This study attempted to examine the impacts of academic locus of control and metacognitive awareness on the academic adjustment of the student participants. The convenient sampling was applied to select the sample of 368 participants comprising 246 internals with age ranging from 17 to 28 years (M = 20.52, SD = 2.10) and 122 externals with age spanning from 17 to 28 years (M = 20.57, SD = 2.08). The findings indicated that there were significant differences in the various dimensions of metacognition, academic lifestyle and academic achievement of the internals and externals except for academic motivation and overall academic adjustment. There were significant gender differences in declarative knowledge, procedural knowledge, conditional knowledge, planning, information management, monitoring, evaluation and overall metacognitive awareness. Likewise, the internals and externals differed significantly in their mean scores of declarative knowledge, procedural knowledge, conditional knowledge, planning, information management, monitoring, debugging, evaluation and overall metacognitive awareness, academic lifestyle and academic achievement. The significant positive correlations existed between the scores of metacognitive awareness and academic adjustment. It was evident that the internal academic locus of control and metacognitive awareness were significant predictors of academic adjustment of the students. The findings have been discussed in the light of recent findings of the field. The findings of the study have significant implications to understand the academic success and adjustment of the students and thus, relevant for teachers, educationists, policy makers and parents. The future directions for the researchers and limitations of the study have also been discussed.
The process of railway track adjustment is a task which includes bringing, in geometrical terms, the actual track axis to the position ensuring safe and efficient traffic of rail vehicles. The initial calculation stage of this process is to determine approximately the limits of sections of different geometry, i.e. straight lines, arcs and transition curves. This allows to draw up a draft alignment design, which is subject to control the position relative to the current state. In practice, this type of a project rarely meets the requirements associated with the values of corrective alignments. Therefore, it becomes necessary to apply iterated correction of a solution in order to determine the final project, allowing to introduce minor corrections while maintaining the assumed parameters of the route. The degree of complexity of this process is defined by the quality of determining a preliminary draft alignment design. Delimitation of the sections for creation of creating such a design, is usually done by using the curvature diagram (InRail v8.7 Reference Guide [1], Jamka et al [2], Strach [3]), which is, however, sensitive to the misalignment of the track and measurement errors. In their paper Lenda and Strach [4] proposed a new method for creating curvature diagram, based on approximating spline function, theoretically allowing, inter alia, to reduce vulnerability to interference factors. In this study, the method to determine a preliminary draft alignment design for the track with severe overexploitation was used, and thus in the conditions adversely affecting the accuracy of the conducted readings. The results were compared to the ones obtained using classical curvature diagram. The obtained results indicate that the method allows to increase the readability of a curvature graph, which at considerable deregulation of a track takes an irregular shape, difficult to interpret. The method also favourably affects the accuracy of determining the initial parameters of the project, reducing the entire process of calculation.
The objective of this paper is to derive the characteristics of an effective governance framework ensuring incentives for conducting a prudent fiscal policy.We study this problem with the use of econometric tools and a sample of 28 European Union Member States between 2003 and 2017. By looking at specific reforms and measures, not only we verify the synthetic effectiveness of fiscal constraints but also we analyse specific elements of the governance framework.Our study shows that fiscal balances are affected not only by the economic cycle, but, among others, by the level of public debt and its cost. We find that the existence of numerical fiscal rules, in that specifically revenue and expenditures rules, their strong legal entrenchment, surveillance mechanisms, sanctions, and flexibility with respect to business cycle have a significant impact on curbing deficits.
The paper considers a private ownership economy in which economic agents could realize their aims at given prices, Walras Law is satisfied but agents’ optimal plans of action do not lead to an equilibrium in the economy. It means that the market clearing condition is not satisfied for agents’ optimal plans of action. In this context, the paper puts forward three specific adjustment processes resulting in equilibrium in a transformation of the initial economy. Specifically, it is shown, by the use of strict mathematical reasoning, that if there is no equilibrium in a private ownership economy at given prices, then, under some natural economic assumptions, after a mild evolution of the production sector, equilibrium at unchanged prices can be achieved.
The concept of a general average is the oldest institution of maritime law. Its usefulness in modern shipping relations has long been criticized. Nevertheless, the general average, despite the fact that it is not the subject of any international agreement, occupies a prominent place in the internal legal systems of maritime states, and the international community continues to show great interest in it, regularly changing the principles of accounting established in the second half of the 19th century in York and Antwerp. During the work on the draft of the new Polish Maritime Code, the Maritime Law Codification Commission made some changes in the regulations concerning the general average, adapting the provisions of Polish law to new solutions proposed by participants of international maritime trade and non-governmental organizations, including Comité Maritime International.
The purpose of the article is to verify a hypothesis about the asymmetric pass-through of crude oil prices to the selling prices of refinery products (unleaded 95 petrol and diesel oil). The distribution chain is considered at three levels: the European wholesale market, the domestic wholesale market and the domestic retail market. The error correction model with threshold cointegration proved to be an appropriate tool for making an empirical analysis based on the Polish data. As found, price transmission asymmetry in the fuel market is significant and its scale varies depending on the level of distribution. The only exception is the wholesale price transmission to the domestic refinery price. All conclusions are supported by the cumulative response functions. The analysis sheds new light on the price-setting processes in an imperfectly competitive fuel market of a medium-sized, non-oil producing European country in transition.
Because of the value of time, investors are interested in obtaining economic benefits rather early and at a highest return. But some investing opportunities, e.g. mineral projects, require from an investor to freeze their capital for several years. In exchange for this, they expect adequate remuneration for waiting, uncertainty and possible opportunities lost. This compensation is reflected in the level of interest rate they demand. Commonly used approach of project evaluation – the discounted cash flow analysis – uses this interest rate to determine present value of future cash flows. Mining investors should worry about project’s cash flows with greater assiduousness – especially about those arising in first years of the project lifetime. Having regard to the mining industry, this technique views a mineral deposit as complete production project where the base sources of uncertainty are future levels of economic-financial and technical parameters. Some of them are more risky than others – this paper tries to split apart and weigh their importance by the example of Polish hard coal projects at the feasibility study. The work has been performed with the sensitivity analysis of the internal rate of return. Calculations were made using the ‘bare bones’ assumption (on all the equity basis, constant money, after tax, flat price and constant operating costs), which creates a good reference and starting point for comparing other investment alternatives and for future investigations. The first part introduces with the discounting issue; in the following sections the paper presents data and methods used for spinning off risk components from the feasibility-stage discount rate and, in the end, some recommendations are presented.