The paper aims at the empirical evaluation of the impact of bank size (as measured by median total assets) on the value relevance of two key accounting variables, i.e. book values of equity and net earnings, in terms of their joint explanatory power in the regression model and the relative responsiveness of bank market values to the changes in those variables. The research is based on the multiple linear regression analysis after controlling for the presence of fixed and random effects. The examined sample covers all domestically-based commercial banks listed on the Warsaw Stock Exchange over the period 1998–2017. The final pooled sample comprises 18 banks and 271 bank-year observations. The findings of the study suggest that the equity investors perceive the joint informational content of book values and earnings of larger banks as more value relevant in comparison to the accounting numbers reported by their smaller peers. The responsiveness of banks’ market values to the changes in each of the explanatory variables seems, however, to be affected by their size in a different way. As expected, book values of equity have turned out to be significantly more informative for smaller banks, whereas the evidence regarding the impact of size on the responsiveness of bank market values to the changes in net earnings is ambiguous. Although larger banks appear to exhibit a higher sensitivity of stock prices to variations in net earnings per share than their smaller peers, the difference between the examined subsamples is not statistically significant.
In the definition of civic competences which is situated in the Annex to Recommendation of the European Parliament and of the Council of 18 Decem-ber 2006 on key competences for lifelong learning – Key Competences for Life-long Learning – a European Reference Framework it is written: “Full respect for human rights including equality as a basis for democracy, appreciation and understanding of differences between value systems of different religious or ethnic groups lay the foundations for a positive attitude”. Therefore, the question is: Does school education in general premise developing attitudes based on val-ues essential to democracy? The answers to this question can be searched con-ducting various studies. The paper presents the results of analysis of the core curricula conducted by a team of researchers from the Department of School Education, Faculty of Educational Sciences, Nicolaus Copernicus University in Torun (Poland). Why core curricula have become the object of our research? Basically, for two reasons. Firstly, the school has obligated to implement them, and all school programs and textbooks have to be consistent with them. Second-ly, they are also a kind of articulation and a declaration of competence required from people in the given place and time.
A prospective brown coal mine "Legnica" is to be responsible for forming a depression funnel which can cover "Ścinawskie Swamps" where 26 herbaceous plant species forming 7 communities were recognized, among others: Phragmitetum australis, Caricetum gracilis and Acoretum calami. Investigated wetland characterizes changeable level of water which brings about the presence of as many as 30.77% species connected with Molinio-Arrhenatheretea class. The half of taxa belongs to synantropic species, while 50% are non - synantropic ones. The area of "Ścinawskie Swamps" can be assessed as featuring moderately high nature values and, therefore worth further protection as ecological areas.
The paper discusses selected topics in moral philosophy of Professor Bogusław Wolniewicz. His overall approach is marked by intellectual independence and analytic treatment of moral issues. The theory of values that he has endorsed can be described as a moderate non-religious absolutism based on weak metaphysical principles. Although in general his normative position can be assimilated to the views of an enlightened liberal, it also clashes with that position insofar as he proclaimed the existence of ontological evil and supported legitimacy of death penalty.
Weak value amplification is a measurement technique where small quantum mechanical interactions are amplified and manifested macroscopically in the output of a measurement apparatus. It is shown here that the linear nature of weak value amplification provides a straightforward comparative methodology for using the value of a known small interaction to estimate the value of an unknown small interaction. The methodology is illustrated by applying it to quantify the unknown size of an optical Goos-Hänchen shift of a laser beam induced at a glass/gold interface using the known size of the shift at a glass/air interface.
This paper presents the innovative activity of enterprises as a process that is risky but necessary for the survival of a company in a competitive market, and as a way to maximize the long-term value for the owners. Risks and benefits were analysed, and the possible sources of added value in innovative projects were identified in the context of the capital market equilibrium and the budgeting of investments. Innovative projects become a source of added value for investors if the financial effects such as changes in the residual cash flow and higher growth rate outweigh the combined impact on the risk generated by two factors: increase of systematic risk and emerging specific risks.
