In this paper we present a new approach to integration and cointegration. We show that a periodically correlated time series can be divided in a natural way into subseries that are integrated. Moreover, with high probability they are cointegrated. Therefore it is enough to show periodic...

The main purpose of this article is to prove that prices of selected metals quoted at London Metal Exchange could be described as biased random walks. In this paper hypothesis of black noise character of returns is verified (sequences are observed more frequently than reversals). Exploiting...

In the article two methods of estimating fractal dimension of financial time series are compared: variation method and method of area division. Both methods are used to estimate fractal dimension of chosen exchange rates time series.

DCF to metoda wyceny oparta na zalozeniu, ze wartosc przedsiebiorstwa zalezy od przeplywow gotowki, ktore firma moze wygenerowac w przyszlosci. Metoda ma jednak pewna wade zwiazana z faktem, ze do obliczania WACC stosowane sa ksiegowe wartosci dlugu i kapitalu wlasnego. Proby uzycia innych...

The purpose of the study was to identify factors which influence bank-firm relationships in Poland, herein identified with relationship banking. The results of empirical analysis have demonstrated that Polish firms readily establish single-bank relationships. The results of the econometric...

Increasing globalization contributes to the growth of the interdependencies between capital markets. This phenomenon is becoming a significant exogenous factors influencing the effectiveness of national economic policies and it impacts on the risk management processes at the microeconomic level....