Derivatives on Regional Commodity Exchanges

The objectives of the paper are as follows: an analysis of possibilities and conditions for development of derivatives on regional commodity exchanges and a proposition of extending derivatives assortment on commodity exchanges through implementation of lookback options in Poland. The paper discusses conditions that are favourable for or may restrain the development of derivatives on regional commodity exchanges. It also presents an example of lookback option pricing on the wheat market. Finally, it describes reasons of differences in the level of development of derivatives on agricultural markets in Europe and the United States

Application of some multidimensional comparative analysis methods to investigate secondary real estate market in Warsaw

The paper aims at application of multidimensional comparative analysis methods to investigating Warsaw real estate secondary market. The research is based on a data base covering more than 300 apartments offered in the fourth quarter of 2010. There were considered basic characteristics such as the price per 1 square meter, apartment area, number of rooms, floor the apartment is located on, number of storeys in a building and the year of building completion. Application of two alternative methods: Ward’s method and k-means method allowed to divide the set of apartments into 5 clusters. The results obtained may be interesting for both individual investors and real estate agents as they help to filter the set of apartments and to find offers similar to the apartment with a prespecified characteristics

Statistical Analysis of Soft Commodities Returns in the Period 2007-2016

Soft commodities, often referred to as tropics, constitute a significant element of international trade and are also important to the Polish economy. Moreover, Polish investors may invest in foreign markets of soft commodities through commodity-linked ETFs, offered by some brokerage houses. Obviously, each investment decision should be preceded by an analysis of asset performance. This paper provides results of statistical analysis of soft commodities returns over the period January 2007 to December 2016. They reveal the existence of weak positive correlation between the returns, non-normal distributions, negative trends, and serial autocorrelation

Assessment of Efficiency of Investment in Companies Belonging to the Rare Earth Metals Sector