The subject matter dealt with in this article fits into a broader discussion on sovereignty and patriotism, which has intensified since Poland’s accession to the European Union. It is also associated with the topical issue of patriotic education of children and adolescents, in which the Church engages along with the family and the school (e.g. as part of religion lessons, parochial catechesis, specialist pastoral work). When taking up the subject matter described in the title, the author first focused on whether now, in a changed historical context, speaking about patriotism and patriotic attitudes is still sensible and whether a Christian can (should) be a patriot. When seeking an answer to this question, a reference was made mainly to the Letter of the Polish Episcopate On Christian Patriotism, issued on the 200th anniversary of the first partition of Poland, and to the document of the Conference of the Polish Episcopate prepared by the Council for Social Matters, entitled The Christian Shape of Patriotism. It was against this background that an answer was sought to the question about patriotic content in homilies and catechesis. Homilies delivered by St. John Paul II during his pilgrimages to his homeland were used as a model in this regard. The basic assumptions of the religion teaching syllabus for schools and parochial catechesis, which refer at multiple points to patriotism as a value, emphasising the importance of developing an attitude of respect and love for one’s homeland and its cultural heritage, as well as a motivation to actively participate in social life, were also discussed.
In the article the Author presents the typology of alternative history and in its light he characterises the historical writings of Jerzy Łojek, in particular his approach towards history of November Uprising, 1830–1831.
The works of Bogusław Wolniewicz contain a philosophical system. It needs to be extracted and revealed through a recomposition of his output which comprises close to 600 individual publications and auditions. It is a system of Pythagorean-Manichean kind, or, to put it differently, Leibnizian-Augustinian kind. The Professor described his philosophy as a rational ‘tychism’. It claims that the world and man are governed by chance (especially human nature in which an element of evil has some influence) and that mind, even though it uses logic to reflect the world, is barely an irrelevant addition in the vast universe. Such a stance is unusual in modern thought, though not in the history of thinking. It is in clear opposition to the scientifically bended rationalism and irrationalism that dominate contemporary thought. The logical coherency and extensiveness of Wolniewicz’s concerns constitute the essence of his philosophical system, though it goes largely unnoticed, due to the meaninglessness of several of his claims to his opponents. At its foundation lies the metaphysics of situations developed by L. Wittgenstein but further elaborated by Wolniewicz. The contribution by Wolniewicz is not his greatest accomplishment, however. The metaphysics of situations is his organon – merely a thinking tool – used to extract the most crucial and deeply hidden truths about the world. Due to these circumstances and the modern achievements in logic when it is practiced in Wolniewicz’s style, new discoveries are made that were not possible in the past. For example, it is possible to incorporate both Christian axiology and anthropology with Marx’s sociology in one system. It evocates widespread amazement but also fierce resistance from conservative readers, but their protests are ungrounded. ‘Truth always agrees with truth’ – said Wolniewicz. When it comes to Wolniewicz’s system, its coherence counts most, and it is best manifested in the objectivistic and absolutistic philosophy of values as well as pessimistic philosophy of the human condition (both being of Christian provenance). One can depict Wolniewicz’s system as a cathedral with numerous towers, persistently built over 70 years of his active academic life. The main towers are: ontological-theological, anthropological and axiological (of practical philosophy, describing human duties). Standing shoulder to shoulder with them are smaller turrets corresponding to such subfields as epistemology, philosophy of culture, philosophy of religion, esthetics etc. The metaphysical aspect of Wolniewicz’s philosophy is blended from specific classic theorems and original claims expressed in synthetic a priori propositions. They are supported by the logical structure of language, and language itself is supported by the structure of human genotype (DNA). Technically one can reach the most general truths about the world by continuous thinking, but the ability to use that skill is a privilege reserved for exceptional geniuses.
Mechanical properties of an Al-alloy die casting depend significantly on its structural properties. Porosity in Al-alloy castings is one of the most frequent causes of waste castings. Gas pores are responsible for impaired mechanical-technological properties of cast materials. On the basis of a complex evaluation of experiments conducted on AlSi9Cu3 alloy samples taken from the upper engine block which was diecast with and without local squeeze casting it can be said that castings manufactured without squeeze casting exhibit maximum porosity in the longitudinal section. The area without local squeeze casting exhibits a certain reduction in mechanical properties and porosity increased to as much as 5%. However, this still meets the norms set by SKODA AUTO a.s.
