On measuring the sensitivity of the optimal portfolio allocation

In this paper we consider the sensitivity problem connected with portfolio optimization results when different measures of risk such as portfolio rates of return standard deviation, portfolio VaR, CVaR are minimized. Conditioning the data (represented by spectral condition index of the rates of return correlation matrix) plays, as it is shown, a crucial role in describing the properties of the models. We report on the research conducted for 13 largest firms on Warsaw Stock Exchange.portfolio selection, Value-at-Risk, conditional Value-at-Risk

Standardization of corporate social responsibility reporting using the GRI framework

Purpose – The aim of the article is to identify the level of use of the GRI Framework in the standardization of corporate social responsibility (CSR) reporting. This is currently a crucial issue because not only the thematic range of CSR reports but also their transparency and comparability are becoming more and more significant. For that reason, the use of tools that aim to establish standards for such reports is necessary. In this perspective, the GRI Reporting Framework plays a notable role. Research method – The classical methods of research, such as the study of the subject-related literature and the method of desk research,were used in this paper. The desk research conducted in this article consisted of analysing the data published by Global Reporting Initiative in the GRI Sustainability Disclosure Database containing CSR reports submitted by companies from around the world. The selected data have been meticulously analysed which allowed to group them and conduct the inference process. Results – The carried out studies have pointed at the diversified level of disclosure in the field of both the number of CSR reports being published and the level of use of GRI Framework, which is visible when comparisons are made between countries and individual regions in the world. They also allow to notice that although Poland is in the initial stage of development of CSR reporting, GRI Reporting Framework plays an important role in the process of CSR reports preparation. Originality/value – The article has cognitive value with regards to the standardization of CSR reporting using the GRI Framework.Grażyna MICHALCZUK: [email protected] KONARZEWSKA: [email protected]żyna MICHALCZUK, PhD - Professor of the University of Bialystok Faculty of Economics and Finance, University of BialystokUrszula KONARZEWSKA, MA - Faculty of Economics and Finance, University of BialystokAnam L., 2013, Zasady raportowania – podstawa prawidłowego sporządzania raportów, [w:] Wspólna odpowiedzialność. Rola raportowania społecznego, Ćwik N. (red.), Forum Odpowiedzialnego Biznesu, Warszawa.Bassen A., Kovacs A.M, 2008, Environmental, Social and Governance Key Performance Indicators from a Capital Market Perspective, „Zeitschrift für Wirtschafts – und Unternehmensethik”, vol. 9(2), pp. 182-192, DOI: 10.5771/1439-880X-2008-2-182.Bednarowska Z., 2015, Desk research – wykorzystanie potencjału danych zastanych w prowadzeniu badań marketingowych i społecznych, „Marketing i Rynek”, nr 7, s. 18-26.Branco M.C., Rodrigues L.L., 2008, Factors Influencing Social Responsibility Disclosure by Portuguese Companies, „Journal of Business Ethics”, vol. 83, pp. 685-701, DOI: 10.1007/s10551-007-9658-z.Bulmer M., 1980, Why Don’t Sociologists Make More Use of Official Statistics?, “Sociology”, vol. 14(4), pp. 505-524.Deegan C., Unerman J., 2014, Financial Accounting Theory, McGraw-Hill Education, Australia.Di Piazza S.A., Eccles R.G., 2002, Building Public Trust: The Future of Corporate Reporting, John Wiley & Sons, New York.Directive 2014/95/EU of the European Parliament and of the Council of 22 October 2014 amending Directive 2013/34/EU as regards disclosure of non-financial and diversity information by certain large undertakings and groups, OJ L330, 15.11.2014.Dubigeon O., 2006, Legal Obligations and Local Practices in Corporate Social Responsibility, [in:] Corporate Social Responsibility, vol. 1: Concepts, Accountability and Reporting, Allouche J. (ed.), Palgrave Macmillan, New York.Duca I., Gherghina R., 2018, CSR Initiatives: An Opportunity for the Business Environment, [in:] Corporate Social Responsibility: Concepts, Methodologies, Tools, and Applications, Information Resources Management Association (ed.), IGI Global, Hersey PA, USA.Does your nonfinancial reporting tell your value creation story, 2018, Ernst & Young, https: //www.ey.com/Publication/vwLUAssets/ey-ccass-survey-2018-report/$FILE/ ey-ccass-survey-2018-report.pdf, [date of entry: 20.06.2019].Fernandez-Feijoo B., Romero S., Ruiz S., 2014, Effect of Stakeholders’ Pressure on Transparency of Sustainability Reports within the GRI Framework, „Journal of Business Ethics”, vol. 122, pp. 53-63, DOI: 10.1007/s10551-013-1748-5.Fifka M., Loza Adaui C.R., 2015, CSR Reporting – Administrative Burden or Competitive Advantage, [in:] New Perspectives on Corporate Social Responsibility: Locating the Missing Link, O’Riordan L., Zmuda P., Heinemann