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For most active investors treasury bonds (govs) provide diversification and thus reduce the risk of a portfolio. These features of govs become particularly desirable in times of elevated risk which materialize in the form of the flight-to-safety (FTS) phenomenon. The FTS for govs provides a shelter during market turbulence and is exceptionally beneficial for portfolio drawdown risk reduction. However, what if the unsatisfactory expected return from treasuries discourages higher bonds allocations? This research proposes a solution to this problem with Deep Target Volatility Equity-Bond Allocation (DTVEBA) that dynamically allocate portfolios between equity and treasuries. The strategy is driven by a state-of-the-art recurrent neural network (RNN) that predicts next-day market volatility. An analysis conducted over a twelve year out-of-sample period found that with DTVEBA an investor may reduce treasury allocation by two (three) times to get the same Sharpe (Calmar) ratio and overper-forms the S&P500 index by 43% (115%).

The article presents the essence, goals and instruments of soft (informal, non-statutory) spatial planning, developed in the countries of Western Europe and relatively new in Poland. It targets areas with fuzzy borders (soft spaces) and areas between administration tiers. The article presents conceptual issues and non-formal planning tools used in Western Europe. The planning approaches which are generally described as “soft” are characterised by non-formalised and non-binding procedures, and by their focus on achieving a consensus. In the first part of the article presents the conceptual issues and further informal planning instruments used in Western European countries at different spatial scales The following section presents deficits of spatial planning of metropolitan areas and - against this background - the legitimacy of creating informal plans in Poland, using Metropolia Poznań as an example

The aim of this paper is to present the genesis and the development of two models of the “leading path” to the integrated management of functional urban areas of voivodeship centres (FUA VC) in Poland in the context of the implementation of the new instrument of the EU’s Cohesion Policy – Integrated Territorial Investments (ITIs). The implementation of ITIs is presented in the light of the inter-commune cooperation in FUA VC, which has been realised variously so far. As examples of the “leading path” to the integrated management based on the ITI, two functional areas have been selected, differing in this respect, Poznań in western Poland (an example of a bottom-up model) and Lublin in its eastern part (an example of a top-down model). In the conclusion, the instrument of ITI was evaluated as a factor which initiates, deepens or complicates the cooperation of local governments in FUAs. It has been emphasised, that in spite of the creation of organisational and financial instruments (ITIs) which activate the cooperation of self-governments in functional areas, one must take into account the need for legislative changes which give a special status to metropolitan areas, income sources and specific powers.

This article seeks to present the development od public participation in local spatial planning in Poland. An assessment was made of the procedure of preparing planning documents and forms of their consultation with residents. To achieve this goal, use was made of the results of a survey research conducted among participants of public consultations in Poznań in the years 2012-2014. It is stressed that it is necessary to improve the decision-making process in urban spatial planning by accommodating not only traditional but also new forms and instruments of public participation.

Since the 1990s, large urban agglomerations in the countries of Central and Eastern Europe have shown highly dynamic functional and spatial changes resulting from the transformation of their political systems. The aim of this study is to present differences in social, economic and environmental living conditions among the communes of a single agglomeration. This, in turn, allows a discussion, in the first place, of local factors, assuming that national and regional conditions in a given area are uniform. The study focused on the agglomeration of Poznań, which consists of the city of Poznań and 17 surrounding communes (Polish: gmina) forming the district, or ‘poviat’ (Polish: powiat) of Poznań. The analysis of variations in living conditions uses a set of nine indicators reflecting the local level of development in social, economic and environmental terms. The results lead to the conclusion that the development of urbanisation processes in suburban areas over the past 20 years has had a significant share in improving the living conditions of their inhabitants. In some communes they are, in fact, better than in the central city of Poznań

Opracowanie porusza problem populizmu w stanowieniu prawa wobec społecznych oczekiwań racjonalności ustawodawcy. Autor analizuje współcześnie występujące w polskiej polityce tendencje polegające na wzrastającej penalizacji oraz punitywności, przy jednoczesnym odwoływaniu się do rzekomych oczekiwań społecznych - definiowane jako populizm penalny. Autor wyraża przekonanie, że populizm penalny stanowi domenę ugrupowań prawicowych i ich sposób na zdobycie władzy w warunkach demokracji. Autor opracowania zwraca uwagę na problem marginalizacji ekspertów w procesie stanowienia prawa, których głos zostaje zastąpiony niezweryfikowaną wiedzą ogółu społeczeństwa. T. Kaczmarek powołując się na wyniki wybranych badań socjologicznych i wiktymizacyjnych udowadnia, że populizm penalny jest usprawiedliwiany poprzez manipulację informacjami na temat opinii społecznej. W podsumowaniu publikacji autor podkreśla, że społeczeństwo domaga się kar surowszych głównie w wyniku działalności prawodawcy, który drogą populizmu penalnego dąży do utrzymania się przy władzy.

This study analyzed the effect of the application of a soil conditioner under the trade name of the Agro Mineral Product (AMP) in the winter rapeseed cultivation on the bacterial and fungal abundance, ion concentrations, and electrolytic conductivity of the soil solution. It was demonstrated that the AMP influenced changes in the total abundance of the culturable fractions of the soil bacteria and fungi at each of the tested time points. A stimulatory effect of the preparation on the growth of the soil bacteria and an inhibitory effect on the development of the fungi was observed, particularly at doses of 4 and 8 t·ha−1. A dose of 12 t·ha−1 proved to be the least effective in relation to the development of the soil microbiome. Increasing the AMP fertilization dose above 4 t·ha−1 caused changes in the chemistry of the soil solution (pH, EC, HCO3−, K+, and PO4-P). It is worth noting that this primarily resulted in decreases in the amounts of mobile forms of potassium (from 40.4 mg·dm−3 in the control to 26.7 mg·dm−3 at the 8 t·ha−1 dose) and orthophosphate as phosphorus (from −6.00 mg·dm−3 in the control to 3.75 mg·dm−3 at the 8 t·ha−1 dose) in the soil solution, which resulted in a reduction in the yield of the winter rapeseed (from 4.76 t·ha−1 in the control to 4.61 t·ha−1 at the 8 t·ha−1 and 4.43 t·ha−1 at the 12 t·ha−1 AMP dose). [ABSTRACT FROM AUTHOR]