Cyber Open Repository of the Warsaw School of Economics
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Rocznik Audytu i Rachunkowości
Full text linkJest to pierwsza publikacja porównująca zmianę jakościową oraz ilościową pomiędzy dotychczasowymi Międzynarodowymi standardami praktyki zawodowej audytu wewnętrznego, obowiązującymi od 2017 roku, których nowelizacja pod nazwą Globalnych Standardów Audytu Wewnętrznego została przedstawiona w 2023 roku i została wdrożona w latach 2024 – 2025.Artykuł wskazuje nowe szanse, jakie daje zmiana Globalnych Standardów Audytu Wewnętrznego w obszarze audytu programów etycznych. Zilustrowane zostały wyzwania w obszarze analizy poziomów dojrzałości etycznej organizacji oraz przedstawiono listę zadań audytowych w obszarze etyki: pożądanych, ewentualnie dopuszczalnych i niezalecanych.
Zaproponowana systematyka zadań audytowych w obszarze etyki w perspektywie Standardów jest propozycją do dyskusji, wynikającą m.in. z doświadczenia autora. Jej pozytywnemu lub negatywnemu zweryfikowaniu może służyć dalszy rozwój Globalnych Standardów Audytu Wewnętrznego oraz ewentualne oficjalne stanowiska Instytutu Audytorów Wewnętrznych, w tym oddziałów krajowych Instytutu.1143-16
Journal of Finance and Financial Law
Full text linkCel artykułu.
Celem artykułu jest przedstawienie kluczowych wniosków z analizy orzecznictwa, w tym definicji oraz najczęstszych modus operandi sprawców oraz charakterystycznych cech przestępstw manipulacji, wykorzystywania oraz ujawniania informacji poufnych. Przestęstwa te (klasyfikowane zgodnie z Rozporządzeniem MAR jako nadużycia na rynku) są szczególnie szkodliwe dla polskiego rynku kapitałowego, ponieważ naruszają zaufanie inwestorów do rynku i niszczą jego efektywność.
Metodyka.
Autorzy, bazując na literaturze, raportach organu nadzoru nad polskim rynkiem kapitałowym (KPWiG / KNF) oraz wyrokach sądowych, stworzyli pierwsze w polskiej literaturze kompleksowe opracowanie orzecznictwa dla nadużyć na rynku.
Wyniki badania.
Czas trwania procesu prokuratorsko-sądowego dla wykorzystywania lub ujawniania informacji poufnych trwał 6,5, a w przypadku manipulacji, aż 7,8 razy dłużej od przeciętnego procesu karnego. W przypadku wykorzystywania i ujawniania informacji poufnych skuteczność orzekania była zdecydowanie niższa (7% zawiadomień do prokuratury zakończyło się wyrokami skazującymi), niż w przypadku manipulacji (46%). Statystyki te wynikają głównie ze skomplikowanej materii nadużyć na rynku. Typowym modus operandi manipulacji był sztuczny jednoosobowy handel „sam ze sobą” lub ściśle powiązana ze sobą aktywność kilku osób (wash trade). Sprawcami nadużyć były przeważnie osoby o dużej wiedzy o funkcjonowaniu giełdy, które w toku postępowania próbowały zasłaniać się niewiedzą czy spekulacją, jednak często uczestnicy rynku nie byli świadomi bezprawności podejmowanych działań.The purpose of the article/hypothesis.
The purpose of the article is to present key conclusions from the analysis of case law, including the most common modus operandi of perpetrators and the characteristic features of the crimes of manipulation, insider trading and unlawful disclosure of inside information. These offenses (classified under the MAR Regulation as market abuse) are particularly harmful to the Polish capital market, as they damage investor confidence in the market and destroy its efficiency.
Methodology.
The authors, based on the literature, reports of the supervisory authority over the Polish capital market (KPWiG / KNF) and court judgments, have created the first comprehensive study of case law for market abuse in the Polish literature.
