Pension funds' performance in strongly regulated industries in Central Europe: Evidence from Poland and Hungary

This paper presents an analysis of pension funds' performance in Poland and Hungary, two Central European countries characterized by strong regulation of their private pension fund industries. Thus, the paper extends the literature which has so far mostly focused on performance of pension fund industries facing no or limited regulation. We find that the performance of pension funds in the two studied countries differs. While we do not find convincing evidence of outperformance by Polish pension funds, we find strong evidence of underperformance by Hungarian pension funds. The results are robust to time-variation. The paper considers possible explanations behind these findings. The results of the paper should be of interest for policy-makers seeking to achieve optimal performance of the pension systems and academics in the research area of pension funds. --pension fund management,investment and performance regulation,performance measurement,Central European stock markets,Emerging Markets

Does Regulation Hurt Pension Funds' Performance? Evidence from Strongly Regulated Pension Fund Industries

This paper presents an analysis of pension funds’ performance in Poland and Hungary as representative Eastern Central European countries. In the theoretical literature it is argued that investment limits and performance regulations may have a negative influence on the performance of funds. In particular for Poland, our empirical findings do not support this prediction. Consequently, strict regulations do not necessarily harm the performance of the pension funds.

Pension funds performance in strongly regulated industries in Central Europe : evidence from Poland and Hungary

This paper presents an analysis of pension funds' performance in Poland and Hungary, two Central European countries characterized by strong regulation of their private pension fund industries. Thus, the paper extends the literature which has so far mostly focused on performance of pension fund industries facing no or limited regulation. We find that the performance of pension funds in the two studied countries differs. While we do not find convincing evidence of outperformance by Polish pension funds, we find strong evidence of underperformance by Hungarian pension funds. The results are robust to time-variation. The paper considers possible explanations behind these findings. The results of the paper should be of interest for policy-makers seeking to achieve optimal performance of the pension systems and academics in the research area of pension funds

Adhesive properties of film-forming strains of staphylococci, isolated from different compartments of the human gastrointestinal tract

Dysbiotic disorders, realized as changes in the composition of microbiota of different biotopes, are among the most difficult conditions to cure. This is due primarily to the fact that opportunistic microorganisms that actually mediate the development of such states are characterized by an increased colonization potential, which at the first stage of penetration into a biotope is realized as adhesion to the cell surface. When a microorganism successfully realises this stage it enters into a competitive relationship with the autochthonous flora and begins to inhibit its development. Such strategy becomes especially successful if the colonist has the ability to form a biofilm. It is known that the initial stage of biofilm formation is adhesion onto the surface, therefore, the study of adhesive properties of clinical strains opens the way for understanding the initial processes of development of dysbiosis and allows for the development of preventive measures. The aim of our research was to investigate the differences in the manifestation of adhesive properties of film-forming strains of staphylococci isolated from different compartments of the human gastrointestinal tract. We established that the frequency of detection of film-forming strains of staphylococci in different compartments of the gastrointestinal tract in the norm or during the development of lesions was for Staphylococcus aureus from 23.8% to 79.4%, and for S. epidermidis from 15.4% to 100%, which indicates the significant role of these microorganisms in the development of complications at the specified biotope. It was determined that the maximal manifestation of adhesive properties was typical for biofilm-forming strains of S. epidermidis and S. aureus isolated during intestinal dysbiosis. The average values of the adhesion index were 6.00 ± 1.41 and 5.88 ± 2.22 and the index of adhesion of microorganisms was 6.61 ± 1.46 and 6.64 ± 2.48 respectively. The lowest value of these indices for film-forming strains was determined for strains of staphylococci isolated from the gastrointestinal tracts of patients suffering from food poisoning – 2.60 ± 1.14 and 2.86 ± 1.23 respectively. The obtained data suggest that the ability for biofilm-formation and a high level of adhesion indexes indicate with a high probability that a strain will cause long-lasting lesions, such as dysbiosis. The determination of these markers at the diagnostic stage will allow a broader study of the biological properties of the strain, which may be the basis for the development of an individual, optimal therapeutic scheme that conforms with the tasks of personalized medicine

Directions to improve economic efficiency of regional production

The paper provides theoretical grounding and the directions for improving the economic efficiency of the regional feedstuff production. The study develops a conceptual model of distributing management functions of feedstuff production between the regional authorities of state sectoral and economic management and the district level. The authors suggest the methodology for calculating potential capacity of intraregional feedstuff market, considering the demands of all categories of agricultural manufacturers. The study examines possibilities for implementing the strategy of diversified growth and development of the intraregional feedstuff market, including the terms of interaction between the large and micro-business inside the industry and cooperation of micro-business feedstuff manufacturers with agricultural production. The authors have developed the methodology for assessing the efficiency of feedstuff production, based on the aggregate estimation of the management organization, conditions for the development of feedstuff production and changes in the feedstuff production and livestock breeding industry.peer-reviewe

