Managerial Economics
Loading...
ISSN 1898-1143
e-ISSN: 2353-3617
Issue Date
2017
Volume
Vol. 18
Number
No. 2
Description
Journal Volume
Managerial Economics
Vol. 18 (2017)
Projects
Pages
Articles
Does income inequality hamper human capital accumulation in OECD countries?
(Wydawnictwa AGH, 2017) Bartak, Jakub
The purpose of this article is to verify whether income inequality impedes the accumulation of human capital in OECD countries during the years of 1990-2010. The article reviews theoretical findings that suggest a negative impact of income dispersions on human capital, and subsequently, it presents estimations of a dynamic model of human capital accumulation. The results of the study reveal a negative and statistically significant relationship between income inequality and human capital inflow measured as student skills test scores.
Importance of copyrights in online society
(Wydawnictwa AGH, 2017) Czetwertyński, Sławomir
The subject matter of the considerations in this paper is copyrights and their importance in the online society. This issue was selected because of the weight of the copyrights in the access and exchange of content via the Internet and, at the same time, the relatively high rate of unauthorized copying that, in fact, translates as a breach of the copyrights. In practice, this means that copyrights (which, for the online society, are what ownership rights for the industrial society are) have no serious authority. Informal norms of the exchange of digital information goods (called the "copy culture") are not accordant with regulations of the formal copyright institution. The main goal of this paper is to determine the importance of copyrights for relationships taking place in the online society. In the paper, a large part of the considerations regards the bi-polarity of the copyright idea that protects authors on the one hand yet prevents the socalled author's monopoly on the other. In the course of considerations, the author made an attempt to verify the hypothesis stating that the bi-polarity of copyrights responds to the needs of the online society, however, the formal copyright institution has no such serious authority as the institution of ownership rights to tangible things. The research method applied in this paper is of a deductive nature. Considerations are based on an analysis of the copyright idea as well as on the traffic, extent, and content on the Internet - in other words, flows within the online society.
MIDAS models in banking sector - systemic risk comparison
(Wydawnictwa AGH, 2017) Gurgul, Henryk; Mestel, Roland|Syrek, Robert
This paper shows the application of MIDAS based models in systemic risk assessment in banking sector. We consider two popular measures of systemic risk i.e. Marginal Expected Shortfall and Delta Conditional Value at Risk. The GARCH-MIDAS model is used in modelling conditional volatilities. The long-run component is modeled using realized volatility. The conditional correlation, second step of modelling, is described with DCC-MIDAS model. This is novel approach in respect to classical TARCH and DCC modelling. Whereas the information contained in macroeconomic variables, if available, can help to predict short and long-term components, this is the promising option in improvement of systemic risk assessment.
Exploring relative instances of exposure in equilibrium of migration processes based on population characteristics
(Wydawnictwa AGH, 2017) Pitlik, László; Kollár, Péter|Fülöp, Zsolt|Madarász, Imre
Cybernetic states of law try to plan each activity - especially migration issues. The planning process has the following question originating in socio-cybernetics in its core: Where can it be assumed that the population characteristics are higher/lower than rational? The planning levels can be different: from the continent or country levels via statistic regions or micro-regions to settlements (even at the street and house levels). Parallel to the aggregation like population density (or annual growth rate), models can also be developed for arbitrary layers of demographical statistics, like the required ratio of males and females in different age-groups and/or education categories, etc. The models can analyze time-periods (e.g., years, time intervals) to ensure that dynamic processes will not actually be covered through static evaluation. The necessary data asset (a kind of Big Data) is given by OECD/ EUROSTAT, for example The questions and data assets are well-known. The modeling methodology consists of potential know-how: through estimations of staircase functions in the framework of online similarity analyses, regional norm values can be derived for targeted population characteristics. Therefore, the European strategy concerning the integration of massive volumes of migrants can be supported in an objective way. Analogue analyses with the same methodology have already been derived for parts of Germany and Hungary. Similarity analysis is an artificial intelligence-based approach with its own consistence-oriented quality assurance layers. The data-driven policy creation needs methodologies where objectivity is provided through optimization in the modeling based on arbitrary phenomena. The modeling philosophy should try to ensure a kind of regional multi-layered equilibrium (sustainability, cf. Kazohinia). The outlined methodology can be seen as a sort of automated SWOT analysis where each conclusion will be derived from the raw statistics in a direct way - without the risk of human subjectivity intervening in the process. The modeling spectrum consists of three levels: (1) Explorative modeling is able to derive basic characteristics for ceteris paribus perspectives through the complex functions. The standard analytical potential works with ceteris paribus parameters, based on the appropriate literature sources. (2) Antidiscriminative modeling is capable of deriving ranks for objects without an actual learning pattern, for the so-called production functions. (3) A cybernetic state of law should be able to have robot-planning values supporting human decision processes. Therefore, 'freedom of press' is basically the capability to explore and publish objective force fields and not to catalyze the spread of subjective evaluations.
Price reversal as potential expiration day effect of stock and index futures - evidence from Warsaw Stock Exchange
(Wydawnictwa AGH, 2017) Suliga, Milena
This paper studies an impact of futures expiration days on the Polish equity market. From three potential expiration effects appearing in the literature (namely, the increased trading volume of underlying assets, increased volatility of their returns, and price reversal after expiration), the latest one is researched in detail for expiration days of futures on the WIG20 index, the mWIG40 index, and individual stocks. The data covers the period from January 2001 to December 2016. The phenomenon of price reversal is studied with the use of regression models, price reversal measures, and event study methodology. The results obtained for expiration days are compared with the results from non-expiration days to check whether a potential price reversal can be interpreted as an effect of expiration. No price reversals after futures expirations were found in the returns of the WIG20 nor mWIG40 indexes. In the case of individual stocks, results from all of the three methods support the assumption that price reversal occurs after expiration. The reversal is immediate and is reflected in overnight returns more than in daily returns.