Silence in Market Reaction to Annual Reports

Research problem - The literature suggests that the market either does not react or reacts with a delay to the content of annual reports, concerning notion given their importance for investment decisions due to the value relevance of the information they convey. According to the Efficient Market Hypothesis, the market should exhibit a prompt reaction to their release. Rationale - This study aims to uncover the underlying reasons for investors' lack of response to annual report filings. It predicts that the reaction depends, among other factors, on the release of preliminary disclosures of financial results, the method of distribution of annual reports and the length of an annual disclosure. The study examines the market reaction to FTSE100 companies' annual reports from 2006 to 2016. It also considers investor response to preliminary statements of annual. Specifically, it investigates whether investors react more promptly to preliminary disclosures compared to the more detailed annual reports, and how the absence of such preliminary reports might shift attention and reaction time to the information content of annual reports. Furthermore, the study examines changes in the market reaction associated with the shift from a paper-based submission system to the electronic National Storage Mechanism (NSM). This comparison aims to assess whether technological advancements in the dissemination method of corporate disclosure have improved market efficiency and accelerated investors’ response time. Lastly, the study investigates the effect of report length on the market, specifically looking at whether the market reacts differently to lengthier reports compared to those that are more concise. Research methods - To test the efficiency of market reactions, the researcher employs a short-run event study methodology to assess the impact of filings of annual reports on companies’ returns. The study determines whether the filing events captured abnormal returns compared to what would be expected if no filings occurred. If such abnormal returns are observed, it is concluded that the event impacted the companies' returns and that the market reacted efficiently to these filings. The event study, applied to all five enquiries, is followed by further tests on the impact of lengthy reporting on the market reaction using regression analysis. This additional analysis allows for the validation of findings by accounting for time, industry trends, and companies' specific characteristics. The model is tested for potential statistical issues, including non-stationarity, heteroscedasticity, multicollinearity and endogeneity, to ensure the reliability and consistency of the coefficient estimates. Main results - The study's results are mixed. It reveals no immediate abnormal reaction to the information content of annual reports. In contrast, the market shows a strong response to preliminary statements of annual reports. Additionally, contrary to the prediction, there is no evidence of the market responding to the content of annual reports in the absence of preliminary statements. Regarding dissemination methods, an abnormal price change is noted, but only in the first year following the National Storage Mechanism (NSM) adoption. Lastly, the study finds evidence supporting the impact of reporting length; investors tend to discount lengthy annual reports while reacting positively to more succinct ones. Conclusion - The study’s findings challenge the Efficient Market Hypothesis by showing a lack of market reactions to the information content of annual reports. This suggests that policies should emphasise the importance of report readability and simplicity to prompt quicker and more efficient investor responses. Specifically, the market tends to react negatively to lengthy reports, while succinct reports cause a positive response, indicating a policy need for guiding companies towards more concise reporting, including setting standards for report length. In the final section, the study points out the potential of artificial intelligence AI and machine learning in improving market efficiency by condensing reports, processing complex information effectively and analysing underlying sentiments and patterns in financial reporting, which can be important for detecting anomalies or obfuscation. This can aid in developing more informed and timely trading strategies, especially when the market underreacts or reacts with a delay to new information. Overall, the study advocates for policy changes that promote report clarity, technological advancement for better access to corporate disclosures and the use of AI to enhance market efficiency and investor protection

The impact of individual training macrocycle on the sports results of 14 and 15 year old swimmers

The aim of work was to show the impact of training on the sports results of 14 and 15 - year old swimmers. A hypothesis was that a properly conducted training period significantly improves the athletes' result. The research was carried out on 4 people, one swimmer aged 14 and three athletes aged 15 from the sports club UKS 2 Tczew, based on an overworked training macrocycle in the period from September to March. The training consisted of 10 training units during week (morning and afternoon). The tests included two somatic measurements and a measurement of sports results during official swimming competitions. Based on the results of the research, it has been found that the impact of an individual training macrocycle is a very important factor, shaping the athletes' sports result. The consequence of an appropriate distribution of loads in training units resulted in the better time achievements. As a result, there has been an improvement in deposits during the competition and promotion in sports championship classes

