{"title":"Zmiana poziomu efektywności amerykańskiego rynku akcji – od kryzysu finansowego 2007-2009 do pandemii COVID-19","authors":"Marek Kołatka","doi":"10.15290/oes.2021.03.105.03","DOIUrl":"https://doi.org/10.15290/oes.2021.03.105.03","url":null,"abstract":"Purpose – Verification of the change in the efficiency of the US stock market from the 2007-2009 financial crisis to the COVID-19 pandemic. Research method – The BDS test (occurrence of non-linear relationships between daily logarithmic rates of return) and the Quenouille autocorrelation test up to the fifth order (occurrence of linear relationships between daily logarithmic rates of return) for the S&P500 and DJIA indices were used. Results – The occurrence of unusual phenomena changes the level of US stock market effectiveness. An increase in inefficiency was observed both during the 2007-2009 financial crisis and now, during the COVID-19 pandemic. Higher-level relationships between rates of return were found during the COVID-19 pandemic. Originality / value / implications / recommendations – A comparison of the impact of two recent global events on the level of efficiency of the US stock market. Additionally, the article indicates which of the two key US stock indices provided more frequent investment opportunities.","PeriodicalId":373923,"journal":{"name":"Optimum. Economic Studies","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-06-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127055283","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Prawo moratoryjne państwa polskiego w okresie kryzysu gospodarczego lat 30. XX wieku","authors":"R. Jastrzębski","doi":"10.15290/oes.2021.03.105.06","DOIUrl":"https://doi.org/10.15290/oes.2021.03.105.06","url":null,"abstract":"Purpose – The article aims at characterising Polish moratory laws during the Great Depression. The article is centred around the legislation on public and private law liabilities. The author pays particular attention to the structure of the Polish economy and to Poland’s deflationary policy that determined the Polish legislation of that time. Research method – The author reviewed the literature on the subject and analysed legal regulations. Results – The author indicates that – given the structure of the Polish economy – moratory legislation concerned the farming industry in particular. It was mainly of an anti-enforcement nature and consisted in reducing the interest rate and spreading the debt repayment over several years (particularly as regards private law liabilities). Originality / value / implications / recommendations – The purpose and functions of moratory laws were, and still are, of particular importance to the economy, especially at the time of economic crisis. This is exemplified by the moratory legislation of the Polish State that adopted and pursued the deflationary policy.","PeriodicalId":373923,"journal":{"name":"Optimum. Economic Studies","volume":"22 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-06-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125720412","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Urban sprawl and the financial standing of municipalities","authors":"Julita Łukomska, Jarosław Neneman","doi":"10.15290/OES.2020.04.102.04","DOIUrl":"https://doi.org/10.15290/OES.2020.04.102.04","url":null,"abstract":"Purpose – Without undertaking a comprehensive assessment of the costs and benefits of the urban sprawl, this article attempts to analyse the impact of this phenomenon on the financial standing of municipalities. Research method – We have primarily used difference-in-differences (DiD) regression analysis with refe-rence to the treatment group (suburban municipalities) and the control group (other municipalities excluding cities with county status). The research was undertaken during the years 2004-2018 and used financial data from the Ministry of Finance. Results – Urban sprawl is a beneficial phenomenon, at least in the short and medium term from the perspective of the financial standing of municipalities (which experience an inflow of new residents). It is clearly evidenced in the revenues of the budgets of suburban municipalities, i.e. an increase in both total and per capita revenues in relation to the control group. The effect of suburbanisation is also visible on the spending side, although, due to the economies of scale, current expenditures grow relatively slower than the number of inhabitants. The operating surplus of the budget per capita is increasing more rapidly in suburban municipalities compared to the control group. The same is true for municipal investment expenditures. Originality /value / implications /recommendations – In reviewing the subject literature, the issue of the impact of urban sprawl on the finances of local government units (LGU) is treated marginally and indirectly, e.g. when discussing the costs of providing local public services. This article aims to present a synthetic and quantitative review of the impact of suburbanisation on the financial position of LGU budgets, comparing the situation of suburban municipalities to other municipalities. Attracting “new” residents is a desirable strategy in the development of municipalities, hence with the current system of financing, LGUs are likely to oppose changes aimed at limiting or controlling the suburbanisation process.","PeriodicalId":373923,"journal":{"name":"Optimum. Economic