Взаимосвязь апоптоза с инфекционными заболеваниями различной этиологии

This paper reviews the available literature concerning the significance of apoptosis in the human ontogenesis and in the realization of different physiological conditions that essential for the normal functioning of all organism. Intercommunication of the programmed cell death (manly immunocompetent ones) with diseases of different aetiology is analysed. The ability of bacterial and viral antigens to function as inducers or inhibitors of apoptosis by dint of the immune system’s activation or depression is disclosed. Наведено сучасні дані відносно місця апоптозу в онтогенезі організму людини та в реалізації різних його фізіологічних станів, необхідних для нормального функціонування всіх систем організму. Проаналізовано взаємозв’язок програмованої смерті клітин (головним чином імунокомпетентних) з інфекційними захворюваннями різної етіології. Показано, що бактеріальні та вірусні антигени здатні виступати як індукторами, так і інгібіторами апоптозу, реалізуючи свій вплив через активацію або пригнічення імунної системи організму.Наведено сучасні дані відносно місця апоптозу в онтогенезі організму людини та в реалізації різних його фізіологічних станів, необхідних для нормального функціонування всіх систем організму. Проаналізовано взаємозв’язок програмованої смерті клітин (головним чином імунокомпетентних) з інфекційними захворюваннями різної етіології. Показано, що бактеріальні та вірусні антигени здатні виступати як індукторами, так і інгібіторами апоптозу, реалізуючи свій вплив через активацію або пригнічення імунної системи організм

Formation, accumulation and development of human capital in the modern conditions

Purpose: The aim of the study is to identify trends in the formation of human capital. Design/Methodology/Approach: The theoretical and methodological basis of the research is the scientific works of domestic and foreign scientists in the field of labor economics, human capital and management. Historical, statistical, economic and social sources of information were used to approach the subject under modern conditions. Findings: It was revealed that in the rural and urban areas the reproduction of human resources is carried out at various rates. The demographic factors influencing the reproduction of labor resources in the Russian Federation were analyzed. Practical implications: The authors substantiated the conclusions that the existence of problems in the development of rural territories is the result of the insufficient effectiveness of the measures taken by state authorities in the agrarian sphere. Originality/Value: Recommendations were made to improve the efficiency of social and economic policy in rural areas, including an increase in government subsidies to social infrastructure facilities, including feldsher-obstetric items, objects of pre-school and school education and culture.peer-reviewe

Comparative characteristics of the composition of microbial associations of the gastrointestinal tract in humans in the norm and during dysbiosis

The causes of the imbalance of the microbiota of the human body, in particular the intestines, are diverse: they include changes in environmental conditions, inappropriate nutrition and the use of harmful products, acute intestinal infections, chronic diseases and dysfunction of the gastrointestinal tract, the widespread use of antibiotics, reduced immunological reactivity of the organism, etc. Dysbiosis is accompanied by an increase of the detection frequency and quantity of opportunistic microorganisms. Such changes are characterized by negative consequences that can provoke the development of a number of complications of the functioning of various systems and organs of the human body. If significant deviations of the composition of the microflora compared to the state of the norm take place, it is absolutely necessary to correct it, which is possible with the use of preparations based on microbial cultures – probiotics. However, the mechanisms of antagonistic relationships between representatives of opportunistic microflora and normal non-pathogenic flora from different ecotopes of the macroorganism have not been completely studied. At the same time, it is known that the development of various forms of infectious processes, both acute and chronic, depends on the manifestation of pathogenicity and the persistence of a potential pathogen. Important for the correction of dysbiotic states is knowledge of the microbiota composition characteristics, including the formation of associations by individual of microorganisms in the associations, which in each case requires the development of individual approaches to therapy. In view of this, the aim of our research was to analyze the frequency of detection of opportunistic microorganisms and their associations in people with dysbiosis of gastrointestinal tract. As a result of our studies on the composition of the microflora of the gastrointestinal tract, in the contingent of the surveyed persons dysbiosis was confirmed for 56 (77.8%) individuals. It was determined that during normobiosis the formation of the following associations was typical: triple and five-membered 25.0%, six-membered – 18.8%, and most numerous-four membered associations – 31.3%. Of these, bacterial associations were determined in 87.5% of cases, bacterial-fungi associations – in 12.5%. During dysbiosis of the gastrointestinal tract, the following groups of microorganisms were isolated: Staphylococcus – 87.5%, Citrobacter – 64.3%, Klebsiella – 51.8%, Streptococcus – 50.0%, Serratia – 25%, Candida – 21.4%, and Hafnia – 5.4%, which were the part of the associations: six members – 37.5%, four members constituted – 25.0%, five members – 21.4%,three members – 14.3%, and a double association – 1.8%. Bacterial associations were determined in 78.6% of cases, bacterial-fungi associations – in 21.4%