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EN
This paper investigates the role of the third and fourth moments which impact on weekly stock return for the all twenty-five emerging stock markets (featured by MSCI - Morgan Stanley Capital International) during the period from April 2005 to November 2017. We employ the traditional CAPM combined with co-skewness and co-kurtosis representing nonlinear shape in risk measurement to estimate return generating under quantile regression in descending order by sorting equally weighted portfolios. The findings show that three of premium including market premium, co-skewness premium and co-kurtosis premium has influenced stock return in each country by 1%; 5%; 10% significance level with five-quantile regression approach. Then, our models with higher co-moments have better explanation for securities in emerging markets rather than traditional CAPM. Importantly, the investors should add more co-skewness securities and eliminate co-kurtosis (or less this factor) to generate more returns among 25 developing markets.
Collectanea Theologica
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2020
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vol. 90
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issue 5
321-334
EN
The article focuses on the theme of return/conversion in the Book of Hosea. The issue is presented from the perspective of the two parties of the covenant: God and Israel. At the starting point lies Israel’s refusal to return to God, and Yahweh’s threatening, punitive retribution to his people. The ending focuses on the conversion of the people to Yahweh, a development possible only owing to God’s preceding forgiveness, expressed by his turn to his people. These four different dynamics of return are reconstructed on the basis of the twenty-two instances of the verb šûb in the Book of Hosea.
EN
The article sheds light on the estimation of the cost of equity capital on a developing equity market. The cost of equity is important; it is crucial in capital budgeting decisions and performance evaluation. It determines the minimum yield the investors require on the invested capital and we use it as a discount rate to calculate the present value of the expected free cash flows to equity. The aim of this paper is to tackle the estimation of the cost of equity capital on developing markets with the example of estimation for ten Slovene publicly traded companies. The estimated cost of capital for the selected Slovene companies is between 9,7% and 13,7%.
EN
The problem of return on current assets and return on working capital related to the cost of equity invested in a company is analyzed in this paper. Risk – return and liquidity – profitability trade-offs influence the company’s equilibrium and management decisions. Liquidity is measured by the cash conversion cycle and it is related to the working capital strategy, measured by current ratio. Rate of return on current assets should be related to the rate of return on working capital that is linked to the cost of capital and the required rate of return. The results indicate that there is a positive relationship between the return on current assets and cash conversion cycle, a positive relationship between cost of equity and return on working capital meaning that the working capital, cash conversion cycle and current assets management are related to profitability, and cost of equity is determined by the required rate of return calculated based on the Capital Asset Pricing Model.
EN
The following paper shows the depiction of the refugee experience in Phera (‘Return’)—a novel written by a Bangladeshi writer, Taslima Nasrin—by using the literary analysis method. Thus, the relevant passages were translated into Polish, commented on and supported when necessary with further historical or cultural infor-mation. The plot of the novel is based on the background of major historical events, such as the Partition of India (1947) and the Bangladesh Liberation War (1971). The experience of being a refugee is shown from two perspectives: the struggle to settle in the place of arrival and the painful confrontation with one’s own memories about the true homeland. This proves that a refugee is a person who never can adopt to a foreign country completely but, more significantly, who can never return to the native land because the place once left behind does not really exist.
EN
In accordance with Article 207 (1) of the Act on public finance, if resources designated for implementation of programmes co-financed from European funds are used for other purposes, if some procedures are breached, or if resources have been obtained unduly, they must be returned along with interest. The legislator, however, while introducing this principle, has not provided for all types of beneficiary support instruments, nor the specifics of the use of refundable support instruments, such as, for example, loans or guarantees. This might stem from the marginal scale of such support forms in the financial perspective for 2007 – 2013. Nowadays, however, with entering the 2014 – 2020 financial perspective, a departure can be observed among the institutions that manage European funds from subsidies to returnable assistance. Therefore, it seems necessary to disagree with the thesis that public funds designated for implementation of programmes co-financed from European funds are non-returnable by nature, and that only non-returnable support should be subject to Article 207 of the Act on public finance that sets forth the method for returning funds.
