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Search results for: PRICE REACTION
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Intraday price reaction to filing bankruptcy and restructuring proceedings – the evidence from Poland
PublicationThis chapter presents the results of research on the price reaction of shares listed on the Warsaw Stock Exchange to filing bankruptcy and/or restructuring applications. Event study was adopted as the research method, and it was performed at 10, 5, and 1-minute intervals. It was found that the reaction is rapid, as it takes 1–2 minutes after the information on bankruptcy and restructuring applications was made public. Significantly...
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Short-Term Price Reaction to Filing for Bankruptcy and Restructuring Proceedings—The Case of Poland
PublicationThis study aims to check market reaction to filing for bankruptcy and restructuring proceedings and to verify the short-term effect of a price reversal in the Polish market in the years 2004–2019. The research was conducted by dividing the analysed companies according to the procedure (bankruptcy and restructuring) and market (the main market and the NewConnect market). The research methodology used in the study is the event analysis...
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Short-term Price Reaction to Involuntary Bankruptcies Filed in Bad Faith: Empirical Evidence from Poland
PublicationPurpose: Assessing the reaction of the prices of shares of companies listed in the Warsaw Stock Exchange to the public disclosure of information about the filing a bankruptcy petition in bad faith by creditors. Design/Methodology/Approach: Event study analysis. Findings: It can therefore be assumed that the filing of an unfounded bankruptcy petition does not, in the short term, have a statistically significant negative impact on...
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Stock price reactions to an arrangement approval in restructuring proceedings – the case of Poland
PublicationThe study aims to empirically analyze the reaction of stock prices to the information about the conclusion and acceptance of a debtor–creditor arrangement under restructuring proceedings of companies listed on the stock exchange in Poland. The following main research hypothesis was verified: public disclosure of information about an arrangement conclusion and acceptance in restructuring proceedings...
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Stock Markets’ Reactions to the Announcement of the Hosts. An Event Study in the Analysis of Large Sporting Events in the Years 1976–2032
PublicationThis study attempts to estimate the impact of the announcements of hosts of large sporting events on domestic stock markets. The research problem is to establish a connection between the uniqueness of a sporting event and investors’ beliefs through stock price behavior. Using appropriate estimation windows, 13 different sporting events classified as large, including mega and major events, were tested. The obtained results show...
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CONTEMPORARY APPROACH TOWARDS RESPONSIVE ARCHITECTURE
PublicationConstantly changing environment pressures every living for a change, and response becomes a basic reaction of any living form. Change is a natural reaction that enables survivor of all the species. However, in architecture, the responsive structure did not take important role until the twentieth century. During that time many concepts and building introduced kinematics into the discipline. In the late 50 and 60 of XX century, visionary...
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Shape-Memory Polyurethane Polymers
PublicationPolyurethanes (PUs) are one of the most widely used polymers in research and industry. They can be synthesized from chemical sources and natural sources. PUs are a very useful class of polymers and exhibit many desirable properties that can be exploited in various applications. PUs are formed by the reaction between polyols and isocyanates. A wide variety of polyols and isocyanates are available for synthesis, and hence we can...
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Does one currency mean one price? An analysis of the euro effect on price dispersion and convergence
PublicationThis paper examines price differentials in the European Union to investigate whether the European Monetary Union has lowered the degree of price dispersion in the euro zone and increased the speed of price convergence. Both euro effects are evaluated using difference-in-difference methodology. Applied to the issue of introducing a single currency, the euro effects identified are the estimated differences in price dispersion and...
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Price Diversification
PublicationThe price diversification is a complex phenomenon. We show that price discrimination can have both positive and negative effects. The final result depends whether it makes competition more intense. As far as legal procedure is cocerned it is recommended to focus on the effects of compan's actions rather than on the form that these actions may take. There is a need to understand and distinguish between price discrimination as the...
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Degree of monopoly and market power vs. price flexibility in Polish economy: empirical analysis based on COICOP classification
PublicationResearch background: The issue of price flexibility is crucial in the economy both in the aspect of company theory and its macroeconomic consequences. In a number of publications, the sources of variable price flexibility are linked to the market power of enterprises as well as the market structure that has developed in a given branch. It is difficult to indicate empirical studies that would state clearly whether price flexibility...