S. (eds.), Springer Gabler, Wiesbaden.Fijałkowska J., 2012, Społeczna odpowiedzialność wyzwaniem dla rachunkowości, „Przedsiębiorczość i Zarządzanie”, t. 13(1), s. 141-154.Geels F., 2011, The Multi-Level Perspective on Sustainability Transitions: Responses to Seven Criticisms. „Environmental Innovation and Societal Transitions”, vol. 1, pp. 24-40, DOI: 10.1016/j.eist.2011.02.002.Gelb D.S., Strawser J.A, 2004, Private versus public debt placement: does financial disclosure level affect debt placement?, “Journal of Accounting & Finance Research”, fall II, vol. 12(5), pp. 139-152Guthrie J., Cuganesan S., Ward L., 2007, Legitimacy theory: a story of reporting social and environmental matters within the Australian food and beverage industry, [in:] Proceedings of the fifth Asia Pacific Interdisciplinary Research in Accounting Conference, Lawrence S., Milne M.J. (eds.), APIRA 2007 Organising Committee, Auckland.Hofferth S.L., 2005, Secondary Data Analysis in Family Research, “Journal of Marriage and Family”, vol. 67(4), pp. 891-907, DOI: 10.1111/j.1741-3737.2005.00182.x.Iansen-Rogers J., Molenkamp G., 2007, Non Financial-Reporting, [in:] The A to Z of Corporate Social Responsibility, Visser W., Matten D., Pohl M., Tolhurst N. (eds.), John Wiley & Sons, West Sussex.Islam M.A., Deegan C., 2008, Motivations for an organization within a developing country to report social responsibility information: Evidence from Bangladesh, “Accounting, Auditing& Accountability Journal”, vol. 21(6), pp. 850-874, DOI: 10.1108/09513570810893272.Jones A., Jonas G.A, 2011, Corporate social responsibility reporting: The growing need for input from the accounting profession, “CPA Journal”, vol. 81(2), pp. 65-71.Krasodomska J., 2013, Sprawozdawczość przedsiębiorstw w świetle teorii legitymizacji, „Studia i Prace Kolegium Zarządzania i Finansów”, nr 130, s. 39-51.Manetti G., Toccafondi S., 2012, The role of stakeholders in sustainability reporting assurance, “Journal of Business Ethics”, vol. 107(3), pp. 363-377, DOI: 10.1007/ s10551-011-1044-1.Marcinkowska M., 2004, Roczny raport z działań i wyników przedsiębiorstwa. Nowe tendencje w sprawozdawczości biznesowej, Oficyna Ekonomiczna, Kraków.Matuszak Ł., 2015, Raportowanie o społecznej odpowiedzialności przedsiębiorstw (CSR) za pomocą narzędzia legitymizacji przedsiębiorstw, „Studia Oeconomica Posnaniensia”, nr 3(1), s. 112-134.Michalczuk G., 2013, Zasoby niematerialne jako czynnik wartości przedsiębiorstwa. Luka informacyjna sprawozdawczości finansowej, Wydawnictwo Uniwersytetu w Białymstoku, Białystok.O’Dwyer B., Owen D.L., 2005, Assurance statement practice in environmental, social and sustainability reporting: a critical evaluation, “The British Accounting Review”, vol. 37(2), pp. 205-229.Porter M.E., Kramer M.R., 2006, Strategy and society: The Link Between Competitive Advantage and Corporate Social Responsibility, “Harvard Business Review”, vol. 84(12), pp. 78-92.Rok B., 2004. Odpowiedzialny biznes w nieodpowiedzialnym świecie, Akademia Rozwoju Filantropii w Polsce – Forum Odpowiedzialnego Biznesu, Warszawa.Roszkowska P., 2011, Rewolucja w raportowaniu biznesowym. Interesariusze, konkurencyjność, społeczna odpowiedzialność, Wydawnictwo Difin, Warszawa.Różańska E., 2015, Integracja standardów raportowania społecznej odpowiedzialności przedsiębiorstw, „Studia Oeconomica Posnaniensia”, t. 3(1), s. 167-177.Sethi S.P., 2005, Investing in Socially Responsible Companies is a Must for Public Pension Funds – Because There is no Better Alternative, “Journal of Business Ethics”, vol. 56(2), pp. 99-129.Sroka R., 2013, Raportowanie społeczne na świecie, [w:] Wspólna odpowiedzialność. Rola raportowania społecznego, Ćwik N. (red.), Forum Odpowiedzialnego Biznesu, Warszawa.Szot-Gabryś T., 2015, Społecznie odpowiedzialne inwestowanie a społecznie odpowiedzialne inwestycje, [w:] O nowy ład finansowy w Polsce. Rekomendacje dla animatorów życia gospodarczego, Ostaszewski J. (red.), Wydawnictwo Szkoły Głównej Handlowej, Warszawa.Walińska E.M., 2015, Zintegrowany raport – początek końca sprawozdania finansowego?, „Zeszyty Teoretyczne Rachunkowości”, t. 82(138), s. 151-165, DOI: 10.5604/ 16414381.1155821.White G.B., 2009, Sustainability Reporting. Managing for Wealth and Corporate Health, Business Expert Press, New York.Wołczek P., 2013, Raportowanie społecznej odpowiedzialności przedsiębiorstw w Polsce, „Prace Naukowe Uniwersytetu Ekonomicznego we Wrocławiu”, nr 288, s. 235-248.Wróbel M., 2016, Raportowanie społecznej odpowiedzialności w Polsce w świetle unormowań Dyrektywy Parlamentu Europejskiego i Rady 2014/95/UE, „ZN WSH Zarządzanie”, nr 2, s. 83-94, DOI: 10.5604/18998658.1209978.Yen A., 2004, Effects on investor judgments from expanded disclosures of non-financial intangibles information, University of Texas, Austin.www1, https://www2.globalreporting.org/standards/g4/transition-to-standards/Pages/default.aspx [date of entry: 10.06.2019].www2, https://www.globalreporting.org/information/sector-guidance/Pages/default.aspx [date of entry: 10.06.2019].www3, https://database.globalreporting.org/search/[date of entry: 01.06.2019].1(99)748

