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Wyświetlanie 1-15 z 41
Tytuł:
On some difference-delay equations arising in a problem of capital deposits
Autorzy:
Kwapisz, Marian
Bartoszewski, Zbigniew
Powiązania:
https://bibliotekanauki.pl/articles/748048.pdf
Data publikacji:
1996
Wydawca:
Polskie Towarzystwo Matematyczne
Tematy:
Portfolio theory and financial economics
Difference equations, additive
Opis:
.
Introduction. We consider a real life problem: a. person has made a deposit of D0 dollars in bank B, which calculates interest on this deposit at in=100•in% after each n+l-st quarter and the interest is compounded at the end of each consecutive year since the deposit date, which means that the interest is capitalised yearly. In the case discussed the basic time unit is a quarter but the conversion period - the time interval at the end of which the interest is compounded - is four quarters (for the terminology see [3]). We ask the following question: what is the balance of the person after n time units, i.e. after n quarters? Such a question is important to people planning various sorts of investments or making arrangements with life insurance institutions. We cannot find an answer to this question in available literature. In particular, it is not to be found in recent books devoted to the subject [see 1-6]. We want to find general formulas that would allow us to express this balance by the other given quantities. Such formulas allow us to solve inverse problems consisting in finding the initial deposit Z)q , the interest rate i or the length of the period after which a capital reaches a given level. In this paper we give explicit formulas for the above-mentioned balance. They can be applied to the problems with any number of payments. At the end of this paper we give some examples of application of these formulas to solving the mentioned inverse problems. The obtained formulas make solving such problems easy. A straightforward application of backward recurrence formulas derived from formula (2), although possible, is quite troublesome.ct
Źródło:
Mathematica Applicanda; 1996, 25, 39
1730-2668
2299-4009
Pojawia się w:
Mathematica Applicanda
Dostawca treści:
Biblioteka Nauki
Artykuł
Tytuł:
Risk-minimizing hedging of contingent claims in incomplete models of financial markets
Autorzy:
Rutkowski, Marek
Powiązania:
https://bibliotekanauki.pl/articles/748050.pdf
Data publikacji:
1996
Wydawca:
Polskie Towarzystwo Matematyczne
Tematy:
Portfolio theory and financial economics
Opis:
.
The paper is devoted to a specific optimization problem associated with the hedging of contingent claims in continuous-time incomplete models of financial markets. Generally speaking, we place ourselves within the standard framework of the theory of continuous trading, as exposed in Harrison and Pliska [13]. Our aim is twofold. Firstly, we present a relatively concise exposition of the risk-minimizing methodology (due essentially to Follmer and Sondermann [12], Follmer and Schweizer [11] and Schweizer [33]) in a multi-dimensional continuous-time framework. Let us mention here that this approach is based on the specific kind of minimization of the additional cost associated with a hedging strategy at all times before the terminal date T. Secondly, we provide some new results which formalize some concepts introduced in Hofman et a/.[l5], in particular, the general results of the first, part are specialized to the case of multi-dimensional Ito processes. Finally, in Section 6 the general theory is illustrated by means of an example dealing with the risk-minimizing hedging of a stock index option in an incomplete framework. This example is motivated bv the work of Lamberton and Lapeyre [22] who have! solved a related, but simpler, problem of a risk-minimizing hedging under the martingale measure.
