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Diamond investments – Is the market free from multiple price bubbles?
PublikacjaThe 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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Price bubbles in commodity market – A single time series and panel data analysis
PublikacjaThis 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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Investing in wine, precious metals and G-7 stock markets – A co-occurrence analysis for price bubbles
PublikacjaThis 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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Marcin Potrykus dr inż.
OsobyAbsolwent Wydziału Zarządzania i Ekonomii Politechniki Gdańskiej. Od 2008 zatrudniony jako Asystent w Katedrze Finansów na Wydziale Zarządzania i Ekonomii Politechniki Gdańskiej. W 2015 roku obronił (w dyscyplinie ekonomia) rozprawę doktorską zatytułowaną „Inwestycje alternatywne – opłacalność a ryzyko”. Od 2016 zatrudniony jako adiunkt w Katedrze Analizy Ekonomicznej i Finansów na Politechnice Gdańskiej. Jego zainteresowania naukowe...
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VALUATION OF EMBEDDED OPTIONS IN NON-MARKETABLE CALLABLE BONDS: A NEW NUMERICAL APPROACH
PublikacjaThe 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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The accuracy of alternative stock valuation methods – the case of the Warsaw Stock Exchange
PublikacjaThe main aim of this article is to examine the accuracy of different methods of share valuation used by Polish analysts in reports prepared in order to issue recommendations for companies listed on the Warsaw Stock Exchange. In the literature on the subject, the view which prevails is that the more sophisticated methods, i.e. those taking into account the discounting process, are characterised by higher valuation accuracy. However,...
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Price Diversification
PublikacjaThe 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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Nonlinear increase in bubbles radii caused by sound in a bubbly liquid
PublikacjaThe nonlinear interaction of acoustic and entropy modes in a bubbly liquid is considered. The reasons for interaction are both nonlinearity and dispersion. In the field of intense sound, a decrease in the mixture density is predicted. That corresponds to the well-established growth of bubbles volumes due to rectified diffusion. The nonlinear interaction of modes as a reason for a bubble to grow due to sound, is discovered. The...
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Does one currency mean one price? An analysis of the euro effect on price dispersion and convergence
PublikacjaThis 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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Does one currency mean one price?
PublikacjaEuropean 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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Price convergence in the EU-an aggregate and disaggregate approach
PublikacjaThis 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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Does low price mean high competitiveness
PublikacjaWe 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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Price convergence in the European Union and in the new member states
PublikacjaThis 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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Price Changes in Wholesale Market of Electrical Energy in Poland
PublikacjaThe 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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Executing Multiple Simulations in the MERPSYS Environment
PublikacjaThe chapter investigates the steps necessary to perform a simulation instance in the MERPSYS environment and discusses potential limitations in case when vast numbers of simulations are required. An extended architecture is proposed which includes a JMS-based simulation queue and multiple distributed simulators, overcoming the potential bottlenecks. The chapter introduces also methods for preparing suites of multiple simulations...
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One Europe, one product, two prices - the price disparity in the EU
PublikacjaThe 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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Formation of bubbles from a single nucleation site.
PublikacjaPrzedstawiono wyniki systematycznych badań eksperymentalnych wrzenia wody destylowanej i metanolu z pojedynczego, sztucznego centrum nukleacji. Jako centra nukleacji służyły otwory wywiercone na czołowej powierzchni miedzianego pręta. Średnice otworów wynosiły: 0.25 mm, 0.60 mm oraz 1.0 mm. Do pomiaru częstotliwości odrywania się pęcherzyków zastosowano układ laser diodowy-fotodioda. Sygnał z fotodiody był rejestrowany za...
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Multiple-Input Multiple-Output Technique for Underwater Acoustic Communication System
PublikacjaThe performance of an underwater acoustic communication (UAC) system is limited due to tough propagation conditions in the UAC channel. Multiple-Input Multiple-Output (MIMO) technique can improve the reliability of the data transmission system, increase its speed, increase its range, and reduce the energy consumption. The paper presents an implementation method of MIMO technique in the form of coding the Space-Time Block Code and...
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Average price of a book in Poland (2010-2013)
Dane BadawczeAlthough the Central Statistical Office does not provide detailed data on the growth rate of book prices, the overall comparison, which includes books, newspapers, magazines as well as drawing and painting articles, shows that the average annual price increase in 2011 amounted to 3.3% in this category. Moreover, as noted, the changes to the VAT Act...
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MULTIPLE SCLEROSIS
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Degree of monopoly and market power vs. price flexibility in Polish economy: empirical analysis based on COICOP classification
PublikacjaResearch 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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Intraday price reaction to filing bankruptcy and restructuring proceedings – the evidence from Poland
PublikacjaThis 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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Potentials of Water Usage in urban Neighbourhood Structures
PublikacjaThis paper will treat about water influence and possibility of its usage in the urban neighborhood structures (e.g. districts, real estate properties, town parts) in the context of actual regional environmental problems and according to directories determined by European targets. It is not rare yet in the basic stage of urban design that water is treated as a threat, not a chance. In result planned structures are often built,...
