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60.00 €

Shortcut or Piecemeal

Author(s): Jan Winiecki / Language(s): English

Despite the economic uncertainties that have affected the world economy, alternative economic development strategies receive very little attention in the published literature. When academics compare certain strategic features or assess the performance of different strategies they rarely factor in outcomes. This book seeks to address that gap and to provide a theoretical background to the shift from industry to human capital intensive services as the engine of economic growth. Pioneering studies reveal interesting trends and patterns that point to the growing importance of the mostly intellectual property-based intangible capital in relation to the level of GDP. These studies also indicate that economic freedom has had a large role in bringing about this second great structural change, more than was with the case with industrialization. The author also provides an extensive assessment of four key developing countries: Brazil, Russia, India, and China.

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0.00 €

Czynniki behawioralne i fundamentalne a stopy zwrotu z akcji rynków wschodzących

Author(s): Tomasz Schabek / Language(s): Polish

Praca jest poświęcona zagadnieniu kształtowania się stóp zwrotu z akcji na rynkach wschodzących Polski i Brazylii. Zastosowano w niej holistycznie podejście do tematu. Oprócz czynników tradycyjnie uznawanych za ważne z punktu widzenia finansów neoklasycznych sprawdzono, w jakim stopniu czynniki behawioralne (pochodzące także z rynku amerykańskiego) oddziałują na stopy zwrotu z akcji. Ważnym elementem opracowania są empiryczne testy modeli stóp zwrotu - zarówno klasycznych, jak i wzbogaconych o zmienne behawioralne oraz makroekonomiczne. Całości towarzyszy bogaty przegląd literatury dotyczącej rynku kapitałowego i najnowszych badań z zakresu finansów behawioralnych.

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Model doradztwa w obszarze finansów osobistych w Polsce na tle doświadczeń międzynarodowych

Author(s): Krzysztof Waliszewski / Language(s): Polish

W związku z rosnącą rolą finansów w działalności gospodarstw domowych, co określa się mianem finansjalizacji gospodarstw domowych, przy niedostatecznej wiedzy ekonomiczno-finansowej, asymetrii informacji, asymetrii rozumienia informacji i znaczącej przewadze instytucji finansowych w stosunku do konsumentów, gospodarstwa domowe powinny być wspierane w planowaniu swoich finansów przez profesjonalistów, jakimi są doradcy finansowi. Monografia o imponującej zawartości faktograficznej jest pierwszym w Polsce tak kompleksowym studium doradztwa w obszarze finansów osobistych w Polsce na tle doświadczeń międzynarodowych, przez co wypełnia istniejącą lukę piśmienniczą. W monografii dokonano diagnozy modelu doradztwa finansowego oraz określono przyszły jego model według autorskiej koncepcji. Olbrzymia baza dokumentacyjna książki, systematyczność analiz uwzględniających wątki ekonomiczne, prawne i organizacyjne, wybitna znajomość badanej tematyki przez autora publikacji czyni ją niezmiernie użyteczną merytorycznie dla praktyków życia gospodarczego oraz badaczy zjawiska, inspirując do podejmowania dalszych badań w tym obszarze. Książka może być znakomitym podręcznikiem dla studentów kierunków ekonomicznych oraz dla doradców finansowych i osób przygotowujących się do pracy w zawodzie doradcy. W kompleksowym ujęciu tematu wykorzystano liczne dane, krajową i międzynarodową literaturę przedmiotu (desk research) oraz własne badania empiryczne (field research). Monografia została nagrodzona przez Prezesa PAN w ramach X edycji Konkursu Komitetu Nauk o Finansach PAN za wybitne osiągnięcia w zakresie finansów w 2017 r., była nominowana do Nagrody βeta 2017 za wybitne osiągnięcia w zakresie zarządzania finansami, a także otrzymała nagrodę indywidualną rektora UEP za osiągnięcia naukowe w roku akademickim 2016/2017.