Źródło:
Mathematica Applicanda; 1996, 25, 39
1730-2668
2299-4009
Pojawia się w:
Mathematica Applicanda
Dostawca treści:
Biblioteka Nauki
Artykuł
Tytuł:
Moments of counting distributions satisfying recurrence relations
Autorzy:
Murat, Małgorzata
Szynal, Dominik
Powiązania:
https://bibliotekanauki.pl/articles/748257.pdf
Data publikacji:
2000
Wydawca:
Polskie Towarzystwo Matematyczne
Tematy:
Distributions: general theory
Applications to actuarial sciences and financial mathematics
Opis:
Artykuł nie zawiera streszczenia
The article contains no abstract
Źródło:
Mathematica Applicanda; 2000, 28, 42/01
1730-2668
2299-4009
Pojawia się w:
Mathematica Applicanda
Dostawca treści:
Biblioteka Nauki
Artykuł
Tytuł:
Przedsiębiorstwo jako kapitał. Kapitał jako majątek i jako fundusz
The Enterprise as a Capital
Autorzy:
Gruszecki, Tomasz
Powiązania:
https://bibliotekanauki.pl/articles/1856573.pdf
Data publikacji:
2004
Wydawca:
Katolicki Uniwersytet Lubelski Jana Pawła II. Towarzystwo Naukowe KUL
Tematy:
kapitał
zasób
strumień
teoria kapitału
capital
capital asset
capital goods
pecuniary resources
stream of capital
theory of capital
financial capital
Opis:
The article is devoted to a discussion and analysis of the two basic meanings of the concept of `capital': the material meaning, understood as a set of economic factors; and the financial meaning understood as a financial fund which may be invested in any combination of economic factors. We owe this differentiation to J. R. Hicks (Nobel Prize for economics in 1972). He points to the fact that economists often talk about the capital in two different meanings, which may lead to misunderstandings. In the history of the economic thought also two schools of thinking about the capital may be distinguished: those of `materialists' and of `financiers'. This differentiation is crosswise to the classical divisions. Hicks includes economists belonging to the neo-classical school of economics (A. Marshall) in the category of materialists; and both Smith and Marx (with his classical definition of the capital as „value which profits additional value”) to financiers. In finance the one-sided approach of the fund capital is the dominant one. The conclusion of the article is that both approaches are useful.
Źródło:
Roczniki Nauk Społecznych; 2004, 32, 3; 7-12
0137-4176
Pojawia się w:
Roczniki Nauk Społecznych
Dostawca treści:
Biblioteka Nauki
Artykuł
Tytuł:
The concepts of groups in accounting regulations and their impact on the level of capital, presented in the financial statements
Autorzy:
Ignatowski, Radosław
Powiązania:
https://bibliotekanauki.pl/articles/658146.pdf
Data publikacji:
2011
Wydawca:
Uniwersytet Łódzki. Wydawnictwo Uniwersytetu Łódzkiego
Tematy:
accounting theory
consolidated financial statements
consolidation concepts
proprietary concept
parent company concept
extended parent
company concept
entity concept
goodwill
minority interests
IFRS
Opis:
The purpose of this article is to present the impact of elaborated the theoretical concept of companies’ groups and the related concepts of consolidating financial statements adopted by the international accounting regulations (IFRS) for the items and the value of the capital, reported in the financial statements. This effect was analyzed on example of selected Polish public companies listed on Warsaw Stock Exchange. Consolidated reporting concepts, developed at the turn of the 19th and 20th centuries implemented in accounting regulations differently affect the level of equity of capital groups, presented in the consolidated financial statements. Their example shows a clear trend in the transition from the proprietary concept to the entity concept, which corresponds to the general orientation of financial reporting from the perspective of the owners to the perspective of the stakeholders. The extended concept of the parent company used in the regulations of IFRS to the end of 2009, but mixed with the entity concept has shown, that the equity of capital groups include themselves both equity, attributed to the shareholders of the parent companies, but also assigned to the other shareholders of the subsidiaries (minorities). Only from 2010 there is a possibility of alternative uses of the pure entity concept, which contributes, in principle, to be even higher amounts of capital in the same operating conditions. In the present situation of possible parallel application of both concepts, the managements of the companies may recruit them at its own discretion, which may contribute to some manipulation on reported equity of capital groups, what examples already can be observed in practice of Polish companies. Analysis of financial data of certain Polish groups did not allow to formulate certain general conclusions, regarding the impact of an extended parent company concept on the level of equities of the Polish groups. In many cases, the impact of the controlled entities positively affected the reserves of the group, but many situations can also be observed in which the activities of subsidiaries was weakening the group's reserves. In such situations separate financial statements of the parent are more favourable to the data presented in the consolidated. However, this may confirm the supremacy of the consolidated reporting on the separate reporting, which is characterized by a greater sensitivity to operational and financial operations of the parent in relation to their subsidiaries. In the case of consolidated reporting, the manipulation of transactions with controlled entities is largely neutralized by what more relevantly and objectively (neutrally) contributes to the evaluation of the effectiveness of the boards of the parent companies.