EN
Since the 1970s numerous papers have presented the results of analyses conducted on western capital markets. They have provided a great deal of evidence that CAPM is not able to deliver valuable predictions about future stock returns. That is why so many attempts have been made to develop a better pricing model, one of which is Fama and French’s three-factor model. This article analyses the extent to which this model can predict stock returns on the Warsaw Stock Exchange (the WSE). The analysis shows that the three-factor model does not deliver accurate predictions because it does not take into account all the essential factors that determine returns on the WSE. Further surveys should be conducted to identify these factors.
EN
The global outbreak of COVID-19 in 2019/2020 has undoubtedly influenced the international migration trends of young people. Notably, there has been a distinct influx of migrants returning to Ireland. While Ireland has a significant history of mass emigration and well-documented periods of return, the recent experience of returning during the COVID-19 pandemic represents a novel phenomenon worthy of investigation. This paper draws upon 20 semi-structured interviews of returning migrants from across the Republic of Ireland, with the aim of better understanding their experiences, motivations and intentions for returning ‘home’ during a global health crisis and to assess the potential effect this may have on the future livelihoods and reflexive mobility strategies of Ireland’s young people. To conclude, this paper highlights the imperative for policymakers of future relevant research on this subject as the pandemic continues to unfold, presenting a unique set of circumstances and challenges for this cohort of young people with migration experiences.
9
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Szymborska czytana od końca

87%
EN
The essay is about Wisława Szymborska’s late poetry, especially the last volume, Wystarczy [Enough]. The poet’s frequent returns, repetitions, and various references to her earlier work are of particular importance. The author argues that, contrary to the general opinion, these references do not reflect a creative crisis or exhaustion of Szymborska’s poetics, but develop and deepen her anthropological reflection on the essence of humanity.
Acta Iuris Stetinensis
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2020
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vol. 29
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issue 1
127-145
EN
The subject of this paper involves issues related to the statics of the lawsuit. Herein, defective legislative technique applied in the contents of Article 1861 of the Code of Civil Procedure is indicated. The use of indefinite phrases lacking an explicit designation of terminology is pointed out: “the writ (...), the contents of which do not imply the request to recognise a civil-case litigation” or “exceptional circumstances justifying initiation of proceedings”. It is stated within that allowing the possibility of returning by the president the writ filed as an action stipulated in Article 1861 of the Code of Civil Procedure should be de facto and de iure considered as a potential possibility of depriving the party of any path to assert claims and thus, limits their constitutional right to court. It is also underlined herein that such a situation can lead to too far-reaching and undesirable discrepancies in court practice in the scope of application thereof, since particular judges and judging panels (in recognition of e.g. a complaint) can interpret this norm differently. This may lead to situations where civil proceedings become an unforeseeable and disordered activity, as well as to situations where the loss of a guarantee to a fair trial is of significance for the participants thereof.
EN
This paper constitutes an attempt to reconstruct the route of an artifact discovered during archaeological excavations that was later analyzed, published and finally exhibited in a museum. Unearthed artifacts, which are most frequently objects of daily use, after being described, registered and categorized, function in museums merely as immaterial signs reduced to museum labels. Archaeological displays in museums remain very specialized and hermetic forms of exhibition that do not arouse public interest. Typologies and classifications that are comprehensible almost exclusively to archaeologists create a situation in which archaeological museums are often seen as hermetic and unattractive to general public. At the same time, by dematerializing artifacts in typological presentations, museums neglect the very important ontological aspect of artifacts, i.e. their archaeological context. This ignorance is also visible in narrations that lack references to an object’s original function. However, archaeology faces a shift in paradigm nowadays. The digital turn shapes new approaches in archaeology and strongly influences the way artifacts are presented in museums. However, applying the latest technologies in archaeological museums is sometimes limited to creating virtual realities, which are very distant from the tangible artifacts. This paper, based on some concepts driven from the return to things, aims at showing the very reductionist approach to matter in contemporary archaeology.
EN
This article examines the complex political interrelations between the USSR and Poland just before and during World War II. The innocent hostages of these interstate relations proved to be thousands of Polish citizens. With the beginning of World War II from the territory of Western Ukraine and Western Belarus, refugees were displaced to different regions of the Soviet Union and they were later settled there as temporary residents. Some of Poles found themselves in the North-West Caucasus where, as ordered by the Soviet government, they were settled in towns and rural settlements. As the archive documents attest, the local administrations created quite acceptable (given the wartime conditions) circumstances of life for the Polish arrivals. They had the opportunity of getting a job and their families were provided with food, fuel, clothes and footwear. With the end of the war, the Polish citizens received the opportunity to return to their home country at their own free will.