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Fire Protection and Materials Flammability Control by Artificial Intelligence
PublicationFire safety has become a major challenge of materials developers because of the massive production of organic materials, often combustibles, and their use for different purposes. In this sense, fire safety is critically considered in the development of engineering materials [1, 2]. The multiplicity of parameters contributing to the development of formulation of flame-retardant materials from one side and the sustainability concerns...
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Investing in wine, precious metals and G-7 stock markets – A co-occurrence analysis for price bubbles
PublicationThis paper used the GSADF test to determine the periods defined in this paper as price bubbles in the three markets studied, i.e. the investment wine market, precious metal market and national stock market indices of G-7 countries. The results obtained enabled the calculation of the values of the phi correlation coefficients, which served the research objective of assessing the co-occurrence of price bubbles in the markets analysed....
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Price convergence in the European Union and in the new member states
PublicationThis paper examines price dispersion in the European Union (EU15) and in three New Member States (Poland, Hungary and the Czech Republic) between 1995 and 2006. The analysis utilizes both disaggregate and aggregate price data, including the prices of 157 products and two indices constructed using two different weighting procedures. For each category of goods the price dispersion is lower in EU15 than EU15 plus 3 NMS. Sigma convergence...
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Analysis of latency between quotations and capital flow in capital markets.
PublicationThe aim of this paper is to prove that the derivative of the log of capital flow understood as price times volume advances the derivative of log of the price. A certain concept of signal processing using linear filtering has been proposed to conduct the research.
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Price Changes in Wholesale Market of Electrical Energy in Poland
PublicationThe article discusses the Price changes on the wholesale electricity market in Poland Moreover, The price levels on the futures electricity markets and the spot transactions market are presented. The impact of emission charges under the EU ETS on the price of electricity in the domestic market has been taken into consideration Furthermore, the basic determinants of the generation structure in Poland that influence the level of...
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Does one currency mean one price?
PublicationEuropean Monetary Union was expected to have many consequences for the economies of participant countries. Theory suggested that through a higher volume of trade and stronger competition in the Eurozone, a single currency would lead to a reduction in price dispersion. As far as prices are concerned, two effects were expected: an immediate effect due to the technical characteristics of the changeover process, and a long-term one...
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Diamond investments – Is the market free from multiple price bubbles?
PublicationThe following study aims to investigate whether multiple price bubbles, in which the quoted market price of diamonds significantly deviates from their fundamental value, exist in the diamond market. It was conducted using ADF, SADF and GSADF tests, with the latter found to be an optimal form of evaluating the analysed issue. The presented results support the conclusion that the diamond market is not free from periods defined as...
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Analysing the Residential Market Using Self-Organizing Map
PublicationAlthough the residential property market has strong connections with various sectors, such as construction, logistics, and investment, it works through different dynamics than other markets; thus, it can be analysed from various perspectives. Researchers and investors are mostly interested in price trends, the impact of external factors on residential property prices, and price prediction. When analysing price trends, it is beneficial...
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One Europe, one product, two prices - the price disparity in the EU
PublicationThe price dispersion in the European Union in the last fifteen years (1990-2005) is analysed. The analysis of price convergence is examined on aggregate and disaggregate levels. The macro approach is based on Comparative Price Level index calculated as the ratio between PPPs and exchange rate. The disaggregate analysis utilizesactual prices of 148 individual products sold in the 15 capital cities of the EU. The calculations comprise...
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Price convergence in the EU-an aggregate and disaggregate approach
PublicationThis article examines the price dispersion in the European Union (EU) over 15 years (1990-2005). An extensive overview of the literature offers inconclusive results with the half-lives of price shocks from 2.8 to 282 months. Until now, most of the empirical research has been either micro or macro based. In contrast, we conducted a complex analysis utilizing both aggregate and disaggregate price data. The macro approach is based...
