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Dirofilaria repens is an expanding vector-borne zoonotic parasite of canines and other carnivores. Sub-clinically infected dogs constitute the most important reservoir of the parasite and the source of infection for its mosquito vectors. However, occurrence of D. repens infection in wild animals may contribute to the transmission of the parasite to humans and may explain the endemicity of filariae in newly invaded regions. The aim of the current study was to determine the occurrence of D. repens in 511 blood and spleen samples from seven species of wild carnivores (wolves, red foxes, Eurasian badgers, raccoons, raccoon dogs, stone martens, and pine martens) from different regions of Poland by means of a PCR protocol targeting the 12S rDNA gene. Dirofilaria repens–positive hosts were identified in seven of fourteen voivodeships in four of the seven regions of Poland: Masovia, Lesser Poland, Pomerania and Warmia-Masuria. The highest prevalence was found in Masovia region (8%), coinciding with the highest previously recorded prevalence in dogs in Central Poland. The DNA of Dirofilaria was detected in 16 samples of three species (total prevalence 3.13%). A low and similar percentage of positive samples (1.9%, 4.2% and 4.8%) was recorded among badgers, red foxes, and wolves, respectively. Dirofilaria repens–positive hosts were identified in seven of fourteen voivodships. Based on detection in different voivodeships, D. repens–positive animals were recorded in four out of the seven regions of Poland: in Masovia, Lesser Poland, Pomerania, and Warmia-Masuria. The highest prevalence of filariae was found in Masovia region (8%), reflecting the highest previously recorded prevalence in dogs (12–50%) in Central Poland. In summary, we conducted the first comprehensive study on the epidemiology of D. repens in seven species of wild hosts in all seven regions of Poland and identified the first case of D. repens infection in Eurasian badgers in Poland and the second in Europe.

Review: Teaching English to children with special educational needs Kraków: Wydawnictwo Naukowe UP, 2020

Research background: We examine the dividend payout policies across companies listed on the main stock exchanges in Brazil, Russia, India, China, and South Africa (BRICS). Unlike the highly developed capital markets, the literature regarding dividend policy on BRICS? stock exchanges is scarce. Purpose of the article: The purpose of this paper is threefold: verification of the existence of dividend smoothing pattern; selection of the significant drivers that affect both dividend levels and dividend smoothing; examination of differences between dividend policy of cross- and single-listed companies. Methods: Based on a dataset of 564 companies that paid dividends for at least 11 consecutive years in the period of 1995?2015, we apply a GMM two-step estimator to assess the speed of dividend adjustment (SOA) coefficient. Further we employ the linear panel regression to indicate the individual and market determinants of the dividend levels and SOAs. In the latter case, we base on time series of the SOAs obtained from the rolling estimation technique. Finally, we conduct separate estimations for cross-listed companies. Findings & value added: We confirm a moderate level of dividend smoothing within BRICS countries. Among the firm-level characteristics affecting the SOA the most important are: ownership dispersion, age and size of a firm, retained earnings, leverage, long term debt, asset tangibility, liquidity risk ratio, and issuing the depositary receipts (DR). Two relevant market factors are found: market capitalisation and turnover in relation to GDP. Similar characteristics have a significant impact on dividends? levels in the entire sample, whereas in the subsample of cross-listed companies fewer variables are significant. Our paper is the first comprehensive attempt to investigate the dividend policy and determinants of dividend smoothing among BRICS countries.

Earlier studies have indicated that consumption of beavers Castor ssp. by wolves Canis lupus varies seasonally and is influenced by rainfall affecting water levels. Therefore, to determine whether ...

