On the Molise Slavic Literary Standard

This article aims to present and describe the situation of the literary language of the Molise Slavs. In the last decades, various scholars have expressed their views on this issue with some of them claiming that Molise Slavic is a literary language, whilst by the other ones this vernacular was denied such right. Although Alexandr D. Dulichenko – who coined the term „Slavic literarymicrolanguage” – dated its literary traditions back to the 19th century, some scholars perceive the 18th or 20th centuries as the beginning of the literature written in Molise Slavic (MSl). Consequently, this led to ambiguity that this article is trying to clarify. Until recently, this vernacular was prevalently used for poetry and short prose, but with recent publications of Nicola Gliosca’s novels, Molise Slavic is now on its way to develop as a full-fledged literary language. According to typology presented by Antoni Furdal, MSl can now – with presence of translations – be classified as a „literary language with limited sphere of use”.This article aims to present and describe the situation of the literary language of the Molise Slavs. In the last decades, various scholars have expressed their views on this issue with some of them claiming that Molise Slavic is a literary language, whilst by the other ones this vernacular was denied such right. Although Alexandr D. Dulichenko – who coined the term „Slavic literarymicrolanguage” – dated its literary traditions back to the 19th century, some scholars perceive the 18th or 20th centuries as the beginning of the literature written in Molise Slavic (MSl). Consequently, this led to ambiguity that this article is trying to clarify. Until recently, this vernacular was prevalently used for poetry and short prose, but with recent publications of Nicola Gliosca’s novels, Molise Slavic is now on its way to develop as a full-fledged literary language. According to typology presented by Antoni Furdal, MSl can now – with presence of translations – be classified as a „literary language with limited sphere of use”

Using an Actor Framework for Scientific Computing: Opportunities and Challenges

We examine the challenges and advantages of using an actor framework for programming and execution of scientific workflows. The following specific topics are studied: implementing workflow semantics and typical workflow patterns in the actor model, parallel and distributed execution of workflow activities using actors, leveraging event sourcing as a novel approach for workflow state persistence and recovery, and applying supervision as a fault tolerance model for workflows. In order to practically validate our research, we have created Scaflow, an Akka-based programming library and workflow execution engine. We study an example workflow implemented in Scaflow, and present experimental measurements of workflow persistence overhead

Application of the Hurst coefficient, calculated with the use of the Siroky method on financial markets

The paper analyses the Hurst exponents calculated with the use of the Siroky method in two time intervals of 625 and 1250 sessions for the group of 570 financial instruments (Warsaw Stock Exchange equities – 320, equity indexes – 7, commodities – 41, and FX market – 135). The study also covers an analysis of the normality of the distribution of logarithmic rates of return, and the verification of statistical hypotheses with the use of the following statistical tests: Jarque-Bera (JB), Shapiro-Wilk (SW), and d’Agostino-Pearson (DA).In the second part of the paper, the change of the Hurst coefficient over time was analysed, while in the third part two linear regressions of the form H(t) = a + m ∙ t were performed for each of the analysed assets, as well as the determination factor R2. This part of the study aims to answer the question whether the slope of the regression line has a positive or negative value and what the quality of such a fit is with the use of linear regression. Such an analysis enables to observe changes in the fractal dimension, and thus the risk in financial markets over a long period of time.The main conclusion that was drawn from the research may be formulated as follows: the value of the H exponents decreased in the analysed time windows, which means an increase in the fractal dimension (d), and thus the investment risk in financial markets. The obtained results can be used in the process of constructing an investment portfolio in financial markets.The research is part of the ongoing discussion on the effectiveness of financial markets