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10.00 €

Ograniczanie ryzyka operacyjnego w transakcjach faktoringowych

Author(s): Milan Popović / Language(s): Polish

Nowadays, when the world economy is constantly faced with various types of crisis, stabilizing the financial situation of the company becomes one of the key factors of survival on the market. The factoring represents one of the ways of raising capital. It can be a solution to the problems associated with the liquidity of entrepreneurs who have solid business partners in the form of debtors or having their own supply chains. It should be noted that the factoring may be accompanied by financial abuse. Therefore, the solution of that problem is a practical model of the proposed IT system, used to classify sets of factor’s customers’ transactions. For these models set of parameters need to be defined in order to classify factoring transactions. These models can be implemented in the IT system, which will facilitate their widespread use in practice. Presented mechanizms will allow the classification of factoring customers’ transactions, including any misclassification. They also provide an opportunity to observe changes in the analyses results conducted at intervals of time. Subsequently, on their basis, the system will be able to present changes of selected indicators for the selected customer. // Problematyka faktoringu z roku na rok staje się coraz istotniejsza, ze względu na rozpowszechnianie się tej formy finansowania działalności przedsiębiorstw. Zaletą książki jest kompleksowe ujęcie zagadnień dotyczących faktoringu i procedury ograniczania ryzyka operacyjnego w transakcjach faktoringowych. Opisano mechanizmy funkcjonowania faktoringu i ryzyka z nim związanego, zaproponowano metody klasyfikacji transakcji faktoringowych, a także sposoby przetwarzania tych transakcji. Treści zawarte w publikacji mogą okazać się szczególnie przydatne pracownikom firm, które świadczą usługi faktoringowe, projektantom systemów informatycznych i studentom szkół ekonomicznych.

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11.00 €

Pożyczkodawca ostatniej instancji w strefie euro. Nowa rola Europejskiego Banku Centralnego

Author(s): Ewa Stawasz-Grabowska / Language(s): Polish

During the global financial crisis, major central banks of the world undertook a number of actions, including non-standard ones, aimed at the stability of the financial system. In this context, the discussion on the hierarchy of objectives of central banks, in particular on where the responsibility for the stability and safety of the financial system lies, was resumed. This issue has also become of interest to Polish economists. According to the pre-crisis theoretical consensus, the best way in which the central bank could contribute to ensuring financial stability was to maintain price stability. This belief found practical expression in the direct inflation targeting strategy, which since 1990s has been gradually accepted by successive developed countries and then emerging economies. The basic premise of this strategy is the recognition of price stability as the main objective of monetary policy. The central bank applying this strategy may seek to achieve other goals, such as supporting general economic policies of the government, provided that it does not restrict the implementation of the main objective. It should be noted, however, that price stability is not always at the top of the hierarchy of the objectives of central banks. Even in the case of the first central banks, the reason for the founding of the majority of these institutions was the establishment of a lender of last resort (LOLR) to the banking system. The Federal Reserve System, which was established in 1913 in response to recurring periods of panic in the American banking system, is an example. The choice of this particular topic of the book is a result of the following three premises. First, the concept of LOLR is poorly explored and described in the Polish literature. Secondly, arrangements for the LOLR in the euro area tend to be not very transparent. Thirdly, the actions of the ECB during the crisis in the context of the LOLR in the euro area are a current research problem.

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11.00 €

Metody pomiaru i determinant jakości informacji w raportach spółek giełdowych

Author(s): Jan Michalak / Language(s): Polish

The book is a holistic study of information quality disclosed in the reports of listed companies. Its primary objective is to define and investigate the quality of financial, non-financial information and the quality of information presentation. It describes and critically evaluates of scientific methods of information quality measurement. It provides analysis of determinants and economic consequences of diversified information quality. The book presents empirical research results aimed at measurement the level of information quality in the reports of listed companies in the Warsaw Stock Exchange. The research presented in the monograph cover various and complementary methods: abnormal accruals, disclosure index of information about the business model (developed specially for the study) and graph discrepancy index. The results of empirical studies create a comprehensive picture of the quality of information in reports of listed companies listed on the Warsaw Stock Exchange and its determinants. The quality of the information contained in these reports varies widely in all three aspects: financial information, non-financial and graphical presentation. Results of the study also show whether the factors like company size, level of debt, poor financial performance, preparation of financial statements compliant with IFRS, GRI standards application, audit quality, type of audit opinion, new strategy announcement in annual report significantly affect information quality. In the summary new directions for further research on the quality of the information in listed company reports are suggested.