SummaryThe Sicilian wolf represented the only population of wolves living on a Mediterranean island until the first half of the twentieth century (1930s-1960s) 1–7. Previous studies hypothesised that they remained isolated from mainland wolves from the end of the Last Glacial Maximum (LGM) 8,9, until human persecutions led them to extinction 1–7.There are only seven known Sicilian wolf specimens from the 19th and 20th century preserved in museums in Italy and recent morphometric analyses assigned them to the new subspecies Canis lupus cristaldii10. To better understand the origins of the Sicilian wolf, and its relationship to other wolf populations, we sequenced four whole genomes (3.8×-11.6×) and five mitogenomes. We investigated the relationship between Sicilian wolves and other modern breeds to identify potential admixture. Furthermore, considering that the last land-bridge between Sicily and Italy disappeared after the LGM 11, around 17 kya, we explored the possibility that the Sicilian wolf retained ancestry from ancient wolf and dog lineages. Additionally, we explored whether the long-term isolation might have affected the genomic diversity, inbreeding levels and genetic load of the Sicilian wolf.Our findings show that the Sicilian wolves shared most ancestry with the modern Italian wolf population but are better modelled as admixed with European dog breeds, and shared traces of Eneolithic and Bronze age European dogs. We also find signatures of severe inbreeding and low genomic diversity at population and individual levels due to long-term isolation and drift, suggesting also low effective population size.

We studied diet and prey preferences of the Eurasian lynx (Lynx lynx) inhabiting south-east Poland, based on kills found during GPS-GSM telemetry and opportunistic winter tracking. Among 64 lynx kills were roe deer (Capreolus capreolus) (91%), red deer (Cervus elaphus) (3%) and brown hare (Lepus europaeus) (6%). From the ungulate community, lynx selected roe deer (D = 0.845) and avoided all other ungulates. We recorded one case of surplus and two cases of parallel killing. Lynx visited the same killed roe deer on average for 2.3 days, and for up to six days when surplus or parallel killing occurred. High numbers of the roe deer in south-east Poland supports the persistence of the lynx, but we urge managers to take under consideration food requirements of the lynx when planning game management.

Understanding factors and mechanisms causing large carnivore aggression towards people is crucial for their conservation in modern human-dominated landscapes. We present detailed descriptions of wolf attacks on people in early summer 2018 in two areas of Poland, analysis of behaviour, fitness and origin of individuals responsible for the attacks and management actions undertaken by local communities as well as governmental bodies and non-governmental organisations. We show that attacks were caused by yearling wolves (13-month-old male and 14-month-old female) originating from local packs, which appeared near households several months prior to incidents. Both individuals were positively food-conditioned and showed increasing habituation caused by irresponsible behaviour of people such as long-lasting intentional feeding or illegal keeping. Post mortem necropsy revealed obesity and serious abnormality of spleen (polysplenia) in the problem female wolf that negatively impacted her fitness and was the most likely reason for her presence near households and feeding on leftovers. Despite prolonged observations of these wolves very close to human settlements (less than 30 m), no mitigation actions were undertaken until the attacks, after which both individuals were killed. We provide several recommendations to avoid aggressive human-carnivore encounters.

We assessed the diet of adult wolves and their pups in an area recently recolonized by the species in north-western Poland, through the analysis of scats. Adult wolves preyed mostly on wild ungulat...

The gray wolf Canis lupus range in central Europe is dynamically expanding, reconnecting previously isolated populations. Thus, a recent paper has proposed to merge the current Baltic and Central European (CE) wolf management units, which are no longer isolated by distance. However, recent genetic findings indicate that these two populations are not genetically homogenous. Here we review the most recent data on wolf genetic structure in central Europe and show that even though the CE and Baltic wolves represent the same phylogeographic lineage, their demographic history has resulted in significant genetic structure between these two populations. While the groups are interconnected by moderate gene flow, it is not high enough to reduce the strong founder signal observed in the CE population, suggesting that population dynamics within the CE wolf range are largely independent from those of its source (Baltic) population. Consequently, a management unit combining the CE and Baltic wolves would not form a demographically coherent entity. Thus, we recommend that conservation management units maintain their separate status.

