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This paper deals with the phenomenon of excessive optimism in brokerage valuations, which is manifested by one-sided errors in the valuation of securities in reference to the real price achieved by the particular stock in the horizon of one year. The phenomenon of over-optimism is complex both from the perspective of the individual characteristics of stock market analysts as well as the psychological aspects of market functioning and the mechanisms that determine the volatility of stock prices. Due to the wide range of factors affecting the occurrence of the examined phenomenon, the authors focus only on the market aspects influencing the occurrence of excessive optimism in brokerage recommendations. The research examines over 10,000 recommendations for companies from the Warsaw Stock Exchange and from more than 40 financial institutions which evaluated companies in the period 2000-2014. For the purposes of analyzes, over-optimism in valuations is defined as an overestimation of the target price in the case of positive recommendations and as an underestimation of the price decline in the case of negative ones. The results confirmed the hypotheses of the heterogeneity of the phenomenon of excessive optimism both for different economic sectors and individual financial institutions. The authors see it as a good result considering the fact that regression uses only variables related to market characteristics of the recommendations issued, omitting other spheres influencing the occurrence of excessive optimism among analysts.

Introduction Colorectal cancer (CRC) is a serious health problem, and various screening programs to reduce CRC have been introduced worldwide. However, the cost‑effectiveness of a program based on once‑in‑a‑lifetime colonoscopy in Poland is unknown. Objectives The main aim of this study was to assess the cost‑effectiveness of Polish Colonoscopy Screening Platform (PCSP), the colonoscopy screening program in Poland. Patients and methods A Markov model was constructed to compare the strategy of colonoscopy screening as compared with no screening in 100 000 subjects. The model was based on data collected from the nationwide Polish CRC screening program whenever possible. The incremental cost‑effectiveness ratio (ICER) was calculated and compared with the willingness‑to‑pay thresholds. A sensitivity analysis was also performed using the Monte Carlo simulation. Results Colonoscopy screening within PCSP resulted in a 18.9% reduction in CRC incidence and 19.8% reduction in CRC mortality. The strategy allowed a gain of 2317 life‑years saved (1959 after discount‑ ing). The cost of colonoscopy screening per participant examined was estimated at 267.70 USD (95% CI, 263.08-272.32 USD). The ICER was less than 6500 USD, which was much lower than the accepted willingness‑to‑pay thresholds, indicating that the screening was cost‑effective. Conclusions Colonoscopy screening within the PCSP is cost‑effective and may have a substantial impact on the Polish society due to life‑years saved. The results have good informative value not only for health policy makers and medical practitioners, but also for health technology assessment.

The topic of farms that deal with environmental constraints is an ongoing agricultural policy issue, including within the Common Agricultural Policy. We propose empirical evidence based on a sample of Farm Accountancy Data Network (FADN) farm households, evaluate the influence of chosen factors on financially sustainable farm development and verify less-favoured area (LFA) farms&rsquo, growth compared with non-LFA households. To specify farm households, we use the Sustainable Growth Challenge (SGC) model and DuPont decomposition based on financial measures and indicators that were adopted from corporate finance. It is concluded that the differences in SGC and revenue growth values between LFA and non-LFA farms mainly results from the system of subsidising LFA farms that receive compensation for farming in areas with adverse environmental conditions. Generally, the impact of agricultural policies on LFA and non-LFA farms is significant and may weaken the effect on LFA. With the exception of education, other sociodemographic factors do not highly influence farm efficiency. Along with improvements in the quality of human capital (e.g., higher education level), awareness of subsidies, and debt and innovative solutions increases. The interest in precision agriculture and agriculture 4.0 is also growing, which directly translates into better technological and financial efficiency of farms.

