriptive, tabular and graphical methods, constant dynamic indicators were used for the analysis and presentation of the results.Main findings: The last two decades of the 21st century have brought Poland a number of positive socio-economic changes. The Polish economy noted that inflation remained at the level of National Bank of Poland’s expectations, increased trade, a marked decline in unemployment and rising wages, and thus a general increase in the quality of life as well as energy security of the individual consumer. The authors assumed that in the years of 2004–2021 the consumer had good access to energy, heat and other fuels. The supplies of energy resources were ensured by long-term contracts, including the Yamal contract, and the demand for heating coal was satisfied with the raw material largely mined in Poland. Heat, mainly in large clusters of people, was generated by coal-fired power plants. This raw material was also used by power plants. For heating their houses, individual consumers – mainly in the countryside – used gas or oil.

3

Cranioplasty as the return-to-work factor – 112 patients with cranial defects treated in the Department of Neurosurgery at the Medical University of Lodz

51%

Kasprzak P., Ormezowska E., Jaskólski D.

International Journal of Occupational Medicine and Environmental Health

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2017

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vol. 30

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issue 5

803-809

EN

Objectives The number of craniectomies and the consequent reconstructive procedures has grown during the past decades. Cranial defects and methods of their repair could have some influence on work capability of the patients and their employability. Material and Methods The authors analyzed a group of 112 patients with cranial defects treated in the Department of Neurosurgery at the Medical University of Lodz, Poland, in the course of the katamnestic period longer than 6 months after reconstructive operation, and observed them between February 2008 and February 2015. Their work capability and employment were compared, all the patients were interviewed concerning the reasons for not working according to the Social Insurance Institution predication procedure. Results Before the cranioplasty, all the patients were capable of working without limitations according to biological criteria and 89 of them were employed. Twenty-three not working people consisted of 6 pupils, 7 retired and 10 not working for other reasons. During the period between the craniectomy and the cranioplasty, 88 patients were capable of working and only 2 were employed. After the reconstruction, 93 were capable of working without limitations and 16 – with limitations. Forty-seven were employed during the period of the follow-up, the rest of patients consisted of 2 pupils, 13 retired and 50 not working for various reasons. Conclusions Cranioplasty is a very important factor contributing to return to work. This outcome may be seen as having a great social value and be added to the functions of cranial repair as protective, esthetic and normalizing the intracranial pressure previously described in the literature. Int J Occup Med Environ Health 2017;30(5):803–809

Refine search results

1 Annales Universitatis Mariae Curie-Skłodowska, sectio H – Oeconomia

1 International Journal of Occupational Medicine and Environmental Health

1 Świat Nieruchomości

3 Kasprzak P.

1 Gomółka K.

1 Jaskólski D.

1 Ormezowska E.

1 2022

1 2017

1 2015

Hiszpańskie fundusze SOCIMI (REIT) a efektywność informacyjna pośrednich inwestycji rynku nieruchomości

Energy Security of Polish Consumers in 2004–2021

Cranioplasty as the return-to-work factor – 112 patients with cranial defects treated in the Department of Neurosurgery at the Medical University of Lodz