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Number of results: 75
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Authors and Affiliations

Marian Żukowski
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Abstract

The aim of this paper is to analyse whether the medical rehabilitation segment is an important part of the entire Polish healthcare system, and if the medical rehabilitation services are provided with adequate levels of financing and management. The study reviews published literature and legal acts, and undertakes an analysis of data acquired from international and national health data repositories. In Poland there exists no coordination between medical, vocational and social rehabilitation or between the rehabilitation delivered by the health resort facilities. There is an observed lack of coordination among public fund payers. The described lack of coordination influences not only patient treatments (it is difficult to measure outputs and outcomes), but also makes summarizing the total expenditures on curative rehabilitation more difficult. Even though numerous countries spend a smaller or comparable amount of money on rehabilitation (per patient), funds allocated to rehabilitation in Poland (expressed in PPS) are over seven times lower than in France, about five times lower than in Austria and Belgium, and three times lower than in the Netherlands.

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Authors and Affiliations

Ewa Kosycarz
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Abstract

All local government units in Poland have been analysed regarding their consolidated debt. The consolidated debt was compared with the budget debt which is subject to monitoring and statutory restrictions. The scale of extra-budgetary debt has been revealed as recorded in the balance sheet of a local government unit, a parent entity. In practice, the consolidated balance sheet and debt presented in it are not subject to debates and analyses. Local governments refrain from auditing and publicising of the consolidated balance sheet. The article describes the risks related to unlimited local government debt.

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Authors and Affiliations

Mieczysław Czekaj
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Abstract

The aim of the paper is to point out that the Monte Carlo simulation is an easy and flexible approach when it comes to forecasting risk of an asset portfolio. The case study presented in the paper illustrates the problem of forecasting risk arising from a portfolio of receivables denominated in different foreign currencies. Such a problem seems to be close to the real issue for enterprises offering products or services on several foreign markets. The changes in exchange rates are usually not normally distributed and, moreover, they are always interdependent. As shown in the paper, the Monte Carlo simulation allows for forecasting market risk under such circumstances.

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Authors and Affiliations

Jan Kaczmarzyk
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Abstract

This paper presents the innovative activity of enterprises as a process that is risky but necessary for the survival of a company in a competitive market, and as a way to maximize the long-term value for the owners. Risks and benefits were analysed, and the possible sources of added value in innovative projects were identified in the context of the capital market equilibrium and the budgeting of investments. Innovative projects become a source of added value for investors if the financial effects such as changes in the residual cash flow and higher growth rate outweigh the combined impact on the risk generated by two factors: increase of systematic risk and emerging specific risks.

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Authors and Affiliations

Michał Bacior
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Abstract

The paper aims at the empirical evaluation of the impact of bank size (as measured by median total assets) on the value relevance of two key accounting variables, i.e. book values of equity and net earnings, in terms of their joint explanatory power in the regression model and the relative responsiveness of bank market values to the changes in those variables. The research is based on the multiple linear regression analysis after controlling for the presence of fixed and random effects. The examined sample covers all domestically-based commercial banks listed on the Warsaw Stock Exchange over the period 1998–2017. The final pooled sample comprises 18 banks and 271 bank-year observations. The findings of the study suggest that the equity investors perceive the joint informational content of book values and earnings of larger banks as more value relevant in comparison to the accounting numbers reported by their smaller peers. The responsiveness of banks’ market values to the changes in each of the explanatory variables seems, however, to be affected by their size in a different way. As expected, book values of equity have turned out to be significantly more informative for smaller banks, whereas the evidence regarding the impact of size on the responsiveness of bank market values to the changes in net earnings is ambiguous. Although larger banks appear to exhibit a higher sensitivity of stock prices to variations in net earnings per share than their smaller peers, the difference between the examined subsamples is not statistically significant.