The aim of the presented article is to compare and evaluate the occurrence and level of marketability discount in developed and emerging markets in the example of the United States of America (USA) and Poland. According to the hypothesis put forward in the article, due to the smaller degree of development and depth of emerging markets, the marketability discount obtained in the context of the initial public offering (IPO) is lesser in its extent, as compared to the case when the IPO takes place in the developed market. The authors have made a statistic and econometric analysis based on a sample of nearly 200 IPOs in Poland and 1200 IPOs in the USA. The study used an analysis of the statistical differences between the groups (t-test), and also a linear modelling of the determinants of liquidity discount volume. The obtained results show that the stated hypothesis was correct, and that there are significant differences between the studied markets in reference to the marketability discount. The authors also concluded that the discount is not related to the condition of the company.The aim of the presented article is to compare and evaluate the occurrence and level of marketability discount in developed and emerging markets in the example of the United States of America (USA) and Poland. According to the hypothesis put forward in the article, due to the smaller degree of development and depth of emerging markets, the marketability discount obtained in the context of the initial public offering (IPO) is lesser in its extent, as compared to the case when the IPO takes place in the developed market. The authors have made a statistic and econometric analysis based on a sample of nearly 200 IPOs in Poland and 1200 IPOs in the USA. The study used an analysis of the statistical differences between the groups (t-test), and also a linear modelling of the determinants of liquidity discount volume. The obtained results show that the stated hypothesis was correct, and that there are significant differences between the studied markets in reference to the marketability discount. The authors also concluded that the discount is not related to the condition of the company.

Special Economic Zones (SEZ) are economic enclaves, created by the state in order to attract domestic and foreign investors, so as to stimulate economic growth in the region. One of the models related to SEZ presenting the way of measuring the effectiveness of their impact on the surrounding economy is P. Warr’s enclave model (1983). The main purpose of the article is to verify the assumptions made in the original Warr model and adapt it to the economic conditions in transforming economy. Poland was chosen for the research because of excessive network of SEZs which influence Polish economy locally and create national and international economic relations. As a result of analysis of the effectiveness of SEZs in Poland, we conclude that the impact of SEZs on Polish economy is positive and additionally they are the source of value added for the market.

Streszczenie: Cel – Ocena wplywu platności bezgotowkowych na wielkośc sprzedazy w handlu detalicz-nym na polskim rynku. Metodologia badania – W artykule postawiono hipoteze, ze zastosowanie platności bezgotowkowych w handlu detalicznym powoduje wzrost przychodow ze sprzedazy detalicznej. W celu jej zweryfikowania przeprowadzono analize przychodow ze sprzedazy w punktach detalicznych ze szczegolnym uwzglednieniem sklepow wielkopowierzchniowych, ze zwroceniem uwagi na dyskonty. Zamieszczono case study na przykladzie dyskontu „Biedronka”. Ponadto dokonano analizy korelacji miedzy wartością sprzedazy a wartością transakcji wykonanych z uzyciem kart platniczych. Wynik – W wyniku przeprowadzonych badan stwierdzono, ze zastosowanie platności bezgotowkowych przy uzyciu kart platniczych pozytywnie wplywa na wielkośc sprzedazy w handlu detalicznym. W wyni-ku zastosowania kart platniczych stwierdzono, ze wzrostowi moze ulec nie tylko przychod ze sprzedazy dobr i uslug bedących przedmiotem sprzedazy przedsiebiorstw handlowych, ale rowniez przychod z tytu-lu uslug dodatkowych, ktore oferują terminale platnicze – usluga cash back, mozliwośc doladowania telefonu, a ta oferta moze przyciągnąc zaś nowych klientow. Oryginalnośc/Wartośc – Artykul wypelnia luke badawczą dotyczącą oddzialywania platności bezgotowkowych na sprzedaz detaliczną. Wyniki rozwazan nalezy traktowac jako wyznaczenie kierunku dalszych badan w obszarze finansow.

The article has two main objectives, first to describe the overall income situation, as well as the share of off-farm income in total incomes of farms in Canada and the United States (according to the orientation of production and “socio-economic” type), second, to review and assess the current selected tools affecting off-farm income generation. The share of non – farm income varies, depending on the orientation of the production and socio – economic household type. Especially in case of the US wherein the decrease in the share of non – farm income in total incomes was highly visible. Within the framework of agriculture policies and rural areas development, the instruments influencing the off-farm incomes directly and indirectly might be extracted. However, it should be highlighted that more important role will be assigned to instruments stimulating growth in non – farm employment on rural areas.