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20+ years of Polish residential real estate prices – a house price index proxy
PublikacjaInformation 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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Equilibrium price - modelling, forecast and application
PublikacjaNowoczesną gospodarkę charakteryzuje wzrastające znaczenie cen. Znajomość ogólnych zasad mechanizmu kształtującego ceny oraz analizy cen umożliwiają przedsiębiorstwom przewidzenie ceny równowagi i podjęcie przynoszącej zyski decyzji, zwłaszcza na rynku oligopolu homogenicznego, gdzie przedsiębiorcy muszą brać pod uwagę reakcję konkurencji. Przedstawiony w artykule, dynamiczny model ekonometryczny cen benzyny, na rynku paliw płynnych...
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Short-term Price Reaction to Involuntary Bankruptcies Filed in Bad Faith: Empirical Evidence from Poland
PublikacjaPurpose: 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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Circular polarization diversity implementation for correlation reduction in wideband low-cost multiple-input-multiple-output antenna
PublikacjaIn this paper, a multiple-input-multiple-output (MIMO) antenna featuring circular polarization diversity, and designed on a common coplanar ground is presented. The proposed antenna design utilizes a coplanar waveguide (CPW) feeding technique with three parallel coplanar ground planes, and two feedlines in-between. For circular polarization (CP), quasi-loops are created by etching slots on the outermost ground planes. With this...
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Multiple Group Membership and Collective Action Intention
PublikacjaDatasets from two studies conducted in Poland on the relation between identity fusion, group identification, multiple group membership, perceived injustice, and collective action intention. The presented studies, in the context of protests against attempts to restrict abortion law, were conducted to examine the link between belonging to multiple groups, group efficacy & identification, perceived injustice and collective...
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Zastosowanie algorytmu MSA (Multiple Similar Areas) do wyznaczania map głębi w wielowidokowych systemach widzenia komputerowego
PublikacjaArtykuł podejmuje temat pozyskiwania map głębi (ang. depth map) na podstawie zdjęć z wielu kamer w wyniku widzenia stereoskopowego. Mapa głębi zawierająca odległości od obiektów będących w zasięgu widzenia kamer pozyskana może zostać na podstawie zdjęć z co najmniej dwóch kamer pełniących funkcję kamery stereoskopowej. W mapach głębi pozyskanych w ten sposób występują jednak błędy. Artykuł dotyczy metod redukcji błędów dzięki zwiększeniu...
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Multiple Sclerosis International
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Short-Term Price Reaction to Filing for Bankruptcy and Restructuring Proceedings—The Case of Poland
PublikacjaThis 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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The impact of European Monetary Union on Price Convergence.
PublikacjaArtykuł dotyczy skutków wprowadzenia wspólnej waluty euro. Bada zarówno skutki krótkookresowe tj. odczucia co do podwyżek cen przez konsumentów i inflację w okresie przejścia na jedna walutę, jak i skutki długookresowe związane z redukcją kosztów tranzakcyjnych, eliminacją ryzyka kursowego i większą przejrzystością cen.
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Distributed Evacuation in Graphs with Multiple Exits
PublikacjaWe consider the problem of efficient evacuation using multiple exits. We formulate this problem as a discrete problem on graphs where mobile agents located in distinct nodes of a given graph must quickly reach one of multiple possible exit nodes, while avoiding congestion and bottlenecks. Each node of the graph has the capacity of holding at most one agent at each time step. Thus, the agents must choose their movements strategy...
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Implementation of spatial/polarization diversity for improved-performance circularly polarized multiple-input-multiple-output ultra-wideband antenna
PublikacjaIn this paper, spatial and polarization diversities are simultaneously implemented in an ultra-wideband (UWB) multiple-input-multiple-output (MIMO) antenna to reduce the correlation between the parallel-placed radiators. The keystone of the antenna is systematically modified coplanar ground planes that enable excitation of circular polarization (CP). To realize one sense of circular polarization as well as ultra-wideband operation,...
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Modelling of residential sales price with kriging using different distance metrics in different correlation functions
PublikacjaThe modelling and estimation of sales prices based on economical conditions are important for housing sector especially in developing countries. Analysts are focused on the subject to analyze price movements and estimate the future trend of the sales prices for housing sector. In this study, we tried to generate a robust and efficient model related to the subject. Firstly, we investigated economic variables affecting housing sales...
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An overview of Multiple-Input Multiple-Output(MIMO) system
PublikacjaW artykule omówiono podstawy teoretyczne funkcjonowania systemów wieloantenowych, w tym korzyści wynikające z ich stosowania, podstawowe konfiguracje systemów wieloantenowych i opis ich działania, pojęcie pojemności kanału MIMO i jego modelowania oraz dwa podstawowe sposoby realizacji techniki MIMO, tj. kodowanie przestrzenno-czasowe i multipleksacja przestrzenna (techniki BLAST).
