Search results

1

An Analysis of Insider Trading in the Credit Derivatives Market Using the Event Study Methodology

100%

Wareluk E.

Management and Business Administration. Central Europe

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2013

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vol. 21

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issue 4(123)

25-54

EN

Purpose: In this paper I investigate the information fl ow between the credit default swap market and the stock market as well as insider trading in the credit default swap market. Methodology: For my analysis I use the event study methodology. Using the event study methodology I calculate abnormal stock returns and abnormal credit default swap premium changes. The analysis is based on 175,874 observations collected for 92 companies between the years 2001 and 2010. Findings: The results show that the information fl ow from the credit default swap market to the stock market is the most signifi cant in terms of negative rating outlooks. The information fl ow is much less signifi cant in relations to negative surprises during announcements of annual fi nancial results and rating upgrades. Evidence of insider trading is also most evident with reference to negative rating outlooks. Additionally, a distinctive feature of the credit default swap market and the stock market is the asymmetric response to negative and positive credit information. Research limitations: The event study methodology does not consider other potentially important reasons for the information flow between markets than the ones actually investigated. The credit events and credit risk information used in this research are just a proposal and can be extended by future researchers. Originality: This paper discusses a new research area. The main research area in terms of insider trading is still the stock market, with special focus on the US market. I decided to explore the insider trading phenomenon in the credit default swap market. I only considered contracts that are quoted with reference to European underlying assets. This part of the fi nancial market is attractive in terms of economic research as credit derivatives are more commonly used not only in North America but also in Europe.

2

Z kraju i ze świata. Krakowskie nowiny rękopiśmienne z 1729 r. jako źródło do historii mentalności społeczeństwa czasów saskich

100%

Popiołek B.

Rocznik Historii Prasy Polskiej

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2012

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vol. 15

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issue 1(29)

23-39

EN

Handwritten newssheets played a major role in the processes of information transfer in the 18th-century Poland. They not only supplied the reading public with information about current political and social events but also played a considerable role in the shaping of social attitudes, manners and norms (including some stereotypes and prejudices). Z kraju i ze świata was quite selective in its coverage: important events could be sidelined if it was thought that they were of little interest to its readers. The contents of the newssheet is usually clearly divided into ‘foreign news’, ie. dispatches from Europe and overseas, and ‘home news’, especially important from the point of view of the Polish reader.

3

ВИКОРИСТАННЯ ІНФОРМАЦІЙНИХ ПОТОКІВ У ПРОЦЕСІ ПРОЕКТНОЇ ДІЯЛЬНОСТІ СТУДЕНТІВ ЗА ФАХОМ

88%

Бабкіна М.

Педагогічні науки: теорія, історія, інноваційні технології

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2014

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issue 5(39)

150-157

EN

The types of information flow and the effectiveness of their application for the design process of students by profession are investigated in the article. It has been underlined that every type of information flow commands its peculiarities as well as functional meaning. Thus, the only way to provide a full reliability of the facts that are necessary for certain problem’s research is the combination of these types. It has also been noted that suggested information flow classification could enable students to orient them toward the characteristics of information given and its reliability, help analyze this information in logical way and provide an opportunity to compare it with the phenomena and facts taken from the other sources of information. Design activity by profession as an educational technology that is aimed at organizing the process of teaching, cognition and research work of students directed at their training for independent professional activity in the information society, forming their skills to plan and implement different practical tasks as well as to create and present an informational product of their activity is under consideration here. Design activity by profession promotes the increase in motivation and professional curiosity, the development of student’s skills and abilities to carry on research as well as enables them to be self-realized professionals. Information flow, used by young people, creates some informational environment. Using different sources of information forms their informative spheres of world perception, defines their value orientation, views, convictions, style of life and promotes the development of their potentialities and abilities. The competence to analyze and estimate the information obtained will enable a young man to accept a right decision and make a choice. It has been emphasized that using the noted information flow for the process of design activity by profession will help students distinguish the most important suppliers of necessary information, get the information concerned with certain profession research problem, define a real objectivity of any fact, systematize and process the information, create review, analytical and other kinds of documents referred to the problem they are investigating.

4

Multifrequency-based non-linear approach to analyzing implied volatility transmission across global financial markets

88%

Boateng E., Asafo-Adjei E., Gatsi J. G., Gherghina Ş. C., Simionescu L. N.

