The paper aims at the empirical evaluation of the impact of bank size (as measured by median total assets) on the value relevance of two key accounting variables, i.e. book values of equity and net earnings, in terms of their joint explanatory power in the regression model and the relative responsiveness of bank market values to the changes in those variables. The research is based on the multiple linear regression analysis after controlling for the presence of fixed and random effects. The examined sample covers all domestically-based commercial banks listed on the Warsaw Stock Exchange over the period 1998–2017. The final pooled sample comprises 18 banks and 271 bank-year observations. The findings of the study suggest that the equity investors perceive the joint informational content of book values and earnings of larger banks as more value relevant in comparison to the accounting numbers reported by their smaller peers. The responsiveness of banks’ market values to the changes in each of the explanatory variables seems, however, to be affected by their size in a different way. As expected, book values of equity have turned out to be significantly more informative for smaller banks, whereas the evidence regarding the impact of size on the responsiveness of bank market values to the changes in net earnings is ambiguous. Although larger banks appear to exhibit a higher sensitivity of stock prices to variations in net earnings per share than their smaller peers, the difference between the examined subsamples is not statistically significant.
The article presents the ideas of flexible design in the construction sector. Flexibility in the construction sector was discussed and defined between typical and flexible approaches to design. The idea applied during the economic effectiveness analysis of construction projects was introduced. The issue of flexibility was discussed based on the example of construction of a sports facility - The National Stadium in Warsaw. An effectiveness analysis was applied for variant solutions.
The paper discusses selected topics in moral philosophy of Professor Bogusław Wolniewicz. His overall approach is marked by intellectual independence and analytic treatment of moral issues. The theory of values that he has endorsed can be described as a moderate non-religious absolutism based on weak metaphysical principles. Although in general his normative position can be assimilated to the views of an enlightened liberal, it also clashes with that position insofar as he proclaimed the existence of ontological evil and supported legitimacy of death penalty.
Many different characteristics affect the land prices. This work attempts to analyse the characteristics of agricultural parcels, which significantly affect the variability of agricultural land prices. The article presents the methodology of selection land parcel characteristics, rules for the selection of factors and possibility of automatic acquisition of data in mass valuation process. The research aims at selecting determinants of agricultural land parcels price and evaluate theirs significance in a local market for the purpose of land values map elaboration. Using advanced statistical analysis of a non-linear influence of a parcel inherent characteristics on its price we proved that in the relatively small area, like commune, only a few characteristics are essential, They are: parcel size, shape and location expressed by distance to the commune centre, paved roads and homestead buildings. Therefore, these ones should be used for elaboration of land values map. Soil quality and a cropland type although significant for the land prices do not diversify land prices in local market. The novelty of the research relays on determination of non-linear influence of parcel characteristics on variation of agricultural land values based on the correlation ratio (h eta). The research was conducted for the undeveloped agricultural lands located in south-west Poland, the rural municipality Krotoszyce.
This paper presents the innovative activity of enterprises as a process that is risky but necessary for the survival of a company in a competitive market, and as a way to maximize the long-term value for the owners. Risks and benefits were analysed, and the possible sources of added value in innovative projects were identified in the context of the capital market equilibrium and the budgeting of investments. Innovative projects become a source of added value for investors if the financial effects such as changes in the residual cash flow and higher growth rate outweigh the combined impact on the risk generated by two factors: increase of systematic risk and emerging specific risks.
The subject matter dealt with in this article fits into a broader discussion on sovereignty and patriotism, which has intensified since Poland’s accession to the European Union. It is also associated with the topical issue of patriotic education of children and adolescents, in which the Church engages along with the family and the school (e.g. as part of religion lessons, parochial catechesis, specialist pastoral work). When taking up the subject matter described in the title, the author first focused on whether now, in a changed historical context, speaking about patriotism and patriotic attitudes is still sensible and whether a Christian can (should) be a patriot. When seeking an answer to this question, a reference was made mainly to the Letter of the Polish Episcopate On Christian Patriotism, issued on the 200th anniversary of the first partition of Poland, and to the document of the Conference of the Polish Episcopate prepared by the Council for Social Matters, entitled The Christian Shape of Patriotism. It was against this background that an answer was sought to the question about patriotic content in homilies and catechesis. Homilies delivered by St. John Paul II during his pilgrimages to his homeland were used as a model in this regard. The basic assumptions of the religion teaching syllabus for schools and parochial catechesis, which refer at multiple points to patriotism as a value, emphasising the importance of developing an attitude of respect and love for one’s homeland and its cultural heritage, as well as a motivation to actively participate in social life, were also discussed.
