24762 research outputs found
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The impact of the Covid-19 pandemic on changes in the cost of capital on the U.S. market
Get PDFPURPOSE: The authors analyze the impact of extraordinary events, i.e., the Covid-19
pandemic on changes in the investor’s cost of capital in the U.S. market.DESIGN/METHODOLOGY/APPROACH: The cost of capital for 25 Fama-French quintile portfolios
formed on book value to market value and on capitalization is estimated. The portfolios are
formed from stocks listed on the U.S. market. In order to accurately assess the impact of
Covid-19 conditions on changes in the cost of capital the confidence intervals of the
estimated values of the cost of capital are determined. The bootstrap method to estimate the
confidence interval of the cost of capital is used.FINDINGS: The authors show that Covid-19 had an impact on the value of the cost of capital
in U.S. market, but at a relatively low level of significance, about 10%.PRACTICAL IMPLICATIONS: Extraordinary events occurring on the global financial market can
significantly affect the decisions of investment portfolio managers. These decisions are
determined by changes in the cost of capital perceived by investors. Therefore, correctly
estimating the cost of capital in relation to changing economic states is of crucial importance
in practice.ORIGINALITY/VALUE: Common methods of estimating the cost of capital are based on the use
of the classic CAPM model. The use of the five-factor Fama-French model allows for taking
into account the multidimensional risk vector. The use of the bootstrap method allows for
determining the errors of the cost of capital estimated on the basis of available short time
series.peer-reviewe
Assessment of the tourism potential of the Weltyn Lake district
No full textPURPOSE: The article aims to highlight the tourist potential of the Wełtyń Lake District, which
stems from its location and its natural and landscape features. The article poses the
following research hypothesis: the lack of comprehensive tourist infrastructure limits the
region's potential to be fully exploited. In reference to the stated objective and adopted
hypothesis, the article poses the following research question: what specific actions should
planners and service providers in the tourist industry take to fully exploit the Wełtyń Lake
District's potential? In attempting to answer this question, the article first refers to a key
element: the presentation of proposals for measures to optimally exploit the tourism
potential.DESIGN/METHODOLOGY/APPROACH: To achieve the set goal, a critical analysis of the
literature on the subject was conducted, alongside an observational approach supported
by arguments for the generalised theses. The methods of induction and deduction,
comparison and generalisation, and synthesis were also employed.FINDINGS: The analysis identified key actions to optimise the use of the potential of the
studied area. Based on the analysis, it was shown that the infrastructure must be expanded
and modernised, including adapting it to the requirements of contemporary tourism in a way
that which does not endanger the nature and landscape, which are the most important
elements of the tourism potential of the Wełtyń Lake District.PRACTICAL IMPLICATIONS: The proposals presented in the article could inspire planners
and tourism operators, drawing attention to the Wełtyń Lake District's tourism and
sightseeing potential.ORIGINALITY/VALUE: The article presents the results of own desk research. This issue has not
been discussed in any previous publications from international forums.Co-financed by the Minister of Science under the “Regional Excellence
Initiative”.peer-reviewe
First record of Sepioteuthis lessoniana from the Maltese archipelago, with further notes on its occurrence in the Central Mediterranean Sea
