Around the Bloc: Praise and Derision for Russian Banker’s PR Stunt
Sberbank chief's Robocop-like appearance fuels buzz on the huge gap between the privileged and ordinary people
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Sberbank chief's Robocop-like appearance fuels buzz on the huge gap between the privileged and ordinary people
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Government says the move will help shore up the shaky banking sector.
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The present contribution looks into selected aspects of the Bundesverfassungsgericht’s request fora preliminary ruling regarding the European Central Bank’s OMT Decision of September 2012 andthe subsequent ruling in that regard by the Court of Justice of the EU (CJEU). The author focusesnot exclusively on the legal and economic ramifications of the judicial dialogue between the Germancourt and the CJEU on the ECB’s OMT programme, but attempts to foreground political andsocietal anchoring behind the argumentation developed by both Courts. The main contention ofthis paper is that the instances of legal leveraging eminent in the CJUE’s jurisprudence stem fromthe mismatch between the ‘conventional’ legal reading of relevant provisions on the economic andmonetary union on the one hand and most recent developments in EU/Eurozone economic governance,notably in response to the economic crisis, on the other. The author also points out that by itsOMT Decision the ECB effected a qualitative change in the function it has vis-à-vis bondholders,namely, given the restrains of EU law, that of shadowing a lender of last resort.The present contribution looks into selected aspects of the Bundesverfassungsgericht’s request for a preliminary ruling regarding the European Central Bank’s OMT Decision of September 2012 and the subsequent ruling in that regard by the Court of Justice of the EU (CJEU). The author focuses not exclusively on the legal and economic ramifications of the judicial dialogue between the German court and the CJEU on the ECB’s OMT programme, but attempts to foreground political and societal anchoring behind the argumentation developed by both Courts. The main contention of this paper is that the instances of legal leveraging eminent in the CJUE’s jurisprudence stem from the mismatch between the ‘conventional’ legal reading of relevant provisions on the economic and monetary union on the one hand and most recent developments in EU/Eurozone economic governance, notably in response to the economic crisis, on the other. The author also points out that by its OMT Decision the ECB effected a qualitative change in the function it has vis-à-vis bondholders, namely, given the restrains of EU law, that of shadowing a lender of last resort.
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In this article, we examine empirically the relationship between resources prices and economic activity in the presence of structural break due to financial crisis in selected European Union countries. The primary objective is to investigate and analyze the Granger causal relationships and impulse response function between oil prices, production and inflation in Germany, France, Denmark, Nederland, Poland, Czech Republic and EU in period 01.1995-04.2014. Granger causality tests provide evidence that there is unidirectional causality running from oil prices to production and inflation.
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The aim of the study was the analysis of the interrelationships occurring within the framework of the monetary transmission mechanism in the Polish economy in the years 2003-2015. The tool of analysis was a VAR model. The results obtained indicate that the inflation level remained under the influence of the NBP interest rates. The CPI indicator was found to affect the EUR/USD exchange rate. The analysis of IRF function, obtained from VAR model, allowed to identify the presence of "price puzzle".
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The purpose of this article is to present initial results obtained in analysis of extreme risk of returns related to investments in non-ferrous and precious metals. Comparison analysis refers to possible investment decisions. The methodology is based on events observed in tails of distributions, including quantile risk measures and so, the family of heavy-tailed distributions has been used. The analysis shows that exists significant discrepancy in volatility and extreme risks between these two groups of metals. This information may be useful in construction of diversified investment portfolios and decision making related to extreme events.
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This article aims to identify the impact of financing the investments in fixed assets and research and developmental works mainly with savings or by external lenders on effectiveness of such investments use. The analysis was conducted based on unbalanced panel data of individual companies, employing at least 10 workers, contained in the annual reports of Central Statistics Office F-02 for the years 1995-2012. System Generalized Method of Moments (robust) was used for the estimations. The research findings determined that the more indebted companies achieve lower effectiveness of investments use. Companies finance investments from its own funds choose riskier projects, but also more effective in research and development (R&D), for which it would be difficult for them to find external financing. It follows that more saving business and finance investments to a greater extent from its own funds, due to the higher effectiveness of the investments in fixed assets and R&D, accelerate economic growth.
