First analysis of anisotropic flow with Lee--Yang zeroes

We report on the first analysis of directed and elliptic flow with the new method of Lee--Yang zeroes. Experimental data are presented for Ru+Ru reactions at 1.69 AGeV measured with the FOPI detector at SIS/GSI. The results obtained with several methods, based on the event-plane reconstruction, on Lee--Yang zeroes, and on multi-particle cumulants (up to 5th order) applied for the first time at SIS energies, are compared. They show conclusive evidence that azimuthal correlations between nucleons and composite particles at this energy are largely dominated by anisotropic flow.Comment: 5 pages, 3 figures, submitted to Phys. Rev. C Rapid Co

Dilemmas in a financial dimension of sustainability of farms

Zrównoważenie, jako swoista „metakategoria”, rozpatrywana w ujęciu inter-, czy nawet transdycyplinarnym, odnosi się również do zjawisk o charakterze monetarnym. Dotychczas ujęcie finansowe zrównoważenia gospodarstw rolniczych nie zostało wyeksponowane. Celem opracowania jest uwypuklenie wybranych kwestii teoretyczno-metodologicznych, związanych z wymiarem finansowym zrównoważenia gospodarstw rolniczych. Przyjęto następujące cele szczegółowe: (1) powiązanie dorobku teoretycznego i aparatu metodologicznego dotyczącego wzrostu zrównoważonego (w ujęciu finansowym) gospodarstw rolniczych z koncepcjami zrównoważenia, (2) zidentyfikowanie asocjacji między wzrostem zrównoważonym a wybranymi problemami zarządzania gospodarstwami rolniczymi i polityki agrarnej. Opieranie się na kategorii dochodu rolniczego (w tym np. dochód z rodzinnego gospodarstwa rolniczego, net farm income), z pomijaniem sytuacji finansowej gospodarstwa, stanowi pewne uproszczenie spłycające ramy analityczne zrównoważenia. Pojęcia „wzrostu zrównoważonego”, „stopy wzrostu zrównoważonego”, „zrównoważonej intensyfikacji” mogą rozszerzyć dotychczasowe ramy analizy zrównoważenia gospodarstw rolniczych, a także być przesłanką do konstruowania/udoskonalania instrumentów wspomagających zarządzanie gospodarstwem, czy monitoring i ocenę skutków polityki rolnej.Sustainability, as a specific inter- or even transdisciplinary ‘metacategory’, refers also to monetary processes. So far, a financial approach of sustainability of farms has not been explored. The aim of this paper was to highlight some theoretical and methodological issues related to a financial dimension of sustainability of farms. The research objectives were as follows: (1) to link achievements in the area theoretical and methodological apparatus for sustainable growth (in financial terms) of farms to concepts of sustainability, (2) to identify associations between the growth of sustainable and selected agricultural farm management problems and agrarian policy. Relying on agricultural income category (including net farm income), excluding the farm’s financial situation, leads to a significant simplification that may deform an analytical framework for sustainability. The terms “sustainable growth”, “sustainable growth rate”, “sustainable intensification” may extend the current framework for analysing the sustainability of farms, as well as be a prerequisite for constructing/ improving instruments that may support farm management, or monitoring and evaluation of the effects of agricultural policy

Agricultural finance vs. contemporary economic and social challenges – development challenges

The agricultural sector has been participated and is still participating in cash processes. The growing interest in the issues of risk management, a deeper connection of the agricultural sector with the financial infrastructure, progressive social changes in the Polish countryside (inter alia, aging, part-time farming, migration of rural population to urban and suburban areas), as well as in the economic, political surroundings of agricultural holdings provide backdrop for reflections on the prospects of development of agricultural finance. The article aims to discuss the role of agricultural finance in the system of economic sciences. The research objectives are as follows: (1) to identify associations between agricultural finance and other research areas, including agrarian policy, (2) to diagnose the current state of research in the field of agricultural finance in Poland and abroad, (3) to determine the prospective/potential areas of research within this subdiscipline, evaluating the possibility of using different methodological approaches. The challenge posed to agricultural financiers of agriculture will be determining details of agricultural policy instruments (including CAP). Agricultural finance will increasingly come into contact with problems requiring an interdisciplinary or even cross-science approach. It seems necessary to deepen the use of more advanced quantitative methods, for example, researching the financial aspects of risk management in agriculture

Management of current assets in dairy cooperatives

Celem badań było określenie wpływu struktury kapitałowej i zyskowności spółdzielni mleczarskich na relację aktywów obrotowych do rzeczowych aktywów trwałych oraz ich wartości. W opracowaniu dokonano konstrukcji oraz oceny przydatności praktycznej dwóch modeli ekonometrycznych. Przedstawiono opis statystyczny relacji aktywów obrotowych do rzeczowych aktywów trwałych jako istotnego wyróżnika struktury majątkowej spółdzielni mleczarskich. Na wzrost relacji aktywów obrotowych do rzeczowych aktywów trwałych pozytywnie oddziaływały: zadłużenie aktywów oraz udział kapitału obrotowego netto w majątku ogółem. Zwiększenie się udziału aktywów obrotowych w majątku następowało w spółdzielniach wyposażonych w wysoki poziom funduszu zasobowego oraz udziałowego, posiadających zdolność do generowania zysku netto.The aim of the research was to determine the infl uence of capital structure and profi tability of dairy cooperatives on the relation of current assets to tangible fi xed assets and the value of current assets. Two econometric model were constructed and their practical value was assessed. The article contains the statistical description of the relation of current assets to tangible fi xed assets as the important discriminant of asset structure of the dairy cooperatives. The increase in the relations of current assets to tangible ones was positively affected by: asset debt and share of net working capital in total assets. Increasing the share of assets was recorded in dairy cooperatives equipped with a high level of supplementary fund and share one, having the ability to generate net profi t