No full textThe occurrence of the bigfin reef squid Sepioteuthis lessoniana, a Lessepsian migrant, is documented for the first time from the coastal waters off Malta, based on the collection of a single specimen reported through citizen science. The presence of this species in the broader Strait of Sicily region is further confirmed by a morphometric assessment and genetic analysis of another individual captured off the Pelagian island of Lampedusa. Molecular identification using mitochondrial COI and 16S rRNA markers corroborates the taxonomic identification exercise as it aligns both specimens with Indo-Pacific clades of S. lessoniana. These records represent the first genetically verified occurrences of the species in both Maltese and Italian waters. The findings extend the known Mediterranean distribution of S. lessoniana, emphasizing the Strait of Sicily as an important monitoring region for Lessepsian migrants and highlighting the combined role of integrative taxonomy and citizen science in tracking non-indigenous species introductions.peer-reviewe
Book of abstracts : SIEC-ISBE International Conference 2025
No full textDuring this session, we explore pedagogical strategies that support students in grasping the economics topic of the Price Mechanism and its application to specific markets. This topic forms the basis of the discipline. During our discussion, we draw upon a dissertation that designed a resource pack aimed at supporting teachers by providing structured materials that can be adapted to meet the diverse needs of students. The underpinning theoretical lens of this study is the idea of Pedagogical Content Knowledge (PCK), which emphasises the intricate interplay between subject knowledge and pedagogical practices. Drawing on Tomlinson’s insights about differentiated instruction, the session suggests approaches and strategies designed to engage students with different interests and needs. Economics education often overlooks the importance of values and the sustainability of resources. The study aims to integrate economic concepts with opportunities for fostering values and ethical decision-making.peer-reviewe
Early Neolithic pottery production in the Maltese Islands : initiating a Għar Dalam and Skorba pottery fabric classification
No full textThe Early Neolithic (EN) period (5500–4800 BCE) marks the first sedentary settlement of the Maltese
Islands by farmers. Despite advances in petrographic and archaeometric studies of pottery in Maltese archaeology,
such methods have rarely been applied to Neolithic assemblages. This study addresses the lack of a
systematic, published analysis of EN pottery from Malta, focusing on the Għar Dalam and Skorba facies. Thirtytwo
sherds from the sites of Skorba (Malta) and Santa Verna (Gozo) were analysed using polarised light
microscopy, supplemented by additional characterisation techniques (X-ray diffraction, scanning electron
microscopy with energy dispersive X-ray analysis). Three distinct fabric groups were identified for each facies,
primarily differentiated by the nature of their temper. All primary raw materials appear to have been locally
sourced, with no direct evidence of imported pottery. The results suggest similarities in production techniques
between the two facies, such as paste preparation, alongside differences – particularly in firing regimes.
Finally, the use of calcitic tempers reflects a technological tradition consistent with broader Mediterranean
practices during the Neolithic.peer-reviewe
Comparison of radiotherapy techniques for left-sided early-stage breast cancer radiotherapy : a systematic literature review on planning dose analysis
No full textAdjuvant radiotherapy improves local cancer control and the overall survival of women
with breast cancer. However, it is unclear what the ideal radiotherapy (RT) planning
technique is for these patients. The aim was to perform a synopsis of the literature
comparing RT techniques to treat early-stage left breast tumours. A PRISMA guideline
was used on this systematic review and registered in PROSPERO (CRD420251168901).
For all the investigations, the Open-field technique (OF) showed worse results for the
Planning Target Volume (PTV), lung and heart. Field-in-Field stood out in low doses and
mean doses in OARs. IMRT distinguished itself in Homogeneity Index. VMAT provides
higher Conformity Index results and thus an advantage in high and mean doses of OARs.