Wildlife crossing structures (WCSs) enhance connectivity between habitats of wild animals fragmented by fenced motorways, but factors affecting their use by targeted species remain understudied, particularly in areas recently recolonized by large carnivores. We investigated the use of WCS—6 overpasses (width 30-45m), 5 large underpasses (width 33–114 m) and 4 small underpasses (width 15–19 m)—located along the A4 motorway in the Lower Silesian Forest (western Poland), a large forest tract recently recolonised by wolves (Canis lupus). Identifying and counting tracks of mammals left on sand-beds as well as individuals recorded by camera traps were used to determine species diversity, number and activity patterns of mammals on WCS, and to reveal seasonal and temporal changes of WCS use over 3 years of study (2010–2013). WCSs were mostly used by wild species (51.5%), followed by humans (34.8%), livestock and pets (13.7%). Among wild species, ungulates were the most common (77.4% of crossings), while lagomorphs and carnivores were recorded less often (15% and 7.6% of crossings, respectively). The number of species and crossings of wild mammals, especially wild ungulates and wolves, was substantially higher on overpasses (mean effective number of species (Hill numbers):0D= 7.8,1D= 4.1 and2D= 3.3) than on underpasses (0D= 6.3,1D= 2.9 and2D= 2.3) and was not affected by distance between WCS and human settlements or WCS width. There was a higher diversity of wild species and more crossings under large extended bridges than on smaller underpasses. The number of species and number of crossings of wild mammals, domestic animals and people increased from 2010 to 2013. There was a significant difference in activity patterns, with almost all wild species being nocturnal, in contrast to people and dogs. There was no relationship between crossing time and rates of wild carnivores and potential prey. We conclude that overpasses, even with steep entrance slopes (25–26.5%) or integrated with moderately used gravel roads, maintain movement of wild terrestrial mammals much better than underpasses, and the presence of wolves does not hamper the movement of other wild species. As there are significant temporal changes in use of WCS by mammals, we recommend monitoring WCS in all seasons for at least 3 years as a minimum standard for the post-investment assessment of WCS utilization by animals.

We assess the accuracy of the popular trade classification rules—the tick (T), the reverse tick (RT), the quote (Q), the Lee and Ready (LR) and the Ellis, Michaely and O’Hara (EMO) rules—for the selected Central and Eastern Europe stock exchanges: the Warsaw Stock Exchange (WSE), the Prague Stock Exchange (PSE) and the Budapest Stock Exchange (BSE). We employ the transaction data on the most liquid stocks included in the large cap indices, namely WIG20, PX and BUX, from 9th of January till 14th of March, 2019, and discover the Q rule to be the most successful. It correctly classifies 100% of trades initiated both by the buyers and the sellers in the case of the BSE and 84.35% (82.78%) in the case of the WSE (the PSE). The results obtained for the LR rule are similarly good (96.32% for the BSE, 84.34% for the WSE and 82.86% for the PSE). The third one is the EMO rule with the rate of success of 83.69% for the BSE, 80.40% for the WSE and 67.86% for the PSE. The T and the RT rules are characterized by a considerably low level of accuracy (ranging from 19.91 to 40.65% for the T rule and from 13.04 to 38.37% for the RT rule). The modifications of the T and the RT rules that take into account the preceding and the following transaction price changes allow to obtain the distinctively higher estimates of accuracy statistics.

Monitoring of the wolf Canis lupus is a demanding task as it lives in low densities, utilizes vast home ranges and disperses over large areas. These factors make obtaining accurate data about population parameters over the whole distribution area of the species impossible. Thus detailed local studies on socio-spatial organization are essential to calibrate information obtained over a larger area. We applied GPS/GSM telemetry, non-invasive genetic sampling, year-round tracking, camera trapping and howling stimulations to determine the number of family groups, population density and home-range sizes of wolves in the Drawa Forest (DF, western Poland, 2500 km2), an area recently recolonized by the species. Home ranges of three collared male wolves ranged from 321.8 to 420.6 km2 (MCP 100%) and from 187.5 to 277.5 km2 (Kernel 95%), but core areas had a size of 30.5–84.7 km2 (MCP50%) and 35.0–88.8 km2 (Kernel 50%). Mean near neighbour distance between centres of 6 tracked pack homesites was 15.3 km. The number of wolves in DF increased from 14 individuals in 2013/2014 to 30 in 2016/2017. The annual rate of increase varied from 43% in 2014/2015 to 7% in the final year. Population density for the whole study area was relatively low (1.2 indiv./100 km2 in 2016/2017), but densities within territories of two packs studied with telemetry were 1.9 and 1.5 indiv./100 km2. Mean pack size varied between 3.5 and 5.6 individuals, with the largest pack comprising 8 wolves. Mean number of pups observed in summers (June–August) was 4.5. Differences in home range sizes between wolves in western and eastern Poland indicate that results of regional studies cannot be freely extrapolated despite close genetic relationships. Thus, decisions related to management of wolf habitats should be based on intensive local studies.

