Abstract: During the Global Financial Crisis (GFC) of 2008 and the COVID-19 pandemic, financial markets have e touched their lowest levels. This paper tried to compare the performance of safe haven assets during the Global Financial Crisis and the COVID-19 pandemic in such countries as Germany, Great Britain, France, Spain, Italy, and Poland. The author investigated the dynamic relations between gold, silver, the US Dollar Index, the Swiss Franc Index, soybean commodity futures and corn commodity futures. The study estimated the DCC or CCC models to compare the dynamic relation between the above-mentioned stock markets and financial instruments. The results showed that only gold could protect investors from stock market losses during both crises. During the GFC, gold, the USD Index, the Swiss Franc Index in almost all the considered countries could be identified as safe haven instruments. Surprisingly, the Swiss Franc Index acted as a safe haven instrument during the GFC but not during the COVID-19 pandemic. PubDate: Sat, 12 Feb 2022 00:00:00 GMT
Abstract: The primary objective of the article was to classify objects that are labour markets of young people in selected EU countries in order to create relatively homogeneous groups based on the set of variables considered. This allowed to examine the similarities of the selected member states and to compare the two years of 2008 and 2018. The analysis used EUROSTAT (17 macroeconomic and demographic variables) data for selected EU countries. The study used hierarchical methods to agglomerate objects through a dendrogram to illustrate the linkages between countries applying Ward’s method for Euclidean distances. A non-hierarchical k-means method was also used to examine the allocation of objects and assess the relevance of the study by minimizing the variability within the resulting clusters, thereby maximizing the variability between them. The results provide a basis for improving the measurement of the situation of young people in the labour market by showing factors significantly influencing the level of employment and unemployment of young people. This study opens the door to future research on the labour market situation in the member states. PubDate: Sat, 12 Feb 2022 00:00:00 GMT
Abstract: Social exclusion is a complex and multidimensional process. This phenomenon is also characterised by spatial differentiation, which is illustrated by numerous indicators. Yet, insufficient attention is paid to non-monetary indicators of social exclusion. The aim of this paper was to identify the key non-monetary indicators of social exclusion (also related to the Agenda 2030 sustainable development goals) and, on their basis, to develop a synthetic measure that would make it possible to rank and compare the countries that joined the European Union on May 1, 2004. The considerations were limited to a group of non-monetary indicators of social exclusion selected by the author on the basis of the analysis of the literature on the subject, which included the Laeken indicators. Data on indicator values were taken from the Eurostat database for 2020. In the study, the method of multidimensional comparative analysis of Hellwig’s development pattern was used. The analyses showed that, compared to the other countries selected for the analysis, the Czech Republic, Slovenia and Poland were in the most favourable situation in terms of social exclusion understood through the prism of non-monetary indicators. PubDate: Sat, 12 Feb 2022 00:00:00 GMT
Abstract: In this paper equilibrium short-rate models are compared against no-arbitrage short-rate models. This article is composed of the introduction to this literature and a review, followed by numerical examples of one-factor short-rate models; the Cox-Ingersoll-Ross (CIR) model and the Vasicek model. No-arbitrage models were presented through the Hull-White (HW) model, the Binomial lattice model for bond pricing and interest rate modelling, the Black-Karasinski (BK) model, and the Heath-Jarrow-Morton (HJM) model. The results prove that no single interest rate model exists that can be used for all purposes. These models were compared in terms of volatility, mean reversion process and convergence. The end results confirm the dependence of volatility on the level rate as a determinant of the predictive success of these models. PubDate: Fri, 08 Oct 2021 00:00:00 GMT
Abstract: This article presents the visual research methods (VRM), a procedure containing an iterative circle for detecting smokers and non-smokers among adolescents and young adults. Qualitative and quantitative approaches were used to develop the theoretical framework and questionnaires, conduct workshops, content analysis and statistical modelling, and to examine and interpret the results. The visual context that detects smokers and non-smokers concerns the social norms and environment, attitudes, beliefs, role models, individual factors, situational context and healthy vs. unhealthy lifestyle.VRM provide precise results regarding the phenomenon and offer a sympathetic, considerate and suitable way to examine it. The interpretations of the visual context of smoking generates valuable information for smoking prevention methods compared with the traditional verbal questionnaire. PubDate: Fri, 08 Oct 2021 00:00:00 GMT
