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Search results for: ENERGY MARKETS
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Nexus between stock markets, economic strength, R&D and environmental deterioration: new evidence from EU-27 using PNARDL approach
PublicationThis research investigates the impact of stock market indices, economic strength, and research and development expenditures on environmental deterioration in the EU-27 countries for the period 2000–2020. This study utilized linear and non-linear panel ARDL to estimate the short- and long-run effect. According to the results, the stock market indices have negative effect on environmental deterioration in the symmetric form. However,...
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Selected Aspects of Biofuels Market and the Electromobility Development in Poland: Current Trends and Forecasting Changes
PublicationThis work presents basic information associated with markets of selected alternative fuels used in transport, such as methyl esters, conventional bioethanol and lignocellulosic bioethanol, and the market of electrical vehicles. Legal conditions, which stimulate development and regulate the mode of functioning of the liquid biofuel market until 2020 are discussed, based on provisions of EU directives. Data on biofuel production...
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Michał Bernard Pietrzak dr hab.
PeopleMichal Pietrzak is head of the Department of Statistics and Econometrics at the Faculty of Economics and Management, Gdańsk University of Technology, and Deputy Editor-in-Chief for Statistical Reviewing of the journals: Oeconomia Copernicana and Equilibrium. Quarterly Journal of Economics and Economic Policy. Until October 2021, he worked as an associate professor at the Faculty of Economic Sciences and Management, Nicolaus...
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Pealizacija inicjatiw wostocznogo partnerstwa w Azerbajdżane
PublicationAzerbaijan established political relations with the EU during the implementation of TACIS Programme projects and signed the Partnership and Cooperation Agreement with the EU in 1996. It joined the European Neighbourhood Policy in 2004 and the Eastern Partnership programme in 2009. Despite the sceptical attitude taken by Azerbaijan's government towards the Eastern Partnership initiative, the EU earmarked further funds for Azerbaijan for 2011 – 2014 as part of the European Neighbourhood and Partnership Instrument. During the third Eastern Partnership summit in Vilnius in November 2013, Azerbaijan signed only an agreement concerning visa facilitations and readmission. However, it also undertook certain measures as part of the five Eastern Partnership initiatives. In the framework of the Integrated Border Management Programme, Azerbaijan implemented projects connected with improving the access of resettled people to the judicial system, creation of electronic border control systems, social protection, increasing public awareness to eliminate domestic violence, improving assimilation of asylum - seekers and immigrants, and supporting occupational health organisations. Activities aimed at supporting SMEs included training for entrepreneurs, promotional conferences and loans to the SME sector. Recommendations of the initiative promoting the creation of regional electrical and renewable energy markets were implemented by Azerbaijan in the form of 33 projects as part of the INOGATE Programme. With respect to environmental management, Azerbaijan developed a digital regional atlas of natural disasters, and with respect to natural disaster mitigation it planned population protection measures. Azerbaijan was ranked last but one in the evaluation presented in the annual report prepared by the EU. The transformation process in this country has been slow and illusory in certain aspects. Nevertheless, the EU has continued its Eastern Partnership initiative activities, allocating between EUR 252,000 and 308,000 for transformations in Azerbaijan
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Empirical investigation on labour market interactions in an enlarged Europe
PublicationThis paper proposes an empirical assessment of economic interactions between the labour markets ofthe integrating EU over the period of time 1995-2005. Drawing on recently made available industrystatistics, we provide a sector level study (13 tradable sectors, including manufacturing and services),analysing the contemporary evolution of domestic and trade partners' employment levels. Given theintensification of trade relations...
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"Born Poland, Gone Global". The case of successful Polish ICT company - Aiton Caldwell
PublicationThis work examines the pathway to global markets of Polish ICT company Aiton Caldwell
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Innovative investment funds and stability of financial systems: Nonparametric study of exchange-traded funds in Europe
PublicationThe main aim of the paper is investigation of the potential contribution of exchange-trade funds (ETFs) to the instability of the European financial systems. The paper begins with presentation of the key theoretical concepts with regard to ETFs and financial stability. We discuss the key attributes of ETFs as the innovative category of investment funds, their hypothesized impact on the financial stability as well as briefly describe...
