Polish stock market and some foreign markets – dependence analysis by copulas

By applying copulas the examination was carried out to find out whether trading volume, stock return and return volatility are pairwise dependent. In the investigations it was shown that there exists a close relationship between these variables on the domestic market and between Polish stock returns and the returns of foreign stock market indexes. A similar significant relationship concerns also trading volumes. In addition, stock returns (returns volatility) of the Austrian and especially of the German stock market influence Polish trading volume. The lack of significant DJIA returns impact on the trading volume on WSE on the same day is probably caused by the fact that changes of DJIA lead changes on the European stock markets.Copulas, dependences, stock returns, trading volume

The relationship between WIG-subindexes : evidence from the Warsaw Stock Exchange

Evidence on links among the major Warsaw Stock Exchange subindexes using daily data from the period of 2011.03.01 to 2014.07.21 is provided in the paper. The empirical study for eleven WIG-sectoral subindexes with 844 observations was conducted by means of Regular Vine Copulas. The application of these copulas allowed us to identify the pairwise structure of the dependence of subindexes under study. The results confirm the leading role of the banking sector in the Polish economy. The dependence structure of the WIG-banking subindex and other subindexes is, in general, asymmetrical. The links between returns of the subindexes are more pronounced in the left tails; i.e., in the bear phase of financial markets. This study suggests the usefulness of Regular Vine Copulas in analyzing dependence structures of a number of financial time serie

Production of bio resin from palm oil

Nowadays, the demand for fossil fuels is quite high. But, the extensive use of fossil fuels is causing the gradual decrease of fossil fuels. Therefore, a way to get rid of widespread of using fossil fuels is by developing a new renewable source that can benefit our environment. Resin is one of the important polymeric in the chemical industry. Resins such as alkyd resins are widely used in coatings and paint industry. There are many researches about producing a resin from renewable sources such as vegetable oils. The naturally used vegetable oils in producing resin are soyabean, rapeseed, coconut, castor or linseed oils. Other than that, there are many potential vegetable oils such as karawila, nahar, rubber or safflower oil. Scientist and engineers are dedicated to find another alternative to replace using fossil fuels as the main components in resin making. This study was inspired to do a research by using palm oil as the main components in making renewable resin or bio resin. In this study, waste cooking oil was used as the main component in making bio resin. The synthesis of resin begins with alcoholysis of waste cooking oil with glycerol followed by esterification process. Then, the monoglyceride was reacted with anhydride to obtain bio resin. The resulting product which is bio resin was characterized for physiochemical properties, thermogravimetric analysis (TGA), the infrared spectrum using Fourier Transform Infrared Spectroscopy (FTIR), melting point using Differential Scanning Calorimeter (DSC). The result was compared with previous literature about producing resin from renewable material such as karawila seed oil. The expected resin is feasible in replacing synthetic resin. Thus, improvements and more research need to be made as to market the resin

Upodmiotowienie społeczne nauczyciela w działaniach na rzecz promocji zdrowia

Zainteresowanie nauk medycznych i pozamedycznych problematyką zdro­wia wynika przede wszystkim z dużego zróżnicowania stanu zdrowia ludności na świecie, na poszczególnych kontynentach, w rozmaitych krajach i w obrębie konkretnych państw. Istotnym elementem nowoczesnego spojrzenia na zdro­wie jest uznanie go za jeden z głównych zasobów gospodarki narodowej. W dokumentach Światowej Organizacji Zdrowia podkreśla się, że zdrowie jest: wartością — dzięki której jednostka lub grupa może realizować swoje aspiracje i potrzebę satysfakcji oraz zmieniać środowisko; zasobem — boga­ctwem społeczeństwa, gwarantującym jego rozwój społeczny i ekonomiczny. Tylko zdrowe społeczeństwo może tworzyć dobra materialne i kulturalne, rozwijać się, osiągać odpowiedni poziom jakości życia.[..

