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Search results for: DEFAULT RISK, DISTANCE-TO-DEFAULT, PROBABILITY OF DEFAULT, FINANCIAL PERFORMANCE, PROFITABILITY, GENERALIZED METHOD OF MOMENTS
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Merton-type default risk and financial performance: the dynamic panel moderation of firm size
PublicationPurpose – The main purpose of this study is to evaluate the probability of default and examine the relationship between default risk and financial performance, with dynamic panel moderation of firm size. Design/methodology/approach – This study utilizes a total of 1,500 firm-year observations from 2013 to 2018 using dynamic panel data approach of generalized method of moments to test the relationship between default risk and financial...
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Corporate social responsibility and forward default risk mediated by financial performance and goodwill
PublicationIn today’s business environment, corporate social responsibility (CSR) has become an increasingly significant factor for firms. This study is driven by the motivation to add to the current literature by investigating the mediating elements that explain the relationship between CSR and forward default risk. In this paper, we attempt to identify the important mediators and give a more comprehensive explanation of this connection...
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Credit default swaps and banks
PublicationThis chapter aims to explore the evolving role of credit default swaps (CDS) in managing and transferring default risk from the perspective of banks from a holistic perspective. This chapter examines credit default swaps (CDSs) as derivative financial instruments that transfer credit risk on debt securities. While CDSs offer benefits such as risk management and risk trading, they also introduce potential systemic risks, as evidenced...
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Corporate social responsibility and forward default risk under firm and industry heterogeneity
PublicationObjective: This study aims to evaluate the impact of corporate social responsibility on forward default risk (FDR) under the setting of firm and industry heterogeneity. Research Design & Methods: This study evaluated the impact of corporate social responsibility (CSR) on FDR using the data of 497 companies from 2007-2021 in the S&P 500 index, taking into account firm and industry heterogeneity aspects. This study utilized instrumental...
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Społeczne koszty niealimentacji. The Social Costs of Default on Child Maintenance Payment.
Publication"Niniejszy artykuł opisuje historię kryminalizacji przestępstwa niealimentacji w polskich kodeksach karnych. We wszystkich polskich kodeksach karnych: kodeksie karnym z 1932 r., kodeksie karnym z 1969 r. oraz w kodeksie karnym z 1997 r. ujęto przestępstwo niealimentacji. Aktualna maksymalna sankcja z tytułu przestępstwa niealimentacji jest niższa niż w kodeksie karnym z 1932 r. Sankcje karne zawsze powinny być ostatecznością...
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The trajectories of the financial crisis of companies at risk of bankruptcy
PublicationThis article concerns the assessment of the trajectory of the collapse of enterprises in Central Europe. The author has developed a model of a Kohonen artificial neural network. This model was used to determine 6 different classes of risk and was allowed to graphically determine the 5- to 10-year trajectory of going bankrupt. The study used data on 140 companies listed on the Warsaw Stock Exchange. This population was divided into...
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Is Artificial Intelligence Ready to Assess an Enterprise’s Financial Security?
PublicationThis study contributes to the literature on financial security by highlighting the relevance of the perceptions and resulting professional judgment of stakeholders. Assessing a company’s financial security using only economic indicators—as suggested in the existing literature—would be inaccurate when undertaking a comprehensive study of financial security. Specifically, indices and indicators based on financial or managerial reporting...
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Financial performance under influence of credit risk in non-financial firms: evidence from Pakistan
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Comparing Arbitrary Unrooted Phylogenetic Trees Using Generalized Matching Split Distance
PublicationIn the paper, we describe a method for comparing arbitrary, not necessary fully resolved, unrooted phylogenetic trees. Proposed method is based on finding a minimum weight matching in bipartite graphs and can be regarded as a generalization of well-known Robinson-Foulds distance. We present some properties and advantages of the new distance. We also investigate some properties of presented distance in a common biological problem...
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Performance and Energy Aware Training of a Deep Neural Network in a Multi-GPU Environment with Power Capping
PublicationIn this paper we demonstrate that it is possible to obtain considerable improvement of performance and energy aware metrics for training of deep neural networks using a modern parallel multi-GPU system, by enforcing selected, non-default power caps on the GPUs. We measure the power and energy consumption of the whole node using a professional, certified hardware power meter. For a high performance workstation with 8 GPUs, we were...