Oeconomia Copernicana

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2022

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vol. 13

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issue 3

699-743

EN

Research background: The contagious impact of the COVID-19 pandemic has heightened financial market's volatility, nonlinearity, asymmetric and nonstationary dynamics. Hence, the existing relationship among financial assets may have been altered. Moreover, the level of investor risk aversion and market opportunities could also alter in the pandemic. Predictably, investors in the heat of the moment are concerned about minimizing losses. In order to determine the level of hedge risks between implied volatilities in the COVID-19 pandemic through information flow, it is required to take into account the increased vagueness of economic projections as well as the increased uncertainty in asset values as a result of the pandemic. Purpose of the article: The study aims to examine the transmission of information between the VIX-implied volatility index for S&P 500 and fifteen other implied volatility indices in the COVID-19 pandemic. Methods: We relied on daily changes in the VIX and fifteen other implied volatility indices from commodities, currencies, and stocks. The study employed the improved complete ensemble empirical mode decomposition with adaptive noise which is in line with the heterogeneous expectations of market participants to denoise the data and extract intrinsic mode functions (IMFs). Subsequently, we clustered the IMFs based on common features into high, low, and medium frequencies. The analysis was carried out using Rényi transfer entropy (RTE), which allowed for the evaluation of both linear and non-linear, as well as varied distributions of the market dynamics. Findings & value added: Findings from the RTE revealed a bi-directional flow of negative information amid the VIX and each of the volatility indices, particularly in the long term. We found this behavior of the markets to be consistent at varying levels of investors' risk aversion. The findings help investors with their portfolio strategies in the time of the pandemic, which has resulted in fluctuating levels of risk aversion. Our findings characterize global financial markets to be "non-linear heterogeneous evolutionary systems". The results also lend support to the emerging delayed volatility of market competitiveness and external shocks hypothesis.

5

Heteroskedasticity in excess Bitcoin return data: Google trend vs. GARCH effects

88%

Senarathne C. W., Šoja T.

Nauki o Finansach

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2019

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issue vol. 24 no. 3

35-45

EN

This paper examines the mixture of distribution properties associated with heteroskedastic excess Bitcoin return data, using the volume of Google search queries as a proxy for the information arrival time, from a monthly data sampling period of June 2010 to May 2019. The results show that the volatility coefficients become highly statistically insignificant when the lagged volume of search queries is included in the conditional variance equation of the GJR-GARCH-M model. This clearly suggests that the volume of search queries is shown to provide significant explanatory power regarding the variance of heteroskedastic excess Bitcoin return, which can be traced from the ARCH process defined in the GJR-GARCH-M specification. A significant negative relationship between the conditional volatility and the volume of search queries indicates that Internet (online) information arrival reduces the risk premium in the Bitcoin market, which may improve market stability.

6

The information flow in the crisis management system on the example of the wejherowo and słupsk districs

88%

Świnder P.

Kultura Bezpieczeństwa. Nauka – Praktyka – Refleksje

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2018

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vol. 31(31)

206-224

EN

The main goal of this article is to present the results of research on the information flow in the crisis management system in the Słupsk and Wejherowo districts. The article presents the structure of the crisis management system at the district level, as well as the results of the analysis of the functioning of communication systems and ICT support for crisis management in districts covered by the research.

7

E-logistics and m-logistics in information economy

63%

Skitsko V. I.

LogForum

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2016

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vol. 12

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issue 1

7-16

EN

Background: The purpose of this article is to study the concepts of electronic and mobile logistics as components of the information economy within which the effective management of relevant information flows can be performed today. Materials: The article is based on the available recent scientific-theoretical and professional practical research and publications. Introduction to these studies and publications allowed to conclude the diversity, importance and relevance of the proposed in this work problem and the existence of the understudied aspects. Results: This article proposes author definition of m-logistics as part of an information logistics, describes the aspects of its functioning and demonstrates its place in information economy. Conclusion: This work may be a starting point for further research in the field of e-logistics and m-logistics. For example, there is a need for the development and introduction of modern economic and mathematical methods and models by which the effective information management in modern business environment can be performed.

PL

Wstęp: Celem pracy jest przeanalizowanie różnych koncepcji elektronicznej oraz mobilnej logistyki, jako części składowych ekonomii informacji, w obrębie, której mogą być realizowane efektywne zarządzanie przepływem informacji. Materiały: Praca opiera sie na dostępnych ostatnio publikowanych pracach i publikacjach o charakterze zarówno teoretycznym jak i praktycznym. Wstęp do tych studiów pozwala na stwierdzić złożoność jak i istotność obranego do analizy tematu badawczego jak również małej ilości dotychczas przeprowadzonych prac w tym temacie. Wyniki: Została zaproponowana autorska definicja m-logistyki, jako części logistyki informacji, opisane aspekty jej funkcjonowania oraz zaprezentowane jej miejsce w ekonomii informacji. Wnioski: Praca ta może być punktem startu dalszych badań w obszarze e-logistyki oraz m-logistyki. Stwierdzono potrzebę opracowania i wdrożenia nowoczesnych metod i modeli ekonomicznych i matematycznych dla celów pomiaru efektywnego zarządzania informacją we współczesnym środowisku biznesowym.