EN
In the last three decades globally higher institutions (HIs) have been experiencing an unprecedented upsurge in student population and student enrolment in His generally outstrip the HIs student housing. In many countries of the world like Nigeria, HIs are obviously incapacitated in accommodating the growing student population which compelled numerous students to overflow into their HIs’ neighbourhood seeking for alternative housing accommodation in the private housing rental market. Indeed the scenario of HIs student's housing shortfalls and increasing students housing demand evolved the interest of many people in a student housing rental market. This is because it has been uncovered that business in student housing rental is lucrative and guaranteeing business that ensured profit for a long term. This paper, therefore, explores the nature and landscape of student housing rental in Nigeria where the business is immature then drawn the conclusion.
EN
Even in times of crisis, the extraordinary linguistic variety (signaled) in Portugal does not oppose the prevalence of the Portuguese language and a near complete understanding between speakers of different regions, nor does it appear as an element of a conflict from which it may suffer the consequences. In fact, the present context shows that its situation may even benefit from a pattern of cultural return to the “origins” or to what could be called as historic and ethnologic roots. The possibility and motivations of such a return are here at the heart of an analysis specifically focused on the evolution of popular Portuguese music in the 20th century.
15
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Perspektywa polskiego rynku nieruchomości

63%
EN
The essay contains a forecast of Polish real estate market. Chances of crisis were discussed in comparison with global markets. The hypothesis about causes of price volatility (GDP, wages, standard of living, price competitiveness) was presented. It was compared with some factors on Polish market. It was suggested that the highest volatility can occur in big cities. Also the assumptions under which a property investment is low risky and highly profitable were presented
PL
W pracy przedstawiono perspektywę dla rynku nieruchomości w Polsce. Omówiono szanse wystąpienia kryzysu na rynku polskim w odniesieniu do wydarzeń na rynkach światowych. Przedstawiono także hipotezę o czynnikach generujących zmienność cen nieruchomości (PKB, poziom wynagrodzeń, podnoszenie się poziomu życia, konkurencyjność cenowa względem innych krajów europejskich) i przedstawiono jej odniesienia do warunków polskich. Zasugerowano także, że największe wahania cenowe mogą dotyczyć dużych miast. Wskazano także warunki, kiedy inwestycja w nieruchomość jest rozwiązaniem najmniej ryzykownym i najbardziej opłacalnym.
Collectanea Theologica
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2016
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vol. 86
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issue 4
63-76
EN
The article focuses on the theme of return/conversion in the book ofHosea. The issue is presented from the perspective of two covenant partners:God and Israel. The starting point is the refusal of Israel to return to Godand the dangerous punitive return of Yahweh to his people. The final partconcentrates on the conversion of the people to Yahweh which is possiblethanks to the prior return of God to his people with forgiveness. These fourdifferent dynamics of return are recovered on the basis of 22 appearancesof the verb šûb in the Book of Hosea.
EN
In the theoretical part of article No. 1 describes the principle of VAT taxation; taxation rate - we distinguish the standard rate and the reduced rate; levitation of VAT; who is the tax payer and especially if it is advantageous or disadvantageous to be or not to be the tax payer and if it possible effectively prevent tax evasion. Every country in the European Union has to assess the standard minimum rate of 15% and the reduced minimum rate of 5%. VAT taxation is a very current theme and to be the VAT tax payer is usually advantageous. It is accepted especially in international trade in the European Union.
EN
Considering the fact that the literature on women’s autobiography is not yet sufficiently discussed by Polish and foreign critics, the presented article attempts to analyze the autobiographical novel Bagheria of Dacia Maraini. The main purpose of the analysis was to identify and determine the determinants and narrative processes used by the writer, which in the novel bring back memories of her childhood and early youth, and thus, answer the question about the source of human memories.