Hybrid-IMRT and Hybrid-VMAT combine the advantages of two techniques; however,
few studies have included them in their research. There is not a clear “gold-standard”
technique, and the results depend heavily on many factors which affect the quality of the
plans and the priorities of the departments. However, OF is no longer recommended. An
international framework should be developed to allow for a standardisation of the plans,
improving inter-departmental comparisons. And each department should perform their
own comparison between the techniques available to them.peer-reviewe
Optimising emergency department services : evidence-based interventions to reduce clinical risk
No full textIntroduction: Overcrowding in hospital emergency departments is one of the most pressing threats to patient safety in acute care settings worldwide. It contributes to delayed assessments, prolonged patient stays, diagnostic bottlenecks, and an increased risk of preventable harm. A structured literature search was conducted to support strategic decision-making. Methodology: A Critically Appraised Topic was conducted across the Cochrane Database of Systematic Reviews, MEDLINE and Scopus. The review focused on identifying and evaluating high-level evidence from systematic reviews and meta-analyses published between 2015 and 2025. Studies were included if they assessed the effectiveness of interventions aimed at improving service delivery at the emergency department, including patient flow, length of stay, reduction of crowding, and safety-related outcomes. The studies were synthesised to inform evidence-based recommendations. Results: A total of twelve systematic reviews and meta-analyses met the inclusion criteria. The evidence consistently supported physician-led triage and fast-track systems as impactful interventions, demonstrating reductions in patient length of stay and marked improvements in the proportion of patients leaving before being seen. Point-of-care testing, particularly when embedded within structured triage models, improves diagnostic turnaround, and facilitates earlier decisions regarding patient care. Digital tools, including real-time clinical dashboards, electronic tracking systems, and mobile communication platforms, were associated with improvements in time to patient disposition and enhanced coordination among clinical teams. Workforce-related strategies, such as expanded nursing roles, early involvement of senior clinicians, and the integration of primary care professionals, contributed to more efficient patient streaming and reductions in unnecessary investigations. Transitional care pathways and in-reach palliative care services demonstrated system-wide benefits in patient flow and discharge planning, although the impact varied depending on the specific context and implementation design. Conclusions: This synthesis demonstrated that high-performing emergency departments do not rely on isolated interventions. Instead, they adopt a systems-level approach that combines clinical redesign, digital innovation, and optimisation of human resources. Recommendations: For healthcare systems facing capacity pressures, this body of evidence supports the phased adoption of physician-led triage models. Establishing real-time operational monitoring and structured discharge planning processes are additional levers to improve both safety and efficiency. However, the findings should be interpreted considering certain limitations, including reliance on secondary sources with variable methodological quality and limited generalisability to specific healthcare systems.peer-reviewe
Italy’s 150 hours in the context of workers’ education. Le 150 ore d'Italia nel contesto della formazione dei lavoratori
No full textL'esperimento di oltre 150 ore di apprendimento ed educazione degli adulti (ALE) della classe operaia italiana, che coinvolge uomini, donne e oggi persone di diversa provenienza, è visto in relazione ad alcuni punti di riferimento internazionali nell'area. I punti di riferimento sono quelli che mi sembrano invitanti parallelismi con il progetto delle 150 ore, evidenziando convergenze e contrasti soprattutto, in quest'ultimo caso, per quanto riguarda il clima socio-politico e industriale complessivo. Il documento si concentra, oltre che sulle 150 ore, sulla formazione sindacale, sui ‘colleges’ dei lavoratori nel Regno Unito, sul congedo formativo retribuito (PEL) in Canada, sul contributo dell'ALE agli altri lavoratori italiani attraverso la concettualizzazione gramsciana dei Consigli di fabbrica come agenzie educative, sulla democrazia industriale e sulla questione di chi pu fungere da educatore nell'educazione degli adulti. L’ultimo punto, applicabile alle 150 ore, è posto con particolare attenzione alla capacità delle comunità e dei gruppi professionali, nel corso degli anni, di farsi carico del proprio apprendimento, compresa l’educazione organizzata.The 150+ hours experiment in Italian working-class adult learning and education ( ALE), involving men, women and today people of different ethnic background, is viewed in relation to certain international landmarks in the area. The landmarks are those that strike me as inviting parallels with the 150 hours project, highlighting convergences and contrasts especially, in the latter case, as far as overall socio-political and industrial climate is concerned. The paper focuses on, apart from the 150 hours, trade union education, the workers’ colleges in the UK, paid educational leave (PEL) in Canada, Italy's other workers’ ALE contribution through Gramsci's conceptualisation of the Factory Councils as educative agencies, Industrial Democracy and the question of who can serve as educator in Adult education. The last point, applicable to the 150 hours, is made with special emphasis on communities’ and occupational groups’ ability, over the years, to take charge of their own learning, including organised education.peer-reviewe