Abstract: The primary purpose of this study was to pursue the analysis of the time series data and to demonstrate the role of time series model in the predicting process using long-term records of the monthly global price of bananas from January 1990 to November 2020. Following the Box-Jenkins methodology, ARIMA(4,1,2)(1,0,1)[12] with the drift model was selected to be the best fit model for the time series, according to the lowest AIC value in this study. Empirically, the results revealed that the MLP neural network model performed better compared to ARIMA(4,1,2)(1,0,1)[12] with the drift model at its smaller MSE value. Hence, the MLP neural network model can provide useful information important in the decision-making process related to the impact of the change of the future global price of bananas. Understanding the past global price of bananas is important for the analyses of current and future changes of global price of bananas. In order to sustain these observations, research programs utilizing the resulting data should be able to improve significantly our understanding and narrow projections of the future global price of bananas. PubDate: Fri, 08 Oct 2021 00:00:00 GMT
Abstract: The main aim of the paper was to prove that the complete Black-Scholes-Merton regime-switching Lévy market is characterized by an absence of arbitrage. In the considered model, the prices of financial assets are described by the Lévy process in which the coefficients depend on the states of the Markov chain. Such a market is incomplete; in order to complete this market, jump financial instruments and power-jump assets were added. Then, an equivalent martingale measure was indicated and the conditions were determined so that the above model is characterized by the absence of arbitrage. Arbitrage is a trade that profits by exploiting the price differences of identical or similar financial instruments in different markets or in different forms. Thus arbitrage can be understood as risk-free profit for the trader. PubDate: Fri, 08 Oct 2021 00:00:00 GMT
Abstract: The deterioration of the general investment climate, the economic recession, and changes in consumption patterns caused by the COVID-19 pandemic have forced various foreign investors to restrict or suspend investments. One of the possible reactions by investors to the coronavirus crisis is divestment. This article aimed at detecting and analysing the regularities between the risk of foreign divestment in various industry branches and the destinations of FDIs at the level of NUTS 1 macroregions of the Visegrad Group countries during the COVID-19 pandemic, using correspondence analysis. The results of the assessment of the risk of foreign divestment in NUTS 1 macroregions of the Visegrad Group countries are characterised by diversity in terms of territorial and sectoral layout, depending on the analysed scenario of the COVID-19 pandemic development. It is hard to clearly indicate a macroregion which, irrespective of the scale of the spread of the disease, could be perceived by foreign investors as invariably highly risky or characterised by a constantly low risk of divestment. PubDate: Tue, 20 Jul 2021 00:00:00 GMT
Abstract: This study aimed at examining the relation between economic growth and carbon dioxide (CO2) emissions in North African countries in the period 2000-2018. To prove this, the author applied the OLS method of the two variables describing the Environmental Kuznets Curve: GDP per capita and CO2. The results show that GDP per capita reflects the influence of changes in the level of income on environmental pollution in five of the seven countries surveyed. PubDate: Tue, 20 Jul 2021 00:00:00 GMT
Abstract: In this paper an investigation of social media marketing techniques of Coworking spaces’ type of business is performed, using datasets acquired using social media monitoring tools. Mediatoolkit has been used to scrap data deriving from the activity of the WeWork Instagram and Twitter accounts which were collected on a 24/7 basis from varying locations and in multiple languages in a fifteen-day time window. Indices related to sentiment, reach, influence, number of followers, retweets, likes, comments, and view scores formed the datasets that were examined by applying multiple correspondence analysis as well as the hierarchical clustering method. The aim of this paper was to explore the inherent properties of the multiple indices describing the general realm of social media marketing tools, and more specifically aspires to provide digital marketers with an alternative perspective of social media marketing strategies related to the emerging coworking spaces type of business. The authors identified three classes/segments of posts, whereas post polarity tends to relate to geographic location, regardless of the social media channel used for posting. PubDate: Tue, 20 Jul 2021 00:00:00 GMT