Purpose – This paper aimed at assessing the efficiency of investment in companies belonging to the rare earth elements sector and examining the stability of the results. Research method – The following performance measures were used in the study: modified Sharpe and Omega, Sortino, Calmar, Sterling and Burke ratios. The investigation is based on daily quotations of selected companies whose business activities were related to extraction, processing and recycling of rare earth metals in the period: from July 2018 to June 2023 and MVIS® Global Rare Earth/Strategic Metals Index representing the global market. Results – The analysis for the entire period revealed a worse performance of investments in rare earth stocks than investment in risk-free assets. Only AREC outperformed other securities offering the best results for 3 of 6 ratios. To examine the stability of the results, the total investigation period was divided into 5 subperiods and all performance ratios were determined for each of them. A strong variation of results did not allow to recognise stable patterns. When the results for the entire investigation period were used as a benchmark, only MVREMX offered stable and attractive results of modified Sharpe ratio outperforming the five-year value in 4 out of 5 subperiods. Originality / value / implications / recommendations – This study provides a new insight into the rare earths sector regarding its growing international importance and the efficiency of investments into listed rare earth firms. The examination uses two-dimensional measures offering the advantage of simultaneously combining return and risk into a single performance number. The findings imply the necessity of improving the stock price performance to attract investors’ interest.Monika Krawiec: [email protected] Górska: [email protected] Krawiec - Warsaw University of Life SciencesAnna Górska - Warsaw University of Life SciencesAssaf A., Mokni K., Gil-Alana L.A., 2023, Long Memory and Change in Persistence in the Rare Earth Market Index, “Energy RESEARCH LETTERS”, No. 4 (Early View), pp. 136–148, DOI: 10.46557/001c.36532.Bouri E., Kanjilal K., Gosh S., Rubaud D., Saeed T., 2021, Rare Earth and Allied Sectors in Stock Markets: Extreme Dependence of Return and Volatility, “Applied Economics”, Vol. 53(49), pp. 5710–5730, DOI: 10.1080/00036846.2021.1927971.Eling M., 2008, Commodity Trading Advisors: a Review of Historical Performance, [in:] The Handbook of Commodity Investing, Fabozzi F. J., Füss R. & Keiser D.G. (eds.), pp. 626–647, John Wiley & Sons, Hoboken.Fernandez V., 2017, Rare Earth Eements Market: a Historical and Fnancial Perspective, “Resources Policy”, No. 53, pp. 26–45, DOI: 10.1016/j.resourpol.2017.05.010.Füss R., Hoppe Ch., Kaiser D.G., 2008, Review of Commodity Futures Performance Benchmarks, [in:] The Handbook of Commodity Investing, Fabozzi F. J., Füss R. & Keiser D.G. (eds.), pp. 169–202, John Wiley & Sons, Hoboken.Israelsen C.L., 2005, A Refinement to the Sharpe Ratio and Information Ratio, “Journal of Asset Management”, Vol. 5(6), pp. 423–427, http://link.springer.com/10.1057/palgrave.jam.2240158 [date of access: 22.09.2023].Kublik A., 2021, Dlaczego świat szuka metali ziem rzadkich, „Gazeta Wyborcza”, 30.04.2021, pp. 26–27, https://wyborcza.biz/biznes/7,177151,27032779,dlaczego-caly-swiat-szuka-metali-ziem-rzadkich-bo-bez-nich.html?disableRedirects=true [date of access: 8.06.2021].Lee C.C., Yahya F., Razzaq A., 2022, The Asymmetric Effect of Temperature, Exchange Rate, Metals, and Investor Sentiments on Solar Stock Price Performance in China: Evidence from QARDL Approach, “Environmental Science and Pollution Research”, No. 29, 78588-78602, DOI: 10.1007/s11356-022-21341-4.Magiera F.T., 2010, Refining the Sharpe Ratio (Digest Summary), “CFA Institute Journal Review”, Vol. 40(1), DOI: 10.2469/dig.v40.n1.26.Mikulec A., 2011, Nieklasyczne metody oceny efektywności inwestycji, [in:] Nieklasyczne metody oceny efektywności i ryzyka, Domański C. (ed.), pp.166–198, PWN, Warszawa.Nassar N.T., Wilburn D.R., Goonan T.G., 2016, Byproduct Metal Requirements for U. S. Wind and Solar Photovoltaic Electricity Generation up to the Year 2040 under Various Clean Power Plan Scenarios, “Journal of Applied Energy”, DOI: 10.1016/j.apenergy.2016.08.062.Özdurak C., Ulusoy V., 2020, Spillovers from the Slowdown in China on Financial and Energy Markets: An Application of VAR-VECH-TARCH Models, “International Journal of Financial Studies”, Vol. 8(3), pp. 1–17, DOI: 10.3390/ijfs8030052.Reboredo J.C., Ugolini A., 2020, Price Spillovers between Rare Earth Stocks and Financial Markets, “Resources Policy”, No. 66, DOI: 10.1016/j.resourpol.2020.101647.Song Y., Boui E., Ghosh S., Kanjilal K., 2021, Rare Earth and Financial Markets: Dynamics of Return and Volatility Connectedness around the COVID-19 Outbreak, “Resources Policy”, No. 74, pp. 136–148, DOI: 10.1016/j.resourpol.2021.102379.Sun X., 2022, Supply Chain Risk of Critical Metals: Sources, Propagation, and Responses, “Frontiers in Energy Research”, DOI: 10.3389/fenrg.2022.957884.Ul Haq I., Nadeem H., Maneengam A., Samantreeporn S., Huynh N., Kettanom T., Wisetsri W., 2022, Do Rare Earths and Energy Commodities Drive Volatility Transmission in Sustainable Financial Markets? 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The importance of CAD and DECT in CT colonography