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Exploring the relationship between investment choices, cognitive abilities risk attitudes and financial literacy
PublicationPurpose The main purpose of this study is to investigate the investment choices' relationship with cognitive abilities, risk aversion, risky investment intentions, subjective financial literacy and objective financial literacy. Design/methodology/approach To examine the relationship, two investment choices were given to 256 subjects from Pakistan. Questionnaire had total 20 questions for measuring five variables. To review this...
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ICT, financial markets and their impact on firms’ performance and internationalisation
PublicationThe effects of information and communication technology (ICT) and financial development on growth are highly debated in the literature. Motivated by previous studies and their mixed results, in this study, we propose an analysis to re-examine the ICT-finance puzzle. We go beyond country-specific or sector-specific studies and conduct cross-country analysis with firm-level data. It enables obtaining a broad picture of the ICT-finance-growth...
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Magnetic-field-induced electric quadrupole moments for relativistic hydrogenlike atoms: Application of the Sturmian expansion of the generalized Dirac-Coulomb Green function
PublicationWe consider a Dirac one-electron atom placed in a weak, static, uniform magnetic field. We show that, to the first order in the strength of the external field, the only electric multipole moments, which are induced by the perturbation in the atom, are those of an even order. Using the Sturmian expansion of the generalized Dirac-Coulomb Green function we derive a closed-form expression for the electric quadrupole moment induced...
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Financial risk information avoidance
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Impact of digital technologies on reliability of risk forecasting models - case study of enterprises in three global financial market regions
PublicationThis chapter focuses on the evaluation of impact of ICT on reliability of financial risk forecasting models. Presented study shows how the development of ICT can improve the effectiveness of such models. Determining a firm’s financial risk is one of the most interesting topics for investors and decision-makers. The multifaceted goal of the presented research is to separately estimate five traditional statistical and five soft computing...
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Sources of Market Information, Its Quality and New Product Financial Performance
PublicationWhile we observe a growing interest in the role of market information in new product development (NPD), existing research has still largely ignored the quality of market information that is a crucial issue in the era of the information society. What does affect the quality of market information in new product development projects, and how does this quality influence the financial performance of new products? In this paper, we address...
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Inseparability criteria based on matrices of moments
PublicationInseparability criteria for continuous and discrete bipartite quantum states based on moments of annihilationand creation operators are studied by developing the idea of Shchukin-Vogel criterion Phys. Rev. Lett. 95,230502 2005. If a state is separable, then the corresponding matrix of moments is separable too. Thus, wederive generalized criteria based on the separability properties of the matrix of moments. In particular, acriterion...
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INFLUENCE OF WRONGLY ASSUMED PROBABILITY DISTRIBUTION ON THE UNCERTAINTY OF RESISTANCE MEASUREMENT BY TECHNICAL METHOD
PublicationThe paper presents studies on the influence of probability distributions on the expanded uncertainty of the resistance measurement. Choosing the correct probability distribution is very important to estimate of measurement uncertainty. The most commonly used distribution is the rectangular distribution. The paper presents the results of analysis of the resistance measurement uncertainty using the technical method of two resistances:...
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Profitability criteria of partial cogeneration in nuclear power plant.
PublicationIn this paper, profitability criteria and calculation methodology of profitability conditions for partial cogeneration in nuclear power plant (NPP) was presented. Considered NPP supplies electricity to consumers through public power system, whereas heat is expected to be supplied to consumption regions via long-distance heat transport line. First proposed profitability criterion was total annual costs of electricity and heat delivered...
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Approval of an Arrangement in the Restructuring Proceedings and the Financial Condition of Companies Listed on the Stock Exchanges in Warsaw. Is There Any Relationship?
PublicationThis paper attempts to identify the financial indicators differentiating companies that are insolvent or at risk of insolvency and have successfully entered into an arrangement with their creditors from those that have not. In addition, a two-factor model for predicting the odds of an arrangement has been proposed. The research was conducted using a population of companies listed on stock exchanges in Warsaw that initiated restructuring...