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Financial engineering. Methods and cases

Author(s): / Language(s): English

This textbook contains materials for several courses which are taught in the Master’s Programme in Financial Engineering that is run at the Poznań University of Economics and Business. The book consists of seven chapters that cover the main areas of quantitative finance: investment, financial instruments pricing, financial risk measuring and management as well as corporate finance. The main part of the book is devoted to the mathematical models used in the field of finance. There are four chapters devoted to the pricing of financial instruments: from pricing equities using Capital Asset Pricing Model, through derivative instruments on equites, to more complicated derivatives on interest rates. The last topic is illustrated with some genuine examples from the markets in the post-crisis period. One chapter describes basic models and concepts used in measuring financial risk. Two other chapters are about investment. One describes the way in which companies finance their activities. The second one describes investment strategies of hedge funds. All chapters contain exercises and examples from the real markets.In order to understand the topics from the textbook, some prerequisites are required. It is assumed that a potential reader knows the basics of probability theory, linear algebra and calculus. The knowledge of econometrics and statistical methods used in economics will also be useful in better comprehension of the book. All these issues are usually taught in Bachelor’s programmes in Economics or Finance.

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12.00 €

Mechanizmy ładu korporacyjnego a system kontroli nad sprawozdawczością finansową. Perspektywa raportów zarządu polskich i niemieckich spółek publicznych

Author(s): Jacek Gad / Language(s): Polish

The system of control over financial reporting, which is the subject of considerations contained in the monograph, is one of the signs of convergence of corporate governance standards involving the implementation of the control system over financial reporting, implemented at the beginning of the 21st century in the practice of companies in the United States into the practice of public companies in the European Union. The system covers two main areas of the company’s activity, i.e., management system and corporate governance, and its efficiency depends on the activities of individual company bodies which are involved in its functioning in various ways. The main objective of the monograph was to identify the scope of disclosures about the system of control over financial reporting presented in management board reports and corporate governance mechanisms affecting this scope in the practice of Polish and German public companies. The analysis was conducted among companies operating in an insider model of corporate governance. The research results presented in the monograph seem to be important for institutions responsible for constructing corporate governance standards (i.e., legal regulations and good practices). They can also be valuable for management boards of public companies responsible for establishing and maintaining the system of control over financial reporting. Finally, they may be important for members of supervisory boards and their committees who are responsible for monitoring the effectiveness of the control system over financial reporting.

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12.00 €

Dojrzałość procesowa a wyniki organizacji

Author(s): Bartosz T. Kalinowski / Language(s): Polish

Processes are an inherent element of any technical, social or organisational system: they are present in every organisation, regardless of its type, size or operations. Processes are defined as sets of interrelated activities that transform inputs into outputs. Additionally, processes are important from an internal point of view (e.g. being necessary to coordinate the performed tasks, allocate resources or improve these activities). They are also crucial for external operations (e.g. directing the performed activities towards the requirements of external customers or facilitating the functioning of the organisation in a highly unstable environment). The orientation towards processes, depending on the theoretical framework applied, may be reflected in the implementation of concepts such as the Process Approach, Business Process Management or Business Process Orientation. In turn, the degree of advancement in the implementation of these theoretical models is reflected in the notion of Business Process Maturity. Business Process Maturity can be defined as the degree of explicit definition, management, measurement, control and effectiveness of organisational processes (W. Humphrey) or their ability to systematically provide better business results (McCormack and Johnson). Furthermore, Business Process Maturity is operationalised in Business Process Maturity Models, which were designed to be implemented by companies to shift business process management from an “as-is” state, where processes are undefined and underperforming, to a desired “to-be” state, in which processes are continuously improved. The strategic orientation of business processes is indicated as one of the sources of competitive advantage and perceived by companies as a key factor in market success. Therefore, apart from focusing on the development and implementation of processes, enterprises also strive to improve their performance and both financial and non-financial results. The main aim of this thesis is to analyse the impact of Business Process Maturity on the financial and non-financial results of an organisation. To this end, the following detailed objectives were formulated: 1. Analysing literature and previous research on Business Process Maturity and the development of the “state-of-art” report. 2. Researching the level of Business Process Maturity within Polish enterprises, including the development of an original Business Process Maturity Model, together with its implementation methodology. 3. Analysing the relationship between subjective and objective methods of assessing Business Process Maturity. 4. Analysing literature and previous research on the impact of Business Process Maturity on the financial and non-financial results of an organisation and the development of the “state-of-art” report. 5. Researching the financial and non-financial results achieved by Polish enterprises, including the development of an original comprehensive measurement model of organisational results. The thesis is divided into seven parts. The first part comprises an introduction and a presentation of the aims, research questions, hypotheses and research model. The second part deals with general issues on processes and maturity and is intended as a theoretical foundation and introduction to further considerations. The third part focuses on a discussion of various aspects of process maturity: initially, an attempt is made to synthesise the concept of process maturity in the context of previous research. Next, selected Business Process Maturity Models, maturity levels, the principles of Business Process Maturity Model development and business aspects of maturity model implementation are presented. The fourth part is devoted to an analysis of previous research on Business Process Maturity Models and their use for the assessment of Business Process Maturity in companies. This part concludes with a proposal for an original Business Process Maturity Model, along with the Business Process Maturity assessment methodology. Both of them served as measurement tools in the conducted research. The fifth part begins with an analysis of the relationship between Business Process Maturity and performance. Further analysis of the literature on performance definition and methods of measuring financial and non-financial results in enterprises, as well as previous research on the stated relationship are also presented. The fifth chapter covers a proposal of an original comprehensive measurement model of the organisational results. In the penultimate part of the thesis, empirical evidence resulting from six research studies conducted on the types and nature of the relationship between Business Process Maturity and performance are presented and analysed using a structural equation modelling method. Finally, the seventh part comprises a summary of the whole thesis and directions for future research.

