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Size effect anomaly in the Baltic stock market.
No full textDuring the COVID-19 pandemic, a surge in activity among non-professional investors reshaped the investment landscape. This period was marked by an increase in emotionally driven decisions and interest in unconventional investment strategies, such as investing based on stock market anomalies. Anomalies like the size effect challenge the efficient market hypothesis by suggesting that certain patterns may persist over time and offer investors an advantage. Anomaly analysis becomes especially relevant during periods of market instability when information is not reflected in prices accurately or promptly. The first chapter of the thesis addresses the issue of stock market anomalies in the Baltic stock markets. It discusses the differences in efficiency between developed and emerging markets, the impact of financial and geopolitical instability, and the significance of anomalies for investors, explaining why their study is important. This chapter lays the theoretical groundwork and justifies the research’s relevance by emphasizing the lack of studies in the Baltic context and the need for further investigation. The second chapter provides an in-depth overview of the theoretical aspects of stock market anomalies. It begins by introducing the efficient market hypothesis, its different forms, and key supporting and opposing arguments. It then explores empirical findings, types of anomalies, and their potential causes. This chapter also discusses investor behavior factors that may contribute to market inefficiency, with a particular focus on the size effect anomaly. The third chapter outlines the research methodology. It describes the selected time period, data sources, the principles of portfolio formation, and the application of the capital asset pricing regression model. It also details how companies were categorized by size, how portfolios were formed, and what statistical methods were used to determine the existence of the anomaly. This section offers a clear picture of the research model and the study process. The fourth chapter presents and analyzes the empirical results. The size effect anomaly in the Baltic stock market was examined over the 2014–2024 period, revealing that the anomaly was not consistent. It was clearly present in the periods of 2014–2017 and 2020–2021. During 2014–2017, small-cap portfolios significantly outperformed both large-cap portfolios and the market index, with a positive and statistically significant alpha. In 2020–2021, although the differences in average returns were not statistically significant, the regression results showed a positive and significant alpha, indicating abnormal returns. However, for the full 2014–2024 period and during 2018–2019 and 2022–2024, the anomaly was not observed – returns were insignificant or lower, and alphas were negative or statistically insignificant. The size effect identified during 2014–2017 and 2020–2021 contradicts the assumptions of the efficient market hypothesis. The anomaly could have resulted from market inefficiencies, information asymmetry or investor behavior. The stable economic climate in 2016–2017 encouraged greater risk tolerance, while post-pandemic recovery in 2020–2021 led investors to focus on smaller companies. While the size effect may offer profit opportunities in smaller markets, investors must be cautious of related risks – higher volatility, limited information, liquidity issues, and the inconsistent manifestation of the anomaly itself
Evaluation and comparison of antioxidant and antibacterial activity in lavender and sage callus cultures in vitro /
No full textNatural extracts of lavender and sage are widely used in the pharmaceutical, cosmetic and food industries for their antioxidant, antibacterial, anti-diabetic, and anti-inflammatory properties. Both plants accumulate a wide range of phytochemicals, compounds, and essential oils, the composition and concentration of which can be influenced by various factors. These chemical compounds protect cellular functions and structures by reducing oxidative stress by neutralizing reactive oxygen species (ROS) [1]. The aim of this study is to evaluate and compare the antioxidant, phytochemical and antibacterial activity of medicinal plants [2]. The study was carried out using callus cultures of Lavandula angustifolia and Salvia officinalis grown in Murashige and Skoog medium supplemented with different cytokinins 6-benzylaminopurine (BAP) (0.2 mg/L) and thidiazuron (TDZ) (0.5 mg/L), the auxins 1-naphthylacetic acid (NAA ) (0.1 mg/L), 2,4-dichlorophenoxyacetic acid (2,4-D) (0.5 mg/L) and indole-3-acetic acid (IAA) (0.1 mg/L) and the additive L-tryptophan (0.5 mg/L). The antioxidant activity of the plant materials was evaluated by DPPH, FRAP, ABTS, and reducing power assays. The antioxidant enzyme activity of Lavandula angustifolia and Salvia officinalis callus cultures and plant extracts of leaves, blossoms and shoots was also evaluated in vivo. Antibacterial activity against Bacillus subtilis and Escherichia coli was measured using the Kirby-Bauer disc diffusion method. It was found that chlorophyll a, chlorophyll b, carotenoids, antioxidant enzyme activity and total phenolic acid concentration were highest by lavender callus culture with TDZ (0.5 mg/L), IAA (0.1 mg/L) and L-tryptophan (0.5 mg/L). Studies have shown that both callus cultures grown with NAA (0.1 mg/L), BAP (0.2 mg/L) and 2,4-D (0.5 mg/L) gave the highest antioxidant activity by DPPH, FRAP and ABTS. The highest antibacterial activity against Escherichia coli was found in extract of lavender blossoms in vivo
The impact of key audit matters disclosure on debt cost of the companies of the Nasdaq Baltic market.