Sensitivity of the art market to price volatility

The purpose of the article: The art market becomes very popular among investors, when there is strong turbulence on the stock market. In times of calm, the art market is used by investors to diversify risk and build more efficient investment portfolios according to the Markovitz’s theory. The aim of this paper is to: (i) present the peculiarity of investment on the art market, represented by art market indexes in comparison to traditional investments in other financial market segments (money market, equity indexes and commodity market), (ii) to verify the hypothesis of normality of the distribution of rates of return of the analyzed art market indices as well as (iii) to analyze calendar effects occurrence on the art market. Methodology: Comparison of rates of return on the stock, bond, commodity and money markets with rates on the art market in four different time intervals. For each of the analyzed periods, an income-risk map was presented, taking into account the spectrum of financial instruments, including six art indexes: Old Masters, 19th Century, Modern art, Post War art, Contemporary art and Global art. The hypothesis of normality of the distribution of rates of return of the art market indices for four analyzed periods was verified with the use of Jarque-Bera test. Results of the research: Comparison of rates of return on the stock market and art market leads to the conclusion that their relationship depends on the period chosen. For two of the analyzed periods, the rates of return on the stock market were higher than on the art market, but for others periods, the opposite. The distribution of quarterly rates of return resulted to be a normal distribution for almost all of analyzed indices and time periods. Calendar effects were observed in the case of four analyzed indexes

Efektywność i stabilność systemów transakcyjnych opartych na zwykłych, wykładniczo i liniowo ważonych średnich ruchomych

Theoretical background: Most papers are dedicated to the problem of optimizing transaction systems only for a single asset or index. In the literature there is a noticeable lack of comprehensive studies related to the entire group of assets.Purpose of the article: Optimization of transaction systems based on the intersection of the moving average and the closing price (signal of purchase and sale) for 404 shares listed on the Warsaw Stock Exchange. For each equity, the survey covered 5,000 sessions or less if shares were traded in a shorter time horizon. The moving average types used in the study were: Simple Moving Average (SMA), Linearly Weighted Average (WMA) and Exponentially Weighed Average (EMA). In subsequent parts of the article, a ranking of moving averages was conducted and the stability of transactional systems was assessed.Research methods: The following methods were used in the study: 1) moving averages optimizing the transaction system – correlation analysis of rates of return and of moving averages lengths, linear regression, 2) ranking of transaction system effectiveness – simple and weighted rates of return rankings, 3) analysis of transaction system stability – correlation of the first and second moving average lengths that bring the two highest rates of return, the determination factor for moving average pairs and rates of return, as well as the WF ratio (average decrease in the effectiveness of the 16 best transaction systems per unit rate of return of the best transaction system).Main findings: The obtained results clearly indicate that for all types of averages, transaction systems were optimized in the vast majority by short-term averages, which confirms the investors’ tendency to proceed transactions with a speculative rather than investment bias. Conducted ranking of the effectiveness of three types of moving averages (WMA, SMA, EMA) unambiguously indicated that for the most part the highest rates of return were obtained for transaction systems based on WMA, before SMA and EMA. The differences in the effectiveness of trading systems based on WMA and SMA were small, but systems using these two types of moving averages proved to be much more efficient than systems based on EMA.Uzasadnienie teoretyczne: Większość artykułów dotyczy optymalizacji systemów transakcyjnych jedynie w odniesieniu do pojedynczego aktywu lub indeksu. W literaturze przedmiotu zauważalny jest brak opracowań kompleksowych dotyczących całej grupy aktywów.Cel artykułu: Optymalizacja systemów transakcyjnych bazujących na przecięciu średniej ruchomej i ceny zamknięcia (sygnał kupna i sprzedaży) dla 404 akcji notowanych na Giełdzie Papierów Wartościowych w Warszawie. Dla każdego waloru badaniem objętych zostało 5000 sesji lub mniej, jeśli akcje były notowane w krótszym horyzoncie czasowym. Użytymi w badaniu rodzajami średnich były: zwykła średnia ruchoma (SMA), ważona liniowo (WMA) i ważona wykładniczo (EMA).W kolejnych częściach artykułu został przeprowadzony ranking średnich ruchomych oraz dokonano oceny stabilności systemów transakcyjnych.Metody badawcze: W opracowaniu zastosowano następujące metody: 1) średnie ruchome optymalizujące system transakcyjny – analiza korelacji stóp zwrotu i długości średnich ruchomych, regresja liniowa, 2) ranking skuteczności systemów transakcyjnych – rankingowanie proste i ważone stopą zwrotu, 3) analiza stabilności systemów transakcyjnych – korelacja długości pierwszej i drugiej średniej ruchomej, przynoszących najwyższe stopy zwrotu, współczynnik determinacji dla par średnich ruchomych i stóp zwrotu, a także współczynnik WF (średni spadek efektywności 16 najlepszych systemów transakcyjnych przypadający na jednostkową stopę zwrotu najlepszego systemu transakcyjnego).Główne wnioski: Otrzymane rezultaty jednoznacznie wskazują, że w przypadku wszystkich rodzajów średnich systemy transakcyjne były optymalizowane w przeważającej większości przez średnie krótkoterminowe, co potwierdza behawioralną skłonność inwestorów do zawierania transakcji raczej o zabarwieniu spekulacyjnym niż inwestycyjnym. Przeprowadzony ranking skuteczności trzech rodzajów średnich ruchomych (WMA, SMA, EMA) jednoznacznie wskazał, że w przeważającej części najwyższe stopy zwrotu były uzyskiwane przy zastosowaniu WMA, przed SMA i EMA. Różnice skuteczności systemów opartych o WMA i SMA były niewielkie, za to systemy bazujące na tych dwóch średnich ruchomych okazały się zdecydowanie bardziej efektywne od systemów wykorzystujących EMA

