Recent papers and studies over the course of last three years have shown that COVID-19 has a negative impact on the speech communication quality between people. This paper presents an influence analysis of the curvature shape of protective transparent shields on the speech signal. Five shields made of the same material and dimensions but with different curvatures were analyzed, from a completely flat to a very curved shield which has the same shape of curvature at its top and bottom and covers the entire face. The influence of the shield is analyzed with two types of experiments – one using dummy head with integrated artificial voice device, and the other using real speakers (female and male actors). It has been shown that usage of protective shields results in a relative increase in the speech signal level, in the frequency range of around 1000 Hz, compared to the situation when protective shields are not used. The relative increase in speech signal levels for large-curvature shields can be up to 8 dB. The possible causes of this phenomenon have been analyzed and examined.
This paper examines the impact of the COVID-19 pandemic on the financial situation of students in Poland. The study aims to describe the experiences of students facing the challenges imposed by the pandemic, including disruptions in education, limited job opportunities, and changes in living arrangements. The research on current earnings, expenses and savings was conducted in June 2021 by means of a survey administered to 710 students, aged between 18 and 25, enrolled in various study programmes at higher education institutions in the Greater Poland Voivodeship. The findings indicated that the pandemic had significant negative effects on students’ financial situations, with almost 20% of respondents reporting a worsening of their financial conditions. Many students relied on part-time jobs, which were disrupted due to restrictions. Additionally, the shift to online learning and living with family members caused additional stress and distractions. The findings of the research emphasise the need for targeted support measures to address the challenges faced by students during and after the pandemic, taking into account their diverse backgrounds and attitudes.
PL
Niniejszy artykuł analizuje wpływ pandemii COVID-19 na sytuację finansową studentów w Polsce. Badanie ma na celu opisanie doświadczeń studentów stojących w obliczu wyzwań narzuconych przez pandemię, w tym zakłóceń w edukacji, ograniczonych możliwości zatrudnienia i zmian w warunkach życia. Badanie ogniskowane na kwestiach aktualnych przychodów, wydatków i oszczędności zostało przeprowadzone w czerwcu 2021 r. za pomocą ankiety przeprowadzonej wśród 710 studentów zapisanych na różne programy studiów na uczelniach wyższych zlokalizowanych w woj. wielkopolskim. Wyniki wskazują, że pandemia miała znaczący negatywny wpływ na sytuację finansową studentów, przy czym prawie 20% respondentów zgłosiło pogorszenie swojej sytuacji finansowej. Wielu studentów polegało na pracy w niepełnym wymiarze godzin, która została zakłócona z powodu ograniczeń. Ponadto przejście na naukę online i mieszkanie z członkami rodziny spowodowało dodatkowy stres i rozpraszało uwagę. Wyniki badania podkreślają potrzebę ukierunkowanych środków wsparcia, aby sprostać wyzwaniom stojącym przed uczniami w trakcie pandemii i po jej zakończeniu, biorąc pod uwagę ich różnorodne pochodzenie i postawy.
Purpose: The purpose of the paper was to investigate the relationship between the applied project management methodologies and the perception of the employer's brand attractiveness. In addition, an attempt was made to identify the variability of this relationship due to the COVID-19 pandemic. Design/methodology/approach: Empirical research was conducted to verify the existence of the predicted relationship and to reach the aim of the paper. The set of hypotheses was built based on the theoretical research and then verified in two differently constructed research (the study was conducted using the CAWI method) on two separate samples of respondents: 92 students (potential employees) and 81 employees working on projects in organizations operating in Poland. The calculations were made using the PS Imago Pro ver. 7.0 and Process macro for SPSS ver. 4.1 by Andrew F. Hayes. Findings: It has been shown that the crisis caused by the COVID-19 pandemic did not directly affect the perception of the employer's brand attractiveness, but it is a moderator of the relationship between the applied project management methodologies and the attractiveness of the employer's brand. However, although the authors found the basic relationship true for both groups of respondents, the moderating effect is valid only for a group of employees. Research limitations/implications: The analysis is based on a limited number of cases in particular groups. In order to generalize the results in future research larger samples can be collected. There is also space to search for factors explaining why and under what conditions the type of project management methodology affects the attractiveness of the employer's brand. Practical implications: The obtained results contribute to the practice of management, showing that among the various groups of factors determining the attractiveness of the employer's brand, the attributes of the work processes (which include also the selection of project management methodology) are important as well. Organizations that apply agile project management methodologies can be more attractive to employees, especially in times of crisis and attract the more qualified specialists in the industry. Thus emphasizing the use of agile project management methodologies can be part of an employer's branding strategy shaping. Originality/value: The research makes an important contribution to the body of human resources and project management literature by demonstrating COVID-19 as a significant moderator for the relationship between the applied project management methodologies and the attractiveness of the employer's brand.
