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EN
The attractiveness of structured products is mainly due to the fact that the diversity of their structures corresponds to the specific preferences of different groups of investors. To determine the appropriate investment product for an investor it is necessary to identify investor preferences, attitude toward risk. The paper contains an analysis of investors preferences in relation to the payoffs from the typical structured products. Investors’ preferences are based both on the rational choice theory and the prospect theory.
PL
Podejmowanie decyzji wymaga przetworzenia i oceny różnego rodzaju informacji, zarówno informacji prywatnych decydenta, jak również tych wynikających z obserwacji zachowań innych podmiotów. Sekwencyjny proces decyzyjny, w którym decydenci ignorują informacje prywatne a kierują się zachowaniami innych decydentów, prowadzi do powstania kaskady informacyjnej. Jest to proces racjonalnego podejmowania decyzji w oparciu o ograniczoną informację. W artykule obok podstawowego modelu kaskady informacyjnej zaprezentowano też przykład zastosowania tego modelu do symulowania zachowań konsumenckich
EN
If in the decision-making process people ignore their private information and make decisions mostly based upon what others did then informational cascade may quickly arise. The article presents the basic model of informational cascades which can be easily confirmed in experimental studies. The more realistic model that can be applied to analysis of consumers’ behaviour is also presented.
EN
The purpose of the article: General clauses are an important element of the legal system. They supplement the law regulations taking into account moral norms commonly accepted in society. Their general nature means that they are the subject of both discussions in the legal literature and comments and references in court decisions. The specificity of general clauses and the need to precise them in each case in which they are applied, result in a certain unpredictability of judgments. One of the most famous general clauses is the clause of principles of social coexistence. It appeared in the Polish legal system after World War II along with the new political system. It replaced the principle of good manners used in the Second Polish Republic. Since 1990, the return of the name of this principle to the Polish legal system has been visible. On the other hand, in legal regulations relating to the capital market, the clause of the principles of fair trade is used. It can be considered that the nature of the three clauses mentioned above is similar. The aim of the article is to analyze the nature and similarity of these general clauses with particular emphasis on the clause of the principles of fair trade in the capital market. Methodology: The study is theoretical and empirical in nature. The theoretical part was based on a review of the literature. The empirical part is realized by the analysis of the court decisions. Results of the research: The results show that the finding by the Polish Financial Supervision Authority a violation of the principles of fair trade as a basis for imposing administrative sanctions should be supported by a reference to the specific standard of conduct and be precisely described. It cannot be defined in general terms only. Otherwise, it may be effectively challenged by way of a complaint to an administrative court. On the other hand, in court judgments, in cases referring to the principles of social coexistence (the principles of fair trade), discrepancies in application can be noticed resulting from the specificity of general clauses.
EN
In the article we test the hypothesis that the weakening of family ties, as measured by reduction of marriages and a cascade of divorces, caused economic slowdown in Poland. We also suppose (second hypothesis) that the level of economic growth and welfare facilitate life for oneself, make the individuals apart thus limiting the number of marriages and resulting in increasing number of divorces. We verify these hypotheses by using an econometric model of economic growth with social equity of the family. The model consists of 9 equations (5 stochastic and 4 identities) and exhibits the feedback between GDP and some variables representing social capital, marriages disintegration ratio especially. We have run several simulation scenarios changing efficiency of enforcement of penalties, GINI coefficient, marriages disintegration ratio. We also made a forecast for Polish families disintegration in period 2009–2011 assuming different GDP growth. The results confirmed both hypotheses. In further studies we plan to verify the more complex hypothesis of the existence of an optimal GDP growth rate for the disintegration of marriages.
PL
Kryzys lat 2008–2011 spowodował spadek zaufania do podmiotów bankowych będących instytucjami zaufania publicznego. Jednym ze sposobów odbudowania pozytywnego wizerunku tego sektora jest promowanie etyki biznesu m.in. za pomocą kodeksów etyki. Celem niniejszego artykułu jest przedstawienie, a także ocena zawartości i podobieństw, kodeksów etycznych instytucji sektora bankowego funkcjonujących w Polsce. Kodeksy te są strategicznymi dokumentami odzwierciedlającymi etyczną kulturę przedsiębiorstwa bankowego, odwołującymi się do moralnych zasad i wyrażającymi wartości organizacji. Materiał empiryczny stanowią dokumenty zawierające deklaracje postaw etycznych ujawnione na stronach internetowych banków działających w Polsce w 2015 roku. W toku przeprowadzonych analiz zauważono, że w większości badanych obszarów wyróżnionych w ramach struktury kodeksów etycznych banków nie występują znaczące różnice oprócz zagadnienia relacji banku z pracownikami.
EN
The last crisis of 2008–2011 caused a decline in confidence in the banking entities as institutions of public trust. One way to rebuild a positive image of the sector is to promote business ethics, by among other things, codes of ethics. The purpose of this article is to present and evaluate the contents of and similarities between the codes of ethics of the banking institutions operating in Poland. These codes are strategic documents reflecting the ethical culture of a banking enterprise, appealing to moral principles and expressing the organization's values. The empirical material comprises the codes of ethics disclosed on the websites of banks operating in Poland in 2015. The analyses show that there are no significant differences in most areas of the codes of ethics in the banks investigated. Substantial diversity was noted only for the relationships between the banks and their employees.
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