The works of Bogusław Wolniewicz contain a philosophical system. It needs to be extracted and revealed through a recomposition of his output which comprises close to 600 individual publications and auditions. It is a system of Pythagorean-Manichean kind, or, to put it differently, Leibnizian-Augustinian kind. The Professor described his philosophy as a rational ‘tychism’. It claims that the world and man are governed by chance (especially human nature in which an element of evil has some influence) and that mind, even though it uses logic to reflect the world, is barely an irrelevant addition in the vast universe. Such a stance is unusual in modern thought, though not in the history of thinking. It is in clear opposition to the scientifically bended rationalism and irrationalism that dominate contemporary thought. The logical coherency and extensiveness of Wolniewicz’s concerns constitute the essence of his philosophical system, though it goes largely unnoticed, due to the meaninglessness of several of his claims to his opponents. At its foundation lies the metaphysics of situations developed by L. Wittgenstein but further elaborated by Wolniewicz. The contribution by Wolniewicz is not his greatest accomplishment, however. The metaphysics of situations is his organon – merely a thinking tool – used to extract the most crucial and deeply hidden truths about the world. Due to these circumstances and the modern achievements in logic when it is practiced in Wolniewicz’s style, new discoveries are made that were not possible in the past. For example, it is possible to incorporate both Christian axiology and anthropology with Marx’s sociology in one system. It evocates widespread amazement but also fierce resistance from conservative readers, but their protests are ungrounded. ‘Truth always agrees with truth’ – said Wolniewicz. When it comes to Wolniewicz’s system, its coherence counts most, and it is best manifested in the objectivistic and absolutistic philosophy of values as well as pessimistic philosophy of the human condition (both being of Christian provenance). One can depict Wolniewicz’s system as a cathedral with numerous towers, persistently built over 70 years of his active academic life. The main towers are: ontological-theological, anthropological and axiological (of practical philosophy, describing human duties). Standing shoulder to shoulder with them are smaller turrets corresponding to such subfields as epistemology, philosophy of culture, philosophy of religion, esthetics etc. The metaphysical aspect of Wolniewicz’s philosophy is blended from specific classic theorems and original claims expressed in synthetic a priori propositions. They are supported by the logical structure of language, and language itself is supported by the structure of human genotype (DNA). Technically one can reach the most general truths about the world by continuous thinking, but the ability to use that skill is a privilege reserved for exceptional geniuses.
In the article the Author presents the typology of alternative history and in its light he characterises the historical writings of Jerzy Łojek, in particular his approach towards history of November Uprising, 1830–1831.
The aim of this paper is to present and explain the metaethical theory proposed by Ayn Rand. In particular, Rand’s view of ethics as necessary for human life is discussed. I also analyze the concept of value which is crucial to Rand’s ethics. I seek to demonstrate that the concept of value is rooted in the concept of life, and from this it follows that the normative sphere is secondary to the existence of living beings. Further, I introduce Rand’s argument concerning human life as an ultimate point of reference in her philosophy. Finally, I explain the conditional character of morality, and end my paper with a short discussion of Rand’s unique view on objectivity of values.
Autocorrelation of signals and measurement data makes it difficult to estimate their statistical characteristics. However, the scope of usefulness of autocorrelation functions for statistical description of signal relation is narrowed down to linear processing models. The use of the conditional expected value opens new possibilities in the description of interdependence of stochastic signals for linear and non-linear models. It is described with relatively simple mathematical models with corresponding simple algorithms of their practical implementation. The paper presents a practical model of exponential autocorrelation of measurement data and a theoretical analysis of its impact on the process of conditional averaging of data. Optimization conditions of the process were determined to decrease the variance of a characteristic of the conditional expected value. The obtained theoretical relations were compared with some examples of the experimental results.
