Sebastian Majewski

Many recent works indicate the existence of a significant relationship between weather factors such as pressure, humidity, windspeed, sum of falls or sunshine and rates of return for stocks quoted on stock exchange. A properly conducted econometric study requires a careful analysis of the properties of the factors that will be used in the econometric model to explain the development of the dependent variable. The aim of the research is to check if the weather factors could be used as econometric regressors by verifying their statistical propensities. The analysis was held on the weather stations located in eight cities in Poland: Poznan, Kolo, Plock, Warsaw, Wroclaw, Opole, Katowice and Rzeszow. These cities host registered offices of the biggest companies of the energy sector in Poland. The research methods were focused around basic statistics and normality tests of distributions of weather factors' (four types), as well as the autocorrelation of regressors.

Celem badania jest ocenia różnic w postrzeganiu sąsiedztwa parków narodowych (PN) w Euroregionie Pomerania przez mieszkańców Polski i Niemiec. Do klasyfikacji mieszkańców na podstawie ich odpowiedzi na pytania ankietowe wykorzystano metodę drzew klasyfikacyjnych. Otrzymane wyniki świadczą, że Polacy i Niemcy różnią się pod względem postrzegania sąsiedztwa parków narodowych. Są to: źródła pozyskiwania informacji o PN, ocena znaczenia badanego PN dla turystyki w regionie, ocena liczby turystów w PN oraz ocena pracy zarządu PN. Wykazano również współzależność pomiędzy narodowością respondentów, a odpowiedziami różnicującymi badaną zbiorowość.

The purpose of this study is to shed light on the nexus between electricity supply and economic growth in South Asian countries during 1990–2018. The study employs Pedroni’s panel cointegration test as well as Dumitrescu and Hurlin’s (DH) causality test for panel data. The empirical results confirm a long-term relationship between electricity supply and economic growth. We fail to reject the non-causal relationship between electricity supply and economic growth for the panel, thereby affirming the neutrality hypothesis. Single country causality analysis reveals the growth hypothesis in the case of Pakistan. These results have a number of policy implications. For example, governments can introduce measures to improve energy efficiency in Bangladesh, India and Sri Lanka without fear of harming economic growth. The results for Pakistan may also imply that fostering green energy generation would lead to a positive effect on economic growth via improved electricity production. The government may use various policy tools to stimulate adoption of renewable energy, such as fiscal incentives, low interest loans, or grants for rural populations to speed up the green energy transformation.

Recent researches on behavioral finance have tested for, among others, evidence for the relations between weather, investors’ mood, and investment decisions. Many of the researches related to the influence of some weather factors, such as sunshine duration on stock exchange returns, but there is no complex research taking into account a wide group of weather factors determining investors’ mood. The main goal of the article is to verify the influence of weather factors on basic market parameters of energy sector companies quoted on the Warsaw Stock Exchange. Rates of return, trading volumes, and values of trading volume are taken into account during the research. All analyses are based on econometric models assuming the existence of typical problems of estimation such as: autocorrelation of residuals, heteroskedasticity, or abnormality of residuals. The best approximation of models was obtained for GARCH (Generalized Autoregressive Conditional Heteroskedasticity) type models.

Traditional finance explains all human activity on the ground of rationality and suggests all decisions are rational because all current information is reflected in the prices of goods. Unfortunately, the development of information technology and a growth of demand for new, attractive possibilities of investment caused the process of searching new, unique signals supporting investment decisions. Such a situation is similar to risk-taking, so it must elicit the emotional reactions of individual traders.The paper aims to verify the question that the market risk may be the determinant of traders’ emotions, and if volatility is a useful tool during the investment process as the measure of traders’ optimism, similarly to Majewski’s work (2019). Likewise, various econometric types of models of estimation of the risk parameter were used in the research: classical linear using OLS, general linear using FGLS, and GARCH(p, q) models using maximum likelihood method. Hypotheses were verified using the data collected from the most popular world stock exchanges: New York, Frankfurt, Tokyo, and London. Data concerned stock exchange indexes such as SP500, DAX, Nikkei, and UK100.

Artykuł jest krótkim studium o znaczeniu czynników nieekonomicznych w kształtowaniu się stóp zwrotu z akcji spółek sponsorskich na Giełdzie Papierów Wartościowych w Warszawie. W pracy skupiono się na związkach między wynikami sportowymi klubów piłkarskich a stopami zwrotu spółek giełdowych. Wykorzystano tu dynamiczne modele ekonometryczne zakładające heteroskedastyczność składnika losowego.

Artykuł jest krótkim studium przypadku nad efektywnością informacyjną rynku zakładów sportowych w Polsce. W pracy skupiono się na trzech najbardziej popularnych ligowych dyscyplinach sportowych: piłce nożnej, siatkówce i piłce ręcznej. Wobec szerokiego zainteresowania inwestycjami polegającymi na obstawianiu wyników sportowych starano się dociec, czy istnieje realna możliwość wpływania na kursy bukmacherskie (czy rynek jest wolny od wpływów) i czy istotne znaczenie może odgrywać wiedza fachowa w procesie decyzyjnym. W ramach badania część uwagi poświęcono na rozgrywki Ekstraklasy piłkarskiej.