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10.00 €

Transfer technologii w procesach innowacyjnych przedsiębiorstwa

Author(s): Jerzy Różański,Nataliya Voytovych / Language(s): Polish

The main aim of this monography is to asses relations between transfer of technology and innovations in enterprises and design condition for using transfer as a way to increase innovation and competitiveness of enterprises. Authors compare the level of innovation of UE countries and show position of Poland in European ranking of innovation. The second level of comparison concerns role and significance of enterprise environment institutions (centers of transfer technology, incubators etc.) in Poland and in some European countries. Final part of monograph consists recommendations and propositions connected with possibilities of improvement in cooperation between sphere of business and sphere of knowledge and using transfer of technology in innovative processes not only in whole economy but in each enterprise as well.

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11.00 €

Czynniki determinujące działalność deweloperską na polskim rynku mieszkaniowym

Author(s): Agata Antczak-Stępniak / Language(s): Polish

Development activity in Poland has been expanding constantly for almost 30 years. Although initially the transformation period was not favourable for developers, today the number of apartments delivered by them is the largest since the 1990s. This activity, however, is strongly diversified in terms of territory, both on a supranational basis as well as within a given country. Therefore, it can be said that a variety of factors influence development activity. The main goal of this monography was to identify potential factors of the growth of development activity in the Polish residential market and to determine the gradation of their validity using, among others, statistical and econometric tools based on the example of selected cities, as well as to present the consequences of differences in this area and to indicate the possibility of improving the conditions of development activity in the examined market. The surveys carried out using quantitative and qualitative methods have shown that development activity is influenced by both nationwide and local factors as well as those resulting from the specificity of real estate or the developer. Therefore, this activity should be stimulated through the use of all the determinants described in the monography. This requires a conscious involvement of both government and local government entities which should be vitally interested in improving the functioning of the residential market as well as the dynamics and effects of development activity in this market. Otherwise, the housing conditions of Poland’s population will improve at a very slow pace, differing significantly from social expectations.

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Finansowanie uczelni teatralnych w Polsce

Author(s): Agnieszka Orankiewicz / Language(s): Polish

The main reason for taking up the subject of this book was the need to identify the possibility of financing cultural activities of theatrical public universities. Determining the effective method of obtaining extra-budgetary resources is important from the point of view of the development of both the surveyed entities and the broadly understood theater art. The activity undertaken by the theatrical schools has an impact on the implementation of cultural policy in the country and region, contributes to the broadening of the artistic offer and creates the opportunity to assimilate society with culture. The book is also theoretical and empirical. It retains a high degree of theoretical conceptualizations, and also contains a lot of detailed, practical information, in many places becoming a handbook that facilitates orientation in the possibilities of financing cultural projects. The empirical part may also have a source value for future researchers in cultural economics. The book is addressed to representatives of a wide range of academic disciplines: economics, cultural studies, theater studies, management, but also to cultural managers, decision makers associated with the public and private sector of financing culture, and students of economics and humanities.

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The Future of Retail Financial Services. What policy mix for a balanced digital transformation?

Author(s): Kim Vindberg-Larsen,Sylvain Bouyon / Language(s): English

While policy-makers are gradually creating the necessary conditions tostrengthen the digital transformation of retail financial services, numerous policy issues and unanswered questions remain. The purpose of this report is to analyse the issues that were considered by the Task Force to be relevant for retail banking and non-life insurance at the present time and for the next few years to come. In order to develop a market in which retail financial services contribute to the economy in a balanced way, 12 main issues need to be further addressed.

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21.00 €

Transmisja ryzyka kredytowego do Polski w okresie światowego kryzysu finansowego

Author(s): Piotr Płuciennik / Language(s): Polish

Poland was a country relatively unscathed by the global financial crisis that began in 2007. Polish banks were not involved in the market for securities linked to U.S. subprime loans, and exports' relatively small share in GDP meant that the slowdown in the global economy did not impact the Polish economy significantly. During the period under consideration, Poland's debt was relatively small compared to the countries of southern Europe, and its positive economic growth rate made it possible to avoid radical cuts in budget expenditure. In spite of this, the effects of the crisis were felt particularly strongly by the banking sector and the bond market. The research described in the monograph serves the understanding of the crisis' consequences for the Polish banking sector and the mechanism through which it was transmitted to the Polish interbank market, as well as to assess the central bank's ability to implement monetary policy during the crisis. It also examines the causes of an increase in the risk premium of Polish bonds and assesses the bonds whose countries had the greatest impact on shaping this risk.