Spare parts are one of the important pillars in the after-sales service of automotive business. Customers will satisfied and comfortable if the availability of spare parts is guaranteed. Spare Part Center is one of function to support unit sales and as well as profit-oriented, so the accuracy and speed of spare part acceptance by the customer is an important key to winning the competition. Order Picking is one of the supply chain processes that play a role in warehouse operations to meet customer needs. Order Picking is the most expensive activity in warehousing and can reach 55% of the total cost of warehousing operations, so it is considered a top priority in increasing productivity, even reaching 65% of total warehouse operating costs. The purpose of this research is to increase productivity in the process of picking order through reduction of processing time. Increased productivity is done by improving the working method of the picking process. From the result the comparing, the method by zone requires less total picking time (193.712 seconds) than by routing (249.559 seconds) decreased 55.85 second time, in other words, an increase of 22.38%. With the Visual Stream Mapping (VSM) in this research can reduce to travel time, it means that the total distance traveled is small than the current method. The impact from VSM approach will eliminate time for preparation of 1.960 seconds, and take empty trolley of 200 seconds. In this case some of traveling non-value
Directional excitation of sound in an aperiodic finite baffle system is analyzed using a method developed earlier in electrostatics. The solution to the corresponding boundary value problem is obtained in the spatial-frequency domain. The acoustic pressure and normal particle velocity distribution in acoustic media can be easily computed by the inverse Fourier transform from their spatial spectra on the baffle plane. The presented method can be used for linear acoustic phased arrays modeling with finite element size and inter-element interactions taken into account. Some illustrative numerical examples presenting the far-field radiation pattern and wave-beam steering are given.
The relatively limited application of lean in the food process industries has been attributed to the unique characteristics of the food sector i.e. short shelf-life, heterogeneous raw materials, and seasonality. Moreover, barriers such as large and inflexible machinery, long setup time, and resource complexity, has limited the implementation and impact of lean practices in process industries in general. Contrary to the expectations in the literature, we bring in this paper a successful experience of lean implementation in a company of the food-processing sector. By focusing on two lean tools (VSM and SMED), the company reduced changeover time by 34%, and increased the production capacity of the main production line by 11%. This improvement enabled the company to avoid the use of temporary workers by extending the worktime of its workforce during peak months. Moreover, the reduction of setup time avoided the use of large lot size in production, which, in turn, reduced the total cycle time of production and the incidence of quality problems.
At present, with the increase of production capacity and the promotion of production, the reserves of most mining enterprises under the original industrial indexes are rapidly consumed, and the full use of low-grade resources is getting more and more attention. If mining enterprises want to make full use of low-grade resources simultaneously and obtain good economic benefits to strengthening the analysis and management of costs is necessary. For metal underground mines, with the gradual implementation of exploration and mining projects, capital investment and labor consumption are dynamic and increase cumulatively in stages. Consequently, in the evaluation of ore value, we should proceed from a series of processes such as: exploration, mining, processing and the smelting of geological resources, and then study the resources increment in different stages of production and the processing. To achieve a phased assessment of the ore value and fine evaluation of the cost, based on the value chain theory and referring to the modeling method of computer integrated manufacturing open system architecture (CIMOSA), the analysis framework of gold mining enterprise value chain is established based on the value chain theory from the three dimensions of value-added activities, value subjects and value carriers. A value chain model using ore flow as the carrying body is built based on Petri nets. With the CPN Tools emulation tool, the cycle simulation of the model is carry out by the colored Petri nets, which contain a hierarchical structure. Taking a large-scale gold mining enterprise as an example, the value chain model is quantified to simulate the ore value formation, flow, transmission and implementation process. By analyzing the results of the simulation, the ore value at different production stages is evaluated dynamically, and the cost is similarly analyzed in stages, which can improve mining enterprise cost management, promote the application of computer modeling and simulation technology in mine engineering, more accurately evaluate the economic feasibility of ore utilization, and provide the basis for the value evaluation and effective utilization of low-grade ores.
