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The paper presents the results of research aimed at assessing the geographic diversification of the income affordability of flats on both the primary and secondary markets in Poland in the years 2012 - 2016. It analyzes the differences in the income affordability of flats: 1) in voivodeship cities, 2) between voivodeship cities, 3) between voivodeship capitals and other major cities located in counties in the voivodeship. Measures of differentiation and the Shapiro-Wilk, Fisher-Snedecor and t-Student tests were used. The source of the data used to conduct the study was the AMRON system. The results of the study indicate that: 1) changes in the income affordability of flats in voivodeship cities were small during the analyzed period, 2) the average diversification in voivodeship cities in terms of the income affordability of flats was small, however the differences in the extreme values of housing affordability indicators were high, 3) the maximum differences in the income affordability of flats between counties in the same voivodeship were high, 4) in a majority of voivodeships (11 out of 16), the income affordability of flats in a voivodeship city was lower (not always statistically significantly) than in the remaining counties of the voivodeship.

Celem badania byla analiza ksztaltowania sie nadwyzkowych stop zwrotu z polskich FIO i ocena premii za ryzyko z punktu widzenia inwestora indywidualnego. Badanie przeprowadzono dla funduszy stabilnego wzrostu, zrownowazonych i akcyjnych w latach 2005–2017. Przyjeto dwa horyzonty inwestycyjne: 5-letni oraz 10-letni. Obliczono charakterystyki rozkladow nadwyzkowych stop zwrotu oraz szanse uzyskania dodatniej nadwyzkowej stopy zwrotu. Stwierdzono miedzy Innymi, iz: 1) duze zroznicowanie nadwyzkowych stop zwrotu nasuwa wątpliwości co do zasadności szacowania premii za ryzyko jako wartości średniej dla danego funduszu i dla calej grupy funduszy; 2) szanse na uzyskanie w przeszlości dodatniej premii za ryzyko byly zroznicowane dla poszczegolnych funduszy; 3) dla 10-letniego horyzontu inwestycyjnego premia za ryzyko byla ujemna.

The aim of the article was to assess the similarities of average price changes in the residential market in 34 European countries in 2010-2016. The first part of the study concerned tendencies of changes in average prices in residential markets in the studied countries, while the second part analyzed co-occurrence of changes in these countries in time. The study covered the period after the first wave of the financial crisis in Europe and took into account the second wave of crisis in several euro area countries. Price indices, trend functions, price ranges, linear correlation coefficients and shape similarity measure were utilized for conducting this study. European countries, in general, differed with respect to changes in prices in the residential market. 12 countries were characterized by a trend of increasing price indices. 18 countries were classified as correcting countries, as during the studied period they were distinguished by a clear change in trend. Four countries with a downward trend during the study period were also identified. Furthermore, a differentiation between the countries was found due to the values of price ranges during the studied period. Studies of co-occurrence in time were conducted with the use of linear correlation coefficients mainly for groups of rising countries and falling countries. The study was conducted using measures of shape similarity, which allowed for an identification of converging, leading and following markets for some countries.

Purpose – Demonstration of the validity and applicability of VaR in assessing the suitability of an investment fund for the individual investor. Design/Methodology/approach – On the basis of daily trading units of stable growth funds, balanced funds and equity funds in the years 2005-2016 there have been constructed empirical distributions of returns. The study was conducted for different investment horizons (from 1 year to 10 years). It examined the diversity of funds due to the values of 5. percentiles of distributions of rates of return. Findings – It was found that: 1) depending on the chosen measure of diversity and the the threshold value studied group of funds can be characterized by significant or insignificant for the investor diversity of funds in terms of values of 5. percentiles; 2) the worst of stable growth funds are more similar in terms of value of 5 percentiles to the best balanced funds than to the best of stable growth funds; 3) the worst of balanced funds are closer in value of 5 percentiles to the best equity funds than to the best balanced funds; 4) it is not true that the 5. percentile of each stable growth fund is higher than the 5. percentile of each balanced fund; 5) it is not true that the 5. percentile of each balanced fund is higher than the 5. percentile of each equity fund. Originality/value – It was found that selecting a fund using the VaR criterion, it is worth assess the individual funds of the group (not - the average for the group) and funds from "adjacent" risk groups.

This paper presents the results of a comparison of the rates of return on specific open-end debt investment funds in Poland with the rates of return on bank deposits, in light of different time horizons. A comparative analysis was conducted based on the quartiles of the empirical distributions of the rates of return on selected funds and bank deposits. The empirical distributions were obtained using a moving window of observation. The results were largely influenced by very high interest rates on bank deposits in Poland in the years 1995–2001 (in the case of the oldest funds), and by the boom in the bond market in the years 2011–2012 (for the youngest funds). The investment horizon turned out to be significant. The best and worst funds were identified.