Agricultural business insurances in Canada and the USA as the element of risk management system in the modern agribusiness

The aim of this paper is the attempt to assess the system of agricultural business insurances in Canada and the USA. The axis of the article is the following thesis: designing systems of agricultural business insurances, decision-makers of the agricultural policy should take regional natural and social factors, besides international competitiveness of the agricultural sector, into account. Solutions concerning the analyzed systems, that were adopted for several decades in Canada and the USA, are very innovative (for example, index-based insurances and multiple-peril crop insurances). That implies the need for their prudent adaptation to the European agriculture, taking the priorities of the CAP 2014-2020 into account. What we need is a deeper integration of the system of agricultural business insurance into the tools of agricultural income stabilization. Moreover, it is necessary to raise the qualifications of farmers in area of financial management (including financial planning). It is important to incorporate the private sector into the system of agricultural business insurances, for example in the projects based on public-private partnership

Catastrophic bonds as a financial instrument for risk management – possibilities of utilization in the agricultural sector

The issue of risk management is important in agriculture because production variability of the results is dependent on several natural factors. Given the negative implications of the financial interventionism, associated with subsidizing agricultural business insurance, or „offering” disaster compensations (ad hoc), a deeper utilization of market or quasi-market risk management instruments, including catastrophic bonds (CAT) may be noted. This article assesses the potential utilization of CAT as instruments for risk management in agriculture, with a particular attention to the situation of the sector in Poland. The research objectives are as follows: (1) to discuss tasks of modern agricultural policy in the process of catastrophic risk management in agriculture, (2) to presence of mechanism of CAT, (3) to evaluate possibilities of utilization of CAT in agriculture in the light of the results of foreign empirical studies. Sustainable development of the agricultural sector is possible, among others, due to its link to financial infrastructure. Promoting risk management tools offered by the private sector or the form of public-private partnerships should be recommended. The underdevelopment of the financial infrastructure, offering innovative risk management instruments (including CAT) indicates the urgent need to introduce regulatory changes (including the area of good governance), to facilitate the introduction of new tools on free-market principles. Prudent utilization of innovative financial instruments should be regarded as a positive quality change. This forms an incentive for further structural changes in the Polish countryside. Through a deeper networking between research institutes operating for agriculture and its surroundings, as well as the entities constituting the infrastructure risk management in agriculture, the process of collecting and analyzing the data necessary for the pricing financial instruments related to, catastrophic risk management in agriculture (including CAT) would be possibl

Preferential methods of taxation of farm income in the selected EU countries - implications for Poland

Ze względu na fakt wyłączenia rolnictwa z opodatkowania podatkiem dochodowym od osób fizycznych istotny jest problem wyboru właściwej formy opodatkowania działalności rolniczej. Celem badań była próba oceny preferencyjnych metod opodatkowania dochodu rolniczego w wybranych krajach UE pod kątem możliwości aplikacji specjalnych rozwiązań do polskiego systemu opodatkowania rolnictwa. Do badań przyjęto w sposób celowy próbę państw UE, w których występują preferencyjne sposoby opodatkowania dochodu rolniczego (Belgię, Niemcy, Hiszpanię i Francję). Wykorzystano dane statystyki masowej, informacje internetowe oraz uregulowania prawne. Przeprowadzone analizy wykazały, że w porównywanych krajach stosuje się specjalne systemy opodatkowania dochodów rolniczych, bazujące na uproszczonych metodach szacowania dochodu rolniczego. Stwierdzono, że istnieje potrzeba reformy polskiego systemu podatkowego w kierunku zastosowania nowoczesnych konstrukcji podatkowych opartych na dochodach rolniczych, a wybór metody powinien odpowiadać polityce rolnej państwa, ukierunkowanej na realizację założonych celów.The problem of selection of appropriate form offarm taxation seems to be crucial because by the dim of the exclusion of the agriculture from income taxation. The aim of the paper was to evaluate the methods ofpreferential taxation of the farm income in selected EU countries in terms ofpossibilities of applicationto the Polish system of the agricultural taxation. The research included a sample of selected EU countries (Belgium, Germany, Spain and France), in which the tax system farming methods preferential methods of taxation of agricultural income can be found. Statistical data, internet data and law regulations were analysed in this paper. The research showed that special system for taxing farm income(based on simplified methods of estimating agricultural income) exist in the selected countries. Moreover, there is a need to reform the Polish tax system towards the use of modern tax structure based on the agricultural income. The selection of the method should refer to the agrarian policy, aimed at achieving those objectives