IntroductionAccording to the American College of Radiology and the American Cancer Society, CTC has been recognized as a valuable screening method for detecting CRC in people at medium risk as an alternative to endoscopic colonoscopy. The condition for the proper interpretation of this procedure is the patient’s preparation for the examination. The evaluation of the test includes: topogram, transverse images (as reference images), multifaceted reconstructions and three-dimensional images (3D navigator). Materials and methods                            The literature on the use of CTC in the diagnosis of CRC was analyzed. A review of the scientific literature indexed in the PUBMED database from the last 10 years was carried out. Results The introduction of dual energy computed tomography (DECT) clearly improved the diagnostic accuracy of CTC. The main advantage of DECT is the possibility of obtaining iodine maps and VNC (virtual non-contrast) – a ’’virtual’’ native image (without the use of contrast). DECT allows you to monitor the results and extent of iodine capture on VNC and iodine map images, respectively, without using pre-recorded tomographic images. Pilot tests showed that DECT is an effective tool in CT colonography diagnostics and electronic colon loop cleaning after barium labeling. The use of the Computer Aided Diagnosis (CAD) algorithm in high energy tomography helps in the diagnosis and detection of intestinal tumors. ConclusionsThe development of modern technologies used in CT colonography proves that it is a safe and acceptable technique for patients. Lack of invasiveness, low radiation dose and high diagnostic efficiency of CTC may encourage more people to undergo colorectal cancer screening in the future

A Comprehensive Review of Mastocytosis From Pathophysiology to Management Strategies

Introduction: Mastocytosis is a rare hematologic neoplasm characterized by the abnormal proliferation and accumulation of mast cells in various tissues. Its clinical manifestations vary widely, ranging from cutaneous lesions to systemic involvement with potentially life-threatening symptoms. Understanding the pathophysiology, diagnosis, and management of mastocytosis is crucial for improving patient outcomes.    Aim of the Study: The aim of this study was to provide a comprehensive overview of mastocytosis, including its epidemiology, risk factors, pathophysiology, clinical manifestations, diagnostic approaches, and management strategies. By synthesizing current knowledge on mastocytosis, this study aims to enhance understanding of the disease and guide clinical practice.    Description of the State of Knowledge: Mastocytosis is classified into cutaneous and systemic forms, with various subtypes based on clinical and histopathological features. Diagnosis relies on a combination of clinical suspicion, serum tryptase levels, histological examination of bone marrow biopsies, and genetic testing. Management strategies include symptomatic treatment, avoidance of triggers, and targeted therapies such as monoclonal antibodies and tyrosine kinase inhibitors. Advanced forms may require cytoreductive therapy or allogeneic hematopoietic stem cell transplantation (alloHSCT).    Conclusions: Despite advancements in diagnosis and treatment, achieving lasting remission in mastocytosis remains challenging, especially in advanced cases. Further research into the molecular mechanisms underlying the disease and the development of novel therapeutic modalities are needed to improve patient outcomes and quality of life

The Consequences of Adolescent Pregnancy: A Social, Medical, and Psychological Analysis

Introduction: Adolescent pregnancy remains a contentious issue despite improvements in quality of life and increased access to sexual education. The average age of first pregnancy has shifted due to financial instability among young people, leading to delayed pregnancies until financial stability is achieved. Teenage mothers face social stigma, and early sexual initiation not only increases the risk of pregnancy but also sexually transmitted infections (STIs). Often, adolescent pregnancies are unwanted, resulting in delayed medical consultation due to fear or ignorance. Aim of the Study: This study aims to investigate the medical and social implications of adolescent pregnancy, emphasizing the importance of early sexual education and comprehensive healthcare support. Description of the State of Knowledge: Adolescent pregnancy, defined as pregnancy between ages 10 and 19, is a global concern with millions of cases annually. It poses significant health risks, including premature birth, low birth weight, and intrauterine growth restriction. Socially, it affects educational attainment and financial stability, with adolescents from lower socioeconomic backgrounds facing greater challenges. Early sexual initiation and risky sexual behaviors further compound the issue, increasing the risk of STIs. Lack of comprehensive sexual education exacerbates these risks, highlighting the need for multidisciplinary support from healthcare professionals. Conclusions: Adolescent pregnancy requires a holistic approach encompassing medical, social, and legal dimensions. Effective sexual education programs, involving gynecologists, pediatricians, and educators, are essential for prevention. Legal frameworks must protect adolescents and address issues of consent and sexual health. Additionally, access to comprehensive healthcare services, including prenatal care and contraception, is crucial for mitigating the adverse effects of adolescent pregnancy on both individuals and society