Cel – Wplyw korupcji na inwestycje jest niepodwazalnie uznany w literaturze. Nadal trwają dyskusje naukowe na temat kierunku wplywu korupcji na inwestycje. Autorzy na podstawie analizy literatury wskazują na mozliwośc istnienia optymalnej wartości korupcji. Metodologia badania – Optymalny poziom korupcji moze byc wyznaczony jedynie przy uzyciu funkcji posiadających maksymalną wartośc. Wykorzystano w tym celu funkcje paraboli i funkcje logarytmiczną. Przy uzyciu narzedzi statystycznych i ekonometrycznych weryfikowano postawioną hipoteze. Wynik – Wspolczynniki w modelach ekonometrycznych przyjely poządane wartości, dzieki ktorym mozliwe bylo obliczenie wartości korupcji maksymalizujących inwestycje. Oryginalnośc/wartośc – Niewątpliwie wartością dodaną pracy jest wskazanie na mozliwośc wystepowania optymalnego poziomu korupcji, zaproponowanie oryginalnego rozwiązania problemu z wykorzystywaniem wiedzy dotyczącej wlaściwości funkcji oraz empiryczne, pozytywne zweryfikowanie postawionej hipotezy.

Cel – Celem artykulu jest pokazanie zjawiska nadmiernego optymizmu na rynku kapitalowym na przykladzie, rekomendacji i wycen przygotowywanych przez Domy Maklerskie w Polsce. W strukturze przygotowywanych rekomendacji jest wiecej rekomendacji pozytywnych, niz negatywnych i neutralnych. Statystycznie byloby to zasadne przy stalym rynku wzrostowym. A przeciez na gieldzie jest hossa, bessa, oraz okresu trendu horyzontalnego. Dlaczego w takim razie w zmieniającej sie koniunkturze zawsze przewazają rekomendacje pozytywne? Metodologia badania – Bazą dla rekomendacji są wyceny przedsiebiorstw, czesto wykonane metodą DCF. Aby zrealizowac badanie, wybrano spolki z GPW w Warszawie i porownano wydane dla nich rekomendacje w danym okresie. Badania wskazaly, ze dominują rekomendacje pozytywne. Nastepnie porownano cene notowan w dniu wydania rekomendacji pozytywnych i negatywnych do ceny, jaką spolka osiągnela po roku notowan. Wynik – Uzyskane wyniki wskazują, ze pomimo rekomendacji domow brokerskich znacząca cześc rekomendacji w spolkach podaje za wysoką cene w stosunku do realnie uzyskiwanej przez przedsiebiorstwo na GPW.

Niniejszy raport prezentuje wyniki projektu realizowanego w ramach projektu badawczego nr UMO-2013/09/B/HS4/, pt. Efektywność Specjalnych Stref Ekonomicznych, przez zespół Katedry Finansów Korporacji, Wydział Ekonomiczno-Socjologiczny Uniwersytetu Łódzkiego, pod kierownictwem dr hab. Radosława Pastusiaka, prof. nadzw. UŁ. w składzie: dr Magdalena Jasiniak, mgr Jakub Keller, mgr Bartłomiej Krzeczewski. Zasadniczym celem badania było określenie efektywności funkcjonowania Specjalnych Stref Ekonomicznych w Polsce (SSE). SSE poprzez działalność przedsiębiorstw, które ulokowały w nich swoje inwestycje oddziałują na otoczenie społeczne i gospodarcze. Projekt miał za zadanie oszacować ten wpływ na gospodarkę regionalną oraz krajową. W ramach projektu została zbadana rola społeczna i gospodarcza przedsiębiorstw zlokalizowanych na terenie SSE w Polsce.

This study seeks to show the impact of stock recommendation reports on the efficiency of investments in the Polish stock market. The study is carried out in two stages: the first takes place at the micro-level and is based on a behavioural experiment, while the second focuses on the verification of our results obtained on a real market. The main assertion is that stock recommendations create heuristic effects among investors near the publication date of the recommendation. The ambiguity of the recommendations hinders investors’ reliable and unequivocal evaluation in investment decisions. There are studies in this field for different stock markets and periods of time, but our research added significant new knowledge about the functioning of the Polish stock exchange. Our study fits into the mainstream analysis of outlining the behaviour of investors in the capital market. The research findings underpin our pessimism about the impact of stock recommendations on investors’ behaviour.