The paper presents an analysis of the diversity of real estate development companies listed on the Warsaw Stock Exchange based on the rates of return on their shares which were attained in 2001-2015. The study included 10 real estate development companies. The analysis was conducted for different investment horizons (from 1 year to 10 years), and based on the quartiles of the empirical distributions of the rates of return on the shares of individual companies. The empirical distributions were obtained using a rolling window of observation based on daily share quotation. The diversity of the funds was examined by formulating six hypotheses concerning: the diversity of the quartiles of the distributions of returns on individual funds, the differences between the values of the quartiles of returns for the best and worst companies during each investment horizon, changes in the value of individual quartiles of returns for individual companies along with a lengthening of the investment horizon, differences in the positions of the companies in the rankings of companies based on different investment horizons and having different quartiles being accepted as the criterion for the rankings. The results obtained did not indicate grounds for the rejection of the formulated hypotheses.

This article concerns the problem of formulating assumptions in scenario analysis for investments which consist of the renting out of an apartment. The article attempts to indicate the foundations for the formulation of assumptions on the basis of observed retrospective regularities. It includes theoretical considerations regarding scenario design, as well as the results of studies on the formulation, in the past, of quantities which determined or were likely to bring closer estimate the value of the individual explanatory variables for a chosen measure of investment profitability (MIRRFCFE). The dynamics of and correlation between the variables were studied. The research was based on quarterly data from local residential real estate markets in Poland (in the six largest cities) in the years 2006 – 2014, as well as on data from the financial market.

This paper deals with selected theoretical issues pertaining to the setting of asking prices by housing developers. Determinants of the buyer’s and seller’s reservation prices have been identified. The advantages and disadvantages, in terms of behavioral economics, of the pricing strategies practiced by housing developers have been indicated. The strategy based on fixing an asking price roughly equal to the estimated market value of the property was compared with the strategy based on offering an inflated asking price (with the assumption of price negotiations). A second comparison concerned the strategy of price disclosure compared with the strategy of price non-disclosure. The reflections contained within the article were based on behavioral economics and marketing theory. The discussion was based largely on foreign articles, observed examples of pricing policy carried out by housing developers in Poland, and information obtained from housing developers and real estate brokers who are active on the primary market.

The paper presents the results of a comparison of the development of mean offer and transaction prices per 1m2 in primary and secondary residential real estate markets in 16 provincial capital cities in Poland, during the time period from the 3rd quarter of 2006 to the 3rd quarter of 2012. The quarterly data came from the residential real estate price database of the National Bank of Poland (NBP). The research concerns the dependencies in the residential real estate market between the following four price categories: offer prices in the primary market, transaction prices in the primary market, offer prices in the secondary market and transaction prices in the secondary market. For each city, the dynamics of each price category per 1m2, the existence of a linear correlation between the individual mean price categories in chosen subintervals and their convergence and variability in time were studied and compared.

Analizy rynku nieruchomości są podstawą podejmowania wielu decyzji inwestycyjnych, w tym takze na rynku gruntow mieszkaniowych. Grunty mieszkaniowe mogą miec rozne uwarunkowania planistyczne. Celem artykulu byla proba odpowiedzi na pytanie, czy uwarunkowania planistyczne wplywają na ceny gruntow niezabudowanych przeznaczonych pod zabudowe mieszkaniową w gminach powiatu bydgoskiego? Na podstawie danych o cenach transakcyjnych z lat 2011-2012 obliczono średnioroczne ceny transakcyjne oraz zbadano ich zmiennośc. W celu oceny wplywu uwarunkowan planistycznych na ceny gruntow niezabudowanych zastosowano test dwuczynnikowej analizy wariancji oraz test dla dwoch średnich. Wyniki badan wskazują, ze uwarunkowania planistyczne mialy wplyw na ceny gruntow niezabudowanych w wiekszości gmin powiatu bydgoskiego.

Budowane dla potrzeb zarządzania przedsiebiorstwem prognozy nie zawsze są trafne. Rzeczywiste bledy prognoz (bledy ex post) są niekiedy wieksze niz określone przez uzytkownika prognozy bledy dopuszczalne. Jedną z przyczyn tego jest oddzialywanie na prognoste czynnikow psychologicznych (np. emocji) oraz zastosowanie, zazwyczaj nieświadomie, heurystyk. Pierwszym celem niniejszego artykulu bylo zwrocenie uwagi na mozliwośc wystąpienia roznych heurystyk w trakcie budowy prognoz na potrzeby przedsiebiorstwa. Drugim celem – wskazanie sposobow ograniczania bledow w procesie prognostycznym wynikających z nieświadomego uzycia heurystyk.