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11.00 €

Nadzór korporacyjny a stabilność finansowa banków

Author(s): Emilia Klepczarek / Language(s): Polish

The stability of financial sector entities is a prerequisite for the undisturbed functioning of economies in the modern world. It was strongly disturbed, however, during the global financial crisis in 2008-2010 and the inefficiencies of corporate governance institutions are often mentioned as the important reasons for this destabilization. At the same time, the impact of corporate governance standards on the stability of banks seems to be under-explored in the literature and this book attempts to fulfill such a research gap. Its main objective is to assess, if the particular corporate governance standards influence the financial stability of banks listed on the Warsaw Stock Exchange during the 2005-2015 period. The theoretical and empirical analysis presented in the book identify the key corporate governance standards that may affect the security of banks listed on the Warsaw Stock Exchange. And the research conducted by the author allows assessing the selected mechanisms of corporate governance in the banks listed on the WSE in 2005-2015 as well as the stability measured with the capital adequacy ratio. Finally, the econometric models identify the corporate governance standards determining the stability of public banks during the period under study.

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14.00 €

Efektywność informacyjna rynku finansowego w wybranych krajach Unii Europejskiej

Author(s): Dominik Kubacki / Language(s): Polish

The aim of the book is an attempt to assess whether the selected European financial markets have been informationally efficient in the years 2004-2017 in the semi-strong form and to comparatively analyse if selected emerging markets differ from mature markets. The study is an attempt to verify the hypothesis of above-average rate of return on various financial assets to announce the decision of the central bank to change or leave the reference rate unchanged and to issue a decision by the national statistical institution with the Gross Domestic Product index on the yield curve and the stock market. In the empirical part of the dissertation is presented and applied analysis of test events. In a study to compare several financial markets, author selected three countries: Poland, Czech Republic and Great Britain whose choice resulted from several common features that were characterized in the book. The study used the following financial instruments: interest interbank FRA contracts, bonds, swaps IRS indices. The obtained results of empirical research on the markets in Poland, the Czech Republic and the United Kingdom have shown that the analyzed financial markets are not fully compliant with the theory of effective markets in the form of an average. However, as detailed analysis of individual segments of financial markets in individual countries had such features. // Celem książki jest próba oceny czy wybrane europejskie rynki finansowe były efektywne informacyjnie w latach 2004–2017 w formie półsilnej oraz dokonanie analizy porównawczej pomiędzy wybranymi rynkami wschodzącymi a dojrzałymi. Badanie jest próbą zweryfikowania hipotezy o ponadprzeciętnej stopie zwrotu z różnych aktywów finansowych na ogłoszenia decyzji banku centralnego o zmianie lub pozostawieniu bez zmian stopy referencyjnej oraz ogłoszenia decyzji przez narodową instytucję statystyczną o wskaźniku Produktu Krajowego Brutto na krzywą dochodowości oraz giełdowy rynek akcji. W części empirycznej rozprawy przedstawiono i zastosowano analizę testów zdarzeń. W badaniu do porównania kilku rynków finansowych, wybrano trzy kraje: Polskę, Czechy i Wielką Brytanię, których wybór wynikał z kilku cech wspólnych, które scharakteryzowano w książce. W badaniu do oceny wpływu (reakcji) wykorzystano kilka instrumentów finansowych i indeksy giełdowe tj.: stopy rynku międzybankowego kontrakty FRA, obligacje skarbowe, swapy IRS, indeksy giełdowe. Uzyskane wyniki badań empirycznych na rynkach w Polsce, Czechach i Wielkiej Brytanii wykazały, że analizowane rynki finansowe nie są w pełni zgodne z teorią rynków efektywnych w formie średniej. Jednak jak szczegółowo przeanalizowano poszczególne segmenty rynków finansowych w poszczególnych krajach posiadały takie cechy.