Purpose of the article: The aim of the paper was to show connections between the instruments of cashless payments and economic growth. The goal was to find the answers to the following research questions: What is the current share of payments with the use of particular forms of cashless payments in total payments?; What forms of cashless payments are connected with economic growth measured by real GDP per capita in the group of countries of Central and Eastern Europe and Western Europe?; What is the relation between the value of cashless payments and economic growth measured by real GDP per capita in the group of countries of Central and Eastern Europe and Western Europe?Research methods: Spearman’s rank correlation.Research results: The authors have found that the highest share in terms of the number of payments in total payments in the countries of Central and Eastern Europe constituted payments with the use of payment cards, then, the payments with the use of a transfer order. Whereas, in the countries of Western Europe, apart from the fact that high percentage of payments in total constituted payments with the use of payment cards and transfer orders, more and more payments are made with the use of the instruments of e-money. Examining mutual relationships, information about correlational connections that occur between economic growth measured by GDP per capita and value of payments with the use of some instruments of cashless payments was obtained. The main conclusion that can be drawn after data analysis is positive relationships between the value of payments with the use of a transfer order, payment card and economic growth found both in the countries of Central and Eastern Europe and the countries of Western Europe. In the countries of Western Europe, the payments with the use of a direct debit turned out to be insignificant, whereas the payments with the use of instruments of e-money were signifiant. Taking into account the force of relationships, it can be said that higher positive correlation is shown by the value of payments with the use of a transfer order with reference to real GDP per capita in the countries of Western Europe (0.80). In the countries of Central and Eastern Europe, it is only 0.48. Mutual connections between the value of payments with the use of payment cards and economic growth are similar in both groups of countries. What is interesting, high impact on real GDP per capita – about 0.80 – is shown by the payments with the use of instruments of e-money. This study may represent a contribution to further research, that is, an analysis of cause-and-effect relationships in the field of cashless payments and economic growth, including division of countries in terms of, for example, the level of wealth.Added value: Analysis of current literature on the impact of cashless payments on economic growth and an empirical analysis.

U ovom se radu obrađuje fenomen pretjeranog optimizma u brokerskim procjenama, što se očituje u jednostranim pogreškama u vrednovanju vrijednosnih papira u odnosu na realnu cijenu koju pojedine dionice ostvaruju u okviru jedne godine. Fenomen pretjeranog optimizma složen je kako iz perspektive individualnih karakteristika burzovnih analitičara, tako i iz psiholoških aspekata funkcioniranja tržišta i mehanizama koji određuju volatilnost cijena dionica. S obzirom na široki raspon čimbenika koji utječu na pojavu istraživane pojave, autori se usredotočuju samo na tržišne aspekte koji utječu na pojavu pretjeranog optimizma u brokerskim preporukama. Istraživanje ispituje više od 10.000 preporuka za tvrtke s Varšavske burze i više od 40 financijskih institucija koje su ocijenile tvrtke u razdoblju od 2000. do 2014. godine. Za potrebe analize, pretjerani optimizam u vrednovanju definira se kao precjenjivanje ciljne cijene u slučaju pozitivnih preporuka i kao podcjenjivanje pada cijena u slučaju negativnih. Rezultati su potvrdili hipoteze o heterogenosti fenomena prekomjernog optimizma kako za različite gospodarske sektore tako i za pojedine financijske institucije. Autori to vide kao dobar rezultat s obzirom na to da regresija koristi samo varijable vezane uz tržišne karakteristike izdanih preporuka, izostavljajući druge sfere koje utječu na pojavu pretjeranog optimizma među analitičarima., This paper deals with the phenomenon of excessive optimism in brokerage valuations, which is manifested by one-sided errors in the valuation of securities in reference to the real price achieved by the particular stock in the horizon of one year. The phenomenon of over-optimism is complex both from the perspective of the individual characteristics of stock market analysts as well as the psychological aspects of market functioning and the mechanisms that determine the volatility of stock prices. Due to the wide range of factors affecting the occurrence of the examined phenomenon, the authors focus only on the market aspects influencing the occurrence of excessive optimism in brokerage recommendations. The research examines over 10,000 recommendations for companies from the Warsaw Stock Exchange and from more than 40 financial institutions which evaluated companies in the period 2000-2014. For the purposes of analyzes, over-optimism in valuations is defined as an overestimation of the target price in the case of positive recommendations and as an underestimation of the price decline in the case of negative ones. The results confirmed the hypotheses of the heterogeneity of the phenomenon of excessive optimism both for different economic sectors and individual financial institutions. The authors see it as a good result considering the fact that regression uses only variables related to market characteristics of the recommendations issued, omitting other spheres influencing the occurrence of excessive optimism among analysts.