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From the multiple frequency tracker to the multiple frequency smoother
PublikacjaThe problem of extraction/elimination of nonstationary sinusoidalsignals from noisy measurements is considered. This problem is usually solved using adaptive notch filtering (ANF)algorithms. It is shown that the accuracy of frequency estimates can be significantly increased if the results obtained from ANF are backward-time filtered by an appropriately designed lowpass filter. The resulting adaptive notch smoothing (ANS)algorithm...
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Fuel price, income and road safety as determinants of the level of the population’s economic well-being in Poland
PublikacjaThe opportunity to travel is one of the most favorite human activities, given that on a trip a person gets new knowledge, impressions and positive emotions. Recreational trips occupy a prominent place in the concept of the economics of happiness, and the study of factors that influence decision-making regarding travel is important for forecasting the number of tourists, infrastructure development, income and expenses of businesses...
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Multiple output CMOS current amplifier
PublikacjaIn this paper the multiple output current amplifier basic cell is proposed. The triple output current mirror and current follower circuit are described in detail. The cell consists of a split nMOS differential pair and accompanying biasing current sources. It is suitable for low voltage operation and exhibits highly linear DC response. Through cell devices scaling, not only unity, but also any current gains are achievable. As...
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Evolution-based scheduling of multiple variant and multiple processor programs
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Analysis of the Multiple Attribute Decision Making Problem with Incomplete Information about Preferences among the Criteria
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On the theory and numerical simulation of acoustic and heat modes interaction in a liquid with bubbles: acoustic quasi-solitons
PublikacjaTeoria rzutowania zaburzenia ogólnego na mody. Zastosowanie metody do badań układu równań typu Korteweg`a-de Vries`a. Rozwiązania analityczne i simulacje numeryczne.
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Storage electric multiple units on partially electrified suburban railway lines
PublikacjaThe paper presents possible environmental, energy and economical gains implied by replacing conventional traction vehicles with independent powered electric multiple units (IPEMU) on partially electrified suburban railways. IPEMUs can operate in two modes of power supply – using overhead catenary or onboard battery storage. Appropriate computer simulations were carried out in the Matlab program, indicating the parameters of storage...
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System for tracking multiple trains on a test railway track
PublikacjaSeveral problems may arise when multiple trains are to be tracked using two IP camera streams. In this work, real-life conditions are simulated using a railway track model based on the Pomeranian Metropolitan Railway (PKM). Application of automatic clustering of optical flow is investigated. A complete tracking solution is developed using background subtraction, blob analysis, Kalman filtering, and a Hungarian algorithm. In total,...
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System for tracking multiple trains on a test railway track
PublikacjaSeveral problems may arise when multiple trains are to be tracked using two IP camera streams. In this work, real-life conditions are simulated using a railway track model based on the Pomeranian Metropolitan Railway (PKM). Application of automatic clustering of optical flow is investigated. A complete tracking solution is developed using background subtraction, blob analysis, Kalman filtering, and a Hungarian algorithm. In total,...
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Fundamental Schemes to Determine Disjoint Paths for Multiple Failure Scenarios
PublikacjaDisjoint path routing approaches can be used to cope with multiple failure scenarios. This can be achieved using a set of k (k> 2) link- (or node-) disjoint path pairs (in single-cost and multi-cost networks). Alternatively, if Shared Risk Link Groups (SRLGs) information is available, the calculation of an SRLG-disjoint path pair (or of a set of such paths) can protect a connection against the joint failure of the set of links...
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Multiple Cues-Based Robust Visual Object Tracking Method
PublikacjaVisual object tracking is still considered a challenging task in computer vision research society. The object of interest undergoes significant appearance changes because of illumination variation, deformation, motion blur, background clutter, and occlusion. Kernelized correlation filter- (KCF) based tracking schemes have shown good performance in recent years. The accuracy and robustness of these trackers can be further enhanced...
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IS THE REGIONAL DIVERGENCE A PRICE FOR THE INTERNATIONAL CONVERGENCE? THE CASE OF THE VISEGRAD GROUP
PublikacjaThe main goal of this article is to verify whether the Visegrad Group countries are achieving social convergence at national level at the expense of internal divergence. For this purpose, the existence of social beta-, sigma- and gamma-convergence at national and regional level was tested. The author of this article decided to tackle the convergence problem since there is a high risk that countries are trying to catch up at...
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Series-Slot-Fed Circularly Polarized Multiple-Input-Multiple-Output Antenna Array Enabling Circular Polarization Diversity for 5G 28-GHz Indoor Applications
PublikacjaIn this paper, a four-element circularly polarized series-slot-fed multiple-input-multiple-output (MIMO) antenna array with circular polarization diversity is presented. The proposed design utilizes a combination of 45-degree inclined slots and a straight microstrip line feeding technique. The two antennas are designed to operate with the opposite sense of circular polarization (CP). CP is achieved by placing a patch of just about...
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Multiple Sclerosis and Related Disorders
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