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Authors and Affiliations

Piotr Bolibok
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Abstract

The correlations and the influence of the monetary policy pursued by the central banks of developed countries, primarily by the Federal Reserve System (the central bank of the United States), on the economies of developing countries is a subject of research, especially since the outbreak of the last financial crisis. Decisions concerning shifts in attitudes in the monetary policy taken by the monetary authorities of the largest economies, influence investors’ behaviour. Due to globalization and financialization, short-term capital flows occur very quickly and on a significant scale. Argentina is an illustration of the consequences of monetary policy tapering by the FRS for the economy of a developing country. Argentina was supported during the period of disturbances by the International Monetary Fund. Nevertheless, it seems that this solution is insufficient in view of the globalization of the effects of the monetary policy pursued by the economically strongest countries.

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Authors and Affiliations

Ilona Skibińska-Fabrowska
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Abstract

After the banking crisis, the European Union (EU) introduced a framework for the restructuring and orderly liquidation of credit institutions. The overarching goal of the new rules is to manage severe banking crisis more efficiently. One of the main pillars of the European bank resolution regime are the powers of the resolution authorities to use resolution tools (sale of business, bridge bank, bad bank and bail-in). However, the question arises whether the implemented toolkit will be sufficient to effectively contain systemic banking crisis. The literature regarding empirical research on the effectiveness of the BRRD tools provides ambiguous conclusions. Therefore, the newly established resolution authorities in the EU were asked to express their opinion about their readiness to combat systemic crisis and the usefulness of the accessible toolkit. The evaluation of the effectiveness of the resolution tools in a systemic crises by the resolution authorities showed that the most effective resolution tool seems to be the bad bank, while bank liquidation was rated as the least appropriate. Nevertheless, the resolution authorities also identified many barriers for all resolution tools that may limit the ability of their implementation and possibly translate into the lower effectiveness of the resolution framework.

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Authors and Affiliations

Magdalena Kozińska
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Abstract

The advancing degradation of the ecosystem and the occurring climate changes demand decisive action to be taken by citizens, aimed at levelling the results of the lack of balance between the natural environment and business operations. The growing importance of ecology is reflected on the international financial market in the form of green bonds. This article is devoted to green bonds which are a specific group of securities, namely ecological debt instruments. Despite the green debt being one of the most recent segments of the capital market, its very dynamic expansion can be observed year by year. The article is aimed at identifying the conditions for the development of the global environmental bonds market, specifically the factors stimulating and inhibiting the process. The article is a review in character and the following research methods were used in order to achieve the desired objective: analysis of subject literature and data analysis from the green bonds market, a case study, a descriptive and an inductive method.

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Authors and Affiliations

Anna Laskowska
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Abstract

The aim of the article to assess the functioning of the NewConnect market over 10 years from the organizer’s and participants’ perspective. This helps to diagnose the most important organizational advantages and problems of the Polish MTF, determine further development prospects and propose potential changes to neutralize the negative factors. To illustrate the problem, a comprehensive analysis will be made of aggregated statistical data from 2007–2017, which show the changes and trends on this market, and additionally include the data comparing the current state of the NewConnect market with other alternative markets organized by European stock exchanges.

The conducted research does not allow to view the NewConnect market as an organizational success. The analysis identified a number of problems in the functioning of the Polish MTF, ranging from the inappropriate organization of the primary market, resulting in the admittance of too high a number of issuers of dubious credibility, to the consequences appearing on the secondary shares market. It does not give unambiguous grounds to expect positive prospects for the market development in the future. In order to stop unfavorable trends and to improve the issuers’ quality, a discussion on the regulations regarding issuers’ admission, i.e. the size of the minimum equity, IPO, capitalization and the issue price of the debuting company, should be initiated.

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Authors and Affiliations

Roman Asyngier
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Abstract

The approach of a unilateral impact of the financial sector on economic growth was invalidated by the last financial crisis which very quickly changed into a global economic crisis.

The aim of the study is the analysis of the impact of the financial sector on economic growth in the context of the growing phenomenon of financialization, which was one of the significant reasons of the financial crisis. The study was focused on presenting the growing scale of this phenomenon and analysing the impact of money supply in USD and EUR on world GDP and the GDP of the USA and the Eurozone. The following hypothesis was postulated: the growing process of financialization causes the growth of the USD and EUR supply, influencing changes in the world GDP, the GDP of the USA and the Eurozone. The study confirmed the hypothesis of the relation of the money supply with changes in economic growth. However, influencing economic growth with the money supply causes the purchasing power of business entities to decrease and causes growing debt. Furthermore, it does not contribute to the strength of the real economy. A repair of the current “system“ should not be sought for in constantly increasing macroprudential regulations, but in a return to a country’s interventionism, leading to a change in the priorities of the actions of financial institutions; mainly banks, and the supply of money based on fixed parities (gold, energy).