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Price bubbles in commodity market – A single time series and panel data analysis
PublicationThis paper examines thirty-five commodities, grouped into three market sectors (energy, metals, agriculture & livestock) in terms of the occurrence of price bubbles. The study was based on monthly data for each commodity separately and, in a panel approach, for selected sectors and for all commodities combined. The GSADF test and its version for panel data – panel GSADF – were used to identify bubbles. The beginning and end of...
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Dependence of Housing Real Estate Prices on Inflation as One of the Most Important Factors: Poland’s Case
PublicationThe study aimed to examine the impact of inflation on the real estate market using Polish panel data for the last 13 years. It is based on a panel model, where price changes of one square meter of housing are determined as a function in changes of inflation, the central bank's base rate, dwellings built, as well as new mortgage loans. The quarterly dynamics of the average price of 1 square meter of housing in...
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Does low price mean high competitiveness
PublicationWe found a strong positive relationship between Comparative Price Level Index (CPL) and Growth Competitiveness Index (GCI). We do realize that the relation we have found does not have to indicate cause and effects relationship. Competitiveness is a process which goes far beyond price level but it is detemined by lots of different elemnts. We show the GCI composition that provides a concept explaining what exactly determines competitiveness...
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Evaluation of Workflow Runtime Platforms in Service Composition
PublicationTypically, workflow applications are constructed from basic functionalities that may be realized by alternative services deployed in heterogeneous runtime platforms. Depending on workflow structure and selection of services, the applications differ in attributes such as price, Quality of Service (QoS) and others. In the paper, we propose a method of evaluation of workflow runtime platforms using Data Envelopment Analysis. We present...
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An Evaluation Engine for Dynamic Ranking of Cloud Providers
PublicationThe paper focuses on creation of an effective dynamic ranking service for IaaS, PaaS and SaaS cloud providers. It considers building a quality model for this purpose along with definition of quality measure- ment procedures. The paper discusses several techniques known from already existing price comparison engines that could be modified and adopted for comparison of cloud providers. A technique for filtering measured data is proposed,...
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Adaptive prediction of stock exchange indices by state space wavelet networks
PublicationThe paper considers the forecasting of the Warsaw Stock Exchange price index WIG20 by applying a state space wavelet network model of the index price. The approach can be applied to the development of tools for predicting changes of other economic indicators, especially stock exchange indices. The paper presents a general state space wavelet network model and the underlying principles. The model is applied to produce one session...
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Znaczenie płci w procesie zakupu marek własnych sieci handlowych – analiza wielogrupowa
PublicationThe purpose of the article is to analyze the differences in the behavior of men and women in the process of purchasing store brands (SBs). Using an established conceptual model, we intended to identify differences, depending on gender of buyers, in the size of the effects of store image and brand price-image on perceived risk and subsequently on store brand purchase intention. A total of 652 respondents participated in the study....
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Self-Organization in Multi-Agent Systems Based on Examples of Modeling Economic Relationships between Agents
PublicationThe goal of the research was to observe and analyze self-organization patterns in Multi-Agent Systems (MAS) by modeling basic economic relationships between agents forming a closed loop of relations necessary for their survival. The paper describes a worked-out MAS including an example of a production cycle and used economic rules. A special focus is put on behavior rules and decision systems of an individual agent such as: product...
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Technical and Economic Analysis of an Intermediate Size Photovoltaic Power Plant. Case Study
PublicationThe article presents an analysis of the construction of a photovoltaic power plant with an installed capacity of about 30 kW. The principles of selecting the basic elements of the plant are shown. The impact of a high constant price on the profitability of the project is highlighted. The article also describes the existing mechanisms for subsidizing the investment.
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Criteria for evaluation and selection of the best offer for the Contract Engineer service
PublicationThe purpose of the legal regulations regarding public procurement in EU countries is to ensure effective funds' spending. When assessing and selecting the best offer, the contracting entities have at their disposal many different criteria, including non-price criteria. Their proper selection and application is necessary to ensure the high quality of the ordered product, delivery or service. Making an order for intellectual services,...
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Can Web Search Queries Predict Prices Change on the Real Estate Market?