Tax optimization schemes for income tax in Europe and relevance for businesses and society
No full textPURPOSE: The objective of this article is to analyse how tax optimization schemes for
Corporate Income Tax (CIT) in the European Union may impact the societies. Emphasis is
placed on how these phenomena were incorporated into the business activities of modern
corporations, and how increasing its application and adoption. In addition, will be identified
challenges that may be posed before tax authorities of EU Countries, as a consequences of
increasing popularity of tax optimization schemes.DESIGN/METHODOLOGY/APPROACH: This article formulates the following research problems:
What are the tax optimization schemes for Income Tax in the European Union? What are the
potential deficiencies and obstacles in EU CIT legislation of different policy approaches for
addressing these schemes as challenges? Corresponding to this research problem the
research hypothesis was formulated: The increasing popularity of tax optimization schemes
in the field of CIT among international corporations has a negative impact on the state of
public finances of European Union countries. Moreover these phenomena/trends are difficult
to be controlled under the current legal regulations. The study employs a detailed analysis of
existing scientific literature, standards and regulations related to taxes field. The analysed
sources include books, financial statements and scientific articles aimed at understanding the
theoretical foundations of tax regulations and tax schemes, as well as identifying challenges
in this field.FINDINGS: To avoid reducing public revenues, the European Union should strengthen and
harmonise its actions in the field of tax avoidance, especially by large international
corporations. In order to achieve this goal should be created an efficient European Union
tax policy system.PRACTICAL IMPLICATIONS: The results of the study indicate negative, social and economic
consequences for European countries of using tax optimization in the area of Corporate
Income Tax, especially by large international corporations. The article describes only those
optimization strategies, which construction have been recognized and examined, and which
have been regulated to some extent. The author pointed out that it is not easy to regulate and
solve problems of income tax optimizations, especially in the area of new technologies. In
such cases it is difficult to clearly link income with the place of its generation, as in online
services or Internet advertising. This area is extremely dynamic and law-making bodies and
tax authorities still face many challenges to regulate these issues and persuade large
corporations to participate in social costs of individual countries.ORIGINALITY/VALUE: The article presents a comprehensive approach to the increasing
phenomenon of tax optimizations with particular emphasis on its impact on contemporary
business organizations and societies. It discusses key problems, methods and potential
recommendations in order to reduce the problem.peer-reviewe
Security in the philosophical thought of Thomas Hobbes
No full textPURPOSE: The aim of the research, whose findings are presented in this article, was to
determine the contribution of Thomas Hobbes to the materialist-empirical concept of
security.DESIGN/METHODOLOGY/APPROACH: The main research problem was formulated as the question:
What is the place of the materialist-empirical concept of security in the philosophical thought
of Thomas Hobbes? The research process utilized both theoretical and empirical methods
characteristic of social sciences, including source analysis, case studies, and expert
interviews (Wiśniewski). European literature on the subject was reviewed alongside
empirical material derived from eleven interviews with Polish experts representing security
studies, philosophy, sociology, and political science. The research focused on Hobbes's views
on the state as both the guarantor and subject of security.FINDINGS: The materialist-empirical concept of security in Hobbes's work is illustrated in his
most significant work, “Leviathan, or the Matter, Form, and Power of a Commonwealth
Ecclesiastical and Civil”. Leviathan emerged from a pessimistic view of human nature and
humanity's longing for political stability. The realization of this longing was the security
provided by the state, which wielded both military and spiritual-religious power. Security and
stability arose from limiting human absolute freedom, including mitigating or even
eliminating evils such as distrust, hostility, and unrestrained aggression. This security,
stability, and peace were to be guaranteed by a state established through a social contract
that could not be broken. For Hobbes, without the state, there is no internal security, order,
or structure that enables society to live and develop. At the same time, Hobbes acknowledged
that the state is not always capable of ensuring external security. This necessitates
international agreements and supranational institutions that effectively guarantee global
security.PRACTICAL IMPLICATIONS: The practical implications primarily relate to the need for a more indepth and critical examination of the works of Thomas Hobbes. Specifically, Hobbes's views
should be subjected to comprehensive scientific reflection from the perspective of security
studies.ORIGINALITY/VALUE: The research findings highlight the significant contribution of Thomas
Hobbes to the modern framework of the materialist-empirical concept of security.peer-reviewe