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Authors and Affiliations

Bogdan Włodarczyk
Marek Szturo
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Abstract

The article considers the issues of the value of invested capital, methods of its measurement and its growth mechanisms. The author draws attention to relationship between the value of capital and the paradigm of economics, which ultimately indicates the existence of connections between the effectiveness of investment and the philosophy of economics. The main purpose of the article is to identify abnormalities in the valuation of assets by investors due to their incorrect or incomplete understanding of the value growth mechanism, the effects of which may assume significance on a macroeconomic scale.

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Authors and Affiliations

Michał Mrowiec
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Abstract

Blockchain technology currently receives a lot of public attention with its disruptive potential to rebuild a currently state of economy. While blockchain technology is treated potentially disruptive in socio-economic environment, there is a lack of understanding where and how blockchain technology is effectively applicable and where it has mentionable practical effects. The use of this technology inside many businesses caused a need to create a system of tools and methods allow properly description to generate valuable information for governments, management, customers etc. Due to a lack of information related to blockchain technology it is a must to explore potential of blockchain in the context of risk. This paper examinees a problem of implementation blockchain technology within finance industry. The main aim of the article was to outline how important is to understand potential of blockchain technology and its limitations, therefore the author prepared a model which can be used to classify blockchain technology implementations in finance industry. This study describes existing issues in the financial aspect.

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Authors and Affiliations

Monika Kołodziej
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Abstract

The research on default cases of the issuers of Catalyst-listed bonds, encompassing observation period between the years 2011 and 2017, showed that the credit quality of issuers was highly diversified and positively correlated with the size of the issue (the bigger the issue the lower the risk). Catalyst has been an important part of the Polish bond market for several years now, gathering more than 1/3 of the value of all outstanding bond issues. The advantage of trading on organized market such as Catalyst’s includes the presence of specific legal requirements, including market discipline (information obligations), concentration of turnover in one place and the universal availability of quotations (prices, turnover, submitted offers, etc.). The organised market reduces information asymmetries by giving everyone concerned the opportunity to follow price developments, trading and information on the issues and issuers present on the market. Furthermore, regular sessions should provide a higher level of liquidity. In the case of Catalyst, the liquidity level for most listed bonds is still quite low, but some features of organised markets determine the advantages of its existence. From the perspective of funds seekers, especially small ones, the organised market provides better access to the investor base and is often the only chance for them to obtain financing. On the other hand, this segment - i.e. small issuers - is unfortunately the source of the greatest number of problems (defaults and bankruptcies). This picture is not altered by the common practice of offering secured bonds. As we have shown in this article, collaterals of bonds listed on Catalyst can be ineffective for various reasons, especially in the case of issuers who do not cooperate with investors or even deliberately avoid paying off the bonds after defaults. The persistently high share of default rates and the high level of expected loss (EL) in the Gr1 group despite the very favourable economic situation, should lead to an analysis of the admission to trading criteria, exploring the possibility of strengthening the legal protection of bonds as well as the possibility of tightening the subsequent control over the performance of information duties by issuers.

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Authors and Affiliations

Marek Kempny
Przemysław Cichulski
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Abstract

The selection of appropriate financial sources by enterprises is one of the key tasks faced by the management board. In the presented article, the Authors decided to verify the capital structure of companies from selected European economies and to compare this capital structure between developed and advanced developing markets. The research was conducted on 18 European economies, taking into consideration data for 2017 and five variables defining the structure of financing. The results of the analysis show that the economies in the basket of developed countries are characterised by a higher level of indebtedness, with the major difference in taking on interest-bearing liabilities.

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Authors and Affiliations

Przemysław Garsztka
Katarzyna Schmidt

Authors and Affiliations

Dariusz Wawrzyniak

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