Purpose: The aim of the article is an attempt to show how important the field of tourism is health tourism, including medical tourism, legal, organizational and, above all, medical aspects are the key things presented in this article. Design/methodology/approach: The authors used the legal comparative method and the dogmatic-exegetical method, requiring the analysis of legal acts and views of the doctrine. Findings: The authors focused on presenting the most important things related to the subject of the article. In the era of post-pandemic COVID-19, maintaining proper health is crucial for many societies. We showed innovations in modern medical tourism from the point of view in medical, legal and organizational aspects. Research limitations/implications: Our research was limited to trends in organized medical tourism created by tour operators. Originality/value: We showed a new approach to the subject, from the point of view of three aspects: medical, legal and organizational. We have analyzed trends in organized medical tourism created by tour operators. The three approaches, which we present in the case of medical tourism should be discussed together. The article is addressed to people dealing with health and medical tourism, lawyers as well as people dealing with management and economy, as well as people professionally dealing with health care issues.
Purpose: Managing a pandemic in individual countries is a concern not only of governments but also of WHO and the entire international community. The pandemic knows no bounds. In this context, India is a special country - with a huge population and a very large diversity of cultural, geographic, economic, poverty levels, and pandemic management methods. In this work, we try to assess the sum of the impact of these factors on the state of the epidemic by creating a ranking of Indian states from the least to the most endangered. Design/methodology/approach: As a method of creating such a ranking, we take into account two very, in our opinion, objective variables - the number of deaths and the number of vaccinations per million inhabitants of the region. In order not to make the usually controversial ascribing of weights to these factors, we relate them to the selected reference region - here to the capital city - Delhi. We apply a logical principle - the more vaccinations, the better and the more deaths - the worse. Findings: The results are rather surprising. Many small regions are safe regions, such as Andaman, Tripura or Sikkim, many large or wealthy states are at the end of this ranking, such as Delhi, Maharashtra, Uttar Pradesh, Bihar, and Tamil Nadu. What was found in the course of the work? This will refer to analysis, discussion, or results. Originality/value: The method enables an indirect assessment of the quality of pandemic management in a given region of the country. It can be used for any country or even a group of countries or a continent. According to this criterion, the best state/region is intuitively the safest for residents. A small number of deaths and a large number of vaccinations may positively indicate the state of public health and good management of the fight against the pandemic by local and/or central authorities.
Purpose: The aim of this article was to determine the financial situation of various levels of local government units during the COVID-19 pandemic in comparison to selected periods from previous years. Design/methodology/approach: To achieve the aim, the authors used one of the methods of multidimensional statistical analysis – the TOPSIS technique. The study included the most important indicators of the financial situation of local government units at all levels (voivodeships, poviats and communes). The authors used data from the Polish Ministry of Finance. Findings: According to the study results, the lower the level of local government, the greater the share of current income in total income, current transfers per capita, operating surplus per capita and total liabilities per capita. However, a negative trend was observed as well: the share of investment expenditure in total expenditure decreased at all levels of local government units. Research limitations/implications: An important limitation of the article was the inability to reach the managers of LGUs in order to learn their opinions on the functioning of these entities during the COVID-19 pandemic. Practical implications: A proportional decrease of investment expenditure in the overall expenditure of local government units may lead to deteriorated financial situation of enterprises that were beneficiaries of these orders. Social implications: A smaller proportion of investment expenditure in total expenditure means less investment for the local community (usually infrastructural) and, consequently, slower development of local government units. Originality/value: The originality of the study is based on the fact that it was conducted comprehensively and covered all communes, poviats and voivodships in Poland in 2018-2020.