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The Efficiency of Polish Stock Market: Ordinal Patterns Approach
PublicationZunino et al. analyzed the problem of discrimination of developed and emergent markets by the use of ordinal patterns methods: number of forbidden patterns and ordinal pattern probability distribution as a basis for entropy and statistical measure of complexity. In this paper we apply the same methodology for the analysis of Polish stock market (index WIG). The results indicate that Polish market belongs neither to developed, nor...
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A decentralised model of the regulating ancillary services market
PublicationThe article presents a model of regulating ancillary services provision in a dencetralised manner. A concept of the operation of local markets for ancillary services is presented.
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Polish FDI in Central Asian Countries
PublicationSince gaining independence, Kazakhstan, Kyrgyzstan, Tajikistan, Turkmenistan and Uzbekistan gradually opened their markets to foreign investors. Before Poland’s accession to the European Union, the activities of Polish investors in Kazakhstan, Kyrgyzstan, Tajikistan, Turkmenistan and Uzbekistan were based on bilateral treaties concluded by Poland with those countries. Later, except Turkmenistan, they were governed by the partnership...
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The market and the fair as a traditional activity of the city
PublicationThe modern commercial center with its impersonal form still on the squares and streets appear traditional markets and its annual versions – fairs, which similarly to the historical commerce - gather different activities of the inhabitants.
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The comparison of Internet Mortgage Market in Selected EU Countries
PublicationThe paper presents the description of Internet mortgage market in selected European Union countries. It starts with brief introduction to the concept of creating a fuzzy model representing Polish Internet Mortgage Market. Then, for better understanding of the complexities of this kind of market functioning the comparison is made between mortgage markets in Poland, Estonia, Germany and The United Kingdom (UK): The UK as the European...
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EU Enlargement and Labour Demand in the New Member States
PublicationResearch to date on labour market responses to EU integration has tended to concentrate on the labour markets of the 'old' EU members. But what effects has the integration of trade had on wages in the new member states? The following article attempts to answer this question using and empirical model of conditional labour demand.
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The Emergence of ETFs in Asia-Pacific
PublicationThe major objective of this book is to contribute to the present state of knowledge by exploring empirical links between the processes of diffusion of financial innovations— exchange-traded funds—and growing deployment of ICT across Asia-Pacific countries, between 2004 and 2017. We examine the evolutionary patterns of ETFs on selected Asia-Pacific stock exchanges and verify the hypothesized relationship between increasing ICT penetration...
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The outdoor market places in the public spaces of a modern city = Miejsca handlu targowego w przestrzeni publicznej współczesnego miasta (vol.1)
PublicationNowadays the market in the public space has different meanings. One of the point of view concentrate on the market as a low attraction of the city, which make it more chaotic. Although there exist contrary point of view – to apply the outdoor markets and the fairs in the public space as a one of the main attraction dedicated for toursits and local people.
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ESG investing during the Covid-19 crisis. Evidence from Central European Stock Exchanges
PublicationAs COVID-19 turned into a global pandemic, world markets gradually began to recover after initial dynamic declines. Restrictions, and their subsequent loosening, were, and are, not without significance for the financial markets. These particular circumstances provide a unique opportunity to contribute to the literature by focusing on the potential resilience of ESG (environmental, social and governance) investing in an era of crisis....
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Improving the regulation of the derivatives market as an objective prerequisite for sustainable development of the global financial system
PublicationThe development of financial markets is characterized by the emergence of new financial instruments, in particular derivatives, the risk level analysis of which is complicated. Counterparties are not always fully aware of and do not adequately assess the potential risks of derivatives, which may lead to large financial losses and sometimes bankruptcies. The purpose of the study is to generalize approaches to regulating derivative...
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Economic significance of initial public offerings in China and India
PublicationRapid economic growth in China and India has attracted attention of many researchers, focusing on various social and economic factors underlying the success of these countries. One of the key components of country’s economy is financial system which consists of segments such as banking sector and equity market. The topic of initial public offerings (IPOs), one of the corporate financing sources, involving raising funds through...