The influence of sewage sludge torrefaction temperature on fuel properties was investigated. Non-lignocellulosic waste thermal treatment experiment was conducted within 1 h residence time, under the following temperatures: 200, 220, 240, 260, 280 and 300°C. Sawdust was used as lignocellulosic reference material. The following parameters of biochar have been measured: moisture, higher heating value, ash content, volatile compounds and sulfur content. Sawdust biochar has been confirmed to be a good quality solid fuel. High ash and sulfur content may be an obstacle for biochar energy reuse. The best temperature profile for sawdust torrefaction and fuel production for 1 h residence time was 220°C. At this temperature the product contained 84% of initial energy while decreased the mass by 25%. The best temperature profile for sewage sludge was 240°C. The energy residue was 91% and the mass residue was 85%. Higher temperatures in both cases caused excessive mass and energy losses.
Intraspecific changes in genome size and chromosome number lead to divergence and species evolution. Heavy metals disturb the cell cycle and cause mutations. Areas contaminated by heavy metals (metalliferous sites) are places where microevolutionary processes accelerate: very often only a few generations are enough for a new genotype to arise. This study, which continues our long-term research on Viola tricolor (Violaceae), a species occurring on both metalliferous (Zn, Pb, Cd, Cu) and non-metalliferous soils in Western and Central Europe, is aimed at determining the influence of environments polluted with heavy metals on genome size and karyological variability. The genome size of V. tricolor ranged from 3.801 to 4.203 pg, but the differences between metallicolous and non-metallicolous populations were not statistically significant. Altered chromosome numbers were significantly more frequent in material from the polluted sites than from the non-polluted sites (43% versus 28%). Besides the standard chromosome number (2n = 26), aneuploid cells with lower (2n = 18-25) or higher (2n = 27, 28) chromosome numbers were found in plants from both types of site, but polyploid (2n = 42) cells were observed only in plants from the metalliferous locality. The lack of correlation between chromosome variability in root meristematic cells and genome size estimated from peduncle cells can be attributed to elimination of somatic mutations in generative meristem, producing chromosome-stable non-meristematic tissues in the peduncle.
The article describes the influence of anomalous values and local variability on the structure of variability and the estimation of deposit parameters. The research was carried out using statistical and geostatistical methods based on the Pb accumulation index in the shale series in part of the Cu-Ag ore deposit, LGCD (Lubin-Głogów Copper District). The authors recommend the use of a geostatistical tool, the so-called semivariogram cloud to determine the anomalous values. Anomalous values determined by the geostatistical method and removed from the dataset have resulted in a significant reduction of the relative variability of data, which is still very large in the case of the analyzed parameter or parameters with similar statistical features such as extreme variability and strongly asymmetric distribution. Calculations of the resources of this element can be treated only as estimates and formally classified to category D. The hypothetical assumption of the absence of sampling errors, resulting in a decrease in the magnitude of local variation, leads to a certain reduction of the median error of resource estimates. However, they are still high (> 35%). This is due to the large natural variability of the accumulation index of Pb on the local observation scale. The current method for collecting samples from mine workings of the Cu-Ag deposits in the Lubin-Głogów Copper District (LGCD), aimed at the proper assessment of copper resources, the Cu content, and at estimating the quality of copper output, makes it impossible to achieve an accuracy of estimates of Pb resources similar to that obtained for the main metal. Theoretically, this effect can be achieved by a strong concentration of the sample collection points and thanks to a multiple increase in the samples weight; this, however, is unrealistic for both economic and organizational reasons. It is therefore to be expected that the assessment of Pb resources and other accompanying elements of similar statistical features (e.g. As), located in parts of the deposit where mining activities are to be carried out, will be subject to significant errors.