The diet of wolvesCanis lupusL. was assessed in the Wigry National Park in North-Eastern Poland, which overlaps with the Natura 2000 site “Ostoja Wigierska”. The content of a total of 149 scat samples was collected in 2017 and analysed in order to determine dietary composition. Wolves primarily feed on wild ungulates, which make up 75.4% of food biomass. Despite the fact that wild boarSus scrofaL. and red deerCervus elaphusL. dominate in the ungulate community in the study area, the primary prey species was observed to be roe deerCapreolus capreolusL. with 39.6%, while red deer and wild boar only constituted 18.7% and 8.3% of the food biomass, respectively. Additionally, beaverCastor fiberL. was found to be an important prey (10.9%) as well and livestock accounted for 15.1% of all biomass consumed. The livestock eaten by wolves also included carcasses of domestic animals illegally disposed of in the forest. We therefore conclude that decisions on the management of the wolf’s food base within protected areas, such as national parks or Natura 2000 sites, should be preceded by intensive local studies.

In central Europe, wolves Canis lupus prey on wild ungulates - main game species and occasionally kill livestock. The recovery of wolf population across the continent coincides with an increasing incidence of illegal killing, which level remains unknown. We analysed the illegal killing of wolves in Poland, where the species is strictly protected since 1998. We opportunistically collected data on wolves illegally shot and snared from 2002 to 2020, revealing their geographical extent and sex and age structure. Furthermore, we estimated their mortality rate due to illegal shooting on the basis of 16 GPS/GSM collared individuals between 2014 and 2020. We recorded 54 illegally shot and 37 snared wolves. The majority (63.7%) were killed between 2017 and 2020, mostly in Western Poland. The sex structure was similar between shot and snared individuals. In both groups, the wolves over one-year old prevailed, although there were 18 pups among shot wolves. We identified 6 shot and 3 snared breeders. Out of 16 GPS/GSM collared individuals, six were shot giving the mortality rate of 0.33 per year. Simulations revealed that the pooled number of wolves illegally shot in Poland annually, is between 147 and 1134 (99% highest density interval) or 216 and 1000 (95%). In six out of seven cases, in which the person who shot a wolf was eventually sentenced, hunters were responsible. We conclude that the present regulations concerning the prevention of illegal killing, pursuing and punishing the perpetrators of the illegal killing of wolves, require urgent improvements in order to effectively mitigate the problem.

African swine fever (ASF), caused by a DNA virus (ASFV) belonging to genus Asfivirus of the Asfarviridae family, is one of the most threatening diseases of suids. During last few years, it has spread among populations of wild boars and pigs in countries of Eastern and Central Europe, causing huge economical losses. While local ASF occurrence is positively correlated with wild boar density, ecology of this species (social structure, movement behavior) constrains long-range disease transmission. Thus, it has been speculated that carnivores known for high daily movement and long-range dispersal ability, such as the wolf (Canis lupus), may be indirect ASFV vectors. To test this, we analyzed 62 wolf fecal samples for the presence of ASFV DNA, collected mostly in parts of Poland declared as ASF zones. This dataset included 20 samples confirmed to contain wild boar remains, 13 of which were collected near places where GPS-collared wolves fed on dead wild boars. All analyzed fecal samples were ASFV-negative. On the other hand, eight out of nine wild boar carcasses that were fed on by telemetrically studied wolves were positive. Thus, our results suggest that when wolves consume meat of ASFV-positive wild boars, the virus does not survive the passage through intestinal tract. Additionally, wolves may limit ASFV transmission by removing infectious carrion. We speculate that in areas where telemetric studies on large carnivores are performed, data from GPS collars could be used to enhance efficiency of carcass search, which is one of the main preventive measures to constrain ASF spread.