Socially responsible investing in the European Union’s capital markets

Motivation: The growing importance of the corporate social responsibility in the socio-economic sphere means that investors more and more often in their decision-making process include, alongside criteria of the effectiveness of invested capital, factors related to ecology, social development and corporate governance. This leads to diversification of the capital market in which, besides the traditional investing, socially responsible investing is becoming increasingly important.Aim: The aim of the article is to identify the territorial diversification of socially responsible investments in the European Union’s capital markets in terms of value and investment strategies used, as well as to show the reasons for this diversity.Results: The conducted analysis showed that more and more investors in the European Union base their decisions not only on financial parameters but also on social and environmental factors. However, this market is not homogenous. This applies to both the value and preferences regarding investments strategy. A significant impact on this diversity has the level of implementation of specific legislative solutions creating favourable conditions for the development of socially responsible investing

Czwarte spotkanie z informatyką

Artykuł zamieszczony jest w : Życie Uczelni : biuletyn informacyjny Politechniki Łódzkiej, nr 155, Luty 2021Autorka artykułu jest pracownikiem Działu Rozwoju Uczelni.Łódzkie Dni Informatyki to największe w regionie wydarzenie poświęcone szeroko pojętej informatyce i telekomunikacji. Ich historia rozpoczęła się w 2017 roku, kiedy powstała idea zorganizowania imprezy informatycznej przez Politechnikę Łódzką wraz z firmami z ICT Polska Centralna Klaster i Uniwersytetem Łódzkim. W ubiegłych latach ŁDI odbywały się w formule dwudniowej, tym razem rozrosły się do dni czterech