The main aim of the article is to analyze the occurrence of agglomeration effect in the hospital sector on the basis of financial performance. The considerations are made on the example of hospitals in Poland-the country that survived the latest economic crisis relatively well, usually generating positive values of GDP, but where still there is an ongoing discussion on the final shape of healthcare financing model. The article is based on the assumption that there occur significant differences in financial performance between hospitals according to their location. The research hypothesis is as follows: Hospitals operating in big cities are featured by better financial condition than their counterparts operating in smaller towns. To verify the hypothesis, the methods of financial analysis and statistical hypothesis testing are used. As it is emphasized in the article, the assumption is true and the hypothesis can be verified positively.

The main aim of this article is to compare the financial performance of private and publicly traded companies in accordance with ownership structure and size. The analysis carried out in the article leads to the conclusion that in Poland private companies perform better than companies that are publicly traded on the Warsaw Stock Exchange (WSE). Statistically significant results are obtained for medium-sized companies. Moreover, it turns out that medium-sized enterprises operate better than large companies as far as profitability is concerned, at least in the group of private companies where results are statistically significant. The analyses conducted in the article are aimed at filling in the gap in studies comparing profitability between publicly traded and private companies.

Psychologiczne wlaściwości procesu dokonywania oceny przez ludzi mają fundamentalne znaczenie dla podejmowanych decyzji, w tym rowniez decyzji inwestycyjnych. Celem artykulu jest analiza zalezności miedzy wartością akcji przed transakcją M&A, a prawdopodobienstwem osiągniecia zysku po transakcji. Zdaniem Autorow, im mniejsza wartośc akcji przed transakcją, tym wyzsze prawdopodobienstwo osiągniecia zysku. Badanie przeprowadzono w oparciu o dane 238 transakcji zawartych w okresie 2004–2014 na rynku polskim.

Celem artykulu jest porownanie kosztow finansowania kredytem hipotecznym zaciągnietym w roznych okresach w latach 2001–2012 we franku szwajcarskim oraz zlotym. Postawiono hipoteze: zaciągniecie kredytu denominowanego w CHF bylo znacząco tansze w analizowanym okresie niz kredytu zlotowego. Począwszy od 2001 roku kredyt denominowany w CHF jest tanszy w splacie, licząc roczne koszty utrzymania. Im blizej roku 2010, tym efektywnośc takiej formy finansowania jest mniejsza – na przyklad w 2008 roku to okolo 22 tys. zl. Jednakze w perspektywie miesiąca oznacza to rate kredytu nizszą o 1,83 tys. zl. Wolumen udzielanych kredytow hipotecznych od roku 2008 drastycznie rośnie, powodując, ze skala problemu znacznie wykracza poza 5–10 tys. osob, ale zaczyna dotykac 80–120 tys. osob. Problem kredytow walutowych staje sie powoli przedmiotem debaty publicznej i poszukiwan rozwiązania politycznego.

This paper relates to the initial public offering problem and companies' profitability levels before and after this event. In the presented study, profitability ratios in the year before initial public offering increase over the previous year, and then, after the IPO, fall. This confirms the phenomenon of distorting the level of profit before the IPO and partially equity dilution after the IPO.

The aim of this article is to describe the differences between the investors ofdifferent nationalities that have participated in an international competition. Thefollowing hypothesis was tested: do investors of different nationalities differ fromone another in their style of investing? The conducted analysis confirmed thatinvestors of different nationalities have different understanding and sense of risk.

The aim of this paper is to present the impact of stock recommendations on the prices in the context of excessive optimism heuristic. The main goal of the conducted analysis is to show that investors on the Warsaw Stock Exchange seem to ignore the economic information that comes with the recommendation report. Also, as the analyzed recommendations are set in the specified economic conditions, authors would like to show that reports are biased with excessive optimism. The research of the structure of recommendations was issued for the biggest companies of the Polish market listed on the Warsaw Stock Exchange from 2009 to 2012. The investigation showed that the ambiguity of the creation methods of analytical reports and differences in valuation of companies causes subjectivism in analysts’ assessments, which leads to heuristic effects. According to the authors, the structure of reports and their specificity shows that excessive optimism is an important factor in creation of stock exchange recommendations.

The main purpose of this article is to compare the profitability of foreign and domestic enterprises in Poland. It is assumed that foreign enterprises achieve better financial results in host country than domestic enterprises because of i.e. higher innovativeness of foreign enterprises (as in technology and organizational sphere) and better capital use. The analysis was conducted among large foreign-controlled and domestic – controlled enterprises in Poland. The research results indicate that taking risk related to financing by foreign capital led the direct invested enterprises to achieve higher profitability rates what may contribute to better development of foreign companies in Poland.