The main reason for contemporary transport problems related to traffic congestion in urban transport networks is the excessive number of passenger cars used by people commuting to work (i.e., to places where they carry out their work duties). During the COVID-19 pandemic, a significant reduction in traffic flow was observed due to the implementation of remote work. Currently, transport problems are similar to those observed before the pandemic period. This article presents the results of research and a discussion on various factors, the recognition and analysis of which enable the virtualization of activities related to work duties. Contribution to the development of science and knowledge in the field of transport, and in particular in urban mobility planning, justifies the need for in-depth research taking into account, among other matters, objective and subjective personal factors in the assessment of social generation preferences to carry out activities in a virtual form (e.g., remote work). Proper recognition of these factors enables the development of mobility plans that can significantly reduce traffic congestion.
The aim of this study is to present the consequences of the COVID-19 crisis in the long-distance coach market in Europe. Firstly, the literature review depicts the dynamic situation of European long-distance transport service providers. It is reiterated that the disruptions to long-distance coach transport triggered by the COVID-19 pandemic are multidimensional. Secondly, 10 econometric panel models, including one spatial and two dynamic panel models, were constructed for 505 or 495 regions (depending on the model) of 26 European countries. The analysis allowed us to draw conclusions about the impact of excess mortality, public sentiment, population density, and infrastructure quality on the number of long-distance FlixBus coach departures. Models indicate that increased anxiety associated with COVID-19 leads to a drop in the number of departures even when mortality anomaly is accounted for. Moreover, the number of departures changed more significantly in response to an increased infection rate in 2021 compared to 2020. This may indicate that long-distance coach companies were encouraged to implement new policies aiming at a lower frequency of trips, thereby increasing certainty that planned departures would not be canceled at the last minute. This can serve as an evidence of a shift in companies’ focus towards greater flexibility of their offers.
The efficiency of transportation systems has decreased due to restrictions to contain the spread of COVID-19. The purpose of the research was to analyze the efficiency of railways in connection with the impact of COVID-19 on rail transport itself. Thus, using data envelopment analysis we determined how the measures during the pandemic affected the efficiency of passenger and freight transport. The efficiency of the railway system was evaluated using a linear programming technique that measures the effectiveness of homogeneous decision-making units. The model’s input variables consisted of technical attributes of railway tracks, while the output variables encompassed train operations, the conveyance of goods, and passenger transport. The results show the differences in railway efficiency between EU countries during the COVID-19 crisis. Our findings indicate that the COVID-19 crisis had a more substantial effect on the effectiveness of services than its impact on technical aspects. The results show the differences in railway efficiency between countries during the COVID-19 crisis. In the research, we found that the COVID-19 crisis had a negative impact on service effectiveness, as it decreased by more than 3%, while technical efficiency increased during the analyzed period, mainly at the expense of a lower number of train movements when transport equipment was not maintained. The differences between countries indicate the slow adoption of the necessary measures to mitigate the consequences of the COVID-19 crisis and the need for coordinated and flexible action by rail transport policymakers.
W artykule przedstawiono najważniejsze zmiany w strategicznym sektorze, jakim jest górnictwo węgla kamiennego oraz ukazano efekty transformacji przemysłu. Przedstawiono wyniki badań wpływu pandemii COVID-19 na restrukturyzację dużej kopalni - oddziału Spółki Restrukturyzacji Kopalń S.A. (SRK S.A.). Zadaniem SRK S.A. (www.srk.com.pl) jest rewitalizacja i restrukturyzacja przejmowanych kopalń węgla kamiennego postawionych w stan likwidacji. Sytuacja rynkowa odbiła się również na działaniach Spółki. Publikacja analizuje realizację procesów restrukturyzacyjnych w jednej z przejętych przez Spółkę kopalni węgla kamiennego. Przedstawiono zachodzące procesy, najczęściej uniwersalne dla pozostałych oddziałów SRK i wskazano wnioski płynące z zaistniałej sytuacji. Wpływ pandemii spowodował opóźnienia i spowolnienie działań zapewniające jednak, całkowitą lub prawie całkowitą realizację założonych zadań.
