Application of mixed logistic regression models in the evaluation of internal and external determinants of the effectiveness of commodity funds.

The article presents the use of mixed logistic regression models in the study of the effectiveness of investment funds. The aim of the research is to identify and evaluate the factors influencing the effectiveness of commodity funds in Poland using mixed logistic regression models. R 3.6.0 statistical package was used for calculations. The logarithmic rate of return was adopted as a measure of the effectiveness of the funds, and it also served as the dependent variable. Eleven internal and external factors influencing the effectiveness of funds were identified as explanatory variables. The time horizon of the study covered a 5-year period from 2015 to 2019. The subject of the study were commodity funds operating in Poland. The created mixed logistic regression model made it possible to conclude that three factors have a statistically significant impact on the chance of recognizing a commodity fund as efficient: the value of cash flows (CF), the value of the CRB Commodity Index (CRB) and the gold futures price (GC). [ABSTRACT FROM AUTHOR]