The impact of spa treatment on quality of life of elderly people

Wardeńska Marta, Perzyńska Agnieszka, Kochanowicz Magdalena, Pabianek Łukasz, Trela Ewa, Zukow Walery. The impact of spa treatment on quality of life of elderly people. Journal of Education, Health and Sport. 2017;7(3):341-360. eISSN 2391-8306. DOI http://dx.doi.org/10.5281/zenodo.343945 http://ojs.ukw.edu.pl/index.php/johs/article/view/4293 The journal has had 7 points in Ministry of Science and Higher Education parametric evaluation. Part B item 1223 (26.01.2017). 1223 Journal of Education, Health and Sport eISSN 2391-8306 7 © The Author (s) 2017; This article is published with open access at Licensee Open Journal Systems of Kazimierz Wielki University in Bydgoszcz, Poland Open Access. This article is distributed under the terms of the Creative Commons Attribution Noncommercial License which permits any noncommercial use, distribution, and reproduction in any medium, provided the original author(s) and source are credited. This is an open access article licensed under the terms of the Creative Commons Attribution Non Commercial License (http://creativecommons.org/licenses/by-nc/4.0/) which permits unrestricted, non commercial use, distribution and reproduction in any medium, provided the work is properly cited. This is an open access article licensed under the terms of the Creative Commons Attribution Non Commercial License (http://creativecommons.org/licenses/by-nc/4.0/) which permits unrestricted, non commercial use, distribution and reproduction in any medium, provided the work is properly cited. The authors declare that there is no conflict of interests regarding the publication of this paper. Received: 01.02.2017. Revised 23.02.2017. Accepted: 24.02.2017. WPŁYW LECZENIA UZDROWISKOWEGO NA JAKOŚĆ ŻYCIA OSÓB STARSZYH The impact of spa treatment on quality of life of elderly people Marta Wardeńska a, Agnieszka Perzyńska a, Magdalena Kochanowicz b, Łukasz Pabianek c, Ewa Trela a, Walery Zukow c a Nicolaus Copernicus University Ludwik Rydygier Collegium Medicum in Bydgoszcz, Poland b Faculty of Physical Education, Gdansk University of Physical Education and Sport, Gdańsk, Poland c Institute of Physical Culture, Kazimierz Wielki University in Bydgoszcz, Poland Key words: quality of life, spa, spa treatment, aging Słowa kluczowe: jakość życia, uzdrowisko, leczenie uzdrowiskowe, starość STRESZCZENIE Celem pracy była ocena wpływu korzystania z leczenia uzdrowiskowego na jakość życie osób starszych. Badaniem objęto 18 kobiet i 22 mężczyzn po 60. życia. Posłużono się metodą sondażu diagnostycznego - kwestionariusza ankiety zawierającego pytania zamknięte oraz otwarte, dotyczące subiektywnej oceny własnej jakości życia, a także leczenia uzdrowiskowego i jego wpływu na zdrowie oraz samopoczucie. Badanie to pozwoliło na stwierdzenie, iż dzięki leczeniu sanatoryjnemu, jakość życia kuracjuszy po 60. roku życia wyrażona ich subiektywną oceną poprawia się. Potwierdza to hipotezę zakładającą, że osoby starsze chętnie korzystające z leczenia uzdrowiskowego cechują się wyraźnie wyższą jakością życia. SUMMARY The aim of this study was to assess the impact of the spa treatment on the quality of life of the older people. The study included 18 women and 22 men over 60 years of age. Method used was diagnostic survey - a questionnaire containing closed and open questions, on the subjective assessment of their own quality of life, as well as spa treatment and its impact on health and well-being. This study lead to a conclusion that due the spa treatment, the quality of life of patients over 60 ages expressed their subjective assessment improves. This confirms the hypothesis that older people using spa treatment are characterized by a significantly higher level of quality of life

Charakterystyka postawy ciała dzieci w wieku przedszkolnym regionu bydgoskiego = Characteristics of body posture of Bydgoszcz region pre-school children