EN
The article presents the most important changes in the strategic sector, which is the hard coal mining, and shows the effects of industry transformation. The results of the study of the COVID-19 pandemic impact on the restructuring of a large branch of Spółka Restrukturyzacji Kopalń S.A. (SRK S.A.) were presented. The task of SRK S.A. (www.srk.com.pl) is the revitalization and restructuring of the acquired hard coal mines put into liquidation. The market situation also affected the company's operations. The publication analyzes the implementation of restructuring processes in one of the hard coal mines taken over by the company. The processes that are taking place, most often universal for other SRK branches, were presented and the conclusions drawn from the situation were indicated. The impact of the COVID-19 pandemic caused delays and slowdowns of actions, however, ensuring complete or almost complete implementation of assumed tasks.
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W czasie pandemii COVID-19 banki spółdzielcze w Polsce podejmowały różne działania CSR, mające na celu przeciwdziałanie skutkom kryzysu i ochronę interesów społeczności lokalnych. Banki te przejawiały zaangażowanie w społeczności lokalne poprzez udzielanie wsparcia finansowego dla lokalnych przedsiębiorców i organizacji non-profit, które znalazły się w trudnej sytuacji. Przeznaczały one środki na wsparcie sektora medycznego, dostarczając niezbędny sprzęt medyczny, testy oraz środki ochrony osobistej dla personelu medycznego. Działania CSR banków spółdzielczych miały istotny wpływ na bezpieczeństwo państwa. Poprzez udzielanie wsparcia finansowego dla przedsiębiorców i organizacji non-profit, banki te przyczyniały się do utrzymania miejsc pracy i stabilności gospodarczej. Wsparcie dla sektora medycznego pozwoliło na efektywniejsze zarządzanie pandemią, zapewniając odpowiednie środki ochrony i sprzęt medyczny dla personelu medycznego. Działania CSR banków spółdzielczych w Polsce w czasie pandemii COVID-19 miały istotny wpływ na bezpieczeństwo państwa. Banki te aktywnie angażowały się w pomoc społecznościom lokalnym, wspierały sektor medyczny i prowadziły kampanie edukacyjne. Ich zaangażowanie przyczyniło się do utrzymania miejsc pracy, stabilności gospodarczej oraz zwiększenia świadomości społecznej, co przyczyniło się do ogólnego bezpieczeństwa państwa w trudnym okresie pandemii COVID19. W artykule przedmiotem rozważań są przedsięwzięcia filantropijne realizowane przez wybraną grupę spółdzielni, jaką są banki spółdzielcze, funkcjonujące na rynku usług finansowych w Polsce. Problem badawczym jest zrozumienie, jakie konkretnie działania CSR podejmowane przez banki spółdzielcze w Polsce miały na celu wsparcie lokalnej społeczności i gospodarki w trakcie pandemii COVID-19. Zasadniczym celem niniejszego artykułu jest wskazanie czynności z obszaru społecznej odpowiedzialności biznesu, które zostały zrealizowane przez banki spółdzielcze podczas pandemii COVID-19. Do realizacji głównego celu wykorzystano źródło pochodzące ze strony Krajowego Związku Banków Spółdzielczych oraz dokonano przeglądu literatury przedmiotu. Metoda, która została użyta w badaniu to analiza dokumentów.