PublicationThis study aims to explore whether the intensity of internet searches, according to the Google Trends search volume index (SVI), is a predictor of changes in real estate prices. The motivation of this study is the possibility to extend the understanding of the extra predictive power of Google search engine query volume of future housing price change (shift direction) by (i) the introduction of a research approach that combines...
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Hold-Up Problems in International Gas Trade: A Case Study
PublicationThe infrastructure required for international natural gas trade is considerable, which often leads to hold-up problems and supply disruptions. This study discusses disruptions of gas supply from Algeria, Indonesia, Russia, and Turkmenistan since the early 1980s. The novelty of this study is its focus on the issues related to transit countries, which are rarely considered in the literature. The results of the study classify supply...
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Agent-based social network as a simulation of a market behaviour
PublicationRecent years and the outbreak of world's economic crisis in 2008 proved the crucial importance of reliable analysis of market dynamics. However, werarely apply models of proper detail level (the global prosperity forecast of 2007 can be seen as a grim proof). The behaviour of individuals and companies is far from being ideal and rational. Many claims that the economic paradigm of rational expectations (coming from J. Muth and R....
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Modelling of the Polish Electricity Generation Subsystem in MARKAL Program with Emphasis on the EU Emissions Trading Scheme
PublicationThis paper addresses issues related to greenhouse gas emissions in the European Union and measures to reduce them, in particular the European Emissions Trading Scheme (EU ETS). A model of the Polish electricity generation subsystem, taking into account EU ETS mechanisms, has been developed using the MARKAL optimization package. Data collected on the basis of available projects, regulations and statistics were entered into the model....
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La sfida di "Re Cotone". Una nuova storia del capitalismo attraverso la storia delle commodities?
PublicationThe article is divided into two parts. In the first one, it highlights the role of commodities in real economy and it observes the coincidence of their price increase after 2003 and their importance as a research topic particularly in the framework of global history. In the second one, it propose a comparative analysis of two recent books on cotton, considering similarities and differences of their approaches, and the difficult...
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High precision and accuracy using low cost GNSS receivers and supporting technologies
PublicationThis chapter focuses on methods and techniques of positioning, based on the highly accurate and precise Global Navigation Satellite System (GNSS), which are available at a relatively low price. In this context, a comparison of different positioning methods provided by the free and open source software (FOSS) package called RTKLIB is given. Other aspects related to price reduction are also considered, including availability and...
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VALUATION OF EMBEDDED OPTIONS IN NON-MARKETABLE CALLABLE BONDS: A NEW NUMERICAL APPROACH
PublicationThe issue of how to price options embedded in callable bonds has attracted a lot of interest over the years. The usual bond valuation methods rely on yield curves, risk premium, and other parameters to estimate interest rates used in discounted cash flow calculations. The option to retire the bond is, however, neglected in the standard pricing models, causing a systematic overvaluation of callable bonds. In the event of a decline...
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Dynamic ranking of cloud providers
PublicationThe paper focuses on how to create an effective dynamic ranking service for IaaS,PaaS and SaaS cloud providers. It considers building of a quality model for thispurpose along with definition of quality measurement procedures. The paper discussesseveral techniques known from already existing price comparison engines that couldbe modified and adopted for comparison of cloud providers. Furthermore, a tech-nique for filtering measured...
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Arch footbridge over Warta river in Wronki - design and construction
PublicationThe paper presents the concept of dynamic redesign of lively footbridge. The goal was to reduce probable dynamic excitation and change detailed structural concept. After the complex study the new design was created. In effect completely new static and dynamic properties were reached. Static and dynamic assumptions are explainde. General information, photos and drawings are presented. The final price of the project amounted to 1.25...
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Polymers for burn dressings and skin substitutes
PublicationSkin burns belong to the group of the most complex injuries due to convoluted skin structure which includes nerve cells, muscles, sweat and sebaceous glands and blood vessels. Both on the market and at the research stage, there are many different dressing and skin substitutes proposals that utilize various materials and active substances. This chapter focuses on summarizing and describing the most popular polymer-based commercial...