Bogusław Wolniewicz presented his axiological system in four volumes of Filozofia i wartości (“Philosophy and Values”: 1993, 1998, 2003, 2016). For Wolniewicz, just as for his mentor Henryk Elzenberg, axiology is openly assertive and encompasses a painful confrontation of opposite moral beliefs. Wolniewicz’s vision of the reality is gloom, bitter, dramatic and deeply pessimistic. In history he detects unwelcome contributions of demonic powers (Manichaeism), he also believes that human moral character is genetically given and immutable (determinism), that some people are deprived of conscience (dualism), and that the tendency toward evil cannot be reformed (non-meliorism), human reason is not sufficient for a morally good action (voluntarism), while the so-called free will is no more than a manifestation of instincts (irrationalism). Everyone follows their pleasure (hedonism), but not everyone seeks pleasure in the same actions. In particular, some people take pleasure in cruel and destructive behaviour (demonism), while some others mind their own business (utilitarianism), and rare are those who devote themselves to higher values (perfectionism). Religion is a human invention and it emerges as a natural phenomenon in reaction to the fact of mortality. The institution of the Church should nevertheless be honored even by nonbelievers because it supports conservative values. In contemporary Western civilization a crisis can be observed between the conservative part of society (‘right-handed orientation’) and the liberal one (‘left-handed orientation’). Hateful emotions appear on both sides and are dangerous to Western unity. Conservative orientation is attached to the idea of fate, i.e. irrational power that occasionally turns human life into tragedy (fatalism). Wolniewicz’s vision is close to the theology of St. Augustine (original sin, predestination, radical dualism of good and evil) but without a consolation in hope for immortality.
The aim of the article is to present the issue of risk and related management methods, with a particular emphasis on the conditions of investment in energy infrastructure. The work consists of two main parts; the first one is the theoretical analysis of the issue, while the second discusses the application of analysis methods on the example of the investment in an agricultural biogas plant. The article presents the definitions related to the investment risk and its management, with a particular emphasis on the distinction between the risk and uncertainty. In addition, the main risk groups of the energy sector were subjected to an analysis. Then, the basic systematics and the division into particular risk groups were presented and the impact of the diversification of investments in the portfolio on the general level of risk was determined. The sources of uncertainty were discussed with particular attention to the categories of energy investments. The next part of the article presents risk mitigation methods that are part of the integrated risk management process and describes the basic methods supporting the quantification of the risk level and its effects – including the Monte Carlo (MC), Value at risk (VaR), and other methods. Finally, the paper presents the possible application of the methods presented in the theoretical part. The investment in agricultural biogas plant, due to the predictable operation accompanied by an extremely complicated and long-term investment process, was the subject of the analysis. An example of “large drawing analysis” was presented, followed by a Monte Carlo simulation and a VaR value determination. The presented study allows for determining the risk in the case of deviation of financial flows from the assumed values in particular periods and helps in determining the effects of such deviations. The conducted analysis indicates a low investment risk and suggests the ease of similar calculations for other investments.
In the process of extraction and enrichment of coal waste, considerable quantities of waste material are produced, mainly the gangue and coal sludge, considered as waste or raw material. The main directions of the management development of the waste rock are the production of aggregates, the production of energy products and the liquidation works in hard coal mines and the filling of excavations. The paper proposes the extension of these activities to the use of waste material. The possibility of using aggregates or extractive waste to fill open-pit excavations has been proposed, also in areas within the reach of groundwater and the possibility of building insulation layers of waste material and the production of mixtures of hard coal sludge and sewage sludge to produce material with good energy properties. The analysis was based on the author’s own research and literature data related to selected parameters of waste material. This paper presents our own preliminary studies on the amount of combustion heat and the calorific value of coal sludge combined with other wastes such as sewage sludge. The proposed methods and actions are part of the current directions of development, but they allow the extension of the scope of use of both extractive waste and products produced on the basis of gangue or coal sludge. Due to the frequent lack of the stable composition of these materials, their current properties should be assessed each time before attempting to use them. The fact that it is important to continue research to promote existing economic use and to seek new activities or methods has been concluded.