Results of the research.
The duration of the prosecutorial and judicial process for market abuse took 6.5–7.8 times longer than the average criminal trial. The effectiveness of insider trading djudication was significantly lower than in the case of manipulation (46%). The typical modus operandi of manipulation was artificial one-person trading “with oneself” or closely related activity of several people (wash trade). The perpetrators of the market abuses were mostly people with extensive knowledge about how stock exchange works, who tried to hide behind ignorance or speculation during the proceedings, but often market participants were unaware of the illegality of their actions.2 (Specjalny)169-19
Supply chains shocks and inflation in Europe
Full text linkThis article quantifies the effects of supply chains disruptions on inflation in European economies. We apply the local projections method in a panel framework and estimate responses of nine measures of consumer and producer inflation to shortages in materials and equipment reported by enterprises in the business surveys conducted by the European Commission. We find that supply chains disruptions are proinflationary for all considered measures of inflation, and a larger effect can be observed for inflation of prices of goods rather than services. The peak of impulse responses can be observed 4-6 quarters after shock, while the effect usually dies out after 8-12 quarters. The forecast error variance decomposition (FEVD) suggests that supply chain disruptions are much more important in explaining inflation changes at medium- rather than short-run forecast horizon. Moreover, supply chain shocks seem to matter relatively more for the variance of inflation of consumer prices of goods than for other measures of inflation. Interestingly, the positive estimates of the impact of supply chains disruptions on inflation can be related mainly to the period corresponding with the COVID-19 pandemics as well as the full-scale invasion of Ukraine and may exhibit asymmetric or regime-switching nature.2023/0941-27SGH KAE Working Papers Serie
Consumption modelling using categorisation-enhanced mental accounting
Full text linkCredibly representing category-of-goods mental accounting in an intertemporal optimisation framework is notoriously difficult, as this modelling approach imposes interrelations between the demand for different categories through first-order conditions. This breaks the principle of nonfungibility, contrary to the rationale of mental-accounting theory. Proofs that using intertemporal optimisation is futile in modelling this kind of behaviour are provided, and an alternative is developed: a procedural-behavioural merger of mental accounting and categorisation theories. The merger is necessary to enhance mental-accounting theory, which by itself does not inform about how mental budgets are formed, what they include and how money is spent from various accounts. A classification of six basic consumer types was devised, basing on the differences between their mental-accounting systems and variations of changes of expenditure in response to variations of net disposable income and other possible stimuli. Representing the consumer problem as a behavioural procedure including spending on nondurable and frequently-bought durable goods and decisions whether or not to purchase very expensive durable goods, such as houses and flats, allows to model real-world features such as infrequent purchases and rare debt-taking. The devised working-life cycle models of consumer behaviour are consistent with microeconomic evidence on consumption, including those features that are not accounted for by various versions of the permanent income or buffer-stock models.2023/0901-60SGH KAE Working Papers Serie
Smart Cities in Europe and Asia: Urban Planning and Management for a Sustainable Future
No full textThe smart city concept, together with the growing importance of sustainable development goals, has a significant impact on city management. For this reason, our research aim is to explore the relationship between the areas of impact and tools specific to both approaches, in the context of creating and implementing urban policy. We map the academic research of smart cities and sustainable development and present key research areas, authors, publications, institutions, and countries by conducting a bibliometric analysis based on the data from the Scopus database. Our methodology includes the established tools of network analysis of scientific collaborations such as co-authorship and keyword co-occurrence networks. The research findings may help navigate the literature on the smart and sustainable city and provide a systematic basis for developing urban management in Asia and Europe.11-1
Transformacja cyfrowa : człowiek wobec technologii