Źródło:
Acta Universitatis Lodziensis. Folia Oeconomica; 2011, 257
0208-6018
2353-7663
Pojawia się w:
Acta Universitatis Lodziensis. Folia Oeconomica
Dostawca treści:
Biblioteka Nauki
Artykuł
Tytuł:
Detecting Risk Transfer in Financial Markets using Different Risk Measures
Autorzy:
Fałdziński, Marcin
Osińska, Magdalena
Zdanowicz, Tomasz
Powiązania:
https://bibliotekanauki.pl/articles/483251.pdf
Data publikacji:
2012
Wydawca:
Polska Akademia Nauk. Czytelnia Czasopism PAN
Tematy:
extreme value theory
risk measures
Granger causality in risk
Chinese financial processes
Opis:
High movements of asset prices constitute intrinsic elements of financial crises. There is a common agreement that extreme events are responsible for that. Making inference about the risk spillover and its effect on markets one should use such methods and tools that can fit properly for catastrophic events. In the paper Extreme Value Theory (EVT) invented particularly for modelling extreme events was used. The purpose of the paper is to model risky assets using EVT and to analyse the transfer of risk across the financial markets all over the world using the Granger causality in risk test. The concept of testing in causality in risk was extended to Spectral Risk Measure i.e., respective hypotheses were constructed and checked by simulation. The attention is concentrated on the Chinese financial processes and their relations with those in the rest of the globe. The original idea of the Granger causality in risk assumes usage of Value at Risk as a risk measure. We extended the scope of application of the test to Expected Shortfall and Spectral Risk Measure. The empirical results exhibit very interesting dependencies.
Źródło:
Central European Journal of Economic Modelling and Econometrics; 2012, 4, 1; 45-64
2080-0886
2080-119X
Pojawia się w:
Central European Journal of Economic Modelling and Econometrics
Dostawca treści:
Biblioteka Nauki
Artykuł
Tytuł:
Mechanizmy baniek spekulacyjnych – spojrzenie psychologiczne i ekonomiczne Bubbles
A Psychological-Economic Look at Mechanisms behind Speculative
Autorzy:
Mazur, Katarzyna
Powiązania:
https://bibliotekanauki.pl/articles/460069.pdf
Data publikacji:
2012
Wydawca:
Fundacja Pro Scientia Publica
Tematy:
financial market
speculative bubble
economic psychology
eflexivity theory
decision making
emotions
Opis:
This paper discusses the causes of speculative bubbles. For a better understanding of this phenomenon, it presents some famous speculative bubbles in the history of economics, it is enough to mention the South Sea Bubble and the Dot-com Bubble. As an economic starting point for analysis, this paper applies George Soros’s reflexivity theory. His Boom-Bust Model is supplemented by a description of psychological aspects of speculative bubbles.