8

Optimization of Complex Operations in the Supply Chain Through the Implementation of Advanced Planning System

63%

Rut J., Kulińska E.

Logistics and Transport

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2018

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vol. 40

91-96

EN

Contemporary variability of the environment and market dynamics force enterprises to optimize operations in the supply chain. Advanced IT systems such as the Advanced Planning System are a powerful tool that supports many areas in supply chain management. An efficient supply chain is a key element in gaining a competitive advantage in the market. Therefore, the foundation of the material and information flow regulation in manufacturing enterprises is the efficient exchange of information with both the internal and external environment of the organization. The article presents the optimization process of complex operations taking place in the supply chain by implementing the Advanced Planning System in the examined enterprise. It also enumerates significant benefits resulting from the implementation.

9

Participative planning and information flow within management control

51%

Dyczkowski T., Dyczkowska J.

Zeszyty Teoretyczne Rachunkowości

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2016

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issue 88(144)

9-35

EN

The paper examines the relationships between two different approaches to planning processes (participative and non-participative) and information flows within management control in companies. It augments the existing theoretical and empirical research by coupling management control and management information with participative planning, not only in operational but also in the strategic perspective. The results presented in the paper stem from two consecutive studies, conducted between November 2010 and January 2012 and between November 2013 and January 2014. The studies comprised 397 and 179 Polish companies respectively. The authors formulated two hypotheses linking participative planning with upward and downward management information flows. The paper employed a quantitative approach, using the Spearman rank correlation analysis and hierarchical clustering using the Ward method, which enabled comparative analyses both in reference to various groups of companies included in particular research samples and over time. The results obtained showed the positive influence of participative planning both on upward and downward information flows in enterprises. In particular, participative planning reduced information imbalances between top (the management) and lower (employees of functional departments) tiers in organisation structures.

PL

W niniejszym artykule autorzy badają relacje między dwoma podejściami do planowania – partycypacyjnym i odgórnym – a przepływami informacji zarządczych w przedsiębiorstwach w ramach controllingu. W uzupełnieniu dotychczasowych rozważań teoretycznych i badań empirycznych prezentowanych w literaturze zwracają oni uwagę na partycypacyjność planowania nie tylko w ujęciu operacyjnym, ale też strategicznym. Wyniki prezentowane w artykule odnoszą się do dwóch badań prowadzonych w okresach od listopada 2010 r. do stycznia 2012 r. oraz od listopada 2013 r. do stycznia 2014 r. Badania przeprowadzono w Polsce odpowiednio w 397 i 179 przedsiębiorstwach. Autorzy sformułowali dwie hipotezy łączące planowanie partycypacyjne z przepływami informacyjnymi inicjowanymi odgórnie i oddolnie. Wartykule zastosowano podejście ilościowe, w tym analizę korelacji rang oraz aglomerację metodą Warda, które pozwoliły na analizy porównawcze nie tylko w odniesieniu do różnych podgrup organizacji ujętych w obu próbkach badawczych, ale także na porównania w czasie. Uzyskane wyniki potwierdziły pozytywny wpływ planowania partycypacyjnego na przepływy informacji zarządczych, zarówno te inicjowane odgórnie, jak i oddolnie. W szczególności planowanie partycypacyjne pozwala ograniczyć asymetrię informacyjną między kierownictwem naczelnym a pracownikami poszczególnych komórek funkcjonalnych.

10

Etologia i co dalej? Niektóre filozoficzne kwestie kształtujące badania zachowania zwierząt

51%

Godzińska E. J.