Conformational Ensemble Generation via Constraint-based Rigid-body Dynamics Guided by the Elastic Network Model

Conformational selection is the idea that proteins traverse positions on the conformational space represented by their potential energy landscape, and in particular positions considered as local energy minima. Conformational selection a useful concept in ligand binding studies and in exploring the behavior of protein structures within that energy landscape. Often, research that explores protein function requires the generation of conformational ensembles, or collections of protein conformations from a single structure. We describe a method of conformational ensemble generation that uses joint-constrained rigid-body dynamics (an approach that allows for explicit consideration of rigidity) and the elastic network model (providing structurally derived directional guides for the rigid-body model). We test our model on a selection of unbound proteins and examine the structural validity of the resulting ensembles, as well as the ability of such an approach to generate conformations with structural overlaps close to the ligand-bound versions of the proteins

Testing 65 Equity Indexes for Normal Distribution of Returns

Aim/purpose - The primary aim of the paper is to verify the hypothesis on the normal distributions of 65 stock index returns, while the secondary aims are to examine normal distributions for specific years (for six indexes) and for bull and bear markets (for DJIA), demonstrate that the distribution of rates of return for individual indexes can be normal in short time intervals, and then rank analyzed indexes according to the proximity of the distribution of their rates of return to the normal distribution. Design/methodology/approach - The research sample consists of the value of 65 stock indexes from various time intervals. The sample includes both developed markets and emerging markets. The following rates of return were tested for the normality of the rate of return distribution: close-close, open-open, open-close and overnight, which were calculated for daily, weekly, monthly, quarterly and yearly data. Statistical tests of different properties and forces were used: Jarque-Bera (JB), Lilliefors (L), Cramer von Mises (CVM), Watson (W), Anderson-Darling (AD). In the case of six indexes of developed markets (DJIA, SP500, DAX, CAC40, FTSE250 and NIKKEI225), normality tests of rates distribution were calculated for individual years 2013-2016 (daily data). In case of the DJIA index, the normality tests of the distribution of returns for individual bull and bear markets were analyzed (daily data, rates of return close-close). In the last part of the paper the analyzed indexes were ranked due to the convergence of their return to normal distribution with the use of the following tests: Jarque-Bera, Shapiro-Wilk and D'Agostino-Pearson. Findings - The distribution of daily and weekly returns of equity indexes is not a normal distribution for all analyzed rates of return. For quarterly and annual data compression the smallest number when there were no reasons to reject the null hypothesis was observed for overnight returns compared to close-close, open-close and open-open returns. For the daily, weekly and monthly overnight rates of return, the null hypothesis was rejected for all analyzed indexes. The following general conclusion can be formulated: the higher the data compression (from daily to yearly), the fewer rejections of H0 hypothesis. The distribution of daily returns can be normal only in given (rather short) time intervals, e.g., particular years or up or down