EN
During the COVID-19 pandemic, cooperative banks in Poland undertook various CSR activities aimed at counteracting the effects of the crisis and protecting the interests of local communities. These banks showed commitment to local communities by providing financial support to local entrepreneurs and non-profit organizations that found themselves in a difficult situation. They allocated funds to support the medical sector by providing the necessary medical equipment, tests, and personal protective equipment for medical staff. CSR activities of cooperative banks had a significant impact on state security. By providing financial support to entrepreneurs and non-profit organizations, these banks contributed to maintaining jobs and economic stability. Support for the medical sector allowed for more effective management of the pandemic, providing appropriate protection measures and medical equipment for medical staff. The CSR activities of cooperative banks in Poland during the COVID-19 pandemic had a significant impact on state security. These banks were actively involved in helping local communities, supporting the medical sector, and conducting educational campaigns. Their involvement contributed to maintaining jobs, economic stability and increasing public awareness, which contributed to the overall security of the state during the difficult period of the COVID-19 pandemic. The article considers philanthropic projects carried out by a selected group of cooperatives, which are cooperative banks operating on the financial services market in Poland. The research problem is to understand what specific CSR activities undertaken by cooperative banks in Poland were aimed at supporting the local community and economy during the COVID-19 pandemic. The main purpose of this article is to indicate activities in the area of corporate social responsibility that were carried out by cooperative banks during the COVID-19 pandemic. To achieve the main objective, a source from the website of the National Association of Cooperative Banks was used and the literature on the subject was reviewed. The method that was used in the study was document analysis.
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This study analyses the solutions adopted by the legislator in Poland in the era of the COVID-19 pandemic. Taking up the topic concerning civil rights and freedoms in the conditions of the COVID-19 pandemic was primarily dictated by the need for a post-factum assessment of the solutions adopted by the Polish legislator to combat the effects of the pandemic in terms of compliance with the Polish and international legal order.
Due to the need for molnupiravir (EIDD-2801, MK-4482) anti-COVID-19 agent, in the present report, we have systematically investigated the effect of different solvents, acids (as catalyst), temperature, and other parameters which play rolls in De-ketalization process of its key intermediate. At the first glance, it might seem to be easy, but the complex nature of MK-4482 agent, and also the ultra-high purity of the crude (which is required for an active pharmaceutical ingredient (API)), make this process more complicated. As would be shown below, even a little change in the type of solvent, solvent ratio, the type or the amount of catalyst, and the temperature could directly change the reaction fate (it may lead to emergence of un-controlled impurity profile, or even it could block the reaction). However, in this work, we have been able to run this de-ketalization process only in water as the whole of the system. Here, it was observed that the high energy water molecules have been able to hydrolyze the ketal intermediate of MK-4482.
Podczas trwania pandemii COVID-19 wiele osób przejawia obawy zakażenia się wirusem SARS-CoV-2 w placówkach handlowych. Głównymi drogami zakażeń wirusem SARS-CoV-2 są wydalane przez zarażone osoby krople i aerozole, które osiadając na powierzchniach przedmiotów mogą stanowić, poprzez kontakt z nimi, źródło retransmisji wirusa. Przeprowadzone badania miały na celu ocenę obecności wirusa SARS-CoV-2 na powierzchniach produktów i przedmiotów często dotykanych przez klientów i personel w sklepach spożywczych. Badania wykonane techniką RTLAMP i potwierdzone techniką RT-PCR wykazały, że materiał genetyczny wirusa SARS-CoV-2 był obecny w wymazach pobranych w czasie trwania czwartej fali zakażeń COVID-19 w Polsce w placówkach mhandlowych oferujących żywność.
EN
During the COVID-19 pandemic, many people are afraid of contracting the SARS-CoV-2 virus at retail outlets. The main routes of infection with the SARS-CoV-2 virus are droplets and aerosols excreted by infected people, which settling on the surfaces of objects, through contact with them can be a source of virus retransmission. The research carried out were aimed at assessing the presence of the SARS-CoV-2 virus on the surfaces of products and objects often touched by customers and staff in grocery stores. Research performed with the RT-LAMP technique and confirmed with the RT-PCR technique showed that the genetic material of the SARS-CoV-2 virus was present in swabs collected during the fourth wave of COVID-19 infections in Poland in grocery stores.
Panująca od 2020 roku pandemia COVID-19, wywołana przez koronawirusa SARS-CoV-2, w sposób znaczący odcisnęła swoje piętno na branży budowlanej. Swoiste apogeum nastąpiło wraz z wprowadzeniem przez władze publiczne obostrzeń dotyczących swobody poruszania się, zamknięcia granic, a także dodatkowych obowiązków nałożonych na pracodawców związanych z zapobieganiem rozprzestrzenianiu się pandemii. W pracy przedstawiono wyniki przeprowadzonych, wśród przedsiębiorstw budowlanych, badań ankietowych w zakresie radzenia sobie z przypadkami wirusa SARS-CoV-2 na terenie budowy.
