ABSTRACT. Purpose -The main objective of this paper is to assess the impact of qualifications of the management staff on the effectiveness of open investment funds. Design / methodology / approach -In the research the models derived from capital asset pricing model (CAPM) group, namely Henriksson-Merton model and Treynor-Mazuy have been applied. Findings -Investment funds operating in the Polish market divided into four groups of funds have been subject to the analysis. Each of them has been analyzed individually keeping in mind the different design benchmark for individual markets investment funds. The main conclusion is poor predictability of executives regarding future market behavior and emerging problems with the correct selection of assets for investment portfolios. Originality / value -An important aspect in the research is the issue of long-horizon of the analysis itself, as it dates back to the period of years 2000-2015. Emerging conclusions relate both to the period immediately preceding the global crisis and years of crisis. Another advantage seems to be the fact of the authors insights on the problems in the process of measuring the effectiveness of investment funds.
A b s t r a c t. In this research we have tried to identify the relationship between the exchange rate for bitcoin to the leading currencies such as Dollar, Euro, British Pound and Chinese Yuan and Polish zloty as well. We have applied ARMA and GARCH models to model and to analyze the conditional mean and variance. The appliance of GARCH models have identified some dependency in explanation conditional variance between bitcoin and US Dollar, Euro and Yuan, while ARMA analysis have shown no relations between bitcoin and other dependent variables.
The present publication constitutes an attempt at evaluation of the effectiveness of investment fund deposits at Polish market in the years 2000-2015. In the paper, a distinction is made between two subperiods, namely, the years before the economic crisis, meaning 2000-2006, and the years of the socalled crisis, meaning 2007-2015. This approach had the goal mainly of evaluating the effectiveness of investment fund deposits in the years of economic slowdown. Conclusions concerning the investment funds are based on a broad range of coefficients and measures used in literature on the subject matter. The multitude of quantitative evaluation criteria of investment funds taken into account in the publication should enable a more precise evaluation of the discussed issue. At the same time, besides the temporal subdivision mentioned above, the authors consider it important to confirm or deny any possible rules or similarities in the indications of the discussed measures. Grouping of the investment funds based on investment effectiveness can be a further advantage.
This study analyzes the relationship between renewable energy and CO2 emissions in top natural resource depending countries over the period 2000–2015. An important contribution of this study is to assess the role of governance. The Ordinary Least Squares Fixed effects Generalized Least Squares methods and two-step GMM estimators are used for panel data. The empirical results show that renewable energy has significant negative impact on per capita CO2 emissions. The estimates show that 1 percentage point increase in renewable energy consumption leads to 1.25% decrease in CO2 emissions per capita. We also find that renewable energy consumption decreases CO2 emissions faster in countries with higher rule of law and voice and accountability. gross domestic product per capita has inverted U-shaped relationship with CO2 emissions.
scite is a Brooklyn-based organization that helps researchers better discover and understand research articles through Smart Citations–citations that display the context of the citation and describe whether the article provides supporting or contrasting evidence. scite is used by students and researchers from around the world and is funded in part by the National Science Foundation and the National Institute on Drug Abuse of the National Institutes of Health.