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14.00 €

Sektor private equity/venture capital w Polsce na tle Europy

Author(s): Elżbieta Grzegorczyk / Language(s): Polish

The presented study is devoted to the analysis of the development of the private equity/ venture capital market in European countries, with particular emphasis on Polish market. The taxonomic methods used in the study, allowed to determine the level of PE/VC market development through a set of objectivized features defining it. Thanks to this, it was possible to indicate the hierarchy of European countries in terms of the level of development of this market and then to group these countries. Based on the results of the conducted study, the analysis of numerous reports on this market and extensive literature studies, a detailed description of individual groups of the PE/VC market is presented. In addition, the work also includes the indication of legal and organizational, social and economic barriers to the development of the analysed market along with recommendations for limiting the strength of their influence. The study is addressed both to researchers and students of financial and economic faculties, as well as to practitioners associated with this sector, i.e. investors and decision makers responsible for development policies using modern investment financing tools.

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0.00 €

Options and national discretions under the Deposit Guarantee Scheme Directive and their treatment in the context of a European Deposit Insurance Scheme

Author(s): Author Not Specified / Language(s): English

In the European Union, the Deposit Guarantee Schemes Directive adopted in 2014 sets out rules and procedures to ensure depositor protection and is a key step towards harmonisation of deposit insurance in the European Union. It contains 22 national options and discretions (NODs) which Member States may apply to reflect specific national circumstances. The purpose of this study is to assess the respective national implementations of the NODs, including their practical impact on depositor protection, and to propose policy recommendations regarding their possible treatment under the European Deposit Insurance Scheme, under the assumption that the latter would take the form of a full insurance scheme.

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Teoretyczne i metodyczne aspekty wyznaczania indeksów cen na rynku mieszkaniowym

Author(s): Radosław Trojanek / Language(s): English,Polish

Książka stanowi próbę usystematyzowania wiedzy z zakresu znaczenia badania dynamiki cen nieruchomości mieszkaniowych w rozwoju społeczno-gospodarczym. Przeanalizowano doświadczenia krajów o rozwiniętych rynkach nieruchomości w aspekcie budowy indeksów cen, podsumowano kilkunastoletnie doświadczenia polskie oraz na podstawie autorskich baz danych cen ofertowych i transakcyjnych zbudowano indeksy cen, które poddane zostały licznym testom odporności. Autor zajął się kwestiami dotyczącymi: a) oceny jakości źródła informacji o zmianach na rynku nieruchomości, jakim są dane ofertowe, b) możliwości wykorzystania metody powtórnej sprzedaży do budowy indeksów cen, jak również krytycznej jej oceny z punktu widzenia stabilności osiąganych wyników, c) wskazania wśród metod hedonicznych metody preferowanej ze względu na stosunek jakości osiąganych wyników do czasochłonności i tym samym kosztochłonności budowy takich indeksów, d) określenia znaczenia metod i źródeł informacji w budowie indeksów cen w różnych horyzontach czasowych, e) określenia znaczenia dla przebiegu indeksów cen nieuwzględniania spółdzielczego własnościowego prawa do lokalu o funkcji mieszkalnej. Przedmiotem opracowania są ceny na wtórnym rynku mieszkaniowym, obejmującym zarówno prawo własności, jak i spółdzielcze własnościowe prawo do lokalu mieszkalnego. W części empirycznej zakres został zawężony do wtórnego rynku mieszkań zlokalizowanych w budynkach wielorodzinnych i jednorodzinnych. Zakres czasowy obejmuje lata 2000-2015, co związane jest z zakresem przeprowadzonych badań empirycznych, dotyczących transakcji i ofert mieszkań oraz zbudowaniem na ich podstawie baz danych, będących punktem wyjścia dalszych analiz. Zakres przestrzenny badań obejmuje Poznań.

