The problem of research undertaken in the article concerns the adaptation of traditional models of calculating the cost of capital to the specifics of mining companies. Solutions known from the literature do not give reasonable results. This is due to the uniqueness of the activities of mining companies, in which case we are dealing with a lack of reference to the typical market situations. The aim of this article is to identify solutions that allow rational and reliable results to be obtained. One of the proposals is a modified Fama-French method. The article was tested by calculating the cost of capital in the largest Polish mining enterprises. The problem of calculation of the cost of capital is particularly important in the area of assessing the effectiveness of investment projects. The cost of capital is used as the discount rate in dynamic measures of performance, such as NPV.

Initial public pensions are indexed to the economy-wide average wages, butpensions in progress are indexed to prices, average wages or their combinations– varying across countries and periods. We create a simple overlapping cohortsframework to study the properties of indexing pensions in progress – emphasizinga neglected issue: close wage paths should imply close benefit paths even at realwage shocks. This robustness criterion of an equitable pension system is onlysatisfied by wage indexing, which in turn requires the adjustment of the accrualrate. To minimize the redistribution from low-earning short-lived citizens tohigh-earning long-lived ones, progression should be introduced.

Ensuring access to sustainable, affordable and clean energy sources is a top priority of the global energy agenda. It is reflected in the seventh goal of the UN Sustainable Development Agenda with the three dimensions of economic growth, social inclusion and environmental protection. The seventh goal is aimed at providing the sustainable development of energy systems whilst taking into account these dimensions. To assess the development trends of national energy systems within the framework of the global energy agenda, certain methods of quantitative measurement have acquired particular relevance. Approaches to assessing energy security mainly depend on the interpretation of the “energy security” concept. The main methods for the integrated assessment of the energy security of states are generally compiled by international organizations. An important indicator for the measurement of the sustainable development of energy systems is the Energy Trilemma Index, built within the framework of the “energy trilemma” concept. It allows quantifying the ability of states to ensure energy security, energy equity and environmental sustainability, taking into account the national context.
Special attention is paid to the analysis of the energy systems of Russia, Kazakhstan and Armenia through the Energy Trilemma Index 2022. The studied countries actively participate in the integration processes in the Eurasian and post-Soviet space. Thus, the analysis of the Energy Trilemma Index 2022 allows us to become acquainted with the main trends of the energy sector development in the Eurasian space, exploring the conjuncture of energy markets and their main challenges. The study of the energy systems of Russia, Kazakhstan and Armenia through the energy trilemma index enables the identification the methodological significance of the index for assessing the sustainable development of national energy systems. The practical relevance of the index in the formation of the state energy policy for the sustainable development of the energy systems has also been emphasized.

The corporate cost of capital is used by valuators to discount future flows of income from an entity in order to derive a present-day, forward-looking value of that entity. The cost of capital is therefore determined as the weighted cost of the various sources of funding, being typically equity, debt and preference instruments. The tricky and important part is estimating the cost of equity, which usually needs the application of finance models. The study on the texts on mineral valuation or mineral project evaluation demonstrates that the capital asset pricing model (CAPM) is a general model for estimating the cost of equity. However, according to shortfalls and problems relating to it a relatively similar and simpler model i.e. the single-index market model is proposed. The single index market model is an important tool in contemporary research in finance. Much of the importance of the model follows from its 'beta' parameter which, ideally, measures the sensitivity of returns on a security to changes in a market model. To estimate the cost of equity of the mining and cement companies listed in Tehran Stock Exchange (TSE) The single-index market model is selected because of the shortfalls and problems of the CAPM as well as the lack of commercial services for determining the market premium. The regression analysis as well as the statistical analysis is carried out using Excel spreadsheet. The statistic significance of the model is tested using t and F test statistics. The results showed that the independent variable (the rate of return on the market index) has a genuine effect on the dependent variable (the rate of return for the stock) and there is a statistically significant linear relationship between the two variables at significance level of 5%. Finally, the cost of equity formining and cement companies is estimated 25.0% and 31.0% respectively. Knowing the cost of equity, calculating the discount rate will not be very difficult.

The aim of the paper is to evaluate the development of the Geoeducation Center in Kielce and to define ways and stage of creating its tourist brand. It is a new tourist attraction in the Świętokrzyskie region, which also plays role of informal education. Every year, this object is visited by approximately 40,000. tourists. Research has shown that the Geoeducation Center from the beginning of its operation consistently creates all the elements that make up the brand equity: awareness, perceived quality, associations and loyalty.

Taking the importance of time and risk into account has a significant impact on the value of

investment projects. Investments in the energy sector are long-term projects and, as such, are burdened

with uncertainty associated with the long-term freezing of capital and obtaining the expected

return. In the power industry, this uncertainty is increased by factors specific to the sector,

including in particular changes in the political and legal environment and the rapid technological

development. In the case of discounted cash flow analysis (DCF), commonly used for assessing the

economic efficiency of investments, the only parameter expressing investor uncertainty regarding

investment opportunities is the discount rate, which increases with the increasing risk of the project.