In Poland the position of a leader of political party Law and Justice has become the most important position in the country. His will has the power of law. The boundary between his will and the will of a state has blurred. The leader holds unlimited power, although he does not hold any public position. He is beyond legislative, executive and judiciary. The constitutional rule of control, complementing and hindering was replaced by charismatic power of the leader of Law and Justice. The power in Poland is held by one man. The „new law order” (Constitutional Court, National Council of the Judiciary of Poland, common courts, Supreme Court, prosecutors office) serves political purposes of the leader of Law and Justice. That is the reason for judges exchange in Poland. Lawlessness has become law. Law has been turned into a political instrument and it was done in the most vulgar way. Law serves Law and Justice’s political purpose, with disregard and disrespect to constitutional values. The system of constitutional values is not relevant for Law and Justice in the process of establishing law. A system based on autocracy is created. The main legislative competence is held by the leader of Law and Justice. Systematically, with absolute consistency, a totalitarian regime is built, where legislative and executive is under control of one man, who himself remains out of constitutional control and has no constitutional responsibility.
The analysed midforest peatlands are located in Natura 2000 sites: PLH060034 Uroczyska Puszczy Solskiej and PLH060031 Uroczyska Lasów Janowskich. The aim of the study was to evaluate plant communities as well as identify rare and legally protected plant, fungal, and animal species occurring in these areas. The analysed peatlands are characterised by a high diversi-ty of plant communities. They also provide habitats for legally protected and rare fauna and flora species. The peatlands exhibit high aesthetic and health-enhancing values.
The hazard assessment of ultrasonic noise impact on human body at workplaces presents an open problem; it is not satisfactorily solved comparing the fund of knowledge and standard regulations established for the case of audible noise. Some research carried on in the Central Institute of Labour Protection - National Research Institute, Poland, are essential for elaboration reliable procedures for the assessment of ultrasonic noise hazard and they have to bring to modernization and creation the corresponding standards in this field. In the presentation, some problems related to measurement procedures applied as well as to the interpretation of results essential for hazard assessment of ultrasonic noise impact on human body will be considered; in particular such cases where some procedures elaborated for audible noise assessment are being transferred to apply in the ultrasonic range without taking fully into account some specific aspects of the high frequency components of the noise.
The article describes the influence of anomalous values and local variability on the structure of variability and the estimation of deposit parameters. The research was carried out using statistical and geostatistical methods based on the Pb accumulation index in the shale series in part of the Cu-Ag ore deposit, LGCD (Lubin-Głogów Copper District). The authors recommend the use of a geostatistical tool, the so-called semivariogram cloud to determine the anomalous values. Anomalous values determined by the geostatistical method and removed from the dataset have resulted in a significant reduction of the relative variability of data, which is still very large in the case of the analyzed parameter or parameters with similar statistical features such as extreme variability and strongly asymmetric distribution. Calculations of the resources of this element can be treated only as estimates and formally classified to category D. The hypothetical assumption of the absence of sampling errors, resulting in a decrease in the magnitude of local variation, leads to a certain reduction of the median error of resource estimates. However, they are still high (> 35%). This is due to the large natural variability of the accumulation index of Pb on the local observation scale. The current method for collecting samples from mine workings of the Cu-Ag deposits in the Lubin-Głogów Copper District (LGCD), aimed at the proper assessment of copper resources, the Cu content, and at estimating the quality of copper output, makes it impossible to achieve an accuracy of estimates of Pb resources similar to that obtained for the main metal. Theoretically, this effect can be achieved by a strong concentration of the sample collection points and thanks to a multiple increase in the samples weight; this, however, is unrealistic for both economic and organizational reasons. It is therefore to be expected that the assessment of Pb resources and other accompanying elements of similar statistical features (e.g. As), located in parts of the deposit where mining activities are to be carried out, will be subject to significant errors.
Bogusław Wolniewicz presented his axiological system in four volumes of Filozofia i wartości (“Philosophy and Values”: 1993, 1998, 2003, 2016). For Wolniewicz, just as for his mentor Henryk Elzenberg, axiology is openly assertive and encompasses a painful confrontation of opposite moral beliefs. Wolniewicz’s vision of the reality is gloom, bitter, dramatic and deeply pessimistic. In history he detects unwelcome contributions of demonic powers (Manichaeism), he also believes that human moral character is genetically given and immutable (determinism), that some people are deprived of conscience (dualism), and that the tendency toward evil cannot be reformed (non-meliorism), human reason is not sufficient for a morally good action (voluntarism), while the so-called free will is no more than a manifestation of instincts (irrationalism). Everyone follows their pleasure (hedonism), but not everyone seeks pleasure in the same actions. In particular, some people take pleasure in cruel and destructive behaviour (demonism), while some others mind their own business (utilitarianism), and rare are those who devote themselves to higher values (perfectionism). Religion is a human invention and it emerges as a natural phenomenon in reaction to the fact of mortality. The institution of the Church should nevertheless be honored even by nonbelievers because it supports conservative values. In contemporary Western civilization a crisis can be observed between the conservative part of society (‘right-handed orientation’) and the liberal one (‘left-handed orientation’). Hateful emotions appear on both sides and are dangerous to Western unity. Conservative orientation is attached to the idea of fate, i.e. irrational power that occasionally turns human life into tragedy (fatalism). Wolniewicz’s vision is close to the theology of St. Augustine (original sin, predestination, radical dualism of good and evil) but without a consolation in hope for immortality.