Źródło:
Ogrody Nauk i Sztuk; 2012, 2
2084-1426
Pojawia się w:
Ogrody Nauk i Sztuk
Dostawca treści:
Biblioteka Nauki
Artykuł
Tytuł:
Mentalne księgowanie i hedonistyczne kadrowanie oraz ich znaczenie dla opcji finansowych
Mental Accounting and Hedonic Framing. Their Significance for Financial Options
Autorzy:
Ziętek-Kwaśniewska, Katarzyna
Powiązania:
https://bibliotekanauki.pl/articles/30145374.pdf
Data publikacji:
2012
Wydawca:
Katolicki Uniwersytet Lubelski Jana Pawła II. Towarzystwo Naukowe KUL
Tematy:
finanse behawioralne
kadrowanie
mentalne księgowanie
hedonistyczne kadrowanie
teoria perspektywy
opcja finansowa
strategia covered call
behavioral finance
framing
mental accounting
hedonic framing
prospect theory
financial option
covered call strategy
Opis:
The article presents selected categories of behavioral finance such as framing, mental accounting, or hedonic framing, and aims to determine their significance for financial decision making. Therefore, the article makes numerous references to certain phenomena (e.g. the equity premium puzzle or the dividend puzzle) and to conceptions born in the area of behavioral finance (e.g. the Behavioral Life-Cycle Hypothesis). Due to the fact that the literature of the subject focuses on the stock market, the Author presents selected works which use the discussed categories of behavioral finance in the context of much less researched instruments, i.e. financial options. Special attention is given to the behavioral aspects of the covered call strategy.
Źródło:
Roczniki Ekonomii i Zarządzania; 2012, 4; 123-140
2081-1837
2544-5197
Pojawia się w:
Roczniki Ekonomii i Zarządzania
Dostawca treści:
Biblioteka Nauki
Artykuł
Tytuł:
SPRAWOZDANIE FINANSOWE JAKO ŹRÓDŁO INFORMACJI O SPOŁECZNEJ ODPOWIEDZIALNOŚCI PRZEDSIĘBIORSTW
THE FINANCIAL STATEMENTS AS A SOURCE OF INFORMATION ON CORPORATE SOCIAL RESPONSIBILITY
Autorzy:
Szawczak, Katarzyna
Powiązania:
https://bibliotekanauki.pl/articles/441661.pdf
Data publikacji:
2012
Wydawca:
Sopocka Akademia Nauk Stosowanych
Tematy:
teoria interesariuszy
interesariusze wewnętrzni
interesariusze zewnętrzni
cechy jakościowe sprawozdania finansowego
stakeholders theory
internal stakeholders
external stakeholders
qualitative characteristics of financial statements
Opis:
Głównym celem sprawozdań finansowych jest dostarczenie wiarygodnych informacji, użytecznych szerokiemu kręgu odbiorców, a w szczególności interesariuszom. Autorka uważa, że brakuje w nim obecnie informacji z zakresu społecznej odpowiedzialności przedsiębiorstw, co wpływa na zmniejszenie jego wiarygodności i gorsze postrzeganie firmy przez otoczenie. W niniejszym artykule autorka przybliża problem rozbudowy sprawozdania finansowego o kwestie z zakresu społecznej odpowiedzialności biznesu.
The main purpose of financial reporting is delivering credible information useful for the wide range of recipients, in particularity stakeholders. The author points to the fact that there is no detailed information on CSR which influences decreased credibility and worse perception of the company by the surroundings. In this article, the author presents the problem of the development of financial statement regarding corporate social responsibility. Informacja o autorze
Źródło:
Przestrzeń, Ekonomia, Społeczeństwo; 2012, 2/II; 153-168
2299-1263
2353-0987
Pojawia się w:
Przestrzeń, Ekonomia, Społeczeństwo
Dostawca treści:
Biblioteka Nauki
Artykuł
Tytuł:
Trzy modele regulacji instrumentów pochodnych. Kilka uwag o powiązaniach pomiędzy teorią ekonomiczną a ewolucją prawa
Three Models of Derivatives’ Regulation. Some Thoughts on the Entanglement between Economic Theory and the Evolution of Law
Autorzy:
Golecki, Mariusz J.