Kemampuan Siswa Dalam Menyelesaikan Soal-soal Uraian Terstruktur Pokok Bahasan Teori Kinetik Gas

"> Penelitian ini bertujuan untuk mengetahui (1) kemampuan kognitif yang dilihat dari hasil belajar peserta didik yang kelas XI MAN Model Palangka Raya dalam mengerjakan soal-soal uraian terstruktur pada pokok bahasan Teori Kinetik Gas; dan (2) kesulitan peserta didik dalam mengerjakan soal-soal uraian terstruktur. Penelitian ini menggunakan metode penelitian kuantitatif dalam mengumpulkan datanya. Penelitian ini menggunakan instrumen dalam bentuk soal uraian terstruktur. Hasil uji coba soal uraian terstruktur pada kelas XI IA-1 MAN Model Palangka Raya mendapatkan tingkat validitas rata-rata 0,536 dan tingkat reliabilitas soal 0,539 dengan kategori cukup. Hasil penelitian menunjukkan bahwa: (1) peserta didik yang mampu dan tidak mengalami masalah dalam mengerjakan soal-soal uraian terstruktur berjumlah 18 peserta didik dan 12 peserta didik tidak mampu dan mengalami masalah dalam mengerjakan soal-soal uraian terstruktur. Peserta didik yang mampu mengerjakan soal-soal uraian terstruktur memiliki ketuntasan belajar ≥ batas KKM, yaitu 60% (2) kesulitan peserta didik dalam mengerjakan soal-soal uraian terstruktur terdapat pada penyebutan dan penulisan satuan besaran pada jawaban dengan persentase kesulitan 36,7%, penguasaan operasi hitungan denganpersentase kesulitan 31,4% dan penulisan besaran yang ditanya dalam soal dengan persentase kesulitan 28,6%

The Consequences of Adolescent Pregnancy: A Social, Medical, and Psychological Analysis

Introduction: Adolescent pregnancy remains a contentious issue despite improvements in quality of life and increased access to sexual education. The average age of first pregnancy has shifted due to financial instability among young people, leading to delayed pregnancies until financial stability is achieved. Teenage mothers face social stigma, and early sexual initiation not only increases the risk of pregnancy but also sexually transmitted infections (STIs). Often, adolescent pregnancies are unwanted, resulting in delayed medical consultation due to fear or ignorance. Aim of the Study: This study aims to investigate the medical and social implications of adolescent pregnancy, emphasizing the importance of early sexual education and comprehensive healthcare support. Description of the State of Knowledge: Adolescent pregnancy, defined as pregnancy between ages 10 and 19, is a global concern with millions of cases annually. It poses significant health risks, including premature birth, low birth weight, and intrauterine growth restriction. Socially, it affects educational attainment and financial stability, with adolescents from lower socioeconomic backgrounds facing greater challenges. Early sexual initiation and risky sexual behaviors further compound the issue, increasing the risk of STIs. Lack of comprehensive sexual education exacerbates these risks, highlighting the need for multidisciplinary support from healthcare professionals. Conclusions: Adolescent pregnancy requires a holistic approach encompassing medical, social, and legal dimensions. Effective sexual education programs, involving gynecologists, pediatricians, and educators, are essential for prevention. Legal frameworks must protect adolescents and address issues of consent and sexual health. Additionally, access to comprehensive healthcare services, including prenatal care and contraception, is crucial for mitigating the adverse effects of adolescent pregnancy on both individuals and society

Rezensionen

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