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Model oczekiwanych strat kredytowych w sprawozdawczości finansowej. Koncepcja i zastosowanie

Author(s): Maciej Frendzel / Language(s): Polish

International Financial Reporting Standard 9 "Financial Instruments" introduced a new model for determination of write-downs for financial assets and for recognition of provisions for financial guarantees and loan commitments, known as the expected credit loss model (ECL model). The new solution takes into account not only the occurrence of default and identified credit losses, but also the entity's expectations regarding future credit losses, along with changes in the financial situation of contractors and macroeconomic factors. The book addresses those issues, mainly discussing conceptual premises of expected credit loss model, its consistence with concept of credit risk, and its application to different items and transactions. In the book there presented also the results of research referring to the impact of ECL model on companies listed on Warsaw Stock Exchange in 2018.

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Efekty obciążeń regulacyjnych i fiskalnych sektora bankowego dla akcji kredytowej banków przed pandemią COVID-19 i w trakcie jej trwania

Author(s): Iwona Dorota Czechowska,Czesław Lipiński,Jacek Sikorski,Joanna Stawska,Wojciech Zatoń / Language(s): Polish

The publication is a monograph describing comprehensively the issue of regulatory and fiscal burdens on the banking sector and their consequences for the level of loans, in the time perspective before and during the COVID-19 pandemic. It is a compendium of knowledge in the field of broadly understood finance, about the nature and mechanisms of the functioning of external burdens on the banking sector and related problems. The authors attempt to present this type of regulation in the context of the security and financial stability of the banking system, as well as in a broader perspective of the financial system. They present the current (as of 2021) burden, paying attention to specific instruments of fiscal and regulatory policy. Using the econometric model, they operationalize the main objective of the study, which is to determine and analyze the impact of external burdens on the lending potential of the banking sector, as well as an attempt to identify base scenarios. Previous studies have rarely attempted to combine regulatory and fiscal requirements in the context of, among other things, an in-depth analysis of the requirements for NPL Non-Performing Loans. Monothematic publications focused on a narrow approach to this type of external load prevailed. The originality of this publication is the collection of information on regulatory and fiscal requirements for the banking sector, and especially the presentation of this issue during the COVID-19 pandemic. It is one of the first items that comprehensively address this type of issue. Its advantage is the multifaceted nature of the issues described.

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Wyzwania współczesnej rachunkowości i finansów w przedsiębiorstwie

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

A monograph devoted to selected issues belonging to two key sub-disciplines within the economic aspects of management science: corporate financial management and accounting. The studies composing the monograph discuss scientific research and analyses concerning, among others, organisational and legal functioning of guarantee funds in the case of tour operators, measurement and valuation of human capital in economic organisations, financing pro-export activities of enterprises using external funds and, finally, the role of narrative in accounting in the context of financial reporting of capital market companies. The results of scientific research being the conclusion of individual texts within the monograph may be the basis for further discussions and research related to microfinance of enterprises and accounting. Given the importance and topicality of the problems raised, the monograph addresses a wide audience: academics, PhD students and students of finance and accounting faculties, as well as managers, accountants, appraisers and officials following the changes.

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Banking Union’s impact on financial stability – holistic approach

Author(s): Klaudia Zielińska-Lont / Language(s): English

Financial market integration inside the European Union was a process that, at both regulatory and political level, was far behind the actual internationalization of European credit institutions. As a consequence, oversight over the activities of these institutions was both inefficient and distortive to market-based competition, as regulatory requirements imposed on banks in each country were different. The economic breakdown brought about by the financial crisis of 2008 has uncovered the deficiencies of the structures that were due to safeguard financial stability of the EU and at the same time have provided the necessary impulse to further integrate. A major step forward has been taken through agreeing on the project of a banking union, which, among others, envisaged centralizing the regulatory oversight over Europe’s largest credit institutions under the auspice of the European Central Bank.There have been many speculations about the impact that the banking union could have on financial stability on one hand and the condition and competitiveness of the credit institutions on the other. The aim of this monograph is to assess the net impact of the integration of supervisory tasks under the first pillar of the banking union on the largest credit institutions, considering their profitability, liquidity and risk exposure. To achieve this goal, a dedicated synthetic measure has been constructed that enabled quantifying the net impact on banks performance and allowed verifying how well the supervised banks have managed to adapt to the new regulatory environment. The presented research method facilitates a useful tool for tracking the changes to the relative performance of banks and hence can be a useful early warning tool when it comes to monitoring financial stability.

