Institutional Changes in Financial Systems of Poland and the Czech Republic

Over the past 23 years the financial sectors in both Poland and the Czech Republic have changed beyond recognition. The process of transformation was a tough and challenging task in both countries. There were significant differences in the initial conditions, as well as approaches to the transformation process, in Poland and the Czech Republic. It seems that according to the classification of Knell and Srholec (2005), the two countries represent different types of capitalism. In this article we try to demonstrate that the organization and development level of the financial systems in these seemingly similar countries are different as well. The primary objective of the study is to compare the path of development and today’s performance of the financial systems in Poland and in the Czech Republic.Przez ostatnie 23 lata systemy finansowe w Polsce i w Czechach zmieniły się nie do poznania. Proces transformacji był ciężkim i trudnym zadaniem w obu krajach. Pomiędzy krajami istniały znaczące różnice w warunkach początkowych jak i podejściu do procesu transformacji. Zgodnie z klasyfikacją Knell i Srholec (2005) kraje te reprezentują różne typy kapitalizmu. W artykule staramy się pokazać, że organizacja i poziom rozwoju systemów finansowych w tych z pozoru podobnych krajach są również istotnie różne. Głównym celem pracy jest porównanie ścieżek rozwoju i obecnego funkcjonowania systemów finansowych w Polsce i w Czechac

Negative brand beliefs and brand usage

This research focuses on consumer brand usage segments and the responses they give to negative attributes in brand image studies. Analysis was conducted across three markets and four approaches for measuring brand beliefs with respondents who were current users, past users or had never tried a brand. The major finding of this study was that past users of a brand consistently have the highest tendency to elicit negative beliefs about brands. Further, those who have never used a brand typically have a lower propensity than current brand users to elicit negative brand beliefs. These results suggest that negative beliefs about a brand are developed as a result of purchase behaviour, rather than as mechanisms to reject a brand prior to purchase. These findings have implications for the role of negative beliefs in consideration of set formation and the trial of a new brand. They also provide insight into the patterns that may be expected when measuring and interpreting negative brand beliefs across different usage groups

Influence of salts of heavy metals on the structure of epiphyseal cartilage

Among the known unfavorable influences on the skeletal bone, there is reaction on epiphyseal cartilage of bones under the influence of salts of heavy metals in the organism. To study the morphological changes of epiphyseal cartilage of skeletal bones using salts of heavy metals (chrome, zinc and lead). When you are citing the document, use the following link http://essuir.sumdu.edu.ua/handle/123456789/552

Сигнальні системи та проблеми мислення особистості норми і патології (Signal system and problems of thinking of personality in health and disease)

У статті розглядаються історичні складові та перспективи міждисциплінарних досліджень сигнальних систем, мови і мислення особистості у єдиному функціональному комплексі. (This article offers to review different historical components and prospects of interdisciplinary researches in the signaling system of language and thinking of a personality in its indivisible functional complex.

Applying fuzzy parametersin pricing financial derivatives inspiredby the kyoto protocol

The emission trading is proposed in the Kyoto Protocol. An appropriate market and the market of financial derivatives for allowances will be established. Using the neutral martingale method and Monte Carlo simulations, we propose a stochastic model with a pricing formula, which may be useful for an evaluation of derivatives inspired by the Kyoto Protocol.option pricing, financial derivatives, Kyoto Protocol, martingale method, fuzzy parameters

Asset Prices and Assymetries in the Fed's Interest Rate Rule : a Financial Approach

Financial Newspapers have for long suggested that the Fed tends to provide additional Liquidity when the Stock Market thumbs. We provide a theoretical Explanation for this Behaviour that builds on the Methodology developed by Romaniuk (2008) for a central Banker with two main Goals, Output and Price stability. In this Paper, the Policymaker behaves as a Portfolio Manager who aims at stabilizing Output, Goods Prices, as well as Asset Prices. An optimal, Time-varying Interest Rate Rule is obtained as the Merton's (1971) continuous Time Solution to the Portfolio Manager's Problem. In a second Step, we infer the optimal Interest Rate Rule of a central Bank that can react differently to positive and negative Variations in the Stock Market.Optimal Interest Rate Rule; Portfolio Choice; Fed; Asset Prices; Options Theory

Instytut Systemów Elektronicznych w projektach CARE i EuCARD (ISE WUT in CARE and EuCARD Projects)

There are described coordinating actions of the accelerator science in Europe in 2003-2009. The actions embrace basic science, as well as development and applications. The accelerator research was not coordinated in Europe at a global scale but was rather concentrated in a few centers owning large infrastructure. These centers include: CERN, DESY, GSI, INFO, LAL, PSI etc. Such coordinating actions enable a lot of positive processes including new possibilities for research centers in this country. It is much easier for them to extend, deepen or even start from the beginning their adventure with the accelerator technology. There are described two European framework projects CARE and EuCARD on accelerator technology, their extent and the participation of ISE WUT in them

Photonics and Web Engineering: WILGA 2009

The paper is a digest of work presented during a cyclic Ph.D. student symposium on Photonics and Web Engineering WILGA 2009. The subject of WILGA are Photonics Applications in Astronomy, Communications, Industry and High-Energy Physics Experiments. WILGA is sponsored by EuCARD Project. Symposium is organized by ISE PW in cooperation with professional organizations IEEE, SPIE, PSP and KEiT PAN. There are presented mainly Ph.D. and M.Sc. theses as well as achievements of young researchers. These papers, presented in such a big number, more than 250 in some years, are in certain sense a good digest of the condition of academic research capabilities in this branch of science and technology. The undertaken research subjects for Ph.D. theses in electronics is determined by the interest and research capacity (financial, laboratory and intellectual) of the young researchers and their tutors. Basically, the condition of academic electronics research depends on financing coming from applications areas. During Wilga 2009 there were organized, and thus the paper debates, the following topical essions concerning applications of advanced electronics and photonics systems: merging of electronic systems and photonics, Internet engineering, distributed easurement systems, security in information technology, astronomy and space echnology, HEP experiments, environment protection, image processing and iometry. The paper contains also more general remarks concerning the workshops organized by and for the Ph.D. students in advanced photonics and electronics systems. WILGA Symposium used to have several dedicated sessions on EU FP6 CARE Project and now on EU FP7 EuCARD Project. Papers are presented on E-XFEL, FLASH, accelerator timing, LLRF systems and criosystems