The present paper discusses the new Polish law on higher education in the context of the contrasted global and academic paradigms of university funding, governance, and organization. Its point of departure is the advent of international comparative data in higher education, the measurability of individuals, academic units and institutions in terms of research output, and the emergence of a new social contract between the state and universities. The key concepts used to evaluate the new law are competition in science, academic income structure and academic knowledge production structure, internationalists and locals in science, and vertical differentiation in national higher education systems. The new law is assessed in the context of the original reform proposal suggested by the national team of experts led by the present author and its long-term strategic choices are discussed in more detail, including a changing system of institutional evaluation, a revised system of academic degrees, and new excellence-focused national funding schemes.
This paper describes a forecasting exercise of close-to-open returns on major global stock indices, based on high-frequency price patterns that have become available in foreign markets overnight. Generally speaking, out-of-sample forecast performance depends on the forecast method as well as the information that the forecasts are based on. In this paper both aspects are considered. The fact that the close-to-open gap is a scalar response variable to a functional variable, namely an overnight foreign price pattern, brings the prediction exercise in the realm of functional data analysis. Both parametric and non-parametric functional data analysis are considered, and compared with a simple linear benchmark model. The information set is varied by dividing global markets into three clusters, Asia-Pacific, Europe and North-America, and including or excluding price patterns on a per-cluster basis. The overall best performing forecast is nonparametric using all available information, suggesting the presence of nonlinear relations between the overnight price patterns and the opening gaps.