Abstract: The aim of this study was to test the effectiveness of an econometric model with dichotomous (binary) explanatory variables in the approximation and prediction of different kinds of cyclicality (annual, monthly, weekly, and daily) of demand for telephone services. The analyses were conducted with the use of data provided by the selected telecommunication network operator. The data included hourly combined demand for specified telephone services (in seconds) of outgoing calls within the framework of the particular subscriber group (business or individual), the given day, the particular month, and the specific category of connection. All kinds of the cyclicality were confirmed in models with 70 explanatory variables (i.e. in models without holidays). The inclusion of the variables set denoting specific holidays improved goodness of the models fit to the data. The econometric modelling of cyclical components and the forecasting of it with the use of dichotomous variables was effective. PubDate: Tue, 20 Jul 2021 00:00:00 GMT
Abstract: Green growth is a new approach to the economy that assumes the efficient use of raw materials while minimizing the negative impact on the environment. The aim of the study is to assess green growth in the European Union countries in 2019. For this purpose, secondary data was used and a multidimensional analysis of sustainable development was performed. The non-pattern model together with the Hellwig and Ward methods were implemented. This enabled a comparison between countries, and their classification due to a similar level of development. Based on the analysis, a large discrepancy in terms of green growth was observed in the examined countries. It was noted that the disproportion may turn out to be a problem in the implementation of the sustainable development policy. The results also showed that the position of the country is reflected in its geographic location. PubDate: Tue, 20 Jul 2021 00:00:00 GMT
Abstract: The paper proposed a simulation method for determining the weights of components of taxonomic measures. The method takes into account the degree of similarity of the final ranking to other rankings and other properties, e.g. the clustering ability of the measure. The analyses were performed on publicly available data published by the General Statistic Office, concerning selected characteristics of the labour market in Poland at the level of subregions. The results obtained by the proposed method depend on the initial set of weights vectors. Due to the fact that the proposed method does not provide an invariant solution for a given data set, the stability of the rankings obtained using this method was assessed. There was high consistency in the orderings of objects obtained in the consecutive repetitions of the procedure. PubDate: Wed, 12 May 2021 00:00:00 GMT
Abstract: The article is dedicated to the evaluation of the formal preparation of universities for international mobility. In order to perform the analysis, the authors used the results of the quantitative primary research conducted in the Stranger project of the Erasmus + strategic partnership. The target group included employees (administrative staff and academic teachers) from universities in Poland, Greece, Hungary and Ukraine that form the partnership. To make it possible for respondents to answer closed-ended questions, summative scales were created. The study examined correlation relationships between the respondents’ answers aggregated to summative scales, and also strived to classify the respondents in terms of the obtained values for summative scales using hierarchical cluster analysis (Ward’s method). The results of the analyses showed the existence of many problems in the field of broadly understood internationalization of universities, and also indicated a significant differentiation of evaluations due to respondents’ characteristics. PubDate: Wed, 12 May 2021 00:00:00 GMT
Abstract: Frequentists and Bayesians disagree about the soundness of performing calculations based, in an important part, on prior information. The disagreement goes back to a basic philosophical disagreement about how to conceptualize the meaning of probability. As frequentists and Bayesians use the term differently, there is a basic philosophical incommensurability. However, this philosophical incommensurability need not imply an empirical incommensurability. It is possible for there to be, simultaneously, philosophical incommensurability and empirical commensurability. This possibility implies consequences that this article discusses. PubDate: Wed, 12 May 2021 00:00:00 GMT