This paper researches the application of grey system theory in cost forecasting of the coal mine. The grey model (GM(1.1)) is widely used in forecasting in business and industrial systems with advantages of minimal data, a short time and little fluctuation. Also, the model fits exponentially with increasing data more precisely than other prediction techniques. However, the traditional GM(1.1) model suffers from the poor anti-interference ability. Aimed at the flaws of the conventional GM(1.1) model, this paper proposes a novel dynamic forecasting model with the theory of background value optimization and Fourier-series residual error correction based on the traditional GM(1.1) model. The new model applies the golden segmentation optimization method to optimize the background value and Fourier-series theory to extract periodic information in the grey forecasting model for correcting the residual error. In the proposed dynamic model, the newest data is gradually added while the oldest is removed from the original data sequence. To test the new model’s forecasting performance, it was applied to the prediction of unit costs in coal mining, and the results show that the prediction accuracy is improved compared with other grey forecasting models. The new model gives a MAPE & C value of 0.14% and 0.02, respectively, compared to 1.75% and 0.37 respectively for the traditional GM(1.1) model. Thus, the new GM(1.1) model proposed in this paper, with advantages of practical application and high accuracy, provides a new method for cost forecasting in coal mining, and then help decision makers to make more scientific decisions for the mining operation.
The mining of hard coal deposits at increasingly greater depth leads to an increase in hazards related to the loss of stability of steel arch supports as a result of excessive static and dynamic loads. Camber beam reinforcement via rockbolting is often utilised in order to improve the stability of the yielding steel arch support. This article presents the results of comparative bench tests of the ŁP10/V36-type steel arch support, tested with and without reinforcement by means of self-drilling bolts with drunken R25 threads, using short joists formed from V32 and V25 sections. It also presents the results of comparative tests of the ŁPP10/4/V29/I-type steel arch support, tested with and without reinforcement by means of rock bolts with trapezoidal Tr22/13 threads, using short joists formed from V25 sections. The obtained test results, in the form of load courses and work values of the steel arch and mixed (arches and rock bolts) support systems, demonstrate that the utilisation of mixed support may significantly improve the stability of workings, particularly immediately after they are driven. A mixed support system quickly achieves its maximum load capacity together with a significant increase in its work value. It may thus prevent the stratification of the rocks surrounding the working, and therefore better utilise the self-supporting capacity of the rock mass. As evidenced by the test results, the mixed support work may be as much as 3.5 times as great compared to the steel arch support at the beginning of the height reduction process initiated by loading – i.e. until its reduction by a presupposed value of 100 mm.
Hard coal sludge is classified as group 01 waste or it is a by-product in the production of a hard coal with variable energy importance. Pulverized lignite is not waste but a final product of drying and the very fine pulverization of lignite with a high calorific value. The study comprised the basic material before granulation such as coal sludge (PG SILESIA) and pulverized lignite (LEAG) as well as their prepared blends after the granulation on a pipe vibration granulator designed at AGH. The pulverized lignite of the LEAG company shows a low sulfur contents. In the analyzed samples its average content (Stot d) is 0.61%. An average value of this parameter in the analyzed coal sludge samples is 0.55%. The addition of pulverized lignite does not have a significant impact on the total content of sulfur and of analyzed toxic elements (Hg, As, Cd, Cr, Co, Cu, Mn, Ni, Pb, Sb, Tl, and W) in the samples. The calorific value of coal sludge falls within the range of 11.0−12.4 MJ/kg (on a dry basis). For the coal sludge and pulverized lignite blends the calorific value clearly increases to values of 14.8−17.7 MJ/kg (on dry basis). The calorific value slightly decreases in the
We aimed to investigate whether educational activities in the form of guided tours through an exhibition change the appreciation of art when young experts (i.e. first-years students of artistic faculties) view contemporary art in a gallery. Participants viewed and assessed the artworks presented at the gallery twice – before and after taking part in a guided tour led by a gallery educator. The guide-led tour increased both understanding and ratings (the hedonic value) of the artworks, which is consistent with the “effort after meaning” hypothesis and also with the model of aesthetic appreciation and aesthetic judgments. Our results suggest that the reception of works of art by young experts is changed when they are under the influence of extensive contextual information.