EN
The COVID-19 pandemic that has been prevalent since 2020, caused by the SARS-CoV-2 coronavirus, has significantly left its mark on the construction industry. A certain apogee occurred when public authorities introduced restrictions on freedom of movement, closing borders, as well as additional obligations imposed on employers related to preventing the spread of the pandemic. The paper presents the results of a survey conducted among construction companies on how to deal with cases of the SARS-CoV-2 virus on construction sites.
Innovation plays a vital role in the development of firms. The Chinese firms' research and development (RandD) investments have been quite high, so it is also very novel to study the efficiency of RandD investment of Chinese firms. There are 4975 Chinese listed firms and 274 Chinese concept firms listed in the United States considered to be analyzed. Chinese and American-listed firms were chosen for the research quotient (RQ) characteristics. Creatively researching the impact of COVID-19 on the research quotient. The results concluded that Chinese firms' revenue has effectively been improved by the firms' RandD expenditures. In addition, there was no evidence that large firms had greater RQ than small and medium-sized enterprises (SMEs). Due to the effect of COVID-19, the RQ of all firms fell, but the effect in SMEs was significantly smaller than in large firms.
PL
Innowacje odgrywają istotną rolę w rozwoju firm. Inwestycje chińskich firm w badania i rozwój (RandD) są dość wysokie, dlatego też bardzo nowatorskim podejściem jest badanie efektywności inwestycji w RandD chińskich firm. Do analizy brano pod uwagę 4975 chińskich firm notowanych na giełdzie oraz 274 chińskie firmy koncepcyjne notowane w Stanach Zjednoczonych. Chińskie i amerykańskie firmy giełdowe zostały wybrane ze względu na charakterystykę ilorazu badawczego (RQ). Kreatywne badanie wpływu COVID19 na iloraz badawczy. Wyniki wykazały, że przychody chińskich firm zostały skutecznie zwiększone dzięki wydatkom firm na RandD. Ponadto nie było dowodów na to, że duże firmy miały większy RQ niż małe i średnie przedsiębiorstwa (MŚP). Biorąc pod uwagę wpływ COVID-19, RQ wszystkich firm spadł bez względu na ich wielkość, jednakże spadek RQ w MŚP był znacznie mniejszy niż w dużych firmach.
This research aims to inspect the predictability of the realized volatility (RV) of the US Commodity futures market during the economic crisis period for the last 20 years. The economic crisis period includes the Global Financial Crisis (GFC) and the financial crisis during COVID-19. This study extends its aim to show the forecasting comparison during the financial crisis period and the normal economic period. A standard predictive regression model from the weekly RV data is used to test the certainty of next week’s RV of the commodity futures. This study uses data from Q1 of 2000 to Q3 of 2020. It finds that platinum, palladium, gold, and crude oil have significant predictability for the RV forecast during the global financial crisis, whereas sugar, silver, and platinum have high and significant predictability to forecast the RV during the pandemic. In addition, a comparison of RV predictability between normal economic periods and economic crisis periods shows a significant difference in predictability between different economic periods.
PL
Niniejsze badanie ma na celu zbadanie przewidywalności zrealizowanej zmienności (RV) na amerykańskim rynku kontraktów terminowych na towary w okresie kryzysu gospodarczego w ciągu ostatnich 20 lat. Okres kryzysu gospodarczego obejmuje globalny kryzys finansowy (GFC) i kryzys finansowy podczas COVID-19. Niniejsze badanie rozszerza swój cel, aby pokazać porównanie prognoz w okresie kryzysu finansowego i normalnego okresu gospodarczego. Standardowy model regresji predykcyjnej z tygodniowych danych RV jest wykorzystywany do testowania pewności przyszłotygodniowej RV kontraktów terminowych na towary. W badaniu wykorzystano dane z okresu od 1. kwartału 2000 r. do 3. kwartału 2020 r. Stwierdzono, że platyna, pallad, złoto i ropa naftowa mają znaczną przewidywalność prognozy RV podczas globalnego kryzysu finansowego, podczas gdy cukier, srebro i platyna mają wysoką i znaczącą przewidywalność w prognozowaniu RV podczas pandemii. Ponadto porównanie przewidywalności RV między normalnymi okresami gospodarczymi a okresami kryzysu gospodarczego pokazuje znaczną różnicę w przewidywalności między różnymi okresami gospodarczymi.