Powiązania:
https://bibliotekanauki.pl/articles/531623.pdf
Data publikacji:
2012
Wydawca:
Stowarzyszenie Filozofii Prawa i Filozofii Społecznej – Sekcja Polska IVR
Tematy:
teoria ekonomiczna
ekonomiczna analiza prawa
instrumenty pochodne
ewolucja prawa
rynek finansowy
economic theory of law
law and economics
derivative
evolution of law
financial market
Opis:
Celem tekstu jest analiza czy ewolucja opcji, kontaktów terminowych i innych instrumentów pochodnych jest efektem szerszego wpływu rozwoju rynków finansowych i teorii ekonomicznych na system prawny. Stanowi to część szerszego zagadnienia, tj. stosunku prawa do ryzyka, niepewności i spekulacji. Stąd istotnym jest zbadanie, czy ostatnie regulacje dotyczące rynków finansowych i zwolnienie takich transakcji jak opcje, kontrakty terminowe lub tzw. kontrakty swap, dokonane poprzez ich wyłączenie z istniejących regulacji antyspekulacyjnych (lub zniesienie większości z tych regulacji) może mieć szerszy wpływ na pojęcie ryzyka w prawie i teorii regulacji.
The paper aims at analysing whether the evolution of options, futures and other derivatives is an effect of a wider impact of the evolution of financial market and economic theories upon legal system. This constitutes, however, a part of a wider topic, namely the legal approach to risk, uncertainty and speculation. Thus it is crucial to examine whether recent regulation of financial markets and exempting such transactions as options, futures or swaps, performed by set-off from the existing anti-speculative regulation (or abolishing of the majority of anti-speculative rules) may have a wider impact on the notion of risk in law and theory of regulation.
Źródło:
Archiwum Filozofii Prawa i Filozofii Społecznej; 2012, 1(4); 5-22
2082-3304
Pojawia się w:
Archiwum Filozofii Prawa i Filozofii Społecznej
Dostawca treści:
Biblioteka Nauki
Artykuł
Tytuł:
INVESTORS’ PREFERENCES AND PAYOFFS FROM STRUCTURED PRODUCTS
Autorzy:
Zatoń, Wojciech
Powiązania:
https://bibliotekanauki.pl/articles/453473.pdf
Data publikacji:
2013
Wydawca:
Szkoła Główna Gospodarstwa Wiejskiego w Warszawie. Katedra Ekonometrii i Statystyki
Tematy:
structured financial products
utility function
prospect theory
Opis:
The attractiveness of structured products is mainly due to the fact that the diversity of their structures corresponds to the specific preferences of different groups of investors. To determine the appropriate investment product for an investor it is necessary to identify investor preferences, attitude toward risk. The paper contains an analysis of investors preferences in relation to the payoffs from the typical structured products. Investors’ preferences are based both on the rational choice theory and the prospect theory.
Źródło:
Metody Ilościowe w Badaniach Ekonomicznych; 2013, 14, 2; 279-288
2082-792X
Pojawia się w:
Metody Ilościowe w Badaniach Ekonomicznych
Dostawca treści:
Biblioteka Nauki
Artykuł
Tytuł:
News Frames, Inter-Media Frame Transfer and The Financial Crisis
Autorzy:
Bach, Thomas
Weber, Mathias
Quiring, Oliver
Powiązania:
https://bibliotekanauki.pl/articles/643223.pdf
Data publikacji:
2013
Wydawca:
Uniwersytet Jagielloński. Wydawnictwo Uniwersytetu Jagiellońskiego
Tematy:
framing theory, media frames, media influence, financial crisis, representation, Inter-Media Frame Transfer
Opis:
This paper examines the economic coverage of German newspapers at the onset of the financial crisis with the help of framing-theory. It has three basic objectives. The first, to identify the frames in the news coverage. The second: the documentation of these frames and their occurrence as well as their distribution in different media outlets. The third: the examination of inter-media influences, exerted by different media outlets upon each other. The authors introduce the concept of Inter-Media Frame Transfer and apply a multi-method-design composed of a qualitative and quantitative content analysis as well as an ARIMA-time-series analysis. Eight frames are identified. The representation of the crisis as a systemic threat can be seen as the dominant interpretation. Inter-media influences can explain some of the dynamics of media framing. Yet, media framing of the financial crisis appears to be mainly contingent on extra media influences.