It determines the value of the current project, thus becoming an important criterion affecting

investors’ decisions. For this reason, it is of great importance for the assessment of investment

effectiveness. This rate, usually in the form of the weighted average cost of capital (WACC), generally

includes two elements: the cost of equity capital and borrowed capital. Due to the fluctuant

relationship between these two parameters in project financing, performing a WACC analysis in

order to compare the risks associated with the different technologies is not completely justified.

A good solution to the problem is to use the cost of equity. This article focuses on the analysis of this

cost as a measure of risk related to energy investments in the United States, Europe and worldwide.

Because of the value of time, investors are interested in obtaining economic benefits rather early and at a highest return. But some investing opportunities, e.g. mineral projects, require from an investor to freeze their capital for several years. In exchange for this, they expect adequate remuneration for waiting, uncertainty and possible opportunities lost. This compensation is reflected in the level of interest rate they demand. Commonly used approach of project evaluation – the discounted cash flow analysis – uses this interest rate to determine present value of future cash flows. Mining investors should worry about project’s cash flows with greater assiduousness – especially about those arising in first years of the project lifetime. Having regard to the mining industry, this technique views a mineral deposit as complete production project where the base sources of uncertainty are future levels of economic-financial and technical parameters. Some of them are more risky than others – this paper tries to split apart and weigh their importance by the example of Polish hard coal projects at the feasibility study. The work has been performed with the sensitivity analysis of the internal rate of return. Calculations were made using the ‘bare bones’ assumption (on all the equity basis, constant money, after tax, flat price and constant operating costs), which creates a good reference and starting point for comparing other investment alternatives and for future investigations. The first part introduces with the discounting issue; in the following sections the paper presents data and methods used for spinning off risk components from the feasibility-stage discount rate and, in the end, some recommendations are presented.

Urban green spaces (UGS) play an important role in the structure of urbanized areas. Providing adequate access to them may contribute to shaping more pro-health behaviours among city residents. There are many proven benefits of access to UGS. They can have a significant impact on improving mental and physical health. The proximity of green areas in a city has a positive impact on basic environmental indicators: they improve air quality, contribute to reducing the urban heat island effect and are places conducive for socializing. In a world dominated by cars and a sedentary lifestyle, it is difficult to find time to be physically active. Therefore, the presence of park spaces can significantly affect the provision of the required minimum levels of physical activity. The subject of interest of this article is a review of selected academic publications, whose authors attempted to create objective tools for measuring the accessibility of green spaces in an urban environment. The study contains a tabular list of selected research methods and defines the basic purpose of each study and data source. Green area accessibility indices can be an important tool in shaping the spatial policy of cities. Summarizing the academic achievements in this field may constitute an incentive to conduct research of a similar nature and significance in Poland. Effective mapping of accessibility indices may become a clear tool for communication between local governments responsible for making key decisions in cities and the Polish academic community.

The paper deals with possibilities of innovation projects financing in the Small and Medium Size Enterprises (SMEs) in the Czech Republic. It discusses, in the emphasis on SMEs, possible approaches to innovative company financing in dependence on company life cycle. Well established and functional models of innovative companies financing as FFF, Business angels, Private equity and Venture capital funding and mezzanine financing are discussed. Inasmuch SMEs are considered the key driving force of the Czech economy and the stabilizing feature of the regional development, the government places emphasis on the development of financial instruments which would ensure an ongoing financial support of innovation projects. But managements of SMEs insufficiently use all opportunities to obtain investment resources for the growth, future competitiveness and prosperity of their companies. According to researches performed in EU it was proven that financing constraints hinder innovation among SMEs. Maintaining regional balance through sustainable performance of SMEs is the common aim of municipalities as well. It is necessary for SMEs to form long-term relationships with their municipalities in the region. Programmes which arrange financial support for institutions are provided through private investors, grants, the EU funds and national budget. The paper evaluates pros and cons of various types of financial subsidies with respect to payback periods, risk exposure and availability. The paper includes the outputs of empirical research in SMEs carried out 2014 focused on steering innovation projects in SMEs. The aim of the research was to find out if SMEs can manage, evaluate and develop innovation projects. Moreover the authors examined the effectiveness of relationships established between SMEs and municipalities and problems which the SMEs are confronted by upon the ensurance of project innovation investments. The sources procurement is a very sophisticated topic and it is beneficial for the SMEs to establish a close cooperation not only with municipalities but also with universities.

The study addresses the challenges facing the law of the sea. Although UNCLOS is rightly described as a constitution of the law of the sea, it does not and cannot give answers to all problems and doubts that arise in practice and that are related to global warming, protection of biodiversity, legal status of genetic resources, controversy concerning shipping, delimitation of areas or the protection of underwater cultural heritage. Hence the question arises, what the ways and means of further development of the law of the sea are. Undoubtedly, one of the possibilities is to develop implementation agreements, of which the third devoted to the protection and sustainable use of marine biodiversity outside national jurisdiction is the subject of an international conference convened by the General Assembly, whose resolutions in the area of the law of the sea play an important role. Undoubtedly, also the importance of the organization of the United Nations system, such as the IMO, FAO, UNESCO, UNEP is significant. There is also the possibility of accepting agreements addressing the issues left by UNCLOS without solution or definition. Not without significance is the soft law and the practice of states as well as the position of the organs appointed by UNCLOS.