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20+ years of Polish residential real estate prices – a house price index proxy
PublicationInformation on house prices is often considered crucial when assessing developments in economy. However, in Poland for the long time house prices haven’t been tracked in an organized manner. Recent developments, most notably house price indices developed by Poland’s national bank and by the statistical office do not go back more than 10 years, therefore data series are relatively short compared to those of other macroeconomic data. In...
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Green and equitable analytical chemistry
PublicationGreen analytical chemistry introduces the ideas of reduction ofanalytical activities impact on the environment. However, to bemore sustainable, analytical chemistry should include socialaspects in greater manner. In this light‘equitable’analyticalprocedures, which are easily available in terms of price andapplicability by everyday user, are developed. These positivetrends are observed as many procedures, based on commonlyused for...
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INCREASING POWER SUPPLY SAFETY IN THE ASPECT OF SUPPORTING THE RENEWABLE ENERGY SOURCES BY CONVENTIONAL AND VIRTUAL POWER STORES
PublicationThis paper presents characteristics and purposefulness of supporting the renewable energy sources (OZE) by means of energy stores. The main emphasis was placed on analysis of virtual energy stores available for implementation in Polish economy conditions. A role which management of Demand Side Response (DSR) may play in balancing Polish electric power system, is discussed. Implementation of such solutions together with conventional...
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Methods of Tire Rolling Resistance Measurements
PublicationTire rolling resistance is one of the factors related to tire/road interaction that has important influence on road vehicles performance. Raising fuel price and increased concern related to the environmental changes result in growing interest in reduction of tire rolling resistance that influences fuel consumption, especially in free-flowing highway traffic with moderate speeds. There are several methods of tire rolling resistance measurements....
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Analysis of the Usefulness of Cheap Audio Recorders for Spectral Measurement of Environmental Noise
PublicationEnvironmental noise pollution is nowadays one of the most serious health threats. The impact of noise on the human body depends not only on the sound level but also on its spectral distribution. Reliable measurements of the environmental noise spectrum are often hampered by the very high price of top quality measuring devices. This paper explores the possibility of using much cheaper audio recorders for the frequency analysis....
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Wireless Charging Station Design for Electric Scooters: Case Study Analysis
PublicationThis study proposes an example of a wireless charging station design for a small-scale vehicle available on the market. The article analyzes basic transmitter inverter topologies and their compensation methods in terms of flexibility of control, tolerance to uncertainty in positioning, and the possibility of decreasing the integration price. Our comprehensive analysis focuses on the battery voltage range, energy capacity, cost,...
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Free trade with the former COMECON Countries as Unequal Exchange
PublicationTwo authors of this chapter were born to the East of what was once The Iron Curtain and two to the West. From both angles, the two systems – capitalism and communism – seemed to be as contrary to each other as possible. Few people are aware that in terms of industrial and trade policy, both classical capitalism and communism had a common root in the theories of German economist Friedrich List (1789-1846) (List, 1841). In fact,...
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Proposal of New Starch-Blends Composition Quickly Degradable in Marine Environment
PublicationThe aim of this paper was to obtain a quickly degradable in seawater polymer blend as an alternative proposal for classical polymer packaging. For preliminary studies: poly(lactic acid) (PLA), starch, calcium carbonate (CaCO3), gelatin and glycerol were chosen. PLA was pointed out due to its biodegradability and comparable properties to polyethylene or polypropylene. Whereas starch was chosen as abundant, renewable and cheap polymer...
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Energy Security of Polish Consumers in 2004-2021
PublicationTheoretical background: Energy security is one of the most important components of economic security. It is influenced not only by access to energy sources and the economic situation of the state and the individual consumer. The authors adopted the definition of energy security of an individual consumer as included in the UN report. It states that energy security of an individual consumer is guaranteed when the average consumer...
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Miniaturized impedance analyzer using AD5933
PublicationThe paper presents the analyzer allowing to measure impedance in a range of 10 ohms <|Zx|<10 Gohms in a wide frequency range from 10 mHz up to 100 kHz. The device specific features are: miniaturization, low power consumptions and the use of impedance measurement method based on DSP. These features were possible thanks to the use of newest generation of large scale integration chips: e.g. „system on a chip” microsystems (AD5933)...