Źródło:
Zeszyty Prasoznawcze; 2013, 56, 1
0555-0025
2084-3836
Pojawia się w:
Zeszyty Prasoznawcze
Dostawca treści:
Biblioteka Nauki
Artykuł
Tytuł:
O istocie wartości bieżącej
The Essence of Present Value
Autorzy:
Piasecki, Krzysztof
Powiązania:
https://bibliotekanauki.pl/articles/592806.pdf
Data publikacji:
2013
Wydawca:
Uniwersytet Ekonomiczny w Katowicach
Tematy:
Instrumenty finansowe
Strumienie pieniężne
Synergia
Teoria oczekiwanej użyteczności
Wartość pieniądza
Cash flow
Expected utility theory
Financial instruments
Synergy
Value of money
Opis:
Theoretical basis for discussion is the natural nonlinear preorder defined on the set of financial flows. Then there exists a utility function consistent with this preorder. Two financial flows are equivalent iff their utilities are equal. Then we can show that the present value of financial flow is equal to its utility. Lack of capital synergy is not a necessary condition for this thesis.
Źródło:
Studia Ekonomiczne; 2013, 154; 82-91
2083-8611
Pojawia się w:
Studia Ekonomiczne
Dostawca treści:
Biblioteka Nauki
Artykuł
Tytuł:
On measuring the real value of production. Reflections on the economic order of the real world on occasion of the financial crisis
Autorzy:
Maier, Helmut
Powiązania:
https://bibliotekanauki.pl/articles/425004.pdf
Data publikacji:
2013
Wydawca:
Wydawnictwo Uniwersytetu Ekonomicznego we Wrocławiu
Tematy:
financial crisis
value theory
ecological
bio-physical
and philosophy of economics
Opis:
The article provides an answer in a new dimension to the very old question about the real value of production which has become up to date again after the financial crisis with its immense losses of securities and stocks. The answer includes the knowledge from the latest research on the existence of the economic order in the real equal natural world with energy as the means of payment. The results of a microeconomic approach within this natural order, based on observations and characteristics of marginal quantities within production processes, are described.
Źródło:
Econometrics. Ekonometria. Advances in Applied Data Analytics; 2013, 1(39); 162-183
1507-3866
Pojawia się w:
Econometrics. Ekonometria. Advances in Applied Data Analytics
Dostawca treści:
Biblioteka Nauki
Artykuł
Tytuł:
Adopting International Financial Reporting Standards Through Change Management
Autorzy:
Dratwińska-Kania, Beata
Powiązania:
https://bibliotekanauki.pl/articles/588918.pdf
Data publikacji:
2014
Wydawca:
Uniwersytet Ekonomiczny w Katowicach
Tematy:
Logika indukcji
Międzynarodowe Standardy Sprawozdawczości Finansowej (MSSF)
Teoria rachunkowości
Zarządzanie zmianami
Accounting theory
Change management
International Financial Reporting Standard
Logic of induction
Opis:
During the introducing obligatorily changes in accounting adapted to the solution IFRS should one rebuild the informative system and consider the respect of potential advantages. The paper deals with the information needed in the change management process and, in particular, value measurements required in change management. The paper aims to bring together the change management theories, dispersed in the literature on the subject. The methods of induction and deduction are used in the paper. The theses will be evidenced using a theoretical study.
Źródło:
Studia Ekonomiczne; 2014, 164; 37-46
2083-8611
Pojawia się w:
Studia Ekonomiczne
Dostawca treści:
Biblioteka Nauki
Artykuł
Wyświetlanie 1-15 z 41

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