Studies","volume":"37 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-12-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133365933","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Empiryczna analiza zachowań młodego pokolenia klientów na rynku usług wymiany walut","authors":"M. Sołtysiak","doi":"10.15290/OES.2019.03.97.06","DOIUrl":"https://doi.org/10.15290/OES.2019.03.97.06","url":null,"abstract":"Purpose – Defining preferences of the young generation of Poles’ representatives with regard to using services of the currency exchange market. Research method – A survey conducted on a group of 671 respondents aged 18 – 25 studying at the Podkarpackie Province’s universities and carried out in the form of a questionnaire in November 2017. It was preceded by a pilot dated to October 2017. Results – The behaviour of the young generation of Poles on the financial services market, the reasons for foreign exchange transactions by this group of clients, the determinants of the selection of a currency exchange site and the nature and frequency of using such services were determined. In addition, types of currencies and average amounts that were the subject of transactions on the currency exchange market for the analysed research sample were identified. Originality /value – The research outcome serves broadening knowledge about the behaviour of homogeneous groups of clients on the Polish currency exchange market.","PeriodicalId":373923,"journal":{"name":"Optimum. Economic Studies","volume":"12 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-07-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121437387","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Ocena poziomu ładu gospodarczego województw Polski w 2015 r.","authors":"E. Misiewicz, Roszkowska Ewa, J. Rogowski","doi":"10.15290/OES.2019.03.97.01","DOIUrl":"https://doi.org/10.15290/OES.2019.03.97.01","url":null,"abstract":"Purpose – Assessment of the level of economic order of voivodships in Poland in 2015 using two methods: PLS and TOPSIS. Research method – Two methods were used – PLS with the hierarchy of hidden variables and TOPSIS, the method of linear ordering. The CSO data for 2015 was used. Results – Linear ordering of voivodships in terms of the economic order and the areas defining it was determined. The application of different methodologies gave similar results as to the conformity of signs and the strength of correlation between the order and the areas of economic development and innovation. In other cases, compatibility was only obtained as to the correlation sign. Originality /value – The PLS and TOPSIS methods were used to analyze the economic order. The strength of the relationship between the areas defining order and economic order was examined. Using the PLS method, it was verified which indicators are stimulants and which are destimulants. The obtained results were compared with a description of the type of explanatory variables presented by the Central Statistical Office.","PeriodicalId":373923,"journal":{"name":"Optimum. Economic Studies","volume":"2012 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-07-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125631901","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Cel i funkcje zamówień publicznych","authors":"M. Zaborowski","doi":"10.15290/OES.2019.03.97.10","DOIUrl":"https://doi.org/10.15290/OES.2019.03.97.10","url":null,"abstract":"Purpose – Public contracts are contracts for consideration concluded between the purchaser and the contractor, which apply to the supply, services and construction works. They play a significant role in the exchange of goods and services and realize the goal of optimal spending of public funds. The article presents the objectives of public procurement regulations as well as the manner of capturing the subject matter of public procurement law. Research method – The literature on the subject was reviewed and the analysis of legal provisions was used.Results – The main purposes of establishing the public procurement system were identified and the functions assigned to the public procurement system were systematized.Implications /recommendations – The purpose and functions of public procurement are important from the point of view of entities spending public funds as well as those carrying out public contracts. It is important to change the approach to the public procurement function, because it should not only be considered as an effective use of public funds by purchasing goods and services at the lowest possible price.","PeriodicalId":373923,"journal":{"name":"Optimum. Economic Studies","volume":"33 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-07-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123177770","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Wpływ czasu wolnego na dobrobyt","authors":"Bartosz Kurkowski","doi":"10.15290/OES.2019.03.97.04","DOIUrl":"https://doi.org/10.15290/OES.2019.03.97.04","url":null,"abstract":"Purpose – The goal of this study is to assess leisure relevance for the well-being indexes and to examine the importance of leisure for subjective well-being.Research method – A critical analysis of literature and deductive reasoning were conducted. From among the quantitative methods, tools of descriptive statistics and econometric models were used, the aim of which was to construct two original indexes