Artykuł ma na celu analizę sytuacji finansowej sektora leasingu w Polsce oraz jednocześnie zbadanie zależności łączących sektor leasingu z sektorem bankowym i przedsiębiorstwami. W pracy przyjęto hipotezę, że sektor leasingu, finansując przedsiębiorstwa, jest równie efektywny jak sektor bankowy, a jego rozwój zależy od podobnych czynników. Aby zrealizować cele założone w artykule i zweryfikować hipotezę, porównano najważniejsze dane finansowe sektora leasingu oraz bankowego w Polsce na tle wskaźników ogólnego wzrostu gospodarczego Polski w latach 2005-2011. Analizy polegały na obliczeniu współczynnika korelacji Pearsona dla szeregów czasowych. W perspektywie wykonanych analiz dowiedziono nieprawdziwości postawionej hipotezy. Zyskowność sektora leasingu i sektora banków jest niezależna od siebie. Muszą występować dodatkowe elementy wpływające na zróżnicowanie zyskowności w obu sektorach. (abstrakt oryginalny)

The main aim of the article is an attempt to show the phenomenon of excessive optimism on capital market on the example of recommendations provided by the Brokerage Houses in Poland. The structure of recommendations indicates that there is more positive recommendations than negative and neutral ones. It would be reasonable statistically in constant market growth conditions, meanwhile, stock market is characterized by bull, bear and horizontal trend periods. The question is, why then, in the changing conjuncture the outweigh of positive recommendation over the negative and neutral ones is observed. To achieve the research aim, the companies from the Warsaw Stock Exchange were selected and recommendations describing them were compared. Research results indicate that positive recommendations are dominant. The next stage was to compare the stock quotation at recommendation issue date with the price achieved by the company a year after. Research results indicate that despite positive and negative recommendations of Brokerage Houses, significant number of recommendations have overestimated the price in relation to real value achieved by the particular company on the Warsaw Stock Exchange.

W zglobalizowanej gospodarce, wszelkim motorem zmian staje sie unikalna wiedza i wysokospecjalistyczne umiejetności. W tych warunkach gospodarowanie polega na zdobywaniu przewagi konkurencyjnej nad innymi podmiotami w drodze umiejetnego wykorzystania rozproszonych czynnikow produkcji oraz posiadania wysokiego potencjalu intelektualnego. Coraz cześciej pisze sie o nowej erze w gospodarce – gospodarce postindustrialnej, w ktorej panstwa w sferze dzialan makroekonomicznych mają coraz mniejsze mozliwości. Za wszelką cene starają sie nie dopuścic do odplywu kapitalu miedzynarodowego albo wrecz stwarzają warunki mikroekonomiczne, aby ten kapitalu zainwestowal na ich terenie. Jednym z takich rozwiązan jest ustanowienie Specjalnej Strefy Ekonomicznej, oferującej inwestorom atrakcyjne warunki, ktore podnosily by efektywnośc ulokowanego kapitalu. W artykule poruszono role kapitalu inwestycyjnego ulokowanego w SSE w budowie wzrostu gospodarczego a takze uwypuklono role, jaką spelnia w roznych krajach. Przykladami empirycznymi, jakimi posluzono sie są kraje Dalekiego Wschodu, Ameryki Środkowej oraz Europy Środkowo Wschodniej.