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Актуальні проблеми фінансової безпеки України в умовах посткризової трансформації

Author(s): Alexander Stepanovich Vlasyuk / Language(s): Ukrainian

The essence of financial security and its place in the system of economic security of the state are considered. The theoretical basis of the content of financial security is analyzed and external and internal threats to the national security of Ukraine in the financial sphere are identified. The author's methodology for assessing the state of financial security of the state and the public finance sector of Ukraine is proposed. The system of indicators of financial security and the public finance sector of Ukraine is determined, formalized calculations are developed, the information base is developed and their threshold values are substantiated. The issues of financial security of transformation processes in the national economy, challenges and threats to the stability of the financial system, as well as security aspects of fiscal policy, in particular its features in the context of existing external and internal risks. The financial mechanisms of domestic market protection and financial aspects of de-shadowing of the economy are highlighted. Recommendations for improving the overall level of financial security of the state are provided. Measures are proposed to encourage the activities of international financial organizations in the credit market of Ukraine, attract international technical assistance and increase the country's credit ratings. For employees of government agencies, specialists and scholars in the financial sphere of the national economy, teachers of financial disciplines in higher education, graduate students and students who study in depth the problems of financial security.

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Проблеми та перспективи зміцнення стійкості фінансової системи України

Author(s): L. G. Shemaeva,Ya. Zhalilo,N. Ya, Yurkiv,D. M. Gladkikh,Valentina V. Gladkikh,Yu. V. Kasperovich,L.P Londar,A. L. Deshko / Language(s): Ukrainian

The modern globalized world is characterized by increasing turbulence in financial markets, which poses special challenges to ensure the stability of national economies. The megatrend of financialization, which is characterized by increasing the share of financial transactions and the dominance of the financial sector of the economy over the real one, reflects radical changes in the structure of the modern world economy. Fluctuations in financial markets significantly affect the rate of global growth, and global financial flows determine structural changes in national economies. // Currently, Ukraine is facing exacerbation of external risks associated with the sharp increase in global economic volatility, which was observed in the first half of 2020 in the context of the COVID-19 pandemic, which, according to many experts, makes high-scale growth of full-scale global economic crises. Responding to the challenges of the pandemic has led to a number of radical measures at the national level, which have a shocking impact on the national economy. Hybrid aggression against Ukraine continues, shaping its own challenges to the financial system.

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18.00 €

Outsourcing w technologii "cloud computing" w działalności krajowych zakładów ubezpieczeń

Author(s): Weronika Wojturska / Language(s): Polish

The monograph thoroughly explores the regulations of the insurance and reinsurance activity act and the stance adopted by the national and European supervisory authorities. The author discusses the aspects of processing personal data as well as the data covered by insurance secrecy. On this basis, the admissibility, the conditions for use and the efficiency of the cloud computing outsourcing standards in national insurance institutions were assessed. The publication is intended for the researchers in the insurance, law and finance fields, as well as the insurance market practitioners.

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Finansowe motywy i konsekwencje dywersyfikacji działalności przedsiębiorstw funkcjonujących na rynkach wschodzących

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

Książka jest poświęcona finansowym aspektom dywersyfikacji działalności przedsiębiorstw, w szczególności zależności pomiędzy stopniem dywersyfikacji a rynkową wyceną spółek giełdowych. Większość dotychczasowych badań wskazuje, że jest ona ujemna, co określa się mianem dywersyfikacyjnego dyskonta. Według przyjętej w książce hipotezy zależność ta jest jednak determinowana stopniem rozwoju rynku kapitałowego. Przeprowadzone na potrzeby weryfikacji tej hipotezy badania na próbie ok. 5000 spółek z 13 krajów (w latach 2001-2012) wskazują, że dyskonto dywersyfikacyjne występuje w krajach o bardziej rozwiniętym rynku kapitałowym, z kolei w krajach o słabo rozwiniętym rynku można wręcz mówić o dywersyfikacyjnej premii. Dodatkowe badania poświęcone dokonywanym przez spółki transakcjom spin-off oraz fuzjom konglomeratowym dają mniej jednoznaczne wyniki.