PL
Zważywszy na to, że literatura autobiografii kobiecej nie jest jeszcze wystarczająco omówiona przez polską i zagraniczną krytykę, w prezentowanym artykule podjęto próbę analizy literackiej autobiograficznej powieści Bagheria Dacii Maraini. Głównym celem przeprowadzonej analizy było zarówno wydobycie i wskazanie determinantów oraz zastosowanych przez pisarkę zabiegów literackich, które w powieści przywołują wspomnienia z jej dzieciństwa i wczesnej młodości, jak i odpowiedzenie na pytanie o źródło ludzkich wspomnień.
19
63%
EN
The article considers the institution of return of expropriated estate. The first part of the text is devoted to the expropriation itself as an imperious construction of public law in the light of elementary constitutional rules of Polish law order. Expropriation has been described by pointing and considering its particular premises, both positive and negative. The main part is focused on the statutory institution of return of expropriated estate, stated by Article 136 et seq of Real Estate Management Act of August 21, 1997, around which, according to the series of expropriations performed at the time of Polish postwar political system creation, a lot of legal doubts have arisen. The article deliberates each of significant premises of return, for instance the acknowledgement of estate as redundant for expropriation purposes (which seems not to be discussed in legal doctrine), deliberating the main points of doctrine and judicature. The text comes up with a few important de lege ferenda proposals in order to shape abovementioned construction distinctly.
PL
Artykuł dotyczy instytucji zwrotu wywłaszczonej nieruchomości. Pierwsza część jest poświęcona nakreśleniu wywłaszczenia jako władczej konstrukcji prawa publicznego w świetle elementarnych zasad konstytucyjnych oraz całego polskiego porządku prawnego. Wywłaszczenie opisano, wymieniając i omawiając poszczególne jego przesłanki, zarówno pozytywne, jak i negatywne. We właściwej części tekstu autor skupia się na ustawowej instytucji zwrotu wywłaszczonej nieruchomości, opisanej w art. 136 i n. ustawy z dnia 21 sierpnia 1997 r. o gospodarce nieruchomościami, wokół której – w świetle serii wywłaszczeń dokonanych w trakcie rozwoju powojennego systemu politycznego Polski – narosło sporo wątpliwości prawnych. W opracowaniu jest rozważana każda istotna przesłanka zwrotu, między innymi kwestia uznania nieruchomości za zbędną na cele wywłaszczenia (w doktrynie wydaje się ona być niedyskutowana należycie), z omówieniem przy tym głównych poglądów doktryny i orzecznictwa. Autor wysuwa kilka istotnych postulatów de lege ferenda w celu jaśniejszego ukształtowania wyżej wymienionej konstrukcji.
Tematy i Konteksty
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2020
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vol. 15
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issue 10
255-271
EN
The subject of this article is the interpretation of Jan Darowski’s poems which indicate the problem of the poet’s inability to return to his hometown – Brzezie nad Odrą. Although the artist symbolically closes the door to the space in which he once lived he still holds the key as if he was leaving himself an opportunity to change his decision. The poet fears that he will open spaces he does not want to enter, thus he explores key’s nature and initially tries to get rid of it. When the author fails toforget about the key, he proves its cumbersomeness and non-functionality. The author of Drzewa sprzeczki ultimately uses it in a different way – to secure memories of his birthplace and childhood. Locking them inside by metaphorically “turning” the key, he tries to protect them – as his arcadia – from “littering”.
PL
Przedmiotem rozważań podjętych w artykule jest interpretacja wierszy Jana Darowskiego, które wskazują na problem niemożności powrotu poety do rodzinnego Brzezia nad Odrą. Choć artysta symbolicznie zamyka drzwi do przestrzeni, w której kiedyś mieszkał, to wciąż trzyma klucz, jakby zostawiając sobie szansę na zmianę decyzji. Poeta obawia się, że otworzy przestrzenie, do których nie chce wejść, dlatego bada naturę klucza i początkowo próbuje się go pozbyć. Kiedy autor nie zapomina o kluczu, udowadnia jego nieporęczność i niefunkcjonalność. Autor Drzewa sprzeczki ostatecznie wykorzystuje ją w inny sposób - do zabezpieczenia wspomnień z miejsca urodzenia i dzieciństwa. Zamykając ich w środku, metaforycznie „przekręcając” klucz, stara się ich - jako swoją arkadię - uchronić przed „zaśmiecaniem”.
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