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Analyzing energy/performance trade-offs with power capping for parallel applications on modern multi and many core processors
PublicationIn the paper we present extensive results from analyzing energy/performance trade-offs with power capping observed on four different modern CPUs, for three different parallel applications such as 2D heat distribution, numerical integration and Fast Fourier Transform. The CPU tested represent both multi-core type CPUs such as Intel⃝R Xeon⃝R E5, desktop and mobile i7 as well as many-core Intel⃝R Xeon PhiTM x200 but also server, desktop...
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A performance-oriented risk-based method for safety assessment of ships
PublicationW pracy przedstawiono wybrane informacje na temat metody oceny bezpieczeństwa statków w warunkach krytycznych. Metoda łączy podejście oparte na ocenie osiągów statku z podejściem opartym o ocenę ryzyka wypadku. Analiza ryzyka w metodzie oparta jest na zastosowaniu elementów Formalnej Oceny Bezpieczeństwa FSA. Analiza ryzyka w metodzie dotyczy: identyfikacji zagrożeń, oceny zagrożeń, identyfikacji scenariuszy wypadku, oceny ryzyka,...
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A Generalized SDP Multi-Objective Optimization Method for EM-Based Microwave Device Design
PublicationIn this article, a generalized sequential domain patching (GSDP) method for efficient multi-objective optimization based on electromagnetics (EM) simulation is proposed. The GSDP method allowing fast searching for Pareto fronts for two and three objectives is elaborated in detail in this paper. The GSDP method is compared with the NSGA-II method using multi-objective problems in the DTLZ series, and the results show the GSDP method...
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The linkage between knowledge risk management and organizational performance
PublicationThe purpose of this study is to examine the effect of knowledge risk management (KRM) on organizational performance, with measures considered as “softer” measures of performance, i.e. innovativeness, responsiveness, sustainability, and agility. Data were collected using an online questionnaire sent to private and public orga- nizations located all over the world. The analysis and hypotheses testing were performed using structural...
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Moments of Hermite-Gaussian functionals
PublicationMoments of finite products of Hermite-Gaussian functionals are expressed by covariances of Gaussian sequence.
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Does being socially good save firms from bankruptcy? A systematic literature review and bibliometric analysis
PublicationThe purpose of the review was to find out, does being responsible saves firms from bank-ruptcy? What is the relationship between corporate social responsibility and default risk? What meth-ods and measures are used in the literature to evaluate this relationship? And what is the theoretical underpinning of the studies? Moreover, to explore what are the gaps for future work, Web of Science and Scopus databases were utilised to obtain...
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A performance-oriented risk-based method for assessment of safety of ships. Modelling uncertainties in hazard and risk analysis
PublicationW artykule podano informacje na temat alternatywnej metody oceny bezpieczeństwa statków, opartej na ocenie zachowania się statku i ocenie ryzyka. Zaproponowano użycie metody do projektowania statków w oparciu o ocenę ryzyka. W takim podejściu do projektowania bezpieczeństwo powinno być celem projektowym. Ocena bezpieczeństwa w proponowanej metodzie powinna być dokonywana na podstawie oceny ryzyka. Do oceny ryzyka zastosowano elementy...
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Study on the Influence of an Axial Distance Between Rotors on a Performance of a Small Counter-Rotating Wind Turbine
PublicationIn this paper, results of the investigation on the performance of a small counter-rotating wind turbinehas been presented. Computational Fluid Dynamics methodshave been used forwind turbine simulations. Rotors representation were introduced into computational domain by means of Actuator Line Model. Influence of an axial distance of CRWTrotorshas been investigated. In all studied configurations rotors were counter-rotating...
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Impact of Innovative Financial Products on Financial Systems: Exchange Traded Products and the Polish Financial System
PublicationExchange Traded Products (ETPs) are one of the most recent and most rapidly developing financial products. As their assets grow they have an increasing impact on financial systems in many countries, including USA, UK or Japan. Development of ETPs is linked with many opportunities and threats for the local financial systems. Their correct assessment is becoming more difficult due to the growing complexity of the available products,...
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Healthy financial system of local government on the example of Poland
Publicationhealthy local government financial system lays the foundation for the ability of local government units (LGUs) to carry out public tasks at the current qualitative and quantitative level and to meet their obligations in the short and long term. A healthy financial system of local government is a system that is adequate, stable, unified, consistent, transparent, diversified, counter-cyclical, guarantees the financial independence...