Mieszkowska Monika, Kochanowicz Magdalena, Garbin Michał, Srokowski Grzegorz, Tomczyk Maja, Maciejewski Jerzy. Charakterystyka postawy ciała dzieci w wieku przedszkolnym regionu bydgoskiego =Characteristics of body posture of Bydgoszcz region pre-school children. Journal of Education, Health and Sport. 2016;6(8):637-652. eISSN 2391-8306. DOI http://dx.doi.org/10.5281/zenodo.61120http://ojs.ukw.edu.pl/index.php/johs/article/view/3795   The journal has had 7 points in Ministry of Science and Higher Education parametric evaluation. Part B item 755 (23.12.2015).755 Journal of Education, Health and Sport eISSN 2391-8306 7© The Author (s) 2016;This article is published with open access at Licensee Open Journal Systems of Kazimierz Wielki University in Bydgoszcz, PolandOpen Access. This article is distributed under the terms of the Creative Commons Attribution Noncommercial License which permits any noncommercial use, distribution, and reproduction in any medium,provided the original author(s) and source are credited. This is an open access article licensed under the terms of the Creative Commons Attribution Non Commercial License(http://creativecommons.org/licenses/by-nc/4.0/) which permits unrestricted, non commercial use, distribution and reproduction in any medium, provided the work is properly cited.This is an open access article licensed under the terms of the Creative Commons Attribution Non Commercial License (http://creativecommons.org/licenses/by-nc/4.0/) which permits unrestricted, non commercialuse, distribution and reproduction in any medium, provided the work is properly cited.The authors declare that there is no conflict of interests regarding the publication of this paper.Received: 05.08.2016. Revised 25.08.2016. Accepted: 28.08.2016.  Charakterystyka postawy ciała dzieci w wieku przedszkolnym regionu bydgoskiegoCharacteristics of body posture of Bydgoszcz region pre-school children Monika Mieszkowskaa, Magdalena Kochanowicz b, Michał Garbin c, Grzegorz Srokowski c, Maja Tomczyk b, Jerzy Maciejewskid a Poznan University of Medical Sciences, Poznań, Poznan, Poland  b Jędrzej Śniadecki Academy of Physical Education and Sport in Gdańsk, Gdańsk, Polandc Nicolaus Copernicus University Ludwik Rydygier Collegium Medicum in Bydgoszcz, Bydgoszcz, Poland`d Multi-Municipal Hospital. Dr. E. Warminski in Bydgoszcz, Bydgoszcz, Poland  Key words: faulty postures, body mass index, Lovett testing, corrective gymnastics,Słowa kluczowe: wady postawy, BMI, testowanie Lovetta, gimnastyka korekcyjna, AbstractIntroduction. The problem of postures faults concerns on the increasing number of children at younger age and significantly affecting their health. Early diagnosis and its correction allow achieving measurable effects influencing on the quality of life in adulthood. The aim of the study was to assess the selected posture parameters of preschool children. Furthermore the aim was to determine their impact of postures faults on the muscle strength of selected muscle groups.Material/Methods. 50 preschool children, 23 girls and 27 boys (average age 5.34 (± 1.09) years) attending to a non-public kindergarten "Ludzikowo" in Bydgoszcz were examined. The study was conducted in the period from January to March 2013 and consisted of three parts: a questionnaire (diagnostic survey), anthropometric survey (weight, height, BMI), visual analyzes - qualitative method (comparison of posture to the reference), assessment of muscle strength of selected muscle groups using a Lovett testing.Results. The study group showed abnormalities at least in one element of the body posture. In the anterior and lateral projection 90%, in the rear projection 96% of examined children showed the presence of posture faults. A comprehensive body structure and posture analysis according to Staffel method showed that only 62% qualify for the so-called normal pattern of body posture. No statistically significant differences in muscle strength were found in whole group.Conclusions. Utility and the simplicity of proposed assessing methods enables their widespread and early uses in preschool children body posture analyzes. The presence of postures faults in preschool age children does not affect their level of muscle strength.  StreszczenieWstęp: Problem wad postawy dotyczy coraz większej liczby dzieci w coraz to młodszym wieku i znacząco rzutuje na ich zdrowie. Wczesna diagnostyka oraz ich korekcja pozwala uzyskać wymierne efekty terapeutyczne znacząco niwelując szkodliwość występujących wad oraz ich wpływ na komfort życia w dorosłości. Celem badania była ocena wybranych parametrów postawy ciała dzieci w wieku przedszkolnym oraz określenie wpływu występujących wad na poziom siły mięśniowej wybranych grup mięśni wg. skali Lovetta.Materiał i metody: Badania obejmowały grupę 50 dzieci, 23 dziewcząt i 27 chłopców (w wieku 5,34 (± 1,09) lata), uczęszczających do niepublicznego przedszkola „Ludzikowo” w Bydgoszczy. Badania przeprowadzono w okresie od stycznia do marca 2013. Badanie obejmowało trzy części: kwestionariusz ankiety (met. sondażu diagnostycznego), badanie antropometryczne (pomiar masy ciała, wzrostu, BMI), badanie wzrokowe - metoda jakościowa (porównanie postawy swobodnej z wzorcem), ocena siły mięśniowej wybranych grup mięśniowych przy pomocy testu Lovetta. Wyniki: Grupa badana wykazywała odchylenia od normy w przynajmniej jednym z obserwowanych elementów postawy ciała. W projekcji przedniej oraz bocznej u 90% dzieci wykazano obecność zaburzeń postawy. W badaniu w projekcji tylnej u 96% badanych wystąpiły odchylenia od prawidłowych wzorców postawy ciała. Całościowa analiza budowy i postawy ciała wg Staffela wykazała, że jedynie 62% kwalifikuje się do tzw. normalnego wzorca postawy ciała. Mimo zaburzeń wzorców postawy nie stwierdzono istotnych statystycznie zaburzeń siły mięśniowej wg. Lovetta.Wnioski: Użyteczność oraz łatwość wykonania zaproponowanych metody oceny postawy ciała pozwala na ich bardzo szerokie zastosowanie i umożliwia wczesną diagnostykę posturalną dzieci przedszkolnych. Obecność wad postawy w wieku przedszkolnym nie rzutuje jeszcze na poziom siły mięśniowej wybranych grup mięśniowych