No full textRelevance of the topic. Lack of transparency in market relations is still a problem today and the audit of financial statements is seen as one of the means to reduce it. The financial scandals resulting from the bankruptcies of multinational corporations have led to a lack of confidence among information users in the information contained in audit reports. The audit sector is characterized by static behaviour, but a recent development – the introduction of International Standard on Auditing 701 “Communicating Key Audit Matters in the Independent Auditor's Report” (International Standard on Auditing 701, Communicating Key Audit Matters in the Independent Auditor's Report, 2015), which requires disclosure of key audit matters in the auditor's report as of 2016, – is the first step after a long time to reduce information asymmetries between audit firms and users of information. The change has led to new research, but only a small number of these focus on the impact on investors' and creditors' choices. As a cheaper source of financing than equity, debt capital is becoming a priority for many companies in their choice of financing method. The disclosure of key audit matters as high risk areas may influence creditors' decisions on the cost of debt. The object of the study is the impact of key audit matters disclosure on debt cost. The purpose of the study is to determine the impact of key audit matters disclosure on debt cost of the companies of the Nasdaq Baltic market. Research methods. Analysis and synthesis of the literature to determine whether there is a relationship between key audit matters disclosure and the cost of debt. Data collection using information available on the Nasdaq Baltic stock exchange. Content analysis of audit reports to convert qualitative information into quantitative information. Descriptive statistics, correlation and regression analysis to process the data. Key findings. The first part of the report provides an overview of research on the impact of key audit matters disclosure on the informativeness of audit report and stakeholder decisions. It is found that key audit matters disclosure reduces information asymmetry and increases market transparency when the information in the key audit matters section is individual to each audited entity. The literature review reveals that the impact of key audit matters disclosure on creditors' decisions has not been fully explored, as the prevailing research has conflicting results. The second part analyses the background to the requirement to disclose key audit matters and identifies the users of audit report information, with a particular focus on creditors. It also analyses the types of key audit matters, the factors that determine the number of key audit matters to be disclosed and develops a conceptual model for a study focusing on the impact of key audit matters disclosure on the cost of debt. The third part develops the methodology of an empirical study to determine the impact of key audit matters disclosure on the cost of debt of the companies of the Nasdaq Baltic market. The fourth part presents results of the empirical study. It is found that audited firms in 2018–2019 are in a worse financial position than in 2021–2022, with more key audit matters being disclosed, but a lower cost of debt. The correlation analysis reveals that there is a weak negative correlation between the cost of debt and the number of key audit matters and the length of the section in 2018–2019 and a weak positive correlation in 2021–2022. A statistically significant relationship between the cost of debt and the number of key audit matters was found only for the period 2021–2022, i.e. a higher number of key audit matters disclosed in the audit report signals a high riskiness of the audited company and leads to a higher cost of debt. A statistically significant relationship between the length of the key audit matters section and the cost of debt is found for both 2018–2019 and 2021–2022. The negative impact on the cost of debt in 2018–2019 is based on the theory examined in the literature review, which suggests that a longer section on key audit matters provides greater assurance to creditors. The positive impact on the cost of debt in the period 2021–2022 reflects a change in creditors' attitudes towards the length of the key audit matters section, treating it as a signal of the borrower's riskiness. The contradictory results of the empirical study point to the need for more detailed studies focusing on the assessment of long-term trends, the application of new research methods and the expression of debt through additional characteristics, i.e. loan size, maturity or collateral
The impact of consumer trust in telemedicine on willingness to disclose personal data and intentions to use telemedicine services.