Regulation of the Vacuolar ATPase activity

In eukaryotes, V-ATPases play an essential role in cellular pH homeostasis as they transport hydrogen ions into the vacuoles. This assures an acidic vacuolar interior and normal physiological processes associated with this organelle. Studies show that mutations in any of the VMA genes encoding for subunits of the V-ATPase pump result in growth inhibition in the absence of inositol, suggesting that V-ATPases may play an important role in phospholipid biosynthesis or vice versa. It is not clear how VMA genes affect phospholipid biosynthesis and how the regulators of phospholipid biosynthetic genes may affect ATPase activity. Here, we employ biochemical and genetic analyses to understand the connection. In the first part of the study, we evaluated how VMA3 an indispensable gene required for proper V-ATPase function affects phospholipid biosynthesis. Using growth analysis, we demonstrated that vma3Δ cells were sensitive to pH conditions in the absence of inositol. This result strongly suggests that VMA3 can influence phospholipid gene expression. Subsequently, we observed that HXK2 gene was down-regulated in vma3Δ cells using real-time PCR analysis. Acetic acid sensitivity assay further confirmed reduced expression of HXK2 gene in vma3Δ cells. As such, we have demonstrated that the VMA3 plays an important role in phospholipid biosynthesis through regulation of HXK2 gene expression. Recent studies show that some phospholipid genes play important roles in vacuolar morphology and acidification. Among these genes are transcription factors, INO2 and OPI1. To determine their role on vacuolar function, we first performed CaCl2 sensitivity test which screens for genes important in vacuolar ATPase activity. Our results showed that WT, opi1Δ and ino2Δ cells exhibited similar growth sensitivity at 10 mM CaCl2, whereas at 60 mM CaCl2 both opi1Δ and ino2Δ cells exhibited moderate increase in sensitivity compared to WT. As microscopic analyses did not show any significant differences in vacuolar morphology of opi1Δ or ino2Δ compared to WT, vacuolar pH analyses showed significant increases in vacuolar acidification of opi1Δ but not ino2Δ cells compared to WT. Moreover, we observed that some of the genes that encode for V-ATPases were down-regulated significantly in both opi1Δ and ino2Δ. Furthermore, both opi1Δ and ino2Δ cells showed lower ATPase activity than WT cells, suggesting that the transcription factors affecting expression of phospholipid genes play an important role in V-ATPase pump activity and vacuolar homeostasis. It is possible that down-regulation of ATPase activity is to maintain normal H+ concentration in the vacuole and to compensate a pH imbalance caused by the lack Opi1p or Ino2p. Together, our results have provided new insights into the connection between phospholipid biosynthesis and cellular pH homeostasis

The use of GRI standards in reporting on actions being taken by companies for sustainable development