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The study investigates the low-price effect on the Polish stock market. Using sorting, cross-sectional tests and checks of the monotonic relation, we examine the performance of portfolios formed on prices of over 850 companies listed on the Polish stock market in the years 2000-2014. Contrary to global evidence, expensive stocks significantly outperform cheap stocks there. Furthermore, additional sorts on value, size and momentum may be used to improve price-based strategies and the anomaly is strongest among growth companies. We hypothesize that the reverse character of the low-price anomaly may be potentially explained by an impact of other phenomena, like the underperformance of lottery-stocks. Moreover, employing an alternative methodology, we provide convincing out-of-sample evidence in support of the hypothesis of Baker et al. [2009], that corporate managers cater to investors by splitting their shares in response to time-varying catering incentives.
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Investors expect reliable and timely information from each company listed on the Warsaw Stock Exchange. Thus, professional assessment of the financial condition of stock companies becomes very important and the need to use methods that can reduce the number of available variables and thereby streamline the analysis of the stock market. Taxonomic synthetic measures belong to such methods. In the present study uses a synthetic taxonomic measure TMAI, rate the relative level of development of BZW and synthetic indicator Q proposed by K. Kukuła to compare the condition of 14 food industry companies listed on the Warsaw Stock Exchange and create for them the rankings for the years 2010-2014.
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The aim of this article is to determine the risk-return relationship on the example of RESPECT Index companies. This relationship is presented on the map risk-returs i.e. correlation graph of the rate of return and the standard deviation. The reference point for the study is Warsaw Stock Exchange Index, RESPECT index and WIG-Poland. Empirical data are monthly rates shares of 23 companies listed on the Warsaw Stock Exchange from 19th of November 2009 to 31st of May 2016.
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This paper analyses and evaluates spatial differentiation among provinces regarding the turnover and prices of housing premises and realestates with housing premises in 2014. With the application of hierarchical agglomerational procedures, the provinces under study were grouped into homogenous classes using the analysed real-estate market variables.
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In this work a few methods of experimental data analysis have been applied to identify deterministic chaos in the behaviour of some financial time series. The value of the Hurst exponent, the length of cycle, the generalized fractal dimension and the minimal number of variables, fully characterizing the given dynamical system have been estimated. The calculations have been done by use of computer algebra system Mathematica. The aim of the author was to work out the methodology of investigation for fractal properties in empirical time series using this computer programme.
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This paper carries out a comparative analysis of the degree of financial development between transition economies and developed ones based on variables that indicate the direct and indirect degree of financial development. To determine the way the financial systems works and the level of its development, the authors have taken into account four general characteristics of financial institutions and financial markets which were measured for the financial institutions (mainly banks, which are the most important financial institutions in most economies in transition, insurance companies and other financial institutions) as well as for the financial markets, thus leading to a 4x2 matrix of the main characteristics of the financial system. The analysis was developed based on the data found on the Global Financial Development database of the World Bank. Empirical data and authors’ analysis were used to characterize and compare financial systems between countries with economies in transition and developed countries for the years 2008 – 2011. The year 2011 was the last year of available qualitative data for many countries in the Balkan Region such as Albania, Kosovo and Macedonia.
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The three lines of defense model (3LODM) is a valuable framework that outlines internal audit’s role in assuring the effective management of risk, and the importance for delivering this of its position and function in the corporate governance structure of Albanian banks. Each line of defense has unique positioning in the organization and unique responsibilities and not combined or coordinated in a manner that compromises their effectiveness. The responsibility for internal control does not transfer from one line of defence to the next line. Independence and objectivity are essential elements to consider Setting up of an internal control system and supporting arrangements by 3LODM is relatively simple. In Albania, the real challenge is ensuring that the perceptions, contribution and expectations of bank’s executive management, audit committee and bank’s board of directors are aligned, and that risk-related information is symmetric, effectively and consistently obtained, analyzed and used by players of internal control system. Misunderstandings between players/bodies of internal control system lead in luck of optimization achievements for reaching bank objectives. Internal auditing is designed to add value and improve an organization’s operations; help an organization accomplish its objectives by bringing in a systematic, disciplined approach; evaluate and improve the effectiveness of risk management, control, and governance processes.