Spectroscopic properties of erbium-doped oxyfluoride phospho-tellurite glass and transparent glass-ceramic containing BaF2 nanocrystals

The ErF3-doped oxyfluoride phospho-tellurite glasses in the (40-x) TeO2-10P2O5-45 (BaF2-ZnF2) -5Na2O-xErF3 system (where x = 0.25, 0.50, 0.75, 1.00, and 1.25 mol%) have been prepared by the conventional melt-quenching method. The effect of erbium trifluoride addition on thermal, structure, and spectroscopic properties of oxyfluoride phospho-tellurite precursor glass was studied by differential scanning calorimetry (DSC), Fourier-transform infrared (FTIR), and Raman spectroscopy as well as emission measurements, respectively. The DSC curves were used to investigate characteristic temperatures and thermal stability of the precursor glass doped with varying content of ErF3. FTIR and Raman spectra were introduced to characterize the evolution of structure and phonon energy of the glasses. It was found that the addition of ErF3 up to 1.25 mol% into the chemical composition of phospho-tellurite precursor glass enhanced 2.7 µm emission and upconversion. By controlled heat-treatment process of the host glass doped with the highest content of erbium trifluoride (1.25 mol%), transparent erbium-doped phospho-tellurite glass-ceramic (GC) was obtained. X-ray diffraction analysis confirmed the presence of BaF2 nanocrystals with the average 16 nm diameter in a glass matrix. Moreover, MIR, NIR, and UC emissions of the glass-ceramic were discussed in detail and compared to the spectroscopic properties of the glass doped with 1.25 mol% of ErF3 (the base glass)

Glass powder doping of nanocrystal-doped fibres: challenges and results

Incorporating new optical materials as nanocrystals into glass fibres for new functionalities has recently become a hot research topic. Our team (funded by the European FET Open project NCLAS) investigates the introduction of nanoscale laser crystallites into the core of optical fibres using the glass powder doping method. Active Y2O3:Pr3+ nanocrystals (NCs) were prepared via different synthesis methods, and structurally and spectroscopically characterized. After modification of technological parameters, the optimised NCs have been proposed as a luminescence centres to embed into germanate and silicate glass hosts. Glasses were analysed in terms of optical (transmission, refractive index matching to NCs) and thermal (thermal stability, viscosity, thermal expansion coefficient) parameters. Crystallisation issues during fibre drawing were particularly investigated. In a first step, glass powder-NCs mixing techniques and fibre preform preparation were developed. It was shown that temperature cycle profiles including dwell time and heating/cooling ramp rates influenced the glass-NCs properties and can lead to glass crystallisation or NCs dissolution. The sintering investigations pointed out the melting temperature limits to preserve active NCs in the glasses. In germanate glasses, Y2O3:Pr3+ dissolution was noticed at 800°C. In the case of the silicate glass compositions these regions vary from 700°C to 1050°C. The results allowed to select optical fibre drawing conditions performed by the powder-in-tube method. Their distribution uniformity is not yet sufficient, requiring further optimisation of the drawing kinetics.The research project funded by the European FET Open project NCLas: NanoCrystals in Fibre Lasers, Grant agreement number: 82916

Structure and luminescence properties of transparent germanate glassceramics co-doped with Ni2+/Er3+ for near-infrared optical fiber application