waves (bull and bear markets). The position of the index in the ranking is not dependent on the date of its first publication, and hence on the number of rates of return possible to calculate for analyzed index, but only on the distribution of its rates of return. Research implications/limitations - The main limitations of the obtained results are different time horizons of each of the analyzed indexes (from the first date in a data base until 30.06.2017). The major part of the returns of the analyzed indexes differs from the normal distribution, which question the possibility of unreflective implementation in practice of economic such models as CAPM and its derivatives, Black-Scholes options valuation, portfolio theory and efficient market hypothesis, especially in long time horizons. Contribution/value/contribution - The contribution of this paper is verification of the statistical hypothesis regarding normal distribution of rates of return: (1) other than close-close, i.e. open-open, open-close and overnight with the use of various statistical tests, various data compression (daily, weekly, monthly, quarterly, yearly) for 65 indexes, (2) for six stock exchange indexes in each of the years from the period of 2013- 2016 (daily data) and (3) for individual up and down waves for the DJIA index (daily data). In addition, other papers focused only on one or two statistical tests, while five different tests were implemented in this paper. This paper is the first to create a ranking of stock market indexes due to the normal distribution.(original abstract

Stopy zwrotu na rynku srebrnych monet kolekcjonerskich z serii Skarby Stanisława Augusta, wyemitowanych przez NBP

The collector coins market may be included into a broader category: alternative investments. Recently, there has been a noticeable increase in investors’ interest, apart from the art market, in the market of collector coins, in particular the Treasures of Stanisław August (Skarby Stanisława Augusta), issued by the National Bank of Poland. Scientific articles on investing on the Polish market in the numismatic sector are few. Therefore, this article tries to fill some of the research gap. The article presents an analysis of the annual, nominal rates of return on the market of silver coins constituting the Treasures of Stanisław August series and issued until December 31, 2022, and their comparison to the rates of return on the stock market (indices: WIG, mWIG40, S&P 500) and commodities (gold and oil). The study is based on the prices of silver coins from the Allegro website, without grading and with MS70 grading.Rynek monet kolekcjonerskich zaliczany jest do szerszej kategorii: inwestycji alternatywnych. W ostatnim czasie zauważalny jest wzrost zainteresowania inwestorów, oprócz rynku sztuki, właśnie rynkiem monet kolekcjonerskich, a w szczególności serią Skarby Stanisława Augusta, wyemitowanych przez Narodowy Bank Polski. Artykuły naukowe dotyczące inwestowania na polskim rynku w sektorze numizmatycznym są nieliczne – artykuł ten stara się wypełnić część powstałej luki badawczej. W artykule przedstawiona została analiza rocznych, nominalnych stóp zwrotu na rynku srebrnych monet wchodzących w skład serii Skarby Stanisława Augusta, wyemitowanych do dnia 31.12.2022 r., oraz porównanie ich do stóp zwrotu na rynku akcji (indeksy: WIG, mWIG40, S&P 500) oraz surowców (złoto i ropa naftowa). W badaniu wykorzystane zostały ceny srebrnych monet z serwisu Allegro, bez gradingu oraz z gradingiem MS70

Czy inwestorzy na GPW w Warszawie powinni być przesądni? Na przykładzie stóp zwrotu 24 indeksów Giełdy Papierów Wartościowych w Warszawie