Aim To compare predictions of the habitat suitability model (HSM) for wolves Canis lupus in Poland with actual wolf distribution in western Poland after 15 years of recolonization. Location Western Poland (WPL, ca. 136,000 km2), west of the 18°48′E meridian. Methods Data on wolf occurrence (8,057 records) were gathered in 2001–2016. Wolf presence in 10 × 10 km cells was classified as follows: (1) permanent occurrence with reproduction, (2) permanent occurrence with no reproduction and (3) sporadic occurrence (interpreted as dispersing individuals). These cells were compared to all 10 × 10 km cells in WPL with respect to the probability of wolf occurrence as predicted by the HSM and habitat variables important for wolves. For temporal analysis, data were divided into two 8-year subsets: the initial and later phases of wolf recovery. Results Wolves were recorded in 259 cells (19.8% of the study area). The pairs and packs settled in areas predicted by the HSM to have good and very good habitat, in cells characterized by high forest cover and low densities of roads. Wolf groups that reproduced were found in the best-quality habitats characterized by denser forest cover and markedly lower shares of anthropogenic structures. Dispersing individuals were mostly recorded in unsuitable and suboptimal habitats, and they avoided both the poorest and the best habitats. In the initial phase of wolf recovery, cells selected by wolves for settling down and those used by dispersing wolves did not differ in their habitat parameters. However, in the later phase, as WPL became more saturated with wolf packs, dispersing individuals were recorded in less suitable habitats. Main conclusions The HSM for Polish wolves predicted with high accuracy the areas later occupied by wolf groups in the western part of the country. A similar approach may also be useful to predict the future distribution of wolves in the lowlands of central and western Europe where environmental conditions are comparable and recolonizing wolves originate from the same source population.

Local extinction and recolonization events can shape genetic structure of subdivided animal populations. The gray wolf (Canis lupus) was extirpated from most of Europe, but recently recolonized big part of its historical range. An exceptionally dynamic expansion of wolf population is observed in the western part of the Great European Plain. Nonetheless, genetic consequences of this process have not yet been fully understood. We aimed to assess genetic diversity of this recently established wolf population in Western Poland (WPL), determine its origin and provide novel data regarding the population genetic structure of the grey wolf in Central Europe. We utilized both spatially explicit and non-explicit Bayesian clustering approaches, as well as a model-independent, multivariate method DAPC, to infer genetic structure in large dataset (881 identified individuals) of wolf microsatellite genotypes. To put the patterns observed in studied population into a broader biogeographic context we also analyzed a mtDNA control region fragment widely used in previous studies. In comparison to a source population, we found slightly reduced allelic richness and heterozygosity in the newly recolonized areas west of the Vistula river. We discovered relatively strong west-east structuring in lowland wolves, probably reflecting founder-flush and allele surfing during range expansion, resulting in clear distinction of WPL, eastern lowland and Carpathian genetic groups. Interestingly, wolves from recently recolonized mountainous areas (Sudetes Mts, SW Poland) clustered together with lowland, but not Carpathian wolf populations. We also identified an area in Central Poland that seems to be a melting pot of western, lowland eastern and Carpathian wolves. We conclude that the process of dynamic recolonization of Central European lowlands lead to the formation of a new, genetically distinct wolf population. Together with the settlement and establishment of packs in mountains by lowland wolves and vice versa, it suggests that demographic dynamics and possibly anthropogenic barriers rather than ecological factors (e.g. natal habitat-biased dispersal patterns) shape the current wolf genetic structure in Central Europe.

We use a VEC DCC M-GARCH model to investigate the daily co-movement of the Czech Republic, Hungary and Poland one-, five- and ten-year sovereign credit default swap (CDS) spreads in the period Jan 2009–May 2018. To control for a systemic risk stemming from the EU and other international markets, we nest the analysis within a four-variate system including the Germany CDS spread and the CBOE VIX. The latter serves us as a proxy for the exogenous driver of spreads. The analysis shows that the long-run dependence among the logs of CDS spreads is rare. It is only the Czech Republic and Germany one-year CDS spreads that exhibit a common stochastic trend. The remaining spreads do not co-integrate. Each country maturity time t log change in the spread depends upon that of time \(t - 1\) and earlier. The dynamics of spreads are country specific. The Hungary CDS spreads Granger cause almost all their counterparts. The causality running other way round is incidental. The median of pairwise conditional correlation estimates among the countries of interest differs across the maturities in the way indicating that the Czech, Hungarian and Polish markets are better integrated among one another than any single with the German market.