No full textAs technology has evolved rapidly in recent years, the dynamics of healthcare services are changing aswell. The COVID-19 pandemic has accelerated the development and adoption of telemedicine services worldwide. Researchers point out that telemedicine has the potential to address various challenges in the healthcare system, such as access to services, shortage of specialized physicians. Therefore, in order to increase the level of usage of telemedicine services, it is important to find out what determines users' intentions to use telemedicine and in what way they can be strengthened. Trust is often highlighted in the scientific literature as a factor that determines the consumer's intention to use telemedicine services. However, it is observed that trust in telemedicine is treated in a heterogeneous way, both as a unidimensional and a multidimensional construct. Moreover, the relationship between trust and willingness to disclose personal data has not been extensively explored, which is particularly important as health data is a necessary element for health services to ensure quality of service. If consumers are not willing to disclose personal data when using telemedicine services for certain reasons, such as lack of data security or reliability of the telemedicine technologies, it is likely to have a negative impact on their willingness to use telemedicine
Impact of consumer eco-literacy on intention to buy and willingness to pay a premium for sustainable products.
No full textThe market for sustainable products is growing rapidly – it is projected to reach a global value of 12 trillion USD by 2030 (Ingenbleek & Krampe, 2023). In 2023 alone, products with sustainability labeling generated 20% of global revenue (Euromonitor, 2024), and many young consumers are willing to pay a premium for such products (Statista, 2022a). Notably, trust in sustainable products is undermined by the phenomenon of greenwashing concerns – only 23% of consumers trust brands’ information and symbols related to sustainability (Riaz et al., 2023). Eco-literacy – defined as consumers’ ability to understand environmental issues and recognize credible sustainability information – is becoming a critical factor in promoting sustainable behavior (Cheah & Phau, 2011; Wei et al., 2018). Existing research shows that the impact of consumer eco-literacy on behavioral responses, such as the intention to buy sustainable products or to pay a premium for them, can be either direct or mediated by other variables. All things considered, the research question of the project is: How does consumer eco-literacy impact their behavioral intentions to buy and pay a premium for sustainable products? The aim of the project is to theoretically and empirically substantiate the impact of consumer eco-literacy on their intentions to buy sustainable products and willingness to pay a premium for them. Main project results. Based on the literature review, six main research constructs were identified: consumer eco-literacy, attitude toward sustainable products, perceived consumer effectiveness, green wash fear and two behavioral intentions. The model proposed both direct and indirect relationships between the constructs. The empirical analysis was conducted with 482 respondents who met two criteria: they had previously purchased sustainable cosmetics and possessed basic knowledge about sustainability. Factor analysis revealed that the construct of consumer eco-literacy consists of two core dimensions – knowledge and understanding, awareness and practical actions. Descriptive analysis showed that respondents tended to agree with statements related to consumer eco-literacy, attitude toward sustainable cosmetics, and perceived consumer effectiveness. However, they were more skeptical about greenwashing-related items. Agreement with statements regarding the intention to buy sustainable cosmetics was higher, whereas the average values related to the willingness to pay more remained lower. Regression analysis revealed that consumer eco-literacy had a significant impact on the intention to buy sustainable cosmetics. However, the hypothesis predicting its impact on the willingness to pay a premium was not supported. The indirect impact of consumer eco-literacy on both behavioral intentions was stronger when mediated by attitude toward sustainable cosmetics and perceived consumer effectiveness. Furthermore, the results showed that green wash fear significantly weakened the impact of consumer eco-literacy on the intention to buy sustainable cosmetics. The moderating effect was weaker in the relationship between perceived consumer effectiveness and the intention to buy sustainable cosmetics
The impact of macroenvironmental factors on self-employment in Lithuania.