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Efekty cenowe na polskim rynku kapitałowym

Author(s): Magdalena Jasiniak / Language(s): Polish

The aim of the study is to assess the perception of stocks’ investment attractiveness through the prism of their market prices from the investors’ perspective and the verification of pricing effects on the Polish capital market. On the Polish capital market, research on price effects are uncommon, although the area of ​​behavioral finance and market anomalies seems to be quite widely explored. This study complements the research gap in this area. The results of research conducted on foreign capital markets describe the occurrence of various price phenomena, which indicates the existence of a relationship between the stocks market price and investors’ investment decisions which in consequence may translate into the formation of the rate of return of these stocks. In the case of the Polish capital market, it also stated that there is a relationship between the stock price and the return rates generated. It also indicates that the calendar anomalies known in the literature occur with various intensification, depending on the price range of stocks. In addition, it was noted that investors' reactions on split and resplit operations are different depending on the stock price before the event and the coefficient of split or resplit. Research carried out among individual investors has shown that the stock price is the most important factor in the decision-making process and according to respondents, it is about their investment attractiveness. In investors' opinion, the chances of achieving above-average returns are growing along with the stock price.

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Drogowskazy bankowości. Współczesne kierunki rozwoju bankowości w Polsce

Author(s): Marika Ziemba / Language(s): Polish

The bank is an entity whose task is to meet the needs of consumers, and therefore must act in such a way as to get to know them as well as possible, and on the other hand, to offer an optimal product. These conditions require continuous improvement of banks' operations, and currently the most popular directions of development include: improving the quality of digital customer service, increasing data analysis capabilities, reducing operating costs, increasing investment in innovation, meeting legal requirements and adapting to compliance regulations, updating or replacement of the basic operating system components, recruitment and retraining of employees, improvement of business processes, increased security and authentication of data, cooperation with entities belonging to the FinTech sector, development of mobile payments, implementation of the sustainable development policy. The typical problems related to the functioning of banks include the specific situation related to the emergence of an economic recession in the country and the prolonged period of at least partial shutdown of the economy as a result of the COVID-19 coronavirus pandemic. Hence, it is necessary to analyze each of the above-mentioned development paths from the point of view of new operating conditions. The main objective of the study was to identify potential directions of development of the banking sector from the point of view of consumers and banks, their confrontation and assessment of the extent to which the current conditions on the financial market may affect a specific choice. Identification of the directions of development of the banking sector was carried out on the basis of an analysis of the literature on the subject, while the consumer perspective was presented on the basis of the CAWI questionnaire survey.

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FinTech

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

Scientific monograph focused on selected issues related to new technologies in financial services (FinTech). The publication is one of the few to include scientific articles and short popular science articles published on the Facebook page written exclusively by undergraduates and graduates, coming from different scientific centers. The authors mainly represent the fields of finance, management, law and economics.

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12.00 €

Wybrane metody ilościowe w finansach

Author(s): Dorota Witkowska / Language(s): Polish

The monograph discusses selected issues of descriptive and mathematical statistics, econometric modeling and multivariate comparative analysis. Most of the methods are illustrated with real life examples from the field of finance, highlighting the problems and limitations of the applicability of these methods. The chapters was arranged according to the systematization of the presented issues.Chapter 1-st discusses issues related to the measurement of socio-economic phenomena, methods of data acquisition and their proper presentation. The 2-nd chapter is devoted to the structure of the data description, indicating the limitations of applied methods. The next section shows how to generalize the results derived from a statistical sample. Chapter 4-th deals with cross-correlation analysis. This is followed by a discussion of methods for analyzing the dynamics of phenomena. Chapter 6-th is dedicated to classical econometric models, binary variable models and time series models. Chapter 7-th is an introduction to forecasting, and the 8-th to multidimensional comparative analysis. The last three chapters provide an in-depth illustration of the application in finance of most of the methods discussed. Thus, the 9-th chapter is a description of financial time series analysis using the example of a stock price quotations of a selected listed company. The 10-th deals with two issues - the application of selected classification methods to assess the creditworthiness of bank customers, and the assessment of the economic and financial condition of companies, taking into account various aspects of their performance, using taxonomic measures. The last chapter is devoted to the construction of hedonic price indices of artworks, which take into account their qualitative characteristics.