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Impact of probability distribution on the uncertainty of resistance measurement
PublicationThe paper presents studies on the influence of probability distributions on the expanded uncertainty of the resistance measurement. Choosing the correct probability distribution is very important to estimate of measurement uncertainty. The paper presents the results of analysis of the resistance measurement uncertainty using the technical method of resistance: 100 G. The analysis of the uncertainty...
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A model for performance assessment of damaged ships when using the risk-based method
PublicationW pracy omówiono metody oceny bezpieczeństwa statków w stanie uszkodzonym w warunkach operacyjnych. Przedstawiono metodę oceny bezpieczeństwa statków w stanie uszkodzonym opartą na analizie ryzyka. Przedstawiono model oceny zachowania się statku w stanie uszkodzonym, który jest oparty na tak zwanym quasi-dynamicznym modelu zatapiania statku. Omówiono elementy związane z analizą ryzyka i ocena bezpieczenstwa statków.
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A model for performance assessment of damaged ships when usig the risk-based method
PublicationArtykuł prezentuje elementy badań związanych z rozwojem metody i modelu do oceny bezpieczeństwa statków i obiektów oceanotechnicznych w stanie uszkodzonym. Przedsawiono podejście do oceny bezpieczeństwa statków i obiektów oceanotechnicznych,składające się z dwóch części: oceny zachowania się obiektów oraz oceny ryzyka. Głównym problemem zaprezentowanym w arytkule jest ocena ocena zachowania się statków i obiektów oceanotechnicznych...
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Application and evaluation of M-EPDG for performance analysis of Polish typical flexible and rigid pavements
PublicationThe main goal of the paper is to implement and evaluate the M-EPDG and the software AASHTOware to analyse the performance of new flexible and rigid pavements designed according to the Polish catalogues, which are comparable with analogous catalogues used in other European countries. For this purpose the site-specific inputs for Poland were determined and described in the paper as well as compared to the default input data used...
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Transition dipole moments of the lithium dimer
PublicationIn addition to knowledge of interatomic adiabatic potential energy curves of diatomic systems, it is essential to know electronic transition dipole moments. They are needed in understanding processes like photodissociation, photoassociation, cooling, and trapping. Here, we present electronic transition dipole moments calculated for 74 allowed transitions between 26 states of Li2 [P. Jasik, J.E. Sienkiewicz, Chem. Phys. 323 (2006)...
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Risk Analysis by a Probabilistic Model of the Measurement Process
PublicationThe aim of the article is presentation of the testing methodology and results of examination the probabilistic model of the measurement process. The case study concerns the determination of the risk of an incorrect decision in the assessment of the compliance of products by measurement. Measurand is characterized by the generalized Rayleigh distribution. The model of the meas-urement process was tested in parallel mode by six risk...
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Investor confidence and high financial literacy jointly shape investments in risky assets
PublicationHouseholds consistently invest less in equities and bonds than predicted by economic theory. We explain this from a behavioral economics perspective and distributional analysis using rich US survey microdata. We find that higher investor self-confidence in her financial abilities and financial literacy jointly increase the probability of investing in equities. Conditional on participation, confidence in the macroeconomy additionally...
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Performance/energy aware optimization of parallel applications on GPUs under power capping
PublicationIn the paper we present an approach and results from application of the modern power capping mechanism available for NVIDIA GPUs to the bench- marks such as NAS Parallel Benchmarks BT, SP and LU as well as cublasgemm- benchmark which are widely used for assessment of high performance computing systems’ performance. Specifically, depending on the benchmarks, various power cap configurations are best for desired trade-off of performance...
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Investor confidence and high financial literacy jointly shape investments in risky assets
PublicationHouseholds consistently invest less in equities and bonds than predicted by economic theory. We explain this from a behavioral economics perspective and distributional analysis using rich US survey microdata. We find that higher investor self-confidence in her financial abilities and financial literacy jointly increase the probability of investing in equities. Conditional on participation, confidence in the macroeconomy additionally...
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Municipality’s financial potencial and policy of flood risk management in Poland
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Marine traffic risk modelling – an innovative approach and a case study
PublicationThis paper presents a model to analyse the risk of two common marine accidents: collision and grounding. Attention is focused on oil tankers since they pose the highest environmental risks. A case study in selected areas of the Gulf of Finland in ice-free conditions is presented. The model utilizes a formula for risk calculation that considers both the probability of an unwanted event and its consequences. The model can be decomposed...