Full text linkPublikacja „Transformacja cyfrowa” stanowi interdyscyplinarną analizę procesów digitalizacji gospodarki, administracji publicznej i społeczeństwa w Polsce. Książka łączy perspektywy ekonomiczne, technologiczne, organizacyjne i społeczne, tworząc całościowy obraz zmian napędzanych przez technologie cyfrowe. Autorzy odwołują się do takich koncepcji jak digital transformation, Industry 4.0, digital maturity, organizational agility oraz data-driven management, nadając pracy charakter badawczo-analityczny i aplikacyjny zarazem.11-13
Flowers vs garbage trucks: which type of local government investment has the greatest impact on economic growth
Full text linkRecently, there has been a rise in research focused on determining the magnitude of the fiscal multiplier. One aspect of this research involves estimating the fiscal multiplier of specific components of government revenues and expenditures and different sub-sectors within the general government sector. The article showcases the results of an analysis that calculates the fiscal multipliers of local government total investments and investments broken down into 10 different categories of investment expenditures, for 73 NUTS-3 sub-regions in Poland over the period from 2007 to 2021. The findings suggest that in the 1-2 years following the initial shock, the accumulated fiscal multipliers of investment expenditures are either insignificant or are significant but less than 1. Contrarily, during the 3-5 year period, the accumulated fiscal multipliers of total investment expenditures and expenditures on road construction show a significant increase, surpassing 1.5. Meanwhile, the fiscal multiplier of investments funded by EU structural funds can reach as high as 3.0.2023/0841-17SGH KAE Working Papers Serie
Econometric Research in Finance
Full text linkWe investigate the relationship between the three most popular uncertainty measures with the means of the state-of-the-art connectedness frameworks applied to the time-varying parameters vector autoregression model with stochastic volatility. We find marked increases in uncertainty connectedness during major economic turmoil and hostile events. VIX turns out to be the most forward-looking uncertainty measure that persistently
transmits shocks to the remaining uncertainty proxies at lower frequencies. In turn, GPR, approximating specific information related to geopolitical risk, transmits shocks to other measures at short-term frequencies, while the EPU index is largely replicating unanticipated movements in the VIX or GPR. We also present implications of these findings for economic modelling.11-30
Quantitative Easing During the COVID-19 Pandemic: A Cross-Country Study
Full text linkThis paper estimates the financial market and macroeconomic effects of central bank asset purchases (quantitative easing, QE) in 16 economies which have launched asset purchases for the first time in response to the COVID-19 pandemic. We opt for regression-based methods rather than event studies, which enable us to estimate the effects of QE on government bond yields and stock prices over the first year of the pandemic rather than only at the time of the programme announcement. These estimates are inputted into Bayesian vector autoregressive models using Structural Scenario Analysis to obtain the effects on GDP and inflation. Contrary to most of the previous literature, we find that QE has a strong and robust impact on stock prices (raising them by 40% on average), but only a muted and on average neutral impact on bond yields. This translates into usually positive, but rather muted and often statistically insignificant impact on GDP of 0.4% on average and an insignificant impact on prices. Analysing the cross-country differences in the results we find that QE tends to be more effective in countries with more credible monetary and fiscal policies, which suggests that it is a useful tool primarily in advanced economies.2023-0881-81SGH KAE Working Papers Serie
Natural Rate of Interest in a Small Open Economy with Application to CEE Countries
Full text linkThis paper extends the Laubach-Williams (2003) framework, which is widely used to estimate the natural rate of interest, to make it more suitable for studying small open economies. The model is augmented with consumer inflation expectations, foreign output gap, the exchange rate, energy prices and a lending spread. It also uses survey data to improve the accuracy of output gap and potential growth estimates. This model is subsequently applied to CEE countries (Poland, Czechia and Hungary) and the euro area. The natural interest rate is found to be relatively volatile and pro-cyclical; it fell following the global financial crisis, but rebounded in recent years; however, while it remains lower than before the crisis, it is positive for all analysed economies. The model gives more precise and robust estimates than the standard Laubach-Williams framework, but ex-post revisions remain substantial.2023/0931-73SGH KAE Working Papers Serie