Monografia „Wpływ specjalnych stref ekonomicznych na gospodarkę i społeczeństwo. Doświadczenia Polski”, jest efektem kilkuletnich badań realizowanych w ramach grantu Narodowego Centrum Nauki. Zawiera ona wyniki analiz wykonanych w oparciu o dane empiryczne pozyskane w procesie badawczym. Publikacja przedstawia argumenty pozwalające wyrobić sobie obiektywne stanowisko na temat wykorzystania specjalnych stref ekonomicznych jako narzędzia polityki gospodarczej. W szczególności w publikacji czytelnik znajdzie odpowiedzi na pytania: Co to jest efektywność Specjalnych Stref Ekonomicznych? Jaki wpływ na efektywność SSE mają czynniki makroekonomiczne charakteryzujące poziom uprzemysłowienia danego regionu kraju? Jakie znaczenie miał poziom rozwoju gospodarczego regionów dla wyboru lokalizacji inwestycji w SSE, Jakie znaczenie mają ulgi podatkowe dla inwestujących w SSE, Jakie było wykorzystanie ulg podatkowych przez przedsiębiorstwa działające w SSE, Jakie znaczenie mają inwestycji w SSE na spadek bezrobocia w otoczeniu lokalnym, Jakie jest znaczenie stref ekonomicznych w rozwoju regionów peryferyjnych, Autorzy udostępniają wyniki badań, na podstawie których prowadzą wnioskowanie. Ponadto w publikacji zamieszczone są projekcje finansowe pozwalające w sposób empiryczny zweryfikować wpływ finansowych specjalnych stref ekonomicznych na gospodarkę Polski ale także na rozwój regionów. Wykonane badania statystyczne dostarczają istotnej wiedzy na temat realnego wpływu inwestycji w SSE, na spadek bezrobocia, wzrost przedsiębiorczości, aktywność samorządów terytorialnych w zakresie przyciągania nowych inwestorów. Ponadto monografia zawiera niespotykane podsumowanie aktywności zarządzających SSE w zakresie społecznej odpowiedzialności biznesu. Daje to prawdziwy obraz wpływu SSE na otoczenie lokalne. Udostępnienie publikacji Wydawnictwa Uniwersytetu Łódzkiego finansowane w ramach projektu „Doskonałość naukowa kluczem do doskonałości kształcenia”. Projekt realizowany jest ze środków Europejskiego Funduszu Społecznego w ramach Programu Operacyjnego Wiedza Edukacja Rozwój; nr umowy: POWER.03.05.00-00-Z092/17-00. Publikacja powstała w wyniku realizacji projektu naukowego Narodowego Centrum Nauki UMO-2013/09/B/HS4/01514 „Ocena efektywności funkcjonowania specjalnych stref ekonomicznych”.

This paper investigates the companies listed on WSE in the context of intangibles and financial management. If a company decides to build its strategy on innovation, it will have to manage the finances according to some rules specific for innovation based entities. The value of a company should grow as a result of joint decisions in the field of innovation and finances. Specifically, this paper investigates the influence of company’s intangibles on its liquidity strategy, cash management, profitability, debt capacity and market value. As a result of analysis it has been found that there exist relationships among those factors, indicating that innovation based strategy should be supported by financial decisions that enable the company to increase its value. W artykule analizowane są przedsiębiorstwa notowane na GPW z uwzględnieniem wartości intelektualnych prawych i decyzji finansowych. Jeśli przedsiębiorstwo decyduje się budować strategię związaną z innowacjami, powinno zarządzać finansami w sposób specyficzny dla tej grupy przedsiębiorstw. Wartość przedsiębiorstwa powinna się zwiększać jako rezultat skoordynowanych decyzji w obszarze innowacyjności i finansów. W artykule tym badane są relacje pomiędzy wartością aktywów niematerialnych i prawnych w firmie a strategią zarządzania płynnością, zarządzaniem gotówką, zyskownością, pojemnością zadłużeniową i wartością rynkową. Zależność pomiędzy tymi czynnikami wskazuje, że strategia oparta na innowacjach powinna być wspierana decyzjami finansowymi, które prowadzą firmę do wzrostu wartości.

Shadow cost is an important factor in the analysis cost benefit. They allow you to compare the effectiveness of scenarios and optimize decision. This article focuses on the study of the role they play in the shadow cost effectiveness study SEZ in Poland. It turns out that the adoption of appropriate assumptions as to the value of the shadow cost will obtain different results in the final analysis. Shadow costs are dependent on the level of development of the economy and its relationship with the international environment. Having information about the value of the shadow cost in different sectors of the economy will allow the use of competitive advantage in terms of capital investment.

The main aim of the article is an attempt to show the phenomenon of excessive optimism on capital market on the example of recommendations provided by the brokerage houses in Poland. The structure of recommendations indicates that there is more positive recommendations than negative and neutral ones. It would be reasonable statistically in constant market growth conditions, meanwhile, stock market is characterized by bull, bear and horizontal trend periods. The question is, why then, in the changing conjuncture there outweigh of the positive recommendation over the negative and neutral ones is observed. To achieve the research aim, the companies from the Warsaw Stock Exchange were selected and recommendations describing them were compared. Research results indicate that positive recommendations are dominant. The next stage was to compare the stock quotation at recommendation issue date with the price achieved by the company a year after. Research results indicate that despite positive recommendations of the brokerage houses, significant number of recommendations have overestimated the price in relation to real value achieved by the particular company on the Warsaw Stock Exchange. In addition, I compared selected companies’ financial projections with real reports. This analysis also showed the existence of an excessive optimism among analysts.