The aim of the article is to present the issue of risk and related management methods, with a particular emphasis on the conditions of investment in energy infrastructure. The work consists of two main parts; the first one is the theoretical analysis of the issue, while the second discusses the application of analysis methods on the example of the investment in an agricultural biogas plant. The article presents the definitions related to the investment risk and its management, with a particular emphasis on the distinction between the risk and uncertainty. In addition, the main risk groups of the energy sector were subjected to an analysis. Then, the basic systematics and the division into particular risk groups were presented and the impact of the diversification of investments in the portfolio on the general level of risk was determined. The sources of uncertainty were discussed with particular attention to the categories of energy investments. The next part of the article presents risk mitigation methods that are part of the integrated risk management process and describes the basic methods supporting the quantification of the risk level and its effects – including the Monte Carlo (MC), Value at risk (VaR), and other methods. Finally, the paper presents the possible application of the methods presented in the theoretical part. The investment in agricultural biogas plant, due to the predictable operation accompanied by an extremely complicated and long-term investment process, was the subject of the analysis. An example of “large drawing analysis” was presented, followed by a Monte Carlo simulation and a VaR value determination. The presented study allows for determining the risk in the case of deviation of financial flows from the assumed values in particular periods and helps in determining the effects of such deviations. The conducted analysis indicates a low investment risk and suggests the ease of similar calculations for other investments.
The normative system of Bogusław Wolniewicz (1927–2017) can be subsumed under three categories: (1) pessimism (fatalism, or ‘tychism’ in Wolniewicz’s terms), (2) moral determinism (‘non-meliorism’), (3) conservatism (‘right-hand orientation’). Ad (1) Wolniewicz was pessimistic in two ways: he believed human life to be tragic (fatalism) and was also convinced that most people are guided by bad instincts (dualism). Ad (2) Wolniewicz believed that moral character was biologically determined and immutable. But his strong position on this subject ignores the classical view of Aristotle or the Stoics for whom moral character (or conscience) was acquired by habit and shaped deliberately. Ad (3) I suggest that a good historical example of conservative tendency was Critias of Athens. His famous fragment of the Sisyphus contains the idea of a supremacy of laws over human passions, and reduces religion to a supportive role with respect to ethics and politics. Wolniewicz’s dualism of right-hand and left-hand orientation encourages me to distinguish between a right-wing and a left-wing perception of value. For a leftist, value is intensity of a chosen feature (progressive value), whereas for a rightist, value is an area of freedom between inacceptable extremities (modular value). On these premises I propose a simple model of axiological conflict between left-wing and right-wing citizens.
Axiological chaos and unsustainable man’s acting in a contemporary world has led him to a total confusion. He constantly acts toward environmental and cultural degradation. Also in social dimension a permanent and “general” crisis dominates. The crisis is rooted on multi-category stratification and based on post-truth models of interpersonal communication in traditional and virtual realities. Neoliberal model of economical conquest, in turn, effects unsustainability in economic sphere. Thus, in common reception – for the most people in the world – such situation has become unbearable. So, it is the educators’ duty to look for – with the intention to put into practise – such concepts and pedagogies, which could prepare the whole global society to real – not declaratory false – co-creation of its life in the world, understood as an actual and common home. Taking such perspective, the theory of Argentinian philosopher – Ernesto Laclau becomes an interesting proposition. The time of mono-dimensional – protestant and neoliberal – interpretation of values comes to the end. Now the time has come to accept the equality of different – having their roots in various cultures – value understanding. Possibility of local and particular interpretation of values – along with maintaining the rule of common good – gives the chance to update the education according to real, thus multidimensional humanistic ideal. Such a standpoint presents a way to cure/reform intercultural education, which nowadays is at an impasse. Mainly it uses stiff schemes and repeated patterns, so it has become imitative and conservative. In its contemporary formula intercultural education is not able to respond to present challenges of multicultural and global society. The need to implant into its structure the concept of sustainable development emerges as a must.