Filozofia i nauka. Studia filozoficzne i interdyscyplinarne

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2019

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vol. 7/2

69-89

PL

Zachowania zwierząt i ich uwarunkowania przyczynowe są przedmiotem zainteresowania licznych nauk behawioralnych. Jedną z najważniejszych klasycznych nauk behawioralnych jest etologia, której przedmiotem jest zarówno opis i kwantyfikacja zachowań, jak i analiza szerokiego spektrum ich uwarunkowań przyczynowych. Etologia kładzie też nacisk na znaczenie porównawczych badań behawioralnych oraz badań prowadzonych w warunkach terenowych. W klasycznej etologii specyficzne wzorce zachowania były ujmowane jako elementy hierarchicznie zorganizowanych systemów ogniskujących się wokół określonych funkcji. Pojęcie instynktu było jednak dalekie od jednoznaczności i współcześnie nie jest już w naukach behawioralnych często stosowane. Wiemy też, że przepływ pomiędzy poziomami organizacji w układzie nerwowym i wszelkich układach ożywionych jest wielokierunkowy. Zakładanie, że procesy rozgrywające się na wyższych poziomach organizacji układów ożywionych można i należy w całości wyjaśniać odwołując się do procesów rozgrywających się na niższych poziomach organizacji staje się więc w znacznym stopniu nieuzasadnione. Redukcjonizm w naukach behawioralnych ma też inne oblicze: tzw. zasady oszczędności myślenia stosowane podczas wyjaśniania obserwowanych zjawisk (brzytwa Ockhama, kanon Lloyda Morgana). Odkąd w metodologii badań naukowych zaczęła obowiązywać zasada falsyfikowalności Karla Poppera, w badaniach behawioralnych odchodzi się jednak od redukcjonistycznego wyjaśniania obserwowanych zjawisk i stosuje się podejście opierające się na doświadczalnym testowaniu kolejnych hipotez, proponujących różne alternatywne wyjaśnienia obserwowanych zjawisk, niekoniecznie najprostsze. Klasyczna etologia była tzw. obiektywistyczną nauką o zachowaniu się: jej zwolennicy nie negowali istnienia u zwierząt zjawisk subiektywnych, jednak odwoływanie się do nich nie było uznawane za wystarczające wyjaśnienie mechanizmów badanych zjawisk. Obecnie możemy jednak stawiać coraz śmielsze hipotezy dotyczące subiektywnych przeżyć zwierząt dzięki rozwojowi zaawansowanych technik neuroobrazowania, takich jak funkcjonalny rezonans magnetyczny (fMRI). Nauki behawioralne stale się rozwijają, a stosowane w nich metody ciągle się doskonalą. Można więc mieć nadzieję, że filozofia i nauki behawioralne jeszcze przez długi czas będą wspólnie wzbogacać naszą wiedzę o czynnikach kształtujących zachowanie zwierząt i człowieka.

EN

Animal behaviour and its underlying causal factors are investigated by numerous behavioural sciences. Ethology, one of the most important classical behavioural sciences, is concerned with the description and quantification of behaviour and the analysis of a wide spectre of its causal factors. Ethology also lays stress on the importance of comparative behavioural research and field research. Specific behaviour paterns were considered by classical ethology as elements of hierarchically organised behavioural systems focused on specific functions. The notion of instinct was, however, far from unequivocal and is no more frequently used in behavioural sciences. We also know that information flow between the levels of organization existing in the nervous system and in living systems in general is multidirectional. The assumption that processes running on higher levels of organization can and should be explained solely in terms of processes running on lower levels becomes thus largely groundless. In behavioural sciences reductionism can manifest itself also as the so called law of parsimony adopted during explanations of observed phenomena (Occam’s razor, Lloyd Morgan’s canon). Since the introduction of Karl Popper’s falisifiability criterion to the methodology of scientific research, reductionistic explanations of observed phenomena are, however, less frequently proposed in behavioural sciences. Instead, an approach currently used involves experimental testing of sets of hypotheses proposing alternative explanations of the observed phenomena, not necessarily the simplest ones. Classical ethology was the so called objectivist science of behaviour: its adherents did not deny the existence of subjective phenomena in animals, however, explanations of mechanisms of investigated phenomena in terms of underlying subjective processes were not considered to be sufficient. Presently we may put forward increasingly daring hypotheses concerning subjective experiences of animals thanks to the development of advanced techniques of neuroimaging such as the functional magnetic resonance imaging (fMRI). Behavioural sciences are constantly progressing and their methods become increasingly sophisticated. We can thus hope that philosophy and behavioural sciences will continue during a long time yet to contribute jointly to achieve new insights enriching our knowledge on factors influencing animal and human behaviour.

11

Ethology and what next? Some philosophical questions influencing the research on animal behaviour

45%

Godzińska E. J.

Filozofia i Nauka

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2019

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vol. 7

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An Analysis of Insider Trading in the Credit Derivatives Market Using the Event Study Methodology

Z kraju i ze świata. Krakowskie nowiny rękopiśmienne z 1729 r. jako źródło do historii mentalności społeczeństwa czasów saskich

ВИКОРИСТАННЯ ІНФОРМАЦІЙНИХ ПОТОКІВ У ПРОЦЕСІ ПРОЕКТНОЇ ДІЯЛЬНОСТІ СТУДЕНТІВ ЗА ФАХОМ

Multifrequency-based non-linear approach to analyzing implied volatility transmission across global financial markets

Heteroskedasticity in excess Bitcoin return data: Google trend vs. GARCH effects

The information flow in the crisis management system on the example of the wejherowo and słupsk districs

E-logistics and m-logistics in information economy

Optimization of Complex Operations in the Supply Chain Through the Implementation of Advanced Planning System

Participative planning and information flow within management control

Etologia i co dalej? Niektóre filozoficzne kwestie kształtujące badania zachowania zwierząt

Ethology and what next? Some philosophical questions influencing the research on animal behaviour