Security methods of currency positions – Garman-Kohlhagen model and the Forex market

Bardzo wiele polskich firm planując działalność musi brać pod uwagę zmienny rynek walutowy, którego zachowanie jest w praktyce bardzo trudne do przewidzenia. Transakcje walutowe to czasem podstawa egzystencji ogromnej liczby przedsiębiorstw, które musza zabezpieczać swoją firmę przed ryzykiem oraz chronić swoje zyski. Nie istnieją idealne metody zabezpieczania się przed ryzykiem kursowym, które przedsiębiorstwa mogłyby wykorzystać w każdej sytuacji. Istniejące możliwości minimalizowania ryzyka w praktyce są drogie, wymagają dużych zabezpieczeń i nie zawsze są dostępne. Rynek Forex, poprzez swoje niskie bariery wejścia, nieograniczoną dostępność i płynność stał się doskonałą alternatywą zarówno dla opcji walutowych, jak i całego rynku giełdowego. Rozsądne inwestowanie, przy niewielkiej wiedzy na temat funkcjonowania rynków finansowych, może okazać się dla inwestorów doskonałym zabezpieczeniem pozycji walutowych.A great many Polish companies planning activities must take into account the volatile currency market whose behavior is quite difficult to predict. Foreign currency transactions are sometimes the basis of existence for a large number of companies that need to protect their business against risk and protect their profits. There is no ideal method of hedging against foreign exchange risk that the company could use in every situation. The existing risk hedging possibilities in practice are expensive, they require high security and are not always available. The Forex market through its low barriers to entry, unlimited availability and liquidity has become a great alternative for currency options and the stock market. Reasonable investment with little knowledge of the financial markets may be a perfect protection for investors currency positions

Currency Union and Currency Risk

W artykule rozpatrzono problem wstąpienia Polski do strefy euro, rozważając ściśle dotyczące tego zagadnienia ryzyko walutowe. Podjęto próbę oszacowania kosztów związanych z eliminacją ryzyka kursowego. Badania zostały przeprowadzone na danych od stycznia 2012 do sierpnia 2014 roku.In the article the problem of accession of Poland to the euro zone is examined considering the foreign exchange risk closely associated with this issue. An attempt to estimate the costs associated with the elimination of the exchange rate risk was made. Research was conducted on the data from January 2012 to August 2014

Wykorzystanie statystyk pozycyjnych do analizy kredytów we frankach szwajcarskich

The article presents the analysis of the exchange volatility of the Swiss franc against the Polish złoty (CHF/PLN). This issue has a significant practical relevance. Owing to its considerable volatility, the exchange rate of this currency pair has had a significant impact on the situation of several hundred  thousand of borrowers. In the first decade of this century there were numerous loans (predominantly housing loans) granted which were denominated in Swiss francs. This often causes serious difficulties in debt servicing and can have significant social and economic implications. Therefore, those in power have been seeking to solve this problem in a variety of ways although no solutions has been implemented at the time of sending this paper for publishing.W pracy rozpatrywano zachowanie pary CHFPLN.  Dla wielu ludzi w Polsce jest to bardzo ważna waluta ponieważ polskie banki właśnie we frankach szwajcarskich udzielały wielu kredytów. W celu zbadania kursu wymiennego wykorzystano elementy teorii statystyk  pozycyjnych .Twierdzenie Bermana daje przydatny wynik w dwóch przypadkach. Natomiast zastosowanie niestacjonarnych  modeli i rozkładu Pareto (grube ogony) nie przyniosło zadowalających rezultatów

Methods of Handling the Cup Plant (<i>Silphium perfoliatum</i> L.) for Energy Production

The aim of the study was to determine the possibilities of using cup plants (Silphium perfoliatum L.) to generate energy. The energy balances of the combustion and anaerobic digestion were compared. The research showed that cup plants could be used as a raw material for solid fuel and for anaerobic digestion. An energy balance simulation showed that electricity could be generated through the anaerobic digestion of cup plants. The following amounts could be generated in the anaerobic digestion process: 1069 kWhe from 1 Mg of the raw material fragmented with an impact mill, 738.8 kWhe from 1 Mg of the raw material extruded at a temperature of 150 °C, and as much as 850.1 kWhe from 1 Mg of the raw material extruded at 175 °C. The energy balance of the combustion of biofuel in the form of cup plant pellets showed that 858.28 kWht could be generated from 1 Mg of the raw material. The combustion of solid biofuel generated a relatively low amount of heat in comparison with the expected amount of heat from a biogas-powered cogeneration system due to the high energy consumption of the processes of drying and agglomeration of the raw material for the production of pellets

