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    Wyświetlanie 1-4 z 4
    Tytuł:
    Commodities as a Tool of Risk Diversification
    Autorzy:
    Skapa, Stanislav
    Powiązania:
    https://bibliotekanauki.pl/articles/517383.pdf
    Data publikacji:
    2013
    Wydawca:
    Instytut Badań Gospodarczych
    Tematy:
    commodities
    diversification
    portfolio
    Opis:
    Investing in commodities has become a new topic for private investors in recent years. Private investors are trying to spread their investments across a much wider spectrum of investments than in the past. They are looking for new sources of return and better diversification of investment risk. In this process, they are searching beyond the traditional asset classes of equities, bonds, cash and real estate. The objective of the paper is to critically explore the possibility of investing in commodities mainly for private investors and analyses investment characteristics. The main scientific aim is to use a complex of more sophisticated and theoretically advanced statistical techniques and apply them on the findings. This paper will provide comprehensive analyses of mostly used commodity indexes of 1st generation and describe main differences between 1st and 2nd generation of commodity indexes and some examples of rollover mechanism will be critically explain. A representative of 2nd generation of commodity indexes was chosen for comprehensive data analysis to another asset class and for the testing whether commodities decreasing a risk of investment portfolio.
    Źródło:
    Equilibrium. Quarterly Journal of Economics and Economic Policy; 2013, 8, 2; 65-77
    1689-765X
    2353-3293
    Pojawia się w:
    Equilibrium. Quarterly Journal of Economics and Economic Policy
    Dostawca treści:
    Biblioteka Nauki
    Artykuł
    Tytuł:
    The impact of the diversification of revenues on NGOs? commercialization: evidence from Poland
    Autorzy:
    Mikołajczak, Paweł
    Powiązania:
    https://bibliotekanauki.pl/articles/22446460.pdf
    Data publikacji:
    2018
    Wydawca:
    Instytut Badań Gospodarczych
    Tematy:
    commercialization
    NGOs
    financial sources
    revenue diversification
    Opis:
    Research background: The commercialization of non-governmental organizations through undertaking an activity based on the commercial sale of services and products is a phenomenon which raises controversy among numerous researchers. Traditionally, NGOs act in a sector of social services to solve problems, such as homelessness, exclusion or social pathologies. They also provide different services which cannot be provided by the market, for instance in education, the healthcare system, culture, or art. Driven by a social mission, NGOs introduce their concepts, strongly relying on fees to perform their activity. They also obtain funds in the form of public donations or payments from private or institutional donors. Growing social needs and changes in the governmental policy aimed at reducing social-aid spending have put pressure on NGOs to develop entrepreneurial strategies to gain financial support. Purpose of the article: The aim of the paper is to investigate how particular funding sources affect the probability of non-governmental organizations? commercialization. Methods: Data for the analyses have been collected from a national survey of Polish non-governmental organizations. In the analysis of logistic regression, a specially-developed model was used to estimate the probability of NGOs? commercialization, depending on the selected categories of funding sources. Findings & Value added: An analysis of the results indicates clearly that the likelihood of NGOs? commercialization slightly decreases as a greater number of private external financial sources is used. In contrast with existing literature, which claims that government funding is crowding out commercial activity, this research finds that, to some extent, public funds positively stimulate the commercialization of NGOs. The contribution of this research is that it introduces the category of internal financing sources of non-profit organizations, which have been overlooked in previous studies. The article provides clear statistical arguments demonstrating that private internal revenues strongly affect the commercialization of the organizations surveyed. The paper is the first to present a model that comprehensively considers the probability of NGOs? commercialization, including private external and internal, as well as public, sources of funding.
    Źródło:
    Equilibrium. Quarterly Journal of Economics and Economic Policy; 2018, 13, 4; 761-779
    1689-765X
    2353-3293
    Pojawia się w:
    Equilibrium. Quarterly Journal of Economics and Economic Policy
    Dostawca treści:
    Biblioteka Nauki
    Artykuł
    Tytuł:
    Did the COVID-19 pandemic amplify the positive impact of income diversification on the profitability of European banks?