We examine the impact of COVID-19 on the banking and fintech sectors based on the relationships of the respective stock indices from December 2017 to April 2022. We analyse dynamic correlations within multivariate GARCH models and relationships in tails with the quantile coherency approach. Returns of fintech and banks dropped simultaneously at the beginning of the pandemic, but the analysis of cumulative returns and draw-downs reveals that the former recovered faster. Banks and fintechs experienced sharp declines together and fintech experienced extreme growth during the downfalls in the banking sector. However, the latter relationship disappears when we analyze only the banks from the USA and Eurozone. Thus, integrating with fintech may be especially beneficial for banks outside those regions. The ability of fintech to resurface and continue to grow demonstrates its importance in the financial system and confirms the shift toward a digital economy in financial markets.
This paper examines the existence of expiration day effects of stock and index derivatives on the Warsaw Stock Exchange. Event study analysis is employed to high-frequency data to check the occurrence of four types of anomalies: abnormal increase in trading volume and in intraday volatility of underlying stocks, price reversal and price shock. The study confirms that on expiration days trading volume of underlying stocks increase unusually during the time when final settlement prices of expiring futures are being calculated. Intraday volatility of stock prices is also abnormally high on expiration days. However, before 2020 this price effect occurred on expiration days during triple withing hour, while in the initial phase of COVID-19 pandemic it has been visible on expiration days only at the close and additionally at the beginning of the next trading session. The analysis of price reversal and price shock effects revealed that only the second anomaly is a phenomenon which constantly appears after futures expiration, indicating the distortion of stock prices on expiration days and their return to normal levels at the beginning of the next trading session. Division of the research period (2018-2020) into two parts allow to find out that after the outbreak of the pandemic, when the importance of hedgers’ activity on the futures market have increased, some of the analyzed anomalies have weakened and their duration have been shortened. However, distortions of underlying stock prices have been still visible at the close of the trading session on expiration days. This suggests that as long as the final settlement prices of stock future are equal to closing prices of underlying stocks, expiration day effects will occur on the WSE.
The paper presents the results of forecasts made for the volume of steel production in Poland based on actual data for the period from 2006 to 2021 with forecasting until 2026. The actual data used for the forecasts included annual steel production volumes in Poland (crude steel) in millions of tons. Basic adaptive methods were used to forecast the volume of steel production for the next five years. When selecting the methods, the course of the trend of the studied phenomenon was taken into account. In order to estimate the level of admissibility of the adopted forecasting methods, as well as to select the best forecasts, the errors of apparent forecasts (ex post) were calculated. Errors were calculated in the work: RMSE Root Mean Square Error being the square root of the mean square error of the ex-post forecasts yt for the period 2006-2021; as the mean value of the relative error of expired forecasts y*t (2006-2021) – this error informs about the part of the absolute error per unit of the real value of the variable yt. Optimization of the forecast values was based on the search for the minimum value of one of the above-mentioned errors, treated as an optimization criterion. In addition, the value of the point forecast (for 2022) obtained on the basis of the models used was compared with the steel production volume obtained for 3 quarters of 2022 in Poland with the forecast for the last quarter. Forecasting results obtained on the basis of the forecasting methods used, taking into account the permissible forecast errors, were considered as the basis for determining steel production scenarios for Poland until 2026. To determine the scenarios, forecast aggregation was used, and so the central forecasts were determined separately for decreasing trends and for increasing trends, based on the average values of the forecasts obtained for the period 2022-2026. The central forecasts were considered the baseline scenarios for steel production in Poland in 2022-2026 and the projected production volumes above the baseline forecasts with upward trends were considered an optimistic scenario, while the forecasted production volumes below the central scenario for downward trends were considered a pessimistic scenario for the Polish steel industry.
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