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11.00 €

Rachunkowość umów leasingu. Stan obecny i kierunki zmian

Author(s): Mikołaj Turzyński / Language(s): Polish

The book describes the state of accounting regulations for lease contracts and suggests potential directions of their change. In the six chapters that comprise the monograph, the author presented the following issues: (1) the process of establishing accounting standards for lease contracts, (2) Polish accounting regulations for lease contracts, (3) the classification of lease contracts on the basis of income tax regulations, (4) regulations of the International Accounting Standard 17, (5) regulations of the International Financial Reporting Standard 16, (6) proposals for changes in the accounting regulations for leasing in Poland. The monograph is relevant for researchers dealing with the topic of accounting for lease contracts as well as accountants and professionals preparing financial statements.

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0.00 €

China’s economic growth – selected financial aspects

Author(s): Magdalena Rosińska-Bukowska,Klaudia Zielińska-Lont,Joanna Bogołębska,Karolina Anielak / Language(s): English

China’s economic miracle is widely admired, studied and analysed ever since the country started experiencing unprecedented development pace. This monograph focuses on selected financial aspects of China’s economic growth that seldom are at the centre of attention of the researchers. The authors stress that the maturing financial system contributes greatly to the country’s transition to a modern, developed economy. Research conducted for this monograph is part of a wider analysis of Asia’s competitive position – Asia’s global expansion: business and financial aspects (2020), http://dx.doi.org/10.18778/8142-990-0.Different areas of the Chinese financial system are analysed in detail in order to show that the country has largely passed the stage of catching up with the most developed economies of the world and in certain cases has already taken the lead. China’s bond market is growing in liquidity, its financial institutions are among the largest in the world and at the same time are able to meet the strictest prudential requirements. Innovativeness of China’s FinTech sector has surpassed many established financial institutions of the world.China’s financial institutions are ready to compete on the global market and the Chinese economy will no longer build its competitive position exclusively on cheap labour. The findings of these book will help understanding what type of challenges are waiting ahead of the Middle Kingdom.The authors of the monograph are researchers from the University of Lodz, the Department of International Business and Trade, http://www.instytutgm.uni.lodz.pl/about/the-department-of-international-business-and-trade/

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0.00 €

Loan and Guarantee Funds. Development – Performance – Stability

Author(s): Halina Waniak-Michalak,Jan Michalak,Maciej Turała / Language(s): English

The monograph is scientifically valuable, innovative and brings the high potential for application. The discussed topics are up to date and significant for both theory and economic practice. The literature review presented herein is of high academic quality, as is the rich empirical part which covers the stages of development of loan and guarantee funds, provides a comparison of their functioning in different countries and analyses their financial standing in the context of regional development.The monograph may be addressed to representatives of the economic practice as well as academics, in particular those specialising in public finance, local government finance, accounting and management of corporate finance.All in all, it is a valuable publication, not only on the Polish publishing market.

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12.00 €

ЕКОЛОГИЧНИ ДЕТЕРМИНАНТИ НА БАНКОВИЯ ПЪРФОРМАНС

Author(s): Sevgi Osman / Language(s): Bulgarian

The risks of climate change are emerging as significant problems not only in the real sector of the economy, but also in the financial sphere. Environmental issues are seen as an element of corporate social responsibility (CSR) and are an important part of the concept of sustainability of banks. The results of the present study show that environmental activities lead to short-term costs, but in the longer term are expected to contribute to higher profitability, loan portfolio quality and more effective risk management. Sustainable development as a strategy to achieve higher values of performance indicators. The biggest challenge for banks is to turn sustainable development activities from investment costs with an indefinite effect into a way to create shareholder-aware value.