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Confidence, Financial Literacy and Investment in Risky Assets: Evidence from the Survey of Consumer Finances
PublicationWe employ recent Survey of Consumer Finances (SCF) microdata from the US to analyze the impacts of confidence in one's own financial knowledge, confidence in the economy, and objective financial literacy on investment in risky financial assets (equity and bonds) on both the extensive and intensive margins. Controlling for a rich set of covariates including risk aversion, we find that objective financial literacy is positively...
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Examination method of the effect of the incidence angle of laser beam on distance measurement accuracy to surfaces with different colour and roughness
PublicationInterest in the influence of the incidence angle of a laser beam to distance measurements can be seen in many areas of science and technology: geodesy, glaciology, archaeology, machine automation, and others. This paper presents results of measurements of the effect of the incidence angle of a laser beam to distance measurements to the surfaces of different colour and roughness by Topcon's electro-optical total station with an...
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ASSESSMENT OF FINANCIAL SECURITY OF AN ENTERPRISE ON THE BASIS OF BEHAVIORAL ECONOMICS
PublicationThe article substantiates that the level of company’s financial security depends not so much on the indicators of its activity, but on its perception of decision-makers and other stakeholders. At the same time, this perception is formed due to the continuous participation of the stakeholder in operations, constant monitoring of financial indicators, the study of current approaches to enterprise management, changes in the environment,...
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Trans-Risk - An Integrated Method for Risk Management in Transport
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Ttrans-risk - an integrated method for risk management in transport =Trans-risk - zintegrowana metoda zarządzania ryzykiem w transporcie
PublicationPodjęto już wiele prób integracji metod zarządzania ryzykiem w innych dziedzinach życia. Przegląd metod zarządzania ryzykiem w poszczególnych gałęziach transportu wskazuje na dość duże rozbieżności terminologiczne i dotyczące szczegółowych zasad i zastosowań metod zarządzania ryzykiem. Istnieje zatem konieczność podjęcia próby integracji metod zarządzania ryzykiem w transporcie. Niniejsza praca jest wynikiem działań interdyscyplinarnego...
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A framework for risk matrix design: A case of MASS navigation risk
PublicationRisk matrix, a tool for visualizing risk assessment results, is essential to facilitate the risk communication and risk management in risk-based decision-making processes related to new and unexplored socio-technical systems. The use of an appropriate risk matrix is discussed in the literature, but it is overlooked for emerging technologies such as Maritime Autonomous Surface Ships (MASS). In this study, a comprehensive framework...
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A simple way of increasing estimation accuracy of generalized adaptive notch filters
PublicationGeneralized adaptive notch filters are used for identification/tracking of quasi-periodically varying dynamic systems and can be considered an extension, to the system case, of classical adaptive notch filters. It is shown that frequency biases, which arisein generalized adaptive notch filtering algorithms, can be significantly reduced by incorporating in the adaptive loop an appropriately chosen decision delay. The resulting performance...
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Warning systems of enterprises against the risk of bankruptcy : Artificial intelligence in financial management.
PublicationJest to tłumaczenie na jęz.angielski monografii autora z 2010 roku. Monografia została podzielona na trzy części. I tak, w części pierwszej przedstawiono ocenę przyczyn upadłości firm ze względu nie tylko na źródło (zewnętrzne lub wewnętrzne) przyczyn kłopotów finansowych przedsiębiorstw, ale także na etap kryzysu, w jakim ono się znajduje, cechy "demograficzne" organizacji i rodzaj upadłości. Zdefiniowano również czynniki wpływające...
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GPU Power Capping for Energy-Performance Trade-Offs in Training of Deep Convolutional Neural Networks for Image Recognition
PublicationIn the paper we present performance-energy trade-off investigation of training Deep Convolutional Neural Networks for image recognition. Several representative and widely adopted network models, such as Alexnet, VGG-19, Inception V3, Inception V4, Resnet50 and Resnet152 were tested using systems with Nvidia Quadro RTX 6000 as well as Nvidia V100 GPUs. Using GPU power capping we found other than default configurations minimizing...