Methods of Handling the Cup Plant (Silphium perfoliatum L.) for Energy Production

The aim of the study was to determine the possibilities of using cup plants (Silphium perfoliatum L.) to generate energy. The energy balances of the combustion and anaerobic digestion were compared. The research showed that cup plants could be used as a raw material for solid fuel and for anaerobic digestion. An energy balance simulation showed that electricity could be generated through the anaerobic digestion of cup plants. The following amounts could be generated in the anaerobic digestion process: 1069 kWhe from 1 Mg of the raw material fragmented with an impact mill, 738.8 kWhe from 1 Mg of the raw material extruded at a temperature of 150 &deg;C, and as much as 850.1 kWhe from 1 Mg of the raw material extruded at 175 &deg;C. The energy balance of the combustion of biofuel in the form of cup plant pellets showed that 858.28 kWht could be generated from 1 Mg of the raw material. The combustion of solid biofuel generated a relatively low amount of heat in comparison with the expected amount of heat from a biogas-powered cogeneration system due to the high energy consumption of the processes of drying and agglomeration of the raw material for the production of pellets

Chemical Characteristics of Selected Grass Species from Polish Meadows and Their Potential Utilization for Energy Generation Purposes

Analyses were conducted on 10 grass species from permanent grasslands in the Noteć Leniwa and Noteć Bystra valley. Their chemical composition was assayed, and their heat of combustion and heating value were determined. The cellulose content ranged from 33.38% to 38.68%, while the content of lignin ranged from 15.42% to 21.99%, and that of hemicellulose from 30.27% to 34.31%. The heating value of grasses was comparable to that of wood from 2- to 3-year-old willows and other fast-growing energy crops. However, the calorific value of naturally dried grasses may be slightly lower. The quantities of minerals in these grasses, exceeding those in wood, did not result in a lowering of their heat of combustion. The analyses clearly showed that the investigated grass species may be successfully used for energy generation purposes

Database System for Estimating the Biogas Potential of Cattle and Swine Feces in Poland

Animal biomass is an important substrate in the anaerobic digestion process. The implementation of a waste technology for energy production, such as the production of biogas from animal waste, has been recognized in many countries as one of the best ways to achieve the Sustainable Energy Development Goals. Without a systematic review of resources and accurate estimation of available sources in terms of the amount of potential electricity, it is impossible to manage biomass rationally. The main aim of the article was to present a new tool for assessing the biomass of animal origin and estimating its potential energy through a computer database, which will be widely available in the end of 2020 to show results from the calculation using the database. This tool is configured to enter the data on the developed and undeveloped biomass resources in production of farm animals in rural areas in Poland. Calculations from the database show the biogas potential of swine and cattle manure and slurry in Poland, which is approximately 5.04 billion m3, with a 60% share of methane in biogas. It is the value of approximately 3.03 billion m3 of methane. It is worth underlining that slurry and manure are not high-energy substrates; therefore, it is necessary to introduce more energetic substrate streams to improve the biogas plant efficiency

Risk factors for seroma evacuation in breast cancer patients treated with intraoperative radiotherapy

BackgroundNovel techniques in oncology provide new treatment opportunities but also introduce different patterns of side effects. Intraoperative radiotherapy (IORT) allows a shortened overall treatment time for early breast cancer either combined with whole breast radiotherapy (WBRT), or alone. Although the early side effects of IORT are well known, data on clinically important late side effects, which require medical intervention, are scarce.AimIn this study, we analyze risk factors for seroma evacuation more than 6 months after IORT.Materials and methodsWe evaluated 120 patients with a mean follow-up of 27.8 months (range: 7–52 months). Fifty-one patients received IORT only and 69 were additionally treated with WBRT.ResultsSeroma evacuation was performed 6–38 months after IORT. Two (3.9%) events were observed in the IORT group and 14 (20%) in the IORT[[ce:hsp sp="0.25"/]]+[[ce:hsp sp="0.25"/]]WBRT group. Univariate (Kaplan–Meier) analysis showed that addition of WBRT to IORT increased the risk of seroma evacuation [hazard ratio[[ce:hsp sp="0.25"/]]=[[ce:hsp sp="0.25"/]]5.5, 95% confidence interval: 2.0–14.7, P[[ce:hsp sp="0.25"/]]=[[ce:hsp sp="0.25"/]]0.011]. In a multivariate analysis (Cox proportional hazards regression), WBRT and axillary lymph node dissection were significant risk factors for seroma evacuation (model P value[[ce:hsp sp="0.25"/]]=[[ce:hsp sp="0.25"/]]0.0025).ConclusionsWBRT applied after IORT is associated with increased risk of seroma evacuation, which might be considered as a late side effect