Contemporary Trends and Challenges in Finance

This book contains a selection of the contributions presented at the conference. The articles reflect the extent, diversity and richness of research areas in the field, both fundamental and applied finance. The target audience of these proceedings includes researchers at universities and research and policy institutions, graduate students and practitioners in economics, finance and international economics in private or government institutions.

Autorentext

Krzysztof Jajuga is a professor of finance at Wroclaw University of Economics, Poland. He holds master, doctoral and habilitation degree from Wroclaw University of Economics, Poland, titular professor given by President of Poland, honorary doctorate from Cracow University of Economics and honorary professorship from Warsaw University of Technology. He carries out research within the area of financial markets, risk management, household finance and multivariate statistics. He published numerous papers and monographs in the area of finance and quantitative methods in economic sciences. He is editor in chief of Argumenta Oeconomica as well as sits on the scientific board of several other scientific journals. Lucjan T. Orlowski is professor of economics and finance at Sacred Heart University in Fairfield, Connecticut. He also serves as Director of the Doctor of Business Administration (DBA) in Finance Program. He was a visiting professor at New York University, University of Bonn, University of Rome III, Shanghai University of Finance and Economics, University of Warsaw and others. He served as an advisor to Poland's Minister of Finance and the National Bank of Poland. His research interests include monetary economics and stability of financial markets and institutions. He has published over 80 papers, completed work on 3 books and written chapters for 12 edited volumes. He serves on editorial boards of 8 scientific journals. He has been awarded Doctor Honoris Causa by Wroclaw University of Economics. Karsten Staehr is a professor of international and public finance at the Department of Economics and Finance at Tallinn University of Technology, Estonia, and a part-time research supervisor at Eesti Pank, the central bank of Estonia. He holds a master's degree from the Massachusetts Institute of Technology and master's and Ph.D. degrees from the University of Copenhagen. He carriesout research and policy analysis within international finance, monetary economics, public economics, European integration and comparative economics. Karsten Staehr has published in numerous journals, including European Economic Review, Journal of Common Market Studies, Journal of Comparative Economics, Review of International Economics and Economics Letters. He is an associate editor of the Baltic Journal of Economics and is on the editorial board of several other journals.

Inhalt
Part I. Econometrics of Financial Markets.- 1. Chosen Measures for Pricing of Liquidity.- 2. Not as Black as Is Painted? Influence of sCDS Market on Domestic Financial Market's before and after the Ban on Naked sCDS Trade.- 3. Determinants of the Spread between POLONIA Rate and the Refer-ence Rate Dynamic Model Averaging Approach.- 4. World Natural Gas Markets: Characteristics, Basic Properties and Linkages of Natural Gas Prices.- 5. Are Major Currencies Hedges or Safe Havens for Polish Stocks and Bonds?.- 6. Copper Price Discovery on COMEX, 20062015.- 7. A Copula Approach to Backward-Looking Factors in Market Based Inflation Expectations.- Part II: Stock Market Investments.- 8. Risk Parity Portfolios for the Grouped Stocks.- 9. Order Imbalance Indicators in Asset Pricing: Evidence from the Warsaw Stock Exchange.- 10. Interaction Between Market Depth and Market Tightness on the Warsaw Stock Exchange: A Preliminary Study.- 11. Investment Opportunities in the WSE: Bull versus Bear Markets.- Part III: Macrofinance.- 12. Development of Financial Systems in 1995-2014 A Factor Analysis.- 13. Measuring Systemic Risk with CoVaR Using a Stock Market Data Based Approach.- 14. The Quality of Financial Information and Stock Market Develop-ment: A Panel Data Study for the European Economies.- 15. Impacts of Urban Environmental Attributes on Residential Hous-ing Prices in Warsaw (Poland) Spatial Hedonic Analysis of City Dis-tricts.- 16. Macro- and Microprudential Regulations and their Effects on Pro-cyclicality of Solvency and Liquidity Risk.- Part IV: Banks and other Financial Institutions.- 17. Balance Sheet Shaping through Decision Model and the Role of the Funds Transfer Pricing Process.- 18. Testing VaR under Basel III with Application to No Failure Setting.- 19. Factors of Influence on Relationship Banking of Polish Firms.- 20. Bootstrap Mean Squared Error of Prediction in Loss Reserving.- 21. Mixture Cure Models in Prediction of Time to Default: Comparison with Logit and Cox models.- Part V: Public Finance.- 22. A New Business Model in Health Care Between Public and Pri-vate: Low Cost High Value Healthcare.- 23. The Heterogeneous Diversity of the Real Estate Transfer Tax in the EU.- 24. Impact of Financial Policies of Local Authorities on Entrepreneur-ship: Comprehensiveness of Policy Matters.- Part VI: Corporate Finance.- 25. Are Capital Structure Determinants Different Depending on Firm Size and Debt Maturity? Evidence form European Panel Data.- 26. Value Creation in a Firm through Coopetition. Real Options Games Approach.- Part VII: Household Finance.- 27. Does a Household's Wealth Determine the Risk Profile of Its Fi-nancial Asset Portfolio?.- 28. Supporting Family To Their Utmost People's Over the Age of 50 Attitudes to Borrowing.