Abstract: The main objective of this paper is to investigate the nonparametric estimation of the conditional density of a scalar response variable Y, given the explanatory variable X taking value in a Hilbert space when the sample of observations is considered as an independent random variables with identical distribution (i.i.d) and are linked with a single functional index structure. First of all, a kernel type estimator for the conditional density function (cond-df) is introduced. Afterwards, the asymptotic properties are stated for a conditional density estimator when the observations are linked with a single-index structure from which one derives a central limit theorem (CLT) of the conditional density estimator to show the asymptotic normality of the kernel estimate of this model. As an application the conditional mode in functional single-index model is presented, and the asymptotic (1 – ζ) confidence interval of the conditional mode function is given for 0 < ζ < 1. A simulation study is also presented to illustrate the validity and finite sample performance of the considered estimator. Finally, the estimation of the functional index via the pseudo-maximum likelihood method is discussed. PubDate: Wed, 12 May 2021 00:00:00 GMT
Abstract: The aim of the work is to examine how the role of universities in the public procurement market and in public-private partnership is perceived by both the contracting authorities and the contractors. It was verified whether the entities participating in public procurement and public-private partnership see the need for cooperation with universities, and whether there is a link between the declared need for cooperation and the assessment of real actions taken or provided by universities. The work is based on a survey conducted between March and May 2020 among 520 institutions representing contractors and procurers in public procurement. The highest evaluation was given to the activities of public universities in the field of public procurement and public-private partnership in Lubuskie and Śląskie (opinion of procurers) and Lubelskie and Warmińsko-Mazurskie (opinion of contractors). With the use of logistic regression models it was verified that there is a positive relation between the evaluation of the university’s activities and the declared need for cooperation between the university and the analysed entity. PubDate: Wed, 12 May 2021 00:00:00 GMT
Abstract: In recent years, the evaluation of research conducted in European universities has become a significant problem. The growing concern for the quality and evaluation of research conducted at universities highlights the importance of university rankings, especially global rankings. The aim of the paper is to identify the network system of Polish universities of economics among their European counterparts belonging to the same networks, and indicate the positions of Polish universities within these networks. The study used a network approach to analyse the connections of European universities using university networks. The networks enable the visualization of complex, multidimensional data and provide statistical indicators for interpreting the resultant graphs. The analysis is exploratory in its nature and uses visualisation techniques of social network analysis (SNA), multidimensional scaling (MDS), principal component analysis (PCA), and Eigen-model network analysis (ENA). The analysis covered 150 universities of economics in Europe and 11 university networks. Network analyses were performed with the R program. The paper presents different methods that allowed for the identification of network systems of Polish economic universities within the networks of European universities. An analysis of the social networks based on network indicators was also included. PubDate: Wed, 12 May 2021 00:00:00 GMT
Abstract: Recently, there has been observed intensified research on the impact of income inequalities on aspects of socio-economic development in the European Union. However, there are no comprehensive analyses concerning the relationship between these phenomena. Therefore the subject of the paper is the influence of income inequalities on socio-economic development. The author would like to verify the hypothesis that the character of the impact of income inequalities on socio-economic development in the European Union is negative. Analysis was conducted for the European Union in 2004-2017 using the panel data model, also estimated was the synthetic indicator of socio-economic development. The research conducted in the paper leads to ambiguous conclusions. On the one hand, inequalities measured for the whole distribution of income have no influence on socio-economic development in the European Union. However, the income gap between the richest and the poorest hinders the mentioned phenomenon. PubDate: Thu, 28 Mar 2019 00:00:00 GMT
Abstract: This paper centres to the presentation of analyzed potential relations between the determinants of purchasing decisions regarding insurance products and socio-demographic variables, i.e. age, gender, place of residence, income, occupational status, and number of people in the household. The authors also examined whether making financial decisions in a household determines purchasing decisions concerning insurance products. The main hypothesis is: from the perspective of an elderly customer, inherent features of an analyzed insurance product are more vital than aspects regarding the sales process. The analysis was conducted using the ordered logit model, where factors determining purchases of insurance products were used as dependent variables. PubDate: Thu, 28 Mar 2019 00:00:00 GMT
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