An investigation of the structural and luminescent properties of the transparent germanate glass-ceramics co-doped with Ni2+/Er3+ for near-infrared optical fiber applications was presented. Modification of germanate glasses with 10–20 ZnO (mol.%) was focused to propose the additional heat treatment process controlled at 650 C to obtain transparent glass-ceramics. The formation of 11 nm ZnGa2O4 nanocrystals was confirmed by the X-ray diffraction (XRD) method. It followed the glass network changes analyzed in detail (MIR—Mid Infrared spectroscopy) with an increasing heating time of precursor glass. The broadband 1000–1650 nm luminescence ( exc = 808 nm) was obtained as a result of Ni2+: 3T2(3F) ! 3A2(3F) octahedral Ni2+ ions and Er3+: 4I13/2 ! 4I15/2 radiative transitions and energy transfer from Ni2+ to Er3+ with the efficiency of 19%. Elaborated glass–nanocrystalline material is a very promising candidate for use as a core of broadband luminescence optical fibers

Investigation of the TeO2/GeO2 Ratio on the Spectroscopic Properties of Eu3+-Doped Oxide Glasses for Optical Fiber Application

This study presented an analysis of the TeO2/GeO2 molar ratio in an oxide glass system. A family of melt-quenched glasses with the range of 0–35 mol% of GeO2 has been characterized by using DSC, Raman, MIR, refractive index, PLE, PL spectra, and time-resolved spectral measurements. The increase in the content of germanium oxide caused an increase in the transition temperature but a decrease in the refractive index. The photoluminescence spectra of europium ions were examined under the excitation of 465 nm, corresponding to 7F0 → 5D2 transition. The PSB (phonon sidebands) analysis was carried out to determine the phonon energy of the glass hosts. It was reported that the red (5D0 → 7F2) to orange (5D0 → 7F1) fluorescence intensity ratio for Eu3+ ions decreased from 4.49 (Te0Ge) to 3.33 (Te15Ge) and showed a constant increase from 4.58 (Te20Ge) to 4.88 (Te35Ge). These optical features were explained in structural studies, especially changes in the coordination of [4]Ge to [6]Ge. The most extended lifetime was reported for the Eu3+ doped glass with the highest content of GeO2. This glass was successfully used for the drawing of optical fiber

Fluoroindate glass co-doped with Yb3+/Ho3+ as a 2.85 μm luminescent source for MID-IR sensing

This work reports on the fabrication and analysis of near-infrared and mid-infrared luminescence spectra and their decays in fluoroindate glasses co-doped with Yb3+/Ho3+. The attention has been paid to the analysis of the Yb3+ ! Ho3+ energy transfer processed ions in fluoroindate glasses pumped by 976 nm laser diode. The most effective sensitization for 2 um luminescence has been obtained in glass co-doped with 0.8YbF3/1.6HoF3. Further study in the midinfrared spectral range (2.85 um) showed that the maximum emission intensity has been obtained in fluoroindate glass co-doped with 0.1YbF3/1.4HoF3. The obtained efficiency of Yb3+ ! Ho3+ energy transfer was calculated to be up to 61% (0.8YbF3/1.6HoF3), which confirms the possibility of obtaining an efficient glass or glass fiber infrared source for a MID-infrared (MID-IR) sensing application

Mechanical thrombectomy in acute stroke – Five years of experience in Poland

Objectives Mechanical thrombectomy (MT) is not reimbursed by the Polish public health system. We present a description of 5 years of experience with MT in acute stroke in Comprehensive Stroke Centers (CSCs) in Poland. Methods and results We retrospectively analyzed the results of a structured questionnaire from 23 out of 25 identified CSCs and 22 data sets that include 61 clinical, radiological and outcome measures. Results Most of the CSCs (74%) were founded at University Hospitals and most (65.2%) work round the clock. In 78.3% of them, the working teams are composed of neurologists and neuro-radiologists. All CSCs perform CT and angio-CT before MT. In total 586 patients were subjected to MT and data from 531 of them were analyzed. Mean time laps from stroke onset to groin puncture was 250±99min. 90.3% of the studied patients had MT within 6h from stroke onset; 59.3% of them were treated with IV rt-PA prior to MT; 15.1% had IA rt-PA during MT and 4.7% – emergent stenting of a large vessel. M1 of MCA was occluded in 47.8% of cases. The Solitaire device was used in 53% of cases. Successful recanalization (TICI2b–TICI3) was achieved in 64.6% of cases and 53.4% of patients did not experience hemorrhagic transformation. Clinical improvement on discharge was noticed in 53.7% of cases, futile recanalization – in 30.7%, mRS of 0–2 – in 31.4% and mRS of 6 in 22% of cases. Conclusion Our results can help harmonize standards for MT in Poland according to international guidelines