The problem of financial markets efficiency, especially the calendar effect, has always fascinated scientists. The issue is significant from the point of view of assessing the portfolio management effectiveness and behavioral finance. This paper tests the hypothesis of the unfortunate dates effect upon 22 equity indices, published by the Warsaw Stock Exchange, in relation to the following four approaches: close-close, overnight, open-open, open-close calculated for the sessions falling on the 13th and 4th day of the month, Friday the 13th and Tuesday the 13th,while the second observation group is composed of rates of return of remaining sessions. In the following part of the paper, the statistical equality of one-session average rates of return (close-close) for sessions falling on Friday 13th and sessions falling on other Fridays will be compared as well as for sessions falling on Tuesday the 13th and sessions falling on other Tuesdays. Problematyka efektywności rynków finansowych, w tym występowanie efektu tygodniowego, zawsze stanowiła przedmiot zainteresowania badaczy. Zagadnienie to staje się niezwykle ważne z punktu widzenia oceny efektywności zarządzania portfelem aktywów, a także w ujęciu finansów behawioralnych. W artykule została zweryfikowana hipoteza występowania tzw. dni pechowych na przykładzie stóp zwrotu 22 indeksów giełdowych publikowanych przez GPW w Warszawie. Badaniu poddano stopy zwrotu obliczone w następujących ujęciach: cena zamknięcia – cena zamknięcia, overnight, cena otwarcia – cena otwarcia oraz cena otwarcia – cena zamknięcia dla sesji przypadających w następujących dniach: 13. i 4. dzień każdego miesiąca, 13. i piątek oraz 13. i wtorek każdego miesiąca, podczas gdy drugą grupą obserwacji były stopy zwrotu w trakcie pozostałych sesji. W dalszej części opracowania zamieszczono wyniki testowania hipotez statystycznych w ujęciu cena zamknięcia – cena zamknięcia dla sesji odbywających się 13. i w piątek oraz 13. i we wtorek, przy założeniu, że drugą grupę obserwacji stanowią stopy zwrotu odpowiednio w pozostałe piątki i wtorki

Online Conflict Discourse, Identity, and the Social Imagination of Silesian Minority in Poland

This dissertation shows how online discourse drives social change, boundary work, identity performance, and, ultimately, community management (including in-group/out-group membership) by looking at the development and spread of popular nationalism on the internet. As people from outside of the political elites form online communities, they become politically active in online discussions on national (and regional) identity. In doing so, such online communities become communities of practice (Eckert 2006) that discuss recent events and larger issues, take sides, form coalitions, come up with idiosyncratic ways of discussing certain topics and people, and, finally, engage in a range of online behaviors that involve othering, narrativizing, and hateful speech. As a result, nationalism becomes a catalyst for the formation of online communities that emerge and coalesce around political goals, common language, and shared ideological stances. The dissertation examines how public discourse drives social change by looking at nonelite political actors become the ‘movers and shakers’ who radicalize themselves over the course of ongoing online discussions and then advance their ideological agendas by inciting radicalization among others. Finally, this work also analyzes the key role of language in the process of political radicalization in online spaces. The dissertation traces the emergence, coalescence, and maintenance of two such factions in the Western Daily discussion forum (Pol. Dziennik Zachodni, https://dziennikzachodni.pl), as evidenced in language use. Taking a sociolinguistic approach to internet discussions and applying a close, critical discursive reading of unstructured online conversations, the dissertation examines such phenomena as linguistic creativity, othering, narrativizing, and hate speech. All of these phenomena are crucial for identity struggles because it is through them that identities are constructed in the Western Daily forum. Given the context collapse (Marwick and boyd 2011), it is through language that members of the two warring communities can instantaneously identify each other as language becomes an immediate identifier of each participant’s stance toward the topic of the discussion. Not only language conveys intended meanings, but it also encodes pre-existing assumptions that people bring to the conversation, which is why methods of critical discourse analysis are well-positioned to uncover these meanings by focusing on language use