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Regional Economy Competitiveness as a Determinant of the Human Capital Level of Exemplified by the Warmińsko-Mazurskie Voivodeship

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Merło P., Bogdański M.

Olsztyn Economic Journal

2017

vol. 12

issue 4

401-413

The Warmińsko-Mazurskie Voivodeship belongs to the group of voivodeships with a low level of economic growth in Poland. When considering the importance of human capital in the process of economic growth stimulation, it should be emphasised that the low level of human capital is one of the obstacles preventing the acceleration of economic growth and improvement in the region. The purpose of the presented analyses was to find the reasons for the low level of human capital in the Warmińsko-Mazurskie Voivodeship. The results, prove that the level of human capital in the regions of Warmia, Mazury and Powiśle results from low competitiveness as regards to higher education, and the low competitiveness potential of the regional economy. In a consequence, the labor market is in an unfavorable situation which leads to the outflow of the most skilled and best-educated parts of the labor force.

THE MOMENTUM EFFECT EXEMPLIFIES THE INFLUENCE OF INVESTORS’ IRRATIONAL BEHAVIOUR ON CHANGING PRICES OF SHARES AND STOCKS: AN ANALYSIS OF THE MOMENTUM EFFECT ON THE WARSAW STOCK EXCHANGE

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Merło P., Konarzewski P.

Finansowy Kwartalnik Internetowy e-Finanse

2015

vol. 11

issue 1

56-64

An efficient market should not show any anomalies. When new information reaches a market which is efficient, it should automatically translate into prices of assets, which ought to eliminate the possibility of gaining an advantage over other investors, thus preventing excess profits. However, studies on capital markets indicate that in reality it is possible to earn unusually high profits by taking advantage of certain anomalies which occur on a given market. Among such anomalies there is the momentum effect. This study performed on the Stock Exchange in Warsaw has shown that the momentum effect occurred throughout the entire analyzed time period. Positive returns demonstrated for investment strategies based on the momentum effect were unexplainable by the classical theory of finances. A correlation was found between the economic situation on the stock exchange and portfolio return rates, but it was too weak to attribute the effect to a single decisive factor. In addition, the returns from investments based on the momentum effect were statistically higher in January than in the other months, which was caused by the January effect, stimulating the occurrence of statistically higher returns at the beginning of a year rather than later on during the analyzed period of time. Research in this field carried out in other countries justifies the claim that there are many irrational factors which together create the momentum effect on the stock exchange. Thus, it is possible to conclude that irrational decisions may have strong impact on the pricing of stocks on the capital market. The momentum effect persisted throughout the entire analyzed period, although its power changed cyclically, which coincides with results of research carried out in other countries. The fact that the momentum effect did not disappear may suggest that the factors involved in its creation are an indispensable part of the market, and this seems to undermine the commonly accepted hypothesis about the efficiency of capital markets.

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1 Finansowy Kwartalnik Internetowy e-Finanse

1 Olsztyn Economic Journal

2 Merło P.

1 Bogdański M.

1 Konarzewski P.

1 2017

1 2015

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Regional Economy Competitiveness as a Determinant of the Human Capital Level of Exemplified by the Warmińsko-Mazurskie Voivodeship

THE MOMENTUM EFFECT EXEMPLIFIES THE INFLUENCE OF INVESTORS’ IRRATIONAL BEHAVIOUR ON CHANGING PRICES OF SHARES AND STOCKS: AN ANALYSIS OF THE MOMENTUM EFFECT ON THE WARSAW STOCK EXCHANGE