and compare them with existing indicators of wellbeing.Results – On the basis of the literature, it was concluded that an adequate amount of leisure is a prerequisite for the existence of many well-being elements. Quantitative research has shown that well-being indexes are poorly correlated with the indicator of subjective well-being – World Happiness Index. Aggregating the amount of leisure with GDP per capita PPP, the most popular measure of wellbeing, increased its correlation with the same subjective indicator. These results are in line with theoretical conclusions.Originality / value – Two original well-being indexes were constructed based on microeconomic utility models and their adjustment to the subjective well-being was examined.","PeriodicalId":373923,"journal":{"name":"Optimum. Economic Studies","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-07-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133194067","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Polityka oparta na klastrach w dokumentach strategicznych regionów Polski Wschodniej","authors":"M. Borkowska-Niszczota","doi":"10.15290/OES.2019.03.97.08","DOIUrl":"https://doi.org/10.15290/OES.2019.03.97.08","url":null,"abstract":"Purpose – The purpose of this article is to identify, on the basis of the assumptions of strategic documents of the voivodships of Eastern Poland, the interest of regional authorities in clusters as instruments of regional development, implementation of innovations and regional specializations and support provided for their development.Research method – The desk research technique was used for the realization of the objective. The strategic documents (i.e. regional development strategies and regional innovation strategies) from the following voivodeships: Podkarpackie, Podlaskie, Lubelskie, Warminsko-Mazurskie, Świetokrzyskie were analysed.Results – The results of the analysis show that despite the interest of the authorities in clusters as tools for activating the development of the regions, most documents lack any defined policy solutions based on clusters.","PeriodicalId":373923,"journal":{"name":"Optimum. Economic Studies","volume":"29 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-07-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126709504","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Marnotrawstwo żywności – problem pomiaru i dostępności danych","authors":"Aleksandra Bednarczuk, J. Śleszyński","doi":"10.15290/OES.2019.03.97.02","DOIUrl":"https://doi.org/10.15290/OES.2019.03.97.02","url":null,"abstract":"Purpose – The main objective of the study is to present the problem of food waste as a real and significant problem, which has not been adequately addressed by international and national institutions. The most important issue seems to be the lack of a well defined and accurate methodology to measure this phenomenon at the national level, which is necessary to take appropriate steps to counteract the problem of food waste.Research method – The paper provides an overview of the current state of knowledge and available statistics describing the scale of food waste. At the beginning, food waste is defined on the basis of international agreements, documents and research. Next, on the basis of various studies and data sources, the estimated amounts of food waste on a global and European scales are quoted.Results – The analysis of available statistics proves that food waste around the world is enormous and varied depending on a geographical region and on the stage of the life cycle of the food product.Implications/recommendations – The paper implies that harmonizing the classification and methodology of gathering representative data is necessary. Such work should be a priority for organizations participating in the debate on the issue of food waste.","PeriodicalId":373923,"journal":{"name":"Optimum. Economic Studies","volume":"8 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-07-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122123041","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Uwarunkowania finansowania twórców i artystów w Polsce","authors":"S. Kaczmarek, Joanna Posłuszna","doi":"10.15290/OES.2019.03.97.12","DOIUrl":"https://doi.org/10.15290/OES.2019.03.97.12","url":null,"abstract":"Purpose – The aim of the considerations is to analyze the financial and economic situation of artists and creators in Poland, paying particular attention to the forms of employment and welfare measuress. Research method – The article is a review of various historical sources presenting the situation and determinants of financing creators and artists in Poland since 2010. The article uses a critical analysis of the literature on the subject of the labor market of artists and creators and their financing. Results – The cultural sector, and thus artists and creators who are on the labor market in Poland, are not only an important social group, but also an important element of the economy. Funding creators and artists in Poland seems to be insufficient, considering their contribution to the country's economy.","PeriodicalId":373923,"journal":{"name":"Optimum. Economic Studies","volume":"10 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-07-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"134244785","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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