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1
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Obligacje katastroficzne jako finansowy instrument zarządzania ryzykiem – perspektywy wykorzystania w sektorze rolnym

100%
Soliwoda M.
Zagadnienia Ekonomiki Rolnej
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2014
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issue 3(340)
65-83
EN
The issue of risk management is important in agriculture because production variability of the results is dependent on several natural factors. Given the negative implications of the financial interventionism, associated with subsidizing agricultural business insurance, or "offering" disaster compensations (ad hoc), a deeper utilization of market or quasi-market risk management instruments, including catastrophic bonds (CAT) may be noted. This article assesses the potential utilization of CAT as instruments for risk management in agriculture, with a particular attention to the situation of the sector in Poland. The research objectives are as follows: (1) to discuss tasks of modern agricultural policy in the process of catastrophic risk management in agriculture, (2) to presence of mechanism of CAT, (3) to evaluate possibilities of utilization of CAT in agriculture in the light of the results of foreign empirical studies. Sustainable development of the agricultural sector is possible, among others, due to its link to financial infrastructure. Promoting risk management tools offered by the private sector or the form of public-private partnerships should be recommended. The underdevelopment of the financial infrastructure, offering innovative risk management instruments (including CAT) indicates the urgent need to introduce regulatory changes (including the area of good governance), to facilitate the introduction of new tools on free-market principles. Prudent utilization of innovative financial instruments should be regarded as a positive quality change. This forms an incentive for further structural changes in the Polish countryside. Through a deeper networking between research institutes operating for agriculture and its surroundings, as well as the entities constituting the infrastructure risk management in agriculture, the process of collecting and analyzing the data necessary for the pricing financial instruments related to, catastrophic risk management in agriculture (including CAT) would be possible.
2
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The importance of financial investment using the example of the financial instrument of municipal bonds of the municipality of Ostrów Wielkopolski

100%
Wałęsa N.
Econometrics. Ekonometria. Advances in Applied Data Analytics
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2015
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issue 1 (47)
78-87
EN
The purpose of this publication is to present the importance of financial investment using the example of the financial instrument of municipal bonds of the Municipality of Ostrów Wielkopolski. The budget support offered by the bond issue is not comparable with the possibilities of what can be achieved without issuing securities. After many years, bonds have become one of the main subjects in the capital market. Since the 1990s the issue of bonds has been growing in many municipalities including Łódź, Ostrów Wielkopolski, Kraków, Warszawa and many, many others. Unfortunately, not all of these municipalities are so eager to realise their intentions, and thus the fact is that the development is carried out in the longer term. The subject of bonds is not an easy subject, good companies operating it today have a lot of work with it and do not want to physically engage in this difficult topic. Any intentional investment and revenue in the budgets of local governments rely on financial instruments, the securities of which are municipal bonds.
3
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GAMBLING AS PART OF TRANSACTIONS CONCLUDED ON THE FINANCIAL MARKET

88%
MARIAŃSKI M.
Kultura Bezpieczeństwa. Nauka – Praktyka – Refleksje
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2017
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vol. 26(26)
212-228
EN
Gambling, often identified as some sort of speculation, was from the beginning one of the factors contributing to the development of modern financial markets. The author of this paper, however, is not going to analyze the issue of gambling on the classical stock-exchange market, but is going to focus on two groups of transactions related with the financial market: derivatives and virtual currencies. Derivatives are some sort of financial instruments, characterized by a very high level of randomness and risks, which legal status is not clear. It is important to underline that there are some opinions postulating the recognition of this group of instruments simply as a game or a bet within the meaning of the polish Act of 19 November 2009. The second component of the article – virtual currency – which can be regarded as a hidden form of gambling growing in the Internet, is also a legal construction that escapes both from the national and international regulations. This article, on the example of chosen financial instruments, is going to verify the thesis supposing that the issue of gambling is reflected also in selected forms of transactions in the financial market, encouraging potential participants by the element of randomness and a high level of risk, which makes these transactions very similar to classical gambling.
4

The financial instrument of the Innovation Union — Horizon 2020

75%
Puślecki Z. W.
Rocznik Europeistyczny
|
2016
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issue 2
25-38
EN
In this research work, the author focuses on the analysis of the financial instrument of the Innovation Union — Horizon 2020. Horizon 2020 is the flagship initiative aimed at securing Europe’s global competitiveness. It will combine all research and innovation funding currently provided through the Framework Programmes for Research and Technical Development, the innovation related activities of the Competitiveness and Innovation Framework Programme (CIP) and the European Institute of Innovation and Technology (EIT). Horizon 2020 will tackle societal challenges by helping to bridge the gap between research and the market, by helping innovative enterprise to develop their technological breakthroughs into viable products with real commercial potential. This market-driven approach will include creating partnerships with the private sector and Member States to bring together the needed resources. The main objective of the paper is to give a comprehensive analysis of the Horizon 2020 programme as the flagship initiative for the growth of the European Union global competitiveness, the challenges for Horizon 2020 to accelerate technology development, the objectives of the new EU programme for research and innovation, the comparison of options and assessment of cost — effectiveness of Horizon 2020.
5
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Zmiany w zakresie ochrony obligatariuszy oraz obowiązków emitentów obligacji