No full textThe labour market structure is changing due to the accelerating globalization and technological progress. Self-employment is becoming a more popular alternative to wage employment, offering the opportunity to earn at least a minimal income. People choose to be self-employed due to various reasons, for e. g., new career opportunities, financial independency or the desire for autonomy. This alternative employment form has advantages, for e. g., people enjoy working independently and it offers a better work-life balance, however, there are some disadvantages, for e. g., unstable monthly income. Scientific literature identifies that self-employment trends are caused by economic, social-cultural, political-legal and scientific-technological factors. Individual authors examine various macroenvironmental factors changes and how these changes affect self-employment based on the geographical territory or age group. The lack of research examining the impact of changes in macroenvironmental factors on self-employment highlights the problem: how do individual macroenvironmental factors and their synergy influences self-employment trends? The identified problem defines the object of the study: self-employment, and the aim of the study: to identify how macroenvironmental factors and their changes affect self-employment trend in Lithuania. Empirical study is conducted using the Lithuanian statistical data from 1998 to 2023. Various econometrical models are used to identify the effect of macroenvironmental factors changes on self- employment. When analysing the individual factors effect on self-employment, it was found that only unemployment rate has a significant impact on self-employment. The unemployment rate has only a short-term negative impact on self-employment. Even though the effect of the unemployment rate is the opposite of what is identified in the scientific literature, this could possibly be explained by the geographical factors, or people attitude towards self-employment. The ARDL model was used to identify the complex effect of macroenvironmental factors on self-employment. The unemployment rate and households who have the computer and access to the internet were solely used as independent variables in this model. In this case, only households who have the computer and access to the internet has a significant effect on the number of self-employed people. This effect is positive and is significant in the short-term. The ARDL model results confirmed the theoretical effect of internet usage on self-employment. It concludes that people who have access to the internet are more likely to become self-employed than those who do not have access to the internet. Furthermore, non-linear models with the other two independent variables (inflation and R&D expenses) were statistically significant, but they were not accurate. To conclude, the empirical study only partially confirmed the theoretical assumptions of macroenvironmental factors effect on self-employment that were identified during the scientific literature analysis
Atvirų inovacijų vaidmuo medicinos prietaisų kūrime: iššūkiai orientuojantis į Europos reguliavimo aplinką.
No full textThe innovation landscape for medical device manufacturers in the European Union has undergone significant changes since the introduction of the European Union Medical Device Regulation (EU MDR) in 2021. While open innovation practices offer strategic advantages in fostering technological advancement and agility, the need for compliance presents significant barriers to their practical implementation in small and medium-sized enterprises (SMEs). This study examines the interplay between open innovation and MDR compliance through a qualitative single-case study conducted at Spiegelberg GmbH, a Germany-based SME in the medical device industry. The firm specializes in developing and manufacturing neurosurgical devices, operating across more than 70 countries, and is representative of innovation-driven, internationally active SMEs navigating strict regulatory environments. The study's methodology employs semi-structured interviews across multiple functional departments and utilizes thematic analysis to interpret the data. As a result, five major themes emerged: Regulatory burden and innovation constraints, Market access challenges and regulatory risks, Internal organizational adaptations, External collaboration barriers, and Strategic and ethical reflections. Further subcode analysis revealed that documentation complexity, opportunity costs of compliance, and innovation fatigue are dominant internal barriers. At the same time, market access is hindered by regulatory misalignment across multiple markets and bottlenecks imposed by notified bodies. Internally, organizations face a steep learning curve in terms of regulations and fragile knowledge-sharing networks. Externally, selective openness and limited absorptive capacity hinder effective collaboration. Strategic reflections show contradictory insights on balancing innovation needs with regulatory expectations. The findings highlight a systemic misalignment between the iterative, rapid nature of open innovation and the methodological requirements of MDR compliance. SMEs are increasingly internalizing innovative activities to manage regulatory risks. However, structured frameworks that integrate external collaboration with robust compliance strategies can enable firms to retain agility while ensuring adherence to regulatory standards. This study contributes to the growing discourse on innovation management in regulated industries and offers practical recommendations for SME’s seeking to harmonize open innovation practices with compliance obligations
Enabling peer-to-peer business models in the circular fashion industry.