Teoretyczne standardy zdrowia dzieci i młodzieży a ich środowiskowe uwarunkowania w regionie górnośląskim : studium pedagogiczno-społeczne

The Author considers problems of health and promotion of healthiness from the perspective of social conditions. A survey of social sciences approach to the above-mentioned problems has been given in Chapter One. Defining the range of interest in different sciences, such as sociology of medicine, medical and therapeutic psychology, health pedagogy, special attention has been paid to some aspects of interest in health problems in classical social pedagogy. Research and analysis presented in the book characterise the health situation of children and teenagers in Poland, with special attention paid to the Upper Silesian Region. The health situation of a society depends on different factors, thus conditions connected with the influence of natural environment as well as social and economical factors characteristic for social change have been considered in the studies. The Author also attempted to show some chosen environmental conditions of the disproportion in health of children and teenagers. The studies were mostly diagnostic and have been carried out on the basis of analysis of documents and statistical material. The social aspects of health (standards) have been indicated on the basis of European documents connected with the idea of promotion of healthiness. Special attention has been paid to the meaning of social patterns of culture, local and school environments as well as to family environment. In the final section of the book some pedagogical problems of AIDS prophylactics have been discussed and some opinions of teenagers from secondary schools about the social perception of HIV hosts and people suffering from AIDS have been presented

Modelling bid-ask spread conditional distributions using hierarchical correlation reconstruction

While we would like to predict exact values, the information available, being incomplete, is rarely sufficient - usually allowing only conditional probability distributions to be predicted. This article discusses hierarchical correlation reconstruction (HCR) methodology for such a prediction using the example of bid-ask spreads (usually unavailable), but here predicted from more accessible data like closing price, volume, high/low price and returns. Using HCR methodology, as in copula theory, we first normalized marginal distributions so that they were nearly uniform. Then we modelled joint densities as linear combinations of orthonormal polynomials, obtaining their decomposition into mixed moments. Then we modelled each moment of the predicted variable separately as a linear combination of mixed moments of known variables using least squares linear regression. By combining these predicted moments, we obtained the predicted density as a polynomial, for which we can e.g. calculate the expected value, but also the variance to determine the uncertainty of the prediction, or we can use the entire distribution for, e.g. more accurate further calculations or generating random values. 10-fold cross-validation log-likelihood tests were conducted for 22 DAX companies, leading to very accurate predictions, especially when individual models were used for each company, as significant differences were found between their behaviours. An additional advantage of using this methodology is that it is computationally inexpensive; estimating and evaluating a model with hundreds of parameters and thousands of data points by means of this methodology takes only a second on a computer

Wprowadzenie

Wprowadzenie do księgi jubileuszowej dedykowanej Profesorowi Andrzejowi Radziewiczowi-Winnickiemu, od 1981 roku kierownikowi Katedry Pedagogiki Społecznej Uniwersytetu Śląskiego, z okazji 65. rocznicy Jego urodzin oraz 42-lecia pracy zawodowej

Wstęp

Zainteresowanie problematyką zdrowia w filozofii ma wielowiekową tradycję, choć obszar tych zainteresowań i optyka widzenia problemów zmieniały się na skutek przeobrażeń społecznych i rozwoju poszczególnych dyscyplin naukowych. Warto w tym miejscu odwołać się np. do Platona i Arystotelesa, którzy zagadnienia zdrowia ujmowali także w kontekście zakładania rodziny i posiadania zdrowego potomstwa. Obaj filozofowie uważali, że wychowanie zdrowych obywateli jest sprawą wagi państwowej, w związku z tym powinno być uregulowane prawnie. Platon podkreślał, że obywatele państwa stanowią rodzaj „kapitału” społecznego, są naturalnym zasobem państwa, dlatego egzystencję obywateli należy podporządkować polityce zdrowotnej państwa. Platon i Arystoteles wypowiadali się również m.in. na temat zasad zawierania związków małżeńskich gwarantujących wychowanie zdrowego potomstwa, negatywnego wpływu alkoholu na zdrowie przyszłego potomstwa, konieczności troski rodziców o zdrowie psychiczne dzieci, zaleceń zdrowotnych dla kobiet ciężarnych (Sahaj, 2003, s. 151-159) (Fragment tekstu)