Companies operating on foreign markets search for greater effectiveness. Market expansion through foreign direct investments is the most advanced form of company internationalization. According to the literature, FDI are established mostly by profitable companies due to i.a. relatively high investment costs. Polish companies have begun to strengthen their position on foreign markets. As studies show, company expansion on foreign markets usually brings higher incomes in comparison to companies performing internationally. However, case of Polish companies indicates that companies operating only on national scale are more profitable.

Exchange. The problem tackled in this paper is an argument that analysts show excessive optimism issuing recommendations for companies and try to avoid strong and unambiguous recommendations. Behavioral context of the conducted analysis results from the fact that the target prices and recommendations themselves are not determined only by mathematical calculations. Despite some established procedures and schemes used in the valuation process, calculations are still based on subjective assumptions. Furthermore, the results of the obtained forecasts and analysis are ultimately evaluated by the analyst preparing the report. In this process, he can verify the obtained results on the basis of non-objective and sometimes erroneous factors resulting from heuristics.

The main goal of this paper is to find an influence of Lodz Special Economic Zone in Poland on the economic development of Lodz region in time of crisis. In paper were used statistical data from years 2000-2009, which gives possibility to describe economic processes in macro region of Lodz with crisis conditions. In publications was presented economic simulations, which allow describing and evidencing, strong immunization local economy for crisis effects. Model P.Warr is an empirical model which analyzes cash flow join with corporations in SEZ, and calculate, results of SEZ activity for host-country. Model uses data from companies in SEZ, and predictions of national economy from polish financial institutions. Model P.Warr for the first time described the Far East countries with SEZ in 1988, and it was adapted to conditions EC and Poland. Some variables were reduced and some were modified and upgraded. More complicated was to prove (with regional macro data) that SEZ in necessary. It is joined with short time of existing LSEZ and difficult situations region of Lodz before SEZ.

The purpose of this article is to show CSR activities organized by SEZs in Poland. Hypothesis is that the resources and activities related to corporate social responsibility implemented by the SEZ in Poland are among the largest and most effectively used in CSR in the whole country. To achieve the objective of the survey was used, in which the managing SEZ emphasized by their achievements in the field of CSR and costs. The data collected indicate that the actions of management zones in Poland, are among the most serious, concerted action in the field of CSR, implemented on many levels. Their impact on local communities is very large, and the value of the assistance reaches hundreds of thousands of zlotys per year.

Jednym z filarów budowania wzrostu gospodarczego w Polsce są nowe inwestycje. Aby skutecznie przyciągnąć nowych inwestorów do Polski, należy dysponować innowacyjną gospodarką. W krajach Unii Europejskiej to właśnie innowacyjność oraz polityka wsparcia ze strony rządów jest motorem działań dla przedsiębiorstw. Innowacyjność stanowi szansę na rozwój dla przedsiębiorstw nowej gospodarki, ale także dla firm z tradycyjnych sektorów, często uznanych za schyłkowe. Konsekwencją udanej polityki w tym zakresie jest budowa gospodarki odpornej na zagraniczną konkurencję, a będącej fundamentem wzrostu gospodarczego w kraju. Nowoczesna gospodarka w XXI wieku powinna koncentrować się na wykorzystaniu wiedzy i informacji. Konsekwencją rozwoju technologicznego – w sposób bezpośredni –jest innowacyjność, która decyduje o konkurencyjności przedsiębiorstwa na rynku. Przedsiębiorstwa, które chcą przetrwać na rynku i rozwijać się, winny skoncentrować się na poszukiwaniu nowych, bardziej zaawansowanych i efektywnych rozwiązań. Osiąganie przewagi konkurencyjnej uwarunkowane jest bowiem umiejętnością dostosowania się przedsiębiorstwa do zmian zachodzących w jego wnętrzu oraz otoczeniu. Można zatem stwierdzić, że działania innowacyjne oraz ciągłe doskonalenie przedsiębiorstwa są kluczem do pokonania konkurencji.