63%
Sójka T., Rycerski A.
Przegląd Ustawodawstwa Gospodarczego
|
2019
|
issue 5
2-8
EN
This article demonstrate selected amendments in the Act on bonds of 15th January 2015 carried outin the Act on the amendment of selected acts in conjunction with the strengthening of market surveillance and investor's protection on the financial market of 9th November 2018. The analysis has been limited to two aspects, specifically to the obligatory bonds' dematerialization and the duty to sign an agreement with the agent in process of the bond issuance. The impact of the new regulation on scope of investors' protection and the costs of debt financing have been assessed. The subject of this article is also to demonstrate the main legal measures which have been implementedunder the directive 2014/65/UE and which have been applied under the regulation 2017/565. The assessment of the aforementioned measures was necessary in order to analyse the new ones.
PL
Artykuł prezentuje wybrane zmiany w ustawie z 15.01.2015 r. o obligacjach dokonane na mocy ustawy z 9.11.2018 r. o zmianie niektórych ustaw w związku ze wzmocnieniem nadzoru nad rynkiem finansowym oraz ochrony inwestorów na tym rynku. Analizę tę zasadniczo ograniczono do dwóch aspektów, a mianowicie obligatoryjnej dematerializacji obligacji oraz obowiązku uczestnictwa agenta emisji w procesie emisji tych instrumentów finansowych. Oceniono wpływ nowych przepisów na zakres ochrony inwestorów oraz koszty pozyskiwania finansowania dłużnego. Odniesiono się także do najważniejszych instytucji wdrożonych do krajowego porządku prawnego na mocy dyrektywy 2014/65/UE oraz wynikających z rozpoczęcia stosowania rozporządzenia 2017/565, co było niezbędne przy dokonywaniu oceny nowych środków prawnych tworzonych z inicjatywy prawodawcy krajowego.
6
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Europejskie fundusze na rzecz przedsiębiorczości społecznej instrumentem finansowania przedsiębiorczości społecznej

63%
Krawiec W. M.
Annales Universitatis Mariae Curie-Skłodowska, sectio H – Oeconomia
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2016
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vol. 50
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issue 4
EN
The purpose of the hereby article is to discuss the essence of European Social Entrepreneurship Funds as a new instrument of financing the social entrepreneurship. This instrument was brought into effect in 2013 as a reply to problems with financing the social entrepreneurship. According to the regulation on European Social Entrepreneurship Funds, ‘qualifying social entrepreneurship fund’ means a collective investment undertaking that meets the definition of an AIF; intends to invest 70% of its aggregate capital contributions and uncalled committed capital in assets that are qualifying investments; does not use more than 30% of its aggregate capital contributions and uncalled committed capital to acquire non-qualifying investments and is established within the territory of a Member State. Due to the EuSEF investment strategy, the definitions of ‘qualifying portfolio undertaking’ and ‘qualifying investments’ will be presented. Moreover, the supplementing of this article will be the short characteristics of 4 EuSEFs functioning in the EU.
PL
Celem artykułu jest przybliżenie istoty europejskich funduszy na rzecz przedsiębiorczości społecznej (European Social Entrepreneurship Fund – EuSEF) jako nowego instrumentu finansowania przedsiębiorczości społecznej. Instrument ten został wprowadzony w życie w 2013 r. jako odpowiedź na problemy finansowania przedsiębiorczości społecznej. Zgodnie z rozporządzeniem w sprawie europejskich funduszy na rzecz przedsiębiorczości społecznej kwalifikowalny fundusz na rzecz przedsiębiorczości społecznej to fundusz, który: zamierza zainwestować co najmniej 70% łącznej wartości swoich otrzymanych wpłat na poczet kapitału oraz niewniesionego kapitału zadeklarowanego w aktywa, które stanowią kwalifikowalne inwestycje; nie wykorzystuje więcej niż 30% łącznej wartości swoich otrzymanych wpłat na poczet kapitału oraz niewniesionego kapitału zadeklarowanego do nabycia aktywów innych niż kwalifikowalne inwestycje; został ustanowiony na terytorium państwa członkowskiego. W artykule rozważaniom zostały poddane także pojęcia kwalifikowalnego przedsiębiorstwa portfelowego (przedsiębiorstwa społecznego) oraz inwestycji kwalifikowalnej. Ponadto uzupełnieniem opracowania jest krótka charakterystyka czterech funkcjonujących obecnie funduszy EuSEF.
7
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Rynek finansowy jako miejsce przenikania się norm prawa prywatnego i prawa publicznego

63%
Mariański M.
Studia Prawno-Ekonomiczne
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2016
|
vol. C
123-133
PL
Przedmiotem niniejszego artykułu jest analiza prawa rynku finansowego, jako specyficznej gałęzi prawa, w ramach której normy prawa prywatnego koegzystują z normami prawa publicznego. Autor, analizując przepisy kodeksu cywilnego oraz ustawy o obrocie instrumentami finansowymi odnoszące się do przedmiotu obrotu na rynku finansowym, odpowiada na pytanie o charakter stosunku regulacji publicznoprawnych do regulacji prywatnoprawnych w tym zakresie. Stosując metodę opisową oraz metodę prawno-porównawczą, autor formułuje tezę o subsydiarnym charakterze norm publicznoprawnych, poddając jednocześnie w wątpliwość zasadność Ulpianowskiego podziału na prawo publiczne i prawo prywatne co najmniej w zakresie odnoszącym się do prawa rynków finansowych.
EN
The present article constitutes an analyze of the law of financial market, as a specific branch of law in which the norms of private law co-exist with the norms of public law. The author is describing the provisions of the Civil Code and the Act on Financial Instruments Trade related to the object of trade on the financial market, responds to the question of the nature of the relations between the private and public law regulations in this area. Using descriptive and comparative method the author formulates the thesis of the subsidiary nature of public regulations, submitting in the same time the legitimacy of Ulpian’s division into public law and private law at least in the field of the law of financial market.
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