Objective – to show the specificity and scope of reporting on sustainable development using the GRI Standards. This is currently a significant issue because of the transparency which becomes an important paradigm for conducting business. This means that company’s stakeholders are interested not only in the undertaken or declared actions for sustainable development, but also in the access to reliable and comparable information related thereto. In this perspective, GRI Standards play a significant role. Research methodology – the classical methods of research are used in this paper, such as: the study of the subject-related literature and the analysis of the content of non-financial reports published by selected Polish and foreign companies, which have been prepared in accordance with the GRI Standards. Result – the carried out studies have pointed at the diversified level of disclosures in the field of sustainable development, which is visible when comparisons are made between countries and within each country. They also allow one to notice the low level of the use of the GRI indicators related to Sustainable Development Goals in the reports prepared by Polish companies covered by the survey. Originality/value – the paper has cognitive value with regards to the scope and the quality of disclosures concerning actions being taken by companies in the field of sustainable development as well as the role that GRI Standards can play in this process.Grażyna Michalczuk: [email protected] Konarzewska: [email protected]żyna Michalczuk - Faculty of Economics and Management, University of BialystokUrszula Konarzewska - Faculty of Economics and Management, University of BialystokAnam L., 2013, Zasady raportowania – podstawa prawidłowego sporządzania raportów, [w:] Wspólna odpowiedzialność. Rola raportowania społecznego, Ćwik N. (red.), Forum Odpowiedzialnego Biznesu, Warszawa.Business Strategy for Sustainable Development: Leadership and Accountability for the 90s, 1992, IISD, WBCSD Deloitte&Touche, Winnipeg.Gadomska-Lila K., Wasilewicz J., 2016, Zrównoważony rozwój i społeczna odpowiedzialność z perspektywy biznesowej, „Studia i Prace WNEIZ US”, nr 46/1, DOI: 10.18276/sip.2016.46/1-23.Global Compact Poland, 2016, Global Compact Yearbook 2016/2017. Sustainable development goals for Poland, http://ungc.org.pl/wp-content/uploads/2016/11/GCYB_2016_all_small-1.pdf [date of entry: 11.04.2018].Global Reporting Intitiative, 2011, Sustainability Reporting Guidelines. Version 3.1, https://www.globalreporting.org/resourcelibrary/G3.1-Guidelines-Incl-Technical-Protocol.pdf [date of entry: 15.03.2018].Global Reporting Intitiative, 2016, GRI Sustainability Reporting Standards 2016, https://www.globalreporting.org/standards/gri-standards-download-center/ [date of entry: 08.04.2018].Global Reporting Initiative, UN Global Compact, 2017, Business reporting on the SDGs. An analysis of the goals and targets, https://www.globalreporting.org/resourcelibrary/GRI_UNGC_Business-Reporting-on-SDGs_Analysis-of-Goals-and-Targets.pdf, [date of entry: 02.05.2018].GRI Sustainability Disclosure Database, http://database.globalreporting.org/search/[date of entry: 04.05.2018].Jastrzębska E., 2016, Biznes na rzecz rozwoju zrównoważonego – dobre praktyki, „Ekonomia XXI wieku”, nr 4(12), DOI: 10.15611/e21.2016.4.03.Kaputa J., 2013, Raportowanie zrównoważonego rozwoju jako wyzwanie dla przedsiębiorstw XXI wieku, „Zarządzanie i Finanse”, nr 1, cz. 2.Michalczuk G., Konarzewska U., Mikulska T., 2017, Raport zintegrowany jako przykład nowego podejścia do sprawozdawczości biznesowej przedsiębiorstw, „Przedsiębiorstwo & Finanse”, nr 3(18).Raport finansowy i społeczny Banku Millenium, 2017, https://raportroczny.bankmillennium.pl/2017/pl/ [date of entry: 02.05.2018].Raport zrównoważonego rozwoju Grupy JSW, 2017, https://www.jsw.pl/fileadmin/user_files/odpowiedzialny-biznes/raport-csr-2017/jsw-raport-csr.pdf [data wejścia: 02.05.2018].Rogall H., 2010, Ekonomia zrównoważonego rozwoju. Teoria i praktyka, Wydawnictwo Zysk i S-ka, Poznań.SDG Compass. Linking the SDGs and GRI, https://www.globalreporting.org/resourcelibrary/SDG_GRI_LInkage.pdf [date of entry: 03.04.2018].Sikacz H., 2017, Ocena raportów zintegrowanych grup kapitałowych na podstawie wskaźników szczegółowych, „Prace Naukowe Uniwersytetu Ekonomicznego we Wrocławiu”, nr 479, DOI: 10.15611/pn.2017.479.13.Sprawozdanie na temat informacji niefinansowych InterCars S.A. i Grupy Kapitałowej InterCars S.A., 2017, http://inwestor.intercars.com.pl/files//raporty/niefinansowe/IC-raport-niefinansowy-2017.pdf [date of entry: 02.05.2018].Śnieżek E., Wiatr M., 2014, Zintegrowane raportowanie biznesowe przedsiębiorstwa społecznie odpowiedzialnego w dobie zrównoważonego rozwoju, „Studia Prawno-Ekonomiczne”, t. XCI/2.Wróbel M., 2016, Raportowanie społecznej odpowiedzialności w Polsce w świetle unormowań Dyrektywy Parlamentu Europejskiego i Rady 2014/95/UE, „Zeszyty Naukowe Wyższej Szkoły Humanitas. Zarządzanie”, nr 2, DOI: 10.5604/18998658.1209978.SDG Compass. The guide for business action on the SDGs, https://www.globalreporting.org/resourcelibrary/GSSB-Item-29-SDGCompass-Meeting5Nov15.pdf [date of entry: 03.04.2018].4(94)728

