CENTRAL AND EASTERN EUROPEAN JOURNAL OF MANAGEMENT AND ECONOMICS
Vol. 4, No. 2, June 2016, WSB UNIVERSITY IN WROCŁAW
Editor: Joost Platje
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Vol. 4, No.2, 105-123, June 2016
A theoretical approach to quantitative downside risk measurement methods
Authors: Diana CIBULSKIENÉ, Martynas BRAZAUSKAS
Šiauliai University, Lithuania
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Abstract: Evaluating the results of the investment portfolio it is important to take into account not only the expected profitability, but also the risk. Risk measurement is based on the historical data applying various methods. The methods, that take into account the downside volatility, measures risk most effectively. The importance of these methods is emphasized by the empirical research. There are three main downside risk types: downside or asymmetric risk, tail risk, drawdown risk. The paper describes and compares the different risk measurement methodologies and criteria. Market risk measurement methods must meet four basic risk measurement axioms: positive homogeneity, subadditivity, monotonicity, transitional invariance. These axioms represent only a part of evaluating methods for tail risk and drawdown risk. Having conducted empirical studies the scientists have shown that empirical research is becoming more and more popular involving the use of a downside risk measurement methods. This popularity can be explained by the fact that based on the research results the downside risk measurement methodologies help increase the efficiency of investment portfolio.
Keywords: tail risk, downside risk, drawdown risk.
JEL: G10, G20, G31
Vol. 4, No.2, 125-143, June 2016
Supporting start-ups – comparison of chosen aspects between Poland and Sweden
Author: Anna BRDULAK
WSB University in Wrocław
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Abstract: According to the OECD, the city of Malmö is ranked on the fourth position globally in patent applications per 10,000 inhabitants. Presenting this ranking list, Forbes magazine described Malmö as young and diverse. The two other largest Swedish cities, Stockholm and Gothenburg, also scored high – on the 8th and 12th places, respectively. Regarding the presented facts the main aim of the article is to describe both Polish and Swedish systems of supporting new business, crucial from the innovation-creation perspective. These two countries were chosen basing on the fact, that Sweden is one of the most innovative countries globally and it’s start-up supporting system could be an inspiring benchmark for Poland, which is a maternity country for the authoress. Both parts are based on the authoress’ observations as well as direct talks with entrepreneurs and start-up supporting organizations. As an added value of this comparison, the concluding part of the article presents a list of best practices and suggestions for Polish start-ups.
Keywords: start-up, innovations, entrepreneurship, Swedish start-up model, best practices
Vol. 4, No.2, 145-169, June 2016
Basic assumptions for introducing circular solutions in the buildings sector
Author: Monika PARADOWSKA
University of Opole, Poland
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Abstract: Traditional, linear business models are one of key reasons for unsustainable development, including overuse of non-renewable resources and energy, as well as waste over-generation. An answer to these problems is a circular economy aimed at improving resource- and energy-efficiency in each phase of a product’s (service’s) lifecycle. The main aim of this paper is to examine, what can be considered a circular product in the buildings sector and what kind of circular products and / or services could be potentially introduced by consulting companies operating inter alia in the buildings sector. First two sections provide a general theoretical background for the concept of a circular economy, a circular product and circular business models. Then, main aspects of introducing an approach based on a circular economy in the buildings sector are elaborated, focusing on key features of circular buildings and solutions which are or can be implemented in different phases of a building’s lifecycle. Based on main features of introducing a circular economy in the buildings sector, leading tasks of consulting companies involved in sustainable solutions are presented. In conclusion it is stated that there are many solutions enabling construction of (more) circular buildings, at least in terms of a “better” circularity in one or more phases of a building’s lifecycle, but still a complex and system approach is needed in the whole sector and among all actors. For this reason, consulting companies can play a specific role in this field, by the way of raising awareness, developing knowledge, skills and capabilities, creating and showing values and benefits to different actors, developing networks etc.
Keywords: circular economy, buildings, the buildings sector, a building’s lifecycle, consulting companies, sustainable development
JEL: Q01, Q2, Q3, Q4, Q5