No full textThe growing need for the fashion industry to transition from a linear to a circular business model has highlighted the limitations of traditional production and consumption systems, particularly in terms of resource intensity, environmental impact, and social responsibility. In this context, the peer-to-peer business model offers a promising alternative by promoting decentralized exchange, extended product use, and active user engagement. This model challenges the conventional logic of the fashion industry by enabling value creation through direct interaction among ecosystem participants. While the peer-to-peer model holds strong potential to advance circularity, its practical implementation in fashion remains insufficiently explored, and clear guidance on how to enable such models in this context is still lacking. Current research and practice often address the issue in a fragmented manner, focusing on isolated elements such as digital infrastructure, user participation, or sustainability practices. As a result, companies aiming to develop and scale peer-to-peer models face uncertainties when navigating strategic, operational, and contextual challenges. This highlights the need to develop a conceptual model that reflects the enabling conditions, systemic interdependencies, and ecosystem dynamics required for the successful implementation of peer-to-peer business models in the circular fashion industry
A method for detecting phishing attacks in communication applications.
No full textModern and up-to-date systems are not sufficiently protected against cybercrime, phishing attacks have become a significant threat in online communication platforms. Criminals send different malicious messages, links, files in an attempt to obtain sensitive information from the victim. The aim of this final Master's project is to investigate data gathering attacks on communication platforms and to develop a method to detect malicious content. The aim of this project is to automate the analysis of outgoing messages in real time and to ensure that data solicitation attacks are detected. The proposed method analyses files, links using a set of defined rules and text using machine learning to identify data gathering attacks. Experimental results demonstrate the method's high efficiency and accuracy in detecting phishing cyber attacks
Challenges on Multilyer Composites Desintegration and Materials Recovering for Waste Printed Circuit Boards /
No full textPrinted circuit boards (PCBs) are one of the most common types of multilayer composites used in many electrical and electronic equipment devices. The most important layers are Conductive Layer, Dielectric Layer, Solder Mask Layer, Silkscreen Layer. In most cases, PCBs with multiple conductive and interconnected layers are formed. The dielectric layer can be formed from such materials as FR-4 (composite material composed of woven fiberglass cloth with an epoxy resin binder that is flame resistant), CEM materials, polyimides, Teflon, etc. The choice of these materials depends on the nature of the PCB operation. Copper is usually used for the conductive layer, for specialized PCB – also aluminum, silver, gold. Due to technological development the nature of materials used for PCB layers is constantly changing. For example flexible PCBs are increasingly being used instead of rigid PCBs. And this affects the process of recovering valuable materials at the end of their life time due to the variety and different properties of these materials. Generally, the process of recovering materials from used PCBs consists the main stages - mechanical crushing and separation, hydrometallurgical extraction and selective concentration of different valuable metals. At the industrial level, mechanical processes are mainly used, while hydrometallurgical extraction presents many challenges, so the right answers are still being sought at the laboratory level. Attention should also be drawn to the fact that when FR-4 is used for the dielectric layer, so after mechanical crushing it is also appropriate to recover the epoxy resins by dissolution them with solvents, which is impossible to apply to other types of dielectric layers. This paper shares the laboratory experience of recovering valuable materials from computer PCBs and push-button cell phone PCBs. Many current challenges are started from the sorting of used PCBs and continued on further hydrometallurgical extraction of metals, when it comes to the efficiency of leaching of rare and precious metals from the dielectric layer. Keywords: printed circuit boards, dielectric layer, conductive layer, mechanical treatment, disolution, hydrometallurgical extraction