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Are Pair Trading Strategies Profitable During COVID-19 Period?
PublicationPair trading strategy is a well-known profitable strategy in stock, forex, and commodity markets. As most of the world stock markets declined during COVID-19 period, therefore this study is going to observe whether this strategy is still profitable after COVID-19 pandemic. One of the powerful algorithms of DBSCAN under the umbrella of unsupervised machine learning is applied and three clusters were formed by using market and accounting...
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The UK's banking system as financial hub for Islamic banking
PublicationThis paper examines the phenomenon of London as "the Islamic banking hub". It contends that London has become not only an international centre for Islamic finance, but also that there is big interest and demand for Islamic banking products. The authors are also positive that Islamic banking may be a certain solution for the problems that Europe has been suffering since 2007 when the global debt crisis started. Our intention is...
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ECONOMIC MEASURES AGAINST A PANDEMICS
PublicationThe appropriate level of treatment during periods of increasing workload in the health care system or a particular hospital is ensured either by changing the organization of the system and the principles of use of resources such as space, staff and consumables or their redistribution, or by financial resources such resources are increased or replenished. This article contributes to improve the concept of resource allocation as...
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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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Structure of the US investment company industry over the period 2000 to 2017: substitution analysis
PublicationOver the last years the investment company industry has undergone deep transformation in the majority of the most advanced economies, including the United States. Traditional investment companies, such as mutual funds, have lost their market share to innovative exchange-traded funds (ETFs). The main distinctive features of ETFs are listing and trading in their units on the stock exchanges as well as lower costs for investors. The...
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Network effects—do they matter for digital technologies diffusion?
PublicationPurpose The main research target of this paper is to capture the network effects using the case of mobile cellular telephony, identified in European telecommunication markets, and its determinants enhancing the process of digital technologies diffusion. Design/methodology/approach This research relies on panel and dynamic panel regression analysis. The empirical sample covers 30 European countries, and the period for the analysis...
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New technologies and diffusion of innovative financial products: Evidence on exchange-traded funds in selected emerging and developed economies
PublicationExchange-traded funds (ETFs) are one of the most rapidly-expanding categories of innovative financial products that have been introduced on many financial markets, in both emerging and developed economies. Our research contributes to the present state of knowledge by examining factors, including information and communication technologies (ICTs), influencing the diffusion of ETFs. In our research, we consider also the impact of...
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What determines export diversification in the development process? Empirical assessment.
PublicationThis paper assesses the role played by country-specific factors as determinants of relative export diversification. Using a panel data set for 60 countries and 20 years (1985–2004), we confirm that even after clearing out differences in income per capita, cross-country variability in the degree of export diversification is significant. In general, apart from per capita income, features influencing the size of accessible markets...
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Export Diversification and Development - Empirical Assessment
PublicationThis paper assesses the role played by country specific factors as determinants of exports' diversification process. Using a panel data-set for 60 countries and twenty years (1985-2004) we confirm that even after clearing out differences in income per capita, cross section variability in the degree of exports' diversification is significant. In general, apart from per capita income, variables influencing the size of accessible...
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Services Marketing Influence On Marketing Theory Evolution,
PublicationThe discovery of differences between tangible goods and services in the 1970s was one of the most landmark moments in the history of marketing with an emphasis being shifted to the need for using different/diversified marketing activities while dealing with various industries and types of products. The objective of this article is to briefly characterise the evolution of the marketing thought and to present the crucial influence...
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Exchange-Traded Funds in Europe
PublicationExchange-Traded Funds in Europe provides a single point of reference on a diverse set of regional ETF markets, illuminating the roles ETFs can play in risk mitigation and speculation. Combining empirical data with models and case studies, the authors use diffusion models and panel/country-specific regressions—as well as graphical and descriptive analyses— to show how ETFs are more than conventional, passive investments. With new...
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International Competitiveness of Czech Manufacturing: A Sectoral Approach with Error Correction Model
PublicationThe main objective of this paper is to find the determinants of the international competitiveness of the manufacturing sectors of the Czech economy, using the database of 13 manufacturing subsectors in 1995–2011, with the aid of ECM model. The authors research the question of how much foreign and domestic demand, the level of labour costs, the level of sector innovation intensity, the level of sector openness to foreign markets...