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The article looks at the changes in the system of direct payments to farmers in the EU. The author briefly examines the history of direct payments and models of payments in the EU, presents the level of financing of direct payments and examines disparities in terms of average payments per hectare among the EU member states. The new system of direct payments in Poland is discussed as well.
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The role of private pensions in many developed economies has grown significantly in the past two decades. The situation is different for developing economies where private pensions are a new phenomenon and have a very low weight in the sector. Despite the diversity of retirement systems, these countries in many cases are characterized from low education level of the population for this service and not well-defined investment policy from the companies offering this product. The low education level implies that the publicity should be as simple as possible to be understood from considerable population and well–specified policies increase the self-confidence of the interest group. Developing economies in the same time are characterized even from high informal employment rate, influencing directly privet and public pension system. In this situation, new reforms and actions should be made in order to develop and incentivize the pension market. In the same time it is very important the pension model that has to be used, which should be in accordance with the economic, political and social characteristics of the country. The same can be said even for Albania, when it comes to pension system. The pension scheme in Albania consists of two pillars. The first pillar is PAYG funded system, publicly managed and “defined benefits” (DB) where benefits are calculated according to a specific formula based on the number of working-years, wages earned, as well as the contributions paid. The second pillar, as per international definition of it, does not exist in Albania. Instead there is a third pillar, privately managed, voluntary contributed and defined contributions (DC). During the past decade, the first pillar has demonstrated certain problems, like low net replacement rate, high dependency rate and considerable high level of evasion of contributions payment. The third pillar is a new one in Albania and the size and the development of it is very modest, as at the end of 2014, this market accounted for 0.05% of the Gross Domestic Product, or in number of contributors only 8,491. Despite the small number it has been increased, so compared with 2013 the number has been increased with 7.66%. The paper will be focused on the detailed analyze of pension system in Albania, and more concretely in the privet one. The objective is to give a detailed overview of this sector in Albania, with its difficulties and obstacles that are encountered and the risks faced today and in the future.
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One of the most important applications of mobile banking is SMS banking and due to some reasons including simple access and use and also the ability of use without especial software and hardware, it is one of the first applications of mobile phone in banking. The sample volume was 437 persons that for obtaining more information about 600 questionnaires were distributed in the branches of governmental banks of Rasht city, and 411 questionnaires were received. The variables studied in this research included, speed, mobility access, propaganda, direction, adoption, self- efficacy, perceived cost, perceived risk, perceived usefulness, and perceived ease of use and intention of use. Establishment of priority for research variables showed that in respondents’ opinion the level of perceived risk was the most important factor and the variables of access speed and self-efficacy were in the next ranks.
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Article describes rules and specific methods in management which allows development of business strategy in a bank.
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The purpose of this article is to analyze the profitability of investments in real estate, focusing on the price of land allocated in the local plan spatial planning for commercial purposes in the local market (Szczecin). Analyzed property sales in Szczecin since the third quarter 2009 to the first quarter of 2012 in Szczecin. Despite the large supply of, demand for land investment is not fully satisfied, mainly because of the lack of properties that meet the growing demands of developers. In the last two quarters, you will see a marked increase in the average price of land investment.
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In the compilation the author explained the influence of the hedge funds occurring on the financial market during a decade of the new century especially after the outburst of the global financial crisis. The first part contains ways of defining hedge funds and their specific features, differentiating them among other participants of the financial market. The next part presents a quantitative characteristics about the amount of hedge funds, asset value and their return of assets.
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