Transport infrastructure is a critical threat to populations of animals; wildlife crossing structures are therefore commonly applied as a measure to sustain animal movements across roads and railways. Research on the efficiency of crossing structures is needed to provide scientific underpinnings to conservation efforts. Year-round monitoring of a large underpass on the S69 expressway in the western Polish Carpathians revealed that the crossing structure was mainly used by wild mammals (68.6 %), followed by domestic animals (22.1 %) and people (9.3 %). Wild mammals (14 species) were represented by both game and protected species, including largebodied species like red deer Cervus elaphus, roe deer Capreolus capreolus and wild boar Sus scrofa. The Shannon species diversity index and Shannon's evenness index varied seasonally, with the highest number of species recorded in summer and lowest in winter. Red deer neither avoided nor selected for the wildlife crossing structure, while roe deer selected for it, and wild boar avoided it. This study indicates that large underpasses in mountains are used by a rich community of mammals, even if located close to human settlements.

Since the mid-twentieth century, under different management regimes (over 20 years of a wolf control program followed by 20 years of trophy hunting), wolves were absent or rare in Western Poland (hereinafter WPL). They became strictly protected in the whole country in 1998 and started to re-settle the vast forests of WPL, far (376 ± 106.5 km) from the source population in eastern Poland. In 2002–2012, the population increased from several to approximately 140 wolves living in 30 family groups, with an annual rate of increase of 38 % (λ = 1.38, SE = 0.10). The area of permanent occurrence increased from 600 to 10,900 km2, with an average density of 1.3 wolves/100 km2. The nearest neighbour distance between wolf territories decreased from 260 to 25 km. In 2001–2005, half of the settlement efforts by wolves failed after 1–2 years whereas in 2006–2009 only one fifth of newly settled wolves failed to persist >2 years. The number of wolves in groups varied from 2 to 9, and the mean group size increased from 1.8 in 2001 to 4.8 in 2012. The survival of pups from May to the end of November was 50 % (the mean number of pups per litter was 5.1 and 2.5, respectively). Of 28 wolves found dead, 65 % were killed by vehicles, 25 % were poached, and 7 % died because of diseases and natural factors. All road casualties were young wolves, most of them male (67 %), hit on roads on average 11.6 km from the centre of the nearest pack. The re-colonisation of WPL started from jump dispersal, which allowed wolves to establish packs in distant locations. As the recovery proceeded, the dispersal pattern shifted to being stratified, a mixture of diffusion and jump dispersal that resulted in the creation of packs in close vicinity to existing groups. After 12 years of re-colonisation, wolves in Western Poland occupied about 30 % of potential suitable habitats.

Hybridisation between wolves and dogs is increasingly reported in Europe. Nonetheless, no systematic survey has ever been attempted at the continental scale. We made the first assessment of wolf-dog hybridisation (WDH) occurrence in Europe and analysed how the phenomenon is addressed by international legislation and managed at the country level. We found that WDH is reported in all nine extant European wolf populations, and in 21 out of 26 countries for which we received information. The two main international legal instruments (i.e., the Habitats Directive and the Bern Convention) do not explicitly mention the threat posed by hybridisation but do provide guidance promoting control of free-ranging wolf-dog hybrids. However, we recorded poor compliance with such recommendations in most European countries, and a lack of coordination in addressing WDH among countries sharing the same wolf population. Alarmingly, we revealed a lack of well-designed and implemented country-wide genetic surveys to detect and monitor hybridisation, both relevant pre-requisites to effectively implement WDH management. By recommending criteria for an operative definition of “hybrid”, we also suggest improvements to enhance WDH-related policy at the European scale.

The diet of wolves Canis lupus L. was assessed in the Wigry National Park in North-Eastern Poland, which overlaps with the Natura 2000 site "Ostoja Wigierska". The content of a total of 149 scat samples was collected in 2017 and analysed in order to determine dietary composition. Wolves primarily feed on wild ungulates, which make up 75.4% of food biomass. Despite the fact that wild boarSus scrofa L. and red deer Cervus elaphus L. dominate in the ungulate community in the study area, the primary prey species was observed to be roe deer Capreolus capreolus L. with 39.6%, while red deer and wild boar only constituted 18.7% and 8.3% of the food biomass, respectively. Additionally, beaver Castor fiber L. was found to be an important prey (10.9%) as well and livestock accounted for 15.1% of all biomass consumed. The livestock eaten by wolves also included carcasses of domestic animals illegally disposed of in the forest. We therefore conclude that decisions on the management of the wolf's food base within protected areas, such as national parks or Natura 2000 sites, should be preceded by intensive local studies.