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CHALLENGES TO NATIONAL ECONOMIES OF SELECTED EU COUNTRIES IN THE CONTEXT OF DEMOGRAPHIC CHANGES IN SOCIETY
PublicationThe countries of Central and Eastern Europe, which acceded to the EU in 2004, are facing a great challenge related to transformations in the level and demographic structure of the population. The observed adverse demographic developments require taking decisive actions aimed at curbing the negative trend. The purpose of this paper is to present changes in the level and demographic structure of population and their impact on...
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The Impact of Trade Integration with the European Union on Productivity in a Posttransition Economy: The Case of Polish Manufacturing Sectors
PublicationThis paper addresses the relationship between productivity growth in Polish manufacturing sectors and forces stemming from trade integration with the European Union. Empirical analysis (1995-2006) is based on sector-level bilateral data concerning both domestic (Polish) and foreign (partner countries from the enlarged European Union) markets' characteristics and their degree of openness. The main results indicate that, both in...
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ICT-driven economic and financial development. Analyses of European countries
PublicationICT-Driven Economic and Financial Development: Analyses of European Countries demonstrates the effects of ICT diffusion on economic, social and financial development by examining their impact on the structure and dynamics of national economies. It provides the insight into shifts observed in labour markets, international trade activities productivity factors, education and use of innovative financial products. It combines empirical...
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Do new EU members have any chance of earning as much as Westerns do?
PublicationThis article examines the wage dispersion in the European Union in the last ten years (1996-2006). The research is motivated by the fact that New Members States (NMS) expected that wage convergence would occurred after their accession to the EU. At the same time Old Member States (OMS) have been increasingly concerned with the possibility that the EU enlargement could influence their local labor markets and wages through new channels...
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Determinants of the Internationalization of Family Firms - a Structural Eqquation Modeling Analysis
PublicationCurrently, international behaviors of family businesses (FBs) attract a growing interest of researchers. In an increasingly competitive environment, numerous FBs are forced to expand into foreign markets in search for ways to survive or grow. The article is both theoretical and empirical. In the theoretical part it presents theoretical concepts of FBs internationalization, especially determinants for their going international....
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Podaż na Mazowszu a rozwój klastrów
PublicationGłównym celem artykułu jest opis jednej z fundamentalnych grup czynników determinujących rozwój klastrów w regionie - tzw. determinantów podażowych wg nomenklatury stosowanej w koncepcji "klastra" Groundings-Enterprises-Markets, zakwalifikowanych przez M.E. Portera do "warunków czynników produkcji", składających się na romb przewagi konkurencyjnej. Determinanty podażowe stanowią niezbędne podłoże dla rozwoju klastra, a składają...
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The Belt and Road Initiative and export variety: 1996–2019
PublicationThis study examines the association between the Belt and Road Initiative (BRI) and export variety (EV). We propose three hypotheses on how BRI may foster export markets (destinations) or export product lines. The estimates are based on a dataset constructed specifically for this analysis, covering 183 countries and linked with trade data from 1996 to 2019. We apply the instrumental variable (IV) approach in regressions for covering the...
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Sustainable Fashion in Poland—Too Early or Too Late?
PublicationThis article presents an analysis of the concept of sustainable fashion from the Polish consumer’s perspective. The aim of this research is to investigate how Polish fashion consumers approach the concepts of sustainability, such as organic, fair-trade, and carbon emissions. Exploring the experience of the Polish consumption context provides a richer understanding of the evolution of fashion sustainability concepts in this and...
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The analysis of firms’ involvement in internationalisation and determinants of its intensity – an analysis for developing and post-transition economies
PublicationThe study presents the empirical analysis of firms’ involvement in different forms of internationalisation: export, indirect export, import, indirect import and finally simultaneous exporting and importing. The analysis is based on firm-level data from the World Bank Enterprise Survey (March 2017 release). The empirical part is divided into two stages. Firstly account is taken of firms’ heterogeneity and then a Melitz type analysis...