Radiologic features of all-trans-retinoic acid syndrome (ATRAS) : case report

Background: ATRA Syndrome appears as a side effect of acute promyelocytic leukemia treatment with ATRA, vitamin A derivative. The etiopathogenesis of the syndrome remains unclear. Fever, generalized edema, pleural or pericardial effusion, respiratory distress, coagulation disorders and sometimes renal failure are the most common clinical symptoms of ATRAS. Radiological features of the syndrome are very diverse. Early diagnosis followed by introduction of appropriate treatment (corticosteroids) prevents worsening of the patients' condition and significantly reduces the risk of death. Although clinical symptomatology of ATRAS has been widely described, there are still few descriptions of its radiological manifestation. Case report: A 53-year-old female was referred to the Hematology Department for further detailed diagnostics and appropriate therapy from the district hospital, where she had been primarily admitted due to weakness, easy fatigue, loss of appetite and blood extravasations on the skin of the extremities. The patient's general condition on admission was assessed as quite good. Acute promyelocytic leukemia (AML M3 according to FAB classification) was diagnosed. The introduced treatment included ATRA. On the second day of treatment, the patient developed fever, dyspnea, generalized edema, and coagulation disorders increased. Chest X-ray findings reminded ARDS. The diagnosis of ATRAS was established, which resulted in ATRA withdrawal. After administration of corticosteroids, the patient's condition improved gradually within a few days. ATRA was reintroduced then, since the signs of leukemia had intensified. The patient remains in charge of the Hematology Department. Conclusions: Changes of chest X-ray pictures in AML patients treated with ATRA should be interpreted in clinical context due to lack of radiological features specific for ATRAS

New scopes of facades’ design as a result of the application of optical filter technologies

Modern facades, whether made of glass or including transparent, translucent or reflective elements, let through a particular light spectrum or change its intensity in many different ways. “Filtering facades” may change the image seen through them or change the colour of passing light according to specific circumstances: the angle of observation or temperature. These indicated properties of facades acting as “filters” were made possible due to the great technological development observed in the last two to three decades, though the general characteristic of this phenomenon of optical filters had already been explored since the XVII century by Newton, and later on by Fresnel, Fraunhofer, Maxwell and Planck. Thanks to material engineering today it is possible to create unique glass facades with great functional properties, yet architects, engineers and artists do not stop at this point. The experiments undertaken in these fields explore transparency, reflection, refraction and diffusion and lead to fascinating effects that are worth examination

Komunikowanie działań CSR w procesie społecznie odpowiedzialnego inwestowania

Efektywność bieżącej działalności przedsiębiorstwa oraz realizacja jego celów rozwojowych wiąże się nierozerwalnie z pozyskiwaniem odpowiednich zasobów kapitału. Znalezienie inwestorów w coraz większym stopniu uwarunkowane jest nie tylko budowaniem wizerunku firmy wiarygodnej finansowo. Wielu inwestorów w procesie wyboru portfela tradycyjne kryteria finansowe uzupełnia również zasadami społecznej odpowiedzialności biznesu. Rozwój koncepcji społecznie odpowiedzialnego inwestowania wywołuje zainteresowanie zwiększoną aktywnością przedsiębiorstw w zakresie dostarczania informacji nie tylko w perspektywie finansowej, ale też społecznej i środowiskowej. Celem artykułu jest przedstawienie znaczenia komunikacji działań CSR w procesie społecznie odpowiedzialnego inwestowania. Punktem wyjścia do realizacji tak sformułowanego celu było przedstawienie teoretycznych podstaw koncepcji społecznie odpowiedzialnego inwestowania, jak i zagadnień związanych z komunikowaniem informacji z zakresu CSR, mogących w istotny sposób wspierać ten proces. W dalszej części artykułu skoncentrowano się na analizie podejścia do komunikowania działań społecznie odpowiedzialnych przez spółki wchodzące w skład indeksu RESPECT . Badania wykazały, że spółki Indeksu RESPECT są świadome znaczenia ujawniania informacji z obszaru społecznej odpowiedzialności biznesu. Większość z nich nie ogranicza się do komunikowania kwestii ekonomicznych, społecznych i środowiskowych w sprawozdaniach z działalności, ale publikuje dodatkowo odrębne raporty CSR, bądź też raporty zintegrowane, które za pomocą jednego dokumentu prezentują zarówno finansowe, jak i niefinansowe aspekty prowadzonej działalności gospodarczej