    Autorzy:
    Kozak, Sylwester
    Wierzbowska, Agata
    Powiązania:
    https://bibliotekanauki.pl/articles/22444282.pdf
    Data publikacji:
    2022
    Wydawca:
    Instytut Badań Gospodarczych
    Tematy:
    banks
    banking income
    income diversification
    COVID-19
    Opis:
    Research background: The contribution of banks? non-interest income to the total income becomes particularly important in the face of a severe financial crisis, usually accompanied by burdensome restrictions in economic activity, insolvencies of enterprises and households and low interest rates of central banks. Purpose of the article: This study investigates banks in 40 European countries to determine whether non-interest income had a significant impact on the bank?s profitability and whether the severity of the COVID-19 pandemic influences the form of this relationship. Methods: This study used a linear cross-section model using bank-level data. In the model, the bank?s profitability was regressed with the measure of income diversification, controlling for the pandemic?s intensity and the state of the country?s economy and bank characteristics. Banking data were obtained from the S&P Global MI. The Oxford COVID-19 Government Response Tracker (Hale et al., 2021, pp. 529?538) was the source of pandemic-related variables. Findings & value added: The obtained results indicate that the increases in non-interest income share in the bank?s total income have a statistically significant positive impact on profitability for the European banking sector. The dependence of profitability on diversification was stronger with the growing adverse effects of the pandemic. Our results are in line with those for the US banks (Li et al., 2021) and the European Central Bank Banking Supervision?s assessment that higher non-interest income has allowed banks? profitability in the euro area to be maintained at a pre-pandemic level (ECB, 2021). In addition, the study contributes to previous literature by testing the impact of the severity of the COVID-19 pandemic on the relationship between income diversification and bank profitability in 40 European countries.
    Źródło:
    Equilibrium. Quarterly Journal of Economics and Economic Policy; 2022, 17, 1; 11-29
    1689-765X
    2353-3293
    Pojawia się w:
    Equilibrium. Quarterly Journal of Economics and Economic Policy
    Dostawca treści:
    Biblioteka Nauki
    Artykuł
    Tytuł:
    Integration in Central European capital markets in the context of the global COVID-19 pandemic
    Autorzy:
    Pardal, Pedro
    Dias, Rui
    Šuleř, Petr
    Teixeira, Nuno
    Krulický, Tomáš
    Powiązania:
    https://bibliotekanauki.pl/articles/22444400.pdf
    Data publikacji:
    2020
    Wydawca:
    Instytut Badań Gospodarczych
    Tematy:
    COVID-19
    capital market
    financial integration
    portfolio diversification
    financial crisis
    Opis:
    Research background: Covid-19 pandemic had a strong impact on the economy and capital market. In times of crisis, it is important for investors to be able to diversify their investment portfolio in order to mitigate risk. However, the growing trend towards capital market integration may make it ineffective. Research on financial integration, during the Covid-19 period, has started to develop, mainly in major global capital markets. It is, therefore, important to extend this research to other capital markets. The purpose of the article: This contribution aims to analyze financial integration in the stock indexes of the capital markets of Austria (ATX), Slovenia (SBITOP), Hungary (BUDAPEST SE), Lithuania (OMX VILNIUS), Poland (WIG), the Czech Republic (PX PRAGUE), Russia (MOEX) and Serbia (BELEX 15), in the context of the global pandemic (COVID-19). Methods: To measure the unit roots in the time series, we used ADF, PP, and KPSS tests, and Clemente et al. (1998) test to detect structural breaks. To ana-lyse financial integration, we applied the Gregory and Hansen integration test, and to validate the robustness of results, we use the impulse-response function (IRF) methodology, with Monte Carlo simulations, as they provide a dynamic analysis generated from the VAR model estimates. Findings & Value added: The results suggest very significant levels of integration, which decreases the chances of portfolio diversification in the long-term. Evidence shows 47 pairs of integrated stock market indexes (out of 56 possible). The stock indexes ATX, BUDAPESTE SE, BELEX 15 show financial integration with all other indexes. On the contrary, the index of OMX VILNIUS shows only 3 integrations. Results also show that most of the significant structural breaks occurred in March 2020. The analysis of the relationship between markets, in the short term, shows positive/negative co-movements, with statis-tical significance and with a persistence longer than one week.
    Źródło:
    Equilibrium. Quarterly Journal of Economics and Economic Policy; 2020, 15, 4; 627-650
    1689-765X
    2353-3293
    Pojawia się w:
    Equilibrium. Quarterly Journal of Economics and Economic Policy
    Dostawca treści:
    Biblioteka Nauki
    Artykuł
      Wyświetlanie 1-4 z 4

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