We estimate linear regressions with dummy variables for the rates of return, spreads and volumes of stocks included in the main Warsaw Stock Exchange index WIG 20 to reveal the intraday trading patterns after the Universal Trading Platform was introduced in April 2013. In doing so we use the data rounded to nearest second and aggregated into that of 1 h frequency. The analysis shows that the spreads and volumes exhibit either the day of the week or the hour of the day effect or both. The spreads resemble the reversed J and the volumes are U-shaped. The rates of return are mostly positive but eventually decline at the end of the trading day. Some of them exhibit the hour of the day but not the day of the week effect.

We examine the dividend smoothing behaviour of companies listed on the Istanbul Stock Exchange (ISE) in the period of 1996–2015. On the basis of Lintner’s dividend partial adjustment model, we calculate the speed of dividend adjustment (SOA) for individual companies from the research sample. As we find only 8% of the SOA results lower than 0.50 and almost 37% higher than 1.00, we ascertain that the Turkish stock market companies do not smooth the dividends. Nevertheless, we proceed to uncover the determinants of the level of the speed of adjustment coefficient. We find that the leverage, debt to equity ratio, current- and quick liquidity ratios, earnings retention ratio, payout and standard deviation of quick ratio statistically significantly affect the SOA level of individual companies in Turkey. In analysing the Istanbul Stock Exchange one should note that it has been operating in the current structure since April 2013 after the merger of all the exchanges functioning in the Turkish capital markets. Currently, the ISE is one of the largest regional stock exchanges, but despite its relatively huge liquidity, it is also risky because of the political pressure. In 2013–2016, the ISE greatly deteriorated in its capitalisation and turnover because of political events. These circumstances may have affected the obtained results.

Following protection measures implemented since the 1970s, large carnivores are currently increasing in number and returning to areas from which they were absent for decades or even centuries. Monitoring programmes for these species rely extensively on non-invasive sampling and genotyping. However, attempts to connect results of such studies at larger spatial or temporal scales often suffer from the incompatibility of genetic markers implemented by researchers in different laboratories. This is particularly critical for long-distance dispersers, revealing the need for harmonized monitoring schemes that would enable the understanding of gene flow and dispersal dynamics. Based on a review of genetic studies on grey wolves Canis lupus from Europe, we provide an overview of the genetic markers currently in use, and identify opportunities and hurdles for studies based on continent-scale datasets. Our results highlight an urgent need for harmonization of methods to enable transnational research based on data that have already been collected, and to allow these data to be linked to material collected in the future. We suggest timely standardization of newly developed genotyping approaches, and propose that action is directed towards the establishment of shared single nucleotide polymorphism panels, next-generation sequencing of microsatellites, a common reference sample collection and an online database for data exchange. Enhanced cooperation among genetic researchers dealing with large carnivores in consortia would facilitate streamlining of methods, their faster and wider adoption, and production of results at the large spatial scales that ultimately matter for the conservation of these charismatic species.

The paper is devoted to the description of rates of return for stocks listed on the Warsaw Stock Exchange (WSE) basing on the information of order imbalance. The model employed in the research is a modified version of Fama and French (J Financ Econ 33(1):3–56, 1993) asset pricing model including additionally the ‘order imbalance factor’ built on the basis of the original imbalance indicators proposed by Nowak (Order imbalance on the Warsaw Stock Exchange, 2000–2012. Paper presented at the International Conference Financial Investments and Insurance – Global Trends and Polish Market, Wroclaw University of Economics, Wroclaw, 17–19 September 2014). The order imbalance is assumed as the temporary imbalance between buy and sell orders. Its estimation is preceded by an indication which side of the market was initiating the transaction, and a distinction between the so-called buyer- and seller-initiated trades [Lee and Ready (J Financ 46(2):73–746, 1991), Ellis, Michaely and O'Hara (J Financ Quant Anal 35(4):529–551, 2000)]. The imbalance indicators are calculated using the high frequency intraday data. The research hypothesis states that the proposed asset pricing model has good descriptive properties. The analysis is conducted for the selected stocks—index WIG20 constituents listed on the WSE over the period of 2000 to 2016. The model is validated using i.a. the underidentification test and the weak identification test [Kleibergen and Paap (J Econom 133(1):97–126, 2006)], overidentification test of all instruments [Hansen (Econometrica 50(4):1029–1054, 1982)] and endogeneity test of endogenous regressors.