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Nadmierny optymizm analityków sporządzających rekomendacje giełdowe w wycenach przedsiębiorstw

Author(s): Michał Radke / Language(s): Polish

The monograph has an interdisciplinary character. It is located on the border of two research areas of finance – behavioral finance and investment banking. In the case of the latter, it is mainly about the activities of financial institutions in the field of enterprise valuation in the issued stock exchange recommendations, both in theoretical and legal terms, as well as in practical approach, highlighting the most common mistakes in valuations. The main objective of the monograph is to analyze the psychological determinants of decision-making processes in the capital market, which concern not only rational premises for perceiving the value of financial assets through the prism of formal models of their valuation, but also attitudes, in particular optimism, which distorts the objective perception of value, while showing "human nature" financiers. The results of the analyzes provided by the author allowed to broaden the scope of knowledge on decision-making mechanisms in financial investment processes and their conditions. The obtained results are of practical importance both for individual and institutional investors, i.e. recipients of investment recommendations and their authors, which undoubtedly constitutes its great value.

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Kapitał intelektualny a konkurencyjność banków w Polsce

Author(s): Karolina Anielak-Sobczak / Language(s): Polish

Contemporary banks operating in the knowledge-based economy are constantly looking for sources to improve their competitiveness and attractiveness in relation to the banking sector. Therefore, it becomes necessary to be able to react flexibly to changes in the market environment and to creatively use one's resources and experience. Nowadays, the banking services market has a similar product offer, similar functionality of the available distribution channels, which draws the managers' attention to the so-called soft factors of competitive advantage. Intellectual capital is the source of the bank's intangible resources, such as knowledge, employee skills, quality of service, relationships and social image as well as innovations. This monograph focuses on the structure of intellectual capital and its impact on the competitiveness of banks. The concept of dividing the bank's intellectual capital into three subsystems was presented: organizational capital (KORG), innovative capital (KINN) and institutional capital (KINS). In the monograph, the author used a multidimensional static analysis, as part of which a proprietary synthetic measure of the competitiveness of banks was built. It was calculated on the basis of 26 diagnostic indicators related to the assessment of intellectual and economic capital, which, according to the author, have the greatest impact on competitiveness. Thanks to this, she created rankings in terms of their competitiveness for a group of 10 listed commercial banks in Poland in 2009-2020.

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Изследване на ефектите от влизането в сила на новите международни стандарти за финансово отчитане - 9 финансови инструменти и 17 застрахователни договори върху финансовата стабилност и ликвидност на застрахователите в България

Author(s): Mariana Petrova Mihaylova,Atanaska Filipova-Slancheva,Nikolina Nikolova,Marionela Stoilkova,Velichka Velkova / Language(s): Bulgarian

The collective monograph "Study of the effects of the entry into force of the new international financial reporting standards – 9 Financial instruments and 17 Insurance contracts on the financial stability and liquidity of insurers in Bulgaria" is the result of a research project funded by the University of National and World Economy - Sofia, Bulgaria. The topic of the academic project is new for the research activity both for the UNWE-Sofia and for the professional community in the field of the insurance industry. The relevance of this topic stems from the adoption of International Financial Reporting Standard (IFRS) 9 Financial Instruments and IFRS 17 Insurance Contracts by the International Accounting Standards Board (IASB). The adoption of the new standards comes after many years of expert work, public discussion and approval of basic problem questions. The main objective of the monographic work is the definition of variability of the effects of the entry into force of the new IFRS 9 Financial Instruments and IFRS 17 Insurance Contracts for insurers in Bulgaria and the potential risks for their financial stability and solvency, respectively liquidity. Subject of the study is the applicable accounting legislation, including IFRS, the applicable legislation in the field of insurance, the practices of the leading insurers in Bulgaria, the applicable regulatory requirements, the results of the reviews of the insurers' balance sheets. The applied methodology includes various approaches, such as systemic, historical, structural and legislative, so that, based on observation, comparative, static and dynamic analysis, the objectives of the project can be achieved. These methods were also applied to the reviewed literature, the statistical information used, the empirical research carried out, the author's opinions, conclusions and results. The main scientific results can be summarized in the following several areas: researched are the new principles, approaches and resulting methodologies and models for accounting recognition, evaluation and presentation of financial assets and insurance contracts; studied are the amendments in the insurance regulatory framework at the EU level and, respectively, at Bulgarian level resulting from the requirements of the new IFRS applicable to insurers; presented are the adaptation possibilities and the new accounting policies development of insurers for the initial application of IFRS 9 Financial Instruments and IFRS 17 Insurance Contracts; seven scientific articles and reports on the topic of scientific research have been published.

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