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0.00 €

Rynek kryptowalut i tokenów z perspektywy inwestycyjnej

Author(s): Katarzyna Włosik / Language(s): Polish

Stworzenie bitcoina, powstanie kolejnych kryptowalut i innych rodzajów tokenów oraz pojawienie się pośredników umożliwiających obrót nimi dały początek nowemu rynkowi. Jest on wykorzystywany w celach inwestycyjnych i podlega dynamicznemu rozwojowi. Architektura rynku kryptowalut i pozostałych tokenów staje się coraz bardziej złożona, a on sam pozostaje nadal nie do końca rozpoznany. Istnieje więc potrzeba spojrzenia na niego z wielu perspektyw, określenia ogólnych zasad funkcjonowania i pogłębienia zrozumienia jego działania, do czego przyczyniają się rozważania zawarte w tej monografii. Co istotne, przedstawione treści wskazują zarówno zalety, jak i mankamenty analizowanego rynku. Czytelnik dowie się z książki: czym są kryptowaluty i pozostałe tokeny; czy kryptowaluty i pozostałe tokeny stanowią nową klasę aktywów i czy są kolejnym rodzajem inwestycji alternatywnych; w jaki sposób funkcjonuje rynek kryptowalut i pozostałych tokenów; jakimi cechami charakteryzuje się rynek kryptowalut i pozostałych tokenów i jakie jest znaczenie tych cech dla jego uczestników i instytucji regulacyjnych.Książka stanowi interesującą lekturę dla naukowców i studentów chcących zająć się tematyką kryptowalut, pozostałych tokenów oraz tworzonego przez nie rynku. Może być podstawą do dalszych analiz naukowych czy wsparciem dydaktyki z zakresu finansów cyfrowych. Zainteresuje również praktyków rynkowych, osoby współtworzące regulacje rynku finansowego, a także pasjonatów inwestycji i innowacji finansowych.

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Innowacje finansowe w gospodarce 4.0

Author(s): / Language(s): English,Polish

Osiągnięcia technologiczne i informatyczne gospodarki 4.0 stały się motywacją do wprowadzania na rynku finansowym nowych produktów i usług finansowych oferowanych w świecie cyfrowym i odpowiadających na potrzeby zmieniającego się rynku finansowego. W ten sposób narodziły się innowacje finansowe w gospodarce 4.0. Z jednej strony dają one duże możliwości rozwoju, z drugiej są nowym wyzwaniem, z którym muszą się zmierzyć zarówno instytucje nadzorujące i organizujące ten rynek, jak i jego uczestnicy. W książce dokonano charakterystyki i oceny wybranych innowacji finansowych powstałych dzięki osiągnięciom gospodarki 4.0, której dynamiczny rozwój stał się istotnym elementem obecnych czasów. Autorzy, pracownicy Instytutu Finansów Uniwersytetu Ekonomicznego w Poznaniu, skupili się kolejno na: wykorzystaniu technologii blockchain w finansach, obrocie i opodatkowaniu kryptowalut, emisji cyfrowych tokenów, pozyskiwaniu kapitału za pomocą crowdfundingu z nagrodami, oferowaniu usług w bankowości cyfrowej i za pomocą aplikacji PFM wspierającej zarządzanie domowym budżetem, porównaniu doradcy 2.0 i robodoradcy oraz wykorzystaniu algorytmów uczenia maszynowego w budowie i zarządzaniu portfelem inwestycyjnym, a także na zmianach technologicznych w audycie finansowym. Przy tym poszukiwali odpowiedzi na pytanie o to, w którym kierunku podąża współczesny rynek finansowy działający w środowisku nowoczesnych technologii. Odpowiedź tę znaleźli dzięki opartej na najnowszej literaturze przedmiotu charakterystyce i analizie mocnych i słabych stron oraz szans i zagrożeń rozwoju różnych innowacji finansowych. Zachęcamy do sięgnięcia po tę pozycję wszystkie osoby zainteresowane problematyką gospodarki 4.0, szczególnie w aspekcie ekonomicznym i prawnym, podejmujące różnego rodzaju wyzwania związane ze współczesnymi finansami. Mamy nadzieję, że przedstawione przez nas treści pozwolą Czytelnikowi rozwinąć horyzonty i staną się inspiracją do kolejnych żywych dyskusji na temat zmieniającego się świata finansów i przyszłości gospodarki światowej.

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