The main goal of this paper is the empirical examination of the Polish stock market reactions to dividend announcements and dividend payouts made by the companies listed on the Warsaw Stock Exchange (WSE). The research sample comprises 56 companies (WIG index constituents) that announced dividend payments and completed the payout during 2013. In the analysis, event study methodology is employed including either calculating abnormal returns and cumulative abnormal returns around the event day or testing their statistical significance using parametric and nonparametric tests. The average cross-sectional abnormal return calculated for the entire sample is found to be significant on the dividend announcement day (t = 0, 0.86%) and on one day after (t = +1, 0.59%) at the 1% and 10% significance levels, respectively. The outcomes of the analysis conducted within the three distinguished subsamples are rather more diverse. In the subgroup of the first announced dividends (or dividends announced after a minimum one-year break), the significant average abnormal return is found on day t = +1 (0.90%, 5% significance level), whereas in the case of the dividend decreases subsample, the significant average abnormal returns (at the 10% significance level) occur on days t = -4 (-1.44%) and t = +2 (-1.15%). The average abnormal return calculated within the subsample of dividend increases turns out to be positive and significant on day t = +1 (1.03%, 10% significance level). The results obtained for the average cumulative abnormal returns corroborate the findings reached for the average cross-sectional abnormal returns in the case of the first dividend and dividend increase subsamples. However, the average cross-sectional abnormal returns calculated within the eleven-day-long event window around the dividend payment day turn out to be statistically insignificant. The obtained results provide evidence that the Polish stock market reaction to dividend announcements is positive and immediate. However, the market does not significantly react to dividend payouts, which may lead to the conclusion that the WSE directly incorporates news on dividends into stock prices. Moreover, the reaction of the market for dividend announcements is consistent with the sign of the dividend change: dividend-increase (-decrease) announcements are interpreted as a positive (negative) signal by the investors. Such results support both the informational content of the dividend hypothesis and the dividend signaling hypothesis. Considering that the observed abnormal market behavior disappears within two days at most after the announcement date, the results of the study can be useful for financial practitioners only with regard to short-term investment decisions.

Despite the fact that only parts of the Białowieża Forest are protected as a national park and nature reserves, the forest is nevertheless as a whole considered a UNESCO Natural Heritage Site, Biosphere Reserve and an integrated Natura 2000 site. In the presently ongoing debate on the conservation priorities regarding the natural value of this forest and the current bark beetle outbreak, two distinct approaches can be recognized: (1) management assumed to involve considerable interference with the forest ecosystems; (2) maintenance of ecological processes and spontaneous restoration of the forest communities. The Białowieża Forest - especially its strictly protected parts - is a “bastion” where species characteristic of ancient forests (including so-called primeval forest relicts) have survived until today. This has been achieved by maintaining the forest’s complexity in areas with considerably reduced human influence, but most of all by maintaining a full spectrum of forest communities, naturally developing forests diverse in age, species composition and spatial structure including stand dieback and breakdown. The following factors need to be taken into account in the protection of the Natural Heritage Site: (1) the internationally recognized value of the Białowieża Forest including its biodiversity, the level of preservation of forest communities and the ongoing natural processes; (2) existing documents and policies concerning nature conservation; (3) research findings from the Białowieża Forest and other natural forest complexes. The key priority is to limit any activities in this forest to an indispensable minimum, mostly concerning security close to roads and tourist tracks as well as collection of fire wood by locals. Without this strict protection, successive and slow anthropogenic transformation will result in the Białowieża Forest sharing the same fate as other forest complexes of the temperate climate zone in Europe or America and lose its globally appreciated value.