Impact of the COVID-19 pandemic on the results of Polish socially responsible funds

Purpose – The aim of the paper is the evaluation of the results of Polish socially responsible funds during the pandemic period in comparison to two previous subperiods. Research method – In the research, the nonclassical meters of investment efficiency were used. They were designed for three research subperiods. They provided the basis for creating rankings and for studying the stability of results. The results were compared with the WIG and WIG-ESG index results.Results – The studied socially responsible funds noted lower results in the period directly before the pandemic. In the pandemic period, they, however, noted higher results than the WIG index.Originality / value / implications / recommendations – The paper bridges the research gap pertaining to the research on the results of Polish socially responsible funds during the pandemic period. The article, according to the authors’ knowledge, is one of the first papers in Poland which studies the results of socially responsible funds during the pandemic period.Paweł Jamróz: [email protected] Żebrowska-Suchodolska: [email protected]ł Jamróz - Faculty of Economics and Finance, University of BialystokDorota Żebrowska-Suchodolska - Institute of Economics and Finance, Warsaw University of Life SciencesAreal N., Cortez M.C., Silva F., 2013, The conditional performance of US mutual funds over different market regimes: do different types of ethical screens matter?, “Financial Markets and Portfolio Management”, vol. 27(4), pp. 397-429, DOI: 10.1007/s11408-013-0218-5.Bauer R., Koedijk K., Otten R., 2005, International evidence on ethical mutual fund performance and investment style, “Journal of Banking & Finance”, vol. 29(7), pp. 1751-1767, DOI: 10.1016/j.jbankfin.2004.06.035.Efama, 2020, Asset Management in Europe. An Overview of the Asset Management Industry, https://www.efama.org/sites/default/files/publications/AssetManagement%20in%20Europe%2026%20NOV%202020.pdf [date of entry: 20.07.2021].Eurosif, 2018, European SRI Study, https://www.eurosif.org/wp-content/uploads/ 2018/11/European-SRI-2018-Study.pdf [date of entry: 25.07.2021].GSI, 2020, Global Sustainable Investment Review, http://www.gsi-alliance.org/wp-content/uploads/2021/08/GSIR-20201.pdf [date of entry: 2.09.2021].Hamilton S., Jo H., Statman M., 1993, Doing Well While Doing Good? The Investment Performance of Socially Responsible Mutual Funds, “Financial Analysts Journal”, vol. 49(6), pp. 62-66, DOI: 10.2469/faj.v49.n6.62.Jamróz P., 2016, The Effect of New Socially Responsible Investment Funds in Poland, „Finanse, Rynki Finansowe, Ubezpieczenia”, nr 4(82/2), s. 495-506, DOI: 10. 18276/frfu.2016.4.82/2-43.Jamróz P., 2017, Ocena stabilności wyników fundusz społecznie odpowiedzialnych na podstawie wybranych miar efektywności relatywnej, „Finanse, Rynki Finansowe, Ubezpieczenia”, nr 2(86), s. 221-230, DOI: 10.18276/frfu.2017.86-18.Luszniewicz A., Słaby T., 2003, Statystyka z pakietem komputerowym STATISTICA PL, Wydawnictwo C.H. BECK, Warszawa.Matallin-Saez J., Soler-Dominguez A., de Mingo-Lopez D., Tortosa-Ausina E., 2019, Does socially responsible mutual fund performance vary over the business cycle? New insights on the effect of idiosyncratic SR features, “Business Ethics”, vol. 28(1), pp. 71-98, DOI: 10.1111/beer.12196.Matczak K., Wojciechowski J., Martysz C., 2019, Inwestowanie zrównoważone w zarządzaniu portfelem inwestycyjnym, „Studia i Prace Kolegium Zarządzania i Finansów”, Zeszyt Naukowy nr 176, s. 111-135.Renneboog L., Horst J.T., Zhang C., The price of ethics and stakeholder governance: The performance of socially responsible mutual funds, “Journal of Corporate Finance”, vol. 14(3), pp. 302-322, DOI: 10.1016/j.jcorpfin.2008.03.009.Shadwick W., Keating C., 2002, A universal performance measure, “Journal of Perfor-mance Measurement”, vol. 6(3), pp. 59-84.Sortino F. Price L., 1994, Performance Measurement in a Downside Risk Framework, “Journal of Investing”, vol. 3(3), pp. 59-64, DOI: 10.3905/joi.3.3.59.Sortino F., Van der Meer R., Plantinga A., 1999, The Upside Potential Ratio, “Journal of Performance Measurement”, vol. 4(1), pp. 10-15.Żebrowska-Suchodolska D., 2017, Korelacja wskaźnika Sharpe’a z miarami będącymi jego uogólnieniem dla funduszy akcyjnych w latach 2004-2015, „Annales Universitatis Mariae Curie-Skłodowska, Sectio H Oeconomia”, nr 51(6), s. 535-545; DOI: 10.17951/ h.2017.51.6.535.www 1, https://eur-lex.europa.eu/legal-content/PL/TXT/?uri=LEGISSUM%3Aem 0028 [date of entry: 10.07.2021].www 2, https://sdgs.un.org/goals [date of entry: 10.07.2021].www 3, https://www.statista.com/statistics/422102/responsible-investment-funds-assets-value-europe/ [date of entry: 12.07.2021].www 4, https://www.analizy.pl/ [date of entry: 6.07.2021].4(106)708

The 42nd Symposium Chromatographic Methods of Investigating Organic Compounds : Book of abstracts

The 42nd Symposium Chromatographic Methods of Investigating Organic Compounds : Book of abstracts. June 4-7, 2019, Szczyrk, Polan

Interactions of a hydrophobically modified polycation with zwitterionic lipid membranes

The interactions between synthetic polycations and phospho- lipid bilayers play an important role in some biophysical applications such as gene delivery or antibacterial usage. Despite extensive investigation into the nature of these interactions, their physical and molecular bases remain poorly understood. In this Article, we present the results ofour studies on the impact of a hydrophobically modi fi ed strong polycation on the properties of a zwitter- ionic bilayer used as a model of the mammalian cellular membrane. The study was carried out using a set of complementary experimental methods and molecular dynamic (MD) simulations. A new polycation, poly(allyl- N , N - dimethyl- N -hexylammonium chloride) (polymer 3 ), was synthesized, and its interactions with liposomes composed of 2-oleoyl-1-palmitoyl- sn -glycero-3- phosphocholine (POPC) were examined using dynamic light scattering (DLS), zeta potential measurements, and cryo-transmission electron microscopy (cryo-TEM). Our results have shown that polymer 3 can e ffi ciently associate with and insert into the POPC membrane. However, it does not change its lamellar structure, as was demonstrated by cryo-TEM. The in fl uence of polymer 3 on the membrane functionality was studied by leakage experiments applying a fl uorescence dye (calcein) encapsulated in the phospholipid vesicles. The MD simulations of model systems reveal that polymer 3 promotes formation of hydrophilic pores in the membrane, thus increasing considerably its permeability