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Development of banking sectors in Kosovo and Montenegro in the years 2000 - 2010
PublicationThe article presents main aspects of development of banking markets in two Balkan countries - Kosovo and Montenegro. Both of them are charaterised by similar recent history, both in political and economical fields. Their financial sectors have had to be built almost from scretch. The author describes stages of development of competition in the banking sectors, using the following ratios: performace, structure, liquidity. The data...
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EU-Turkey Customs Union and Bilateral Foreign Direct Investment Flows
PublicationMain aim of this text is presentation of the effects of customs union between the European Union and turkey on bilateral FDI flows in light of the theory of linkages between economic integration and FDI flows. First section of the text is a survey of main theoretical links between economic integration and FDI flows. Second section focuses on the history and scope of the customs union. Third and fourth sections are empirical and...
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Does offshoring affect industry employment? Evidence from a wide European panel countries
Publicationis paper contributes to the literature on the possible impact of international outsourcing on domestic labour markets. We focus on off shoring-employment relationship. Th e analysis is performed for a wide European panel, composed of 27 EU countries and 13 manufacturing sectors, observed in the period 1995-2009. Th anks to the use of input-output tables from the WIOD project, we measure the intensity of off shoring in the sectors,...
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The EU enlargement and domestic employment
PublicationThe study focuses on the interactions between EU member states' labor markets (manufacturing and tradable business services) over the period 1995-2005. We use recently released detailed sector level employment statistics, considering the effects of trade integration on the creation of links between labor force in ''Old'' and ''New'' partners in the enlarged EU. Empirical estimations show that the domestic demand for labor in the...
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Role of research and development in internationalization of high-tech firms: Empirical results from Poland
PublicationThe article focuses on the significance of research and development (R&D) in driving the internationalization of Polish high-tech firms. R&D is essential for businesses to remain competitive and adapt their products to the specific requirements of different markets. The study aims to investigate the relationship between R&D and the internationalization process of high-tech firms based in Poland, with a focus on the innovation context....
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Early warning models against bankruptcy risk for Central European and Latin American enterprises
PublicationThis article is devoted to the issue of forecasting the bankruptcy risk of enterprises in Latin America and Central Europe. The author has used statistical and soft computing methods to program the prediction models. It compares the effectiveness of twelve different early warningmodels for forecasting the bankruptcy risk of companies. In the research conducted, the author used data on 185 companies listed on the Warsaw Stock Exchange...
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The evolving structure of Polish exports (1994-2010) - diversification of products and trade partners.
PublicationThis paper presents empirical evidence on the diversification process concerning Polish exports (1994–2010), compared to European and global samples of countries. It analyzes both the commodity structure of Polish trade and the geographical diversification of Poland’s trading partners. The analysis draws on highly disaggregated data on exports (HS 6 digit) and combines descriptive analysis with non-parametric, semi-parametric and...
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Path dependence, modularity and the offshoring of (some) physician services
PublicationThis paper integrates ideas from modularity and path dependency to explain the potential for and limitations of the offshoring of high value added physician services. While not all medical services are amenable to offshoring, a growing number of physician activities can be viewed as modular components which, at least technically, could be performed remotely. As a result, the presumption that concerns for efficiency dictate how...
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Overall color parameter as a parameter determining the level of oxidation of olive oil
PublicationEdible fats are an important part of a human daily diet. They have a significant effect on the proper functioning of the human body. During frying, the oil is chemically modified and the fats consumed should have the highest oxidation stability. The subject of the study were samples of olive oil bought at local markets in Gdansk. Samples were heated at 20 °C, 60 °C, 100 °C, 140 °C and 180 °C. The aim of the study was to determine...
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Modeling process of planning finished product sales volumes at industrial enterprises in modern economic conditions
PublicationThis article presents improving the existing system of planning finished products sales volumes. The influencing factors of the sales volumes in modern economic conditions have been determined: falling world oil prices, the reduction of pipe consumption in the domestic market, the global pandemic. The algorithm of planning finished products sales volumes has been constructed. Calculations based on the Holt forecasting method has...
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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...