<abstract xmlns="http://www.w3.org/1999/xhtml"><bold>Research Background:</bold> Unemployment has been a major inhibitor of growth and development in Nigeria and it has been a perpetual problem that has proven insurmountable despite various governmental administration interventions and commercial policies to encourage the influx of multinational corporations and foreign direct investment. As such, this study examined the effect of requisite skill availability (RSA) on multinational Corporations locational strategy (LS) as there has always been skill mismatch inhibiting employability.<bold>Research Methodology:</bold> The study adopted a cross sectional research design and considered 5 multinational corporations in Nigeria by a random sampling technique. The statistical tools used included multiple regressions and a Correlation analysis through SPSS.<bold>Results:</bold> The results indicated (RSA) has a significant positive relationship with locational strategy (at <italic>p</italic> = 0.004). It was also observed that other controlling variables as trade facilitation, foreign ownership policy and structural infrastructural availability also has a significant positive effect.<bold>Novelty:</bold> The study recommends that; the government should provide an education and personal development platform that would make its citizenry employable based on the skills that are needed by multinational corporations to be localized in the country.</abstract>

Department of Business Administration, College of Management Sciences

Department of Business and Entrepreneurship, School of Business and Governance

Leeds University Business School, Leeds Beckett University

Requisite Skill Availability and Multinational Corporations Locational Strategies in Nigeria

<abstract xmlns="http://www.w3.org/1999/xhtml"><bold>Research background:</bold> This paper attempts to introduce the concept of Polish housing policy and define its course.<bold>Purpose:</bold> The main aim of the paper is to attribute the theoretical model of Polish housing policy and its goals and summarize the practical instruments and programs implemented between 2002 and 2016 to try to answer the question in what way the state was helping households to fulfil housing needs.<bold>Research methodology:</bold> The research method used in the paper was a query of Polish and foreign literature of housing policy models, goals and instruments in the theoretical part, in the practical part (main research) is the monograph analysis of Polish housing policy between 2002 and 2016 including: housing resource, housing supply and change of their structure in the examined timeline, availability of apartments, supply of mortgages and connections with the availability of apartments and macroeconomic situation measured by the yearly GDP per capita.<bold>Results:</bold> Theoretical and practical solutions were made. Polish housing policy can be defined as a wide ranging selective model according to Ghekiere (2009) division, the empirical analysis of the adopted solutions risks – marginalization of social housing and substantial impact of the financial sector (banking and mortgages) on housing which may be negative in the case of an economic crisis.<bold>Novelty:</bold> The value of this paper is a contribution to the debate on defining a theoretical model of housing policy and an explanation of the changes in housing in Poland from 2002–2016.</abstract>

The Theoretical Model of Polish Housing Policy between 2002 and 2016

<abstract xmlns="http://www.w3.org/1999/xhtml"><bold>Research background:</bold> Motivation for this study is the rapid development of conglomerate banking stimulated by the synergy between the traditional and parallel investment activity of banks before the 2007–2008 financial crisis. Existing studies do not answer the question about the positive influence of diversification on bank stability. They state that the combination of lending and non-interest income allows benefits to be derived from risk diversification. However, on the other hand they emphasise that non-interest and interest incomes are strongly correlated, which does not bring positive effects from diversification.<bold>Purpose:</bold> Scientific problem aimed to be solved is to verify how the diversification of activities in commercial banks into non-interest products (i.e. trading, securities-based investment activities, and derivatives) brings positive effects such as income stabilization and risk reduction. We examine the implications of banks’ risk adjusted ROA that manifest themselves as spreading and growing instability.<bold>Research methodology:</bold> We use a panel regression model, through a dataset that covers 777 international banks, in 91 selected countries of the world, spanning the period of 1996–2015.<bold>Results:</bold> We document that the diversification of a bank’s operations is varied and depends on a bank’s characteristics, including asset size.<bold>Novelty:</bold> The study contributes to the on-going discussion on the separation of retail and investment banks with a view to enhancing their profit stability.</abstract>

Model of Risk Diversification in the Banking Sector

<abstract xmlns="http://www.w3.org/1999/xhtml"><bold>Research background:</bold> The study examines the performance of companies that are going public with equity issuance (IPO) in Poland.<bold>Purpose:</bold> Some scholars argue that the buy-and-hold strategy that has been quite widely used suffers from cross correlation and the “bad model” problem. Hence, the calendar-time portfolio approach is used to extend the methodology.<bold>Research Methodology:</bold> The empirical procedure is two-step. At the beginning, we calculate an average abnormal return for the portfolio of IPOs firms. The portfolio is rebalanced each month. Next, the risk-adjusted performance is measured by regressing returns on a multifactor time-series regression model. We employ the Fama-French (1993) three-factor model and CAPM for the robustness check.<bold>Results:</bold> In a sample of IPOs listed on the Warsaw Stock Exchange, we find negative and highly significant abnormal returns. Alphas are statistically significant in all of the Fama-French regressions and in most of the cases for CAPM.<bold>Novelty:</bold> This paper discusses the puzzle of the long-term equity performance of initial public offerings (IPOs) using the calendar-time portfolio approach. Our results point to the economic and statistical significance of long-term IPO underperformance.</abstract>

Long-Term Equity Performance in Poland – Searching for Answers with the Calendar-Time Portfolio Approach

<abstract xmlns="http://www.w3.org/1999/xhtml"><bold>Research background:</bold> In recent years, the return of city and suburbs dwellers to city centers has been observed. This phenomenon is caused in particular by the growing costs of transport and time spent on commuting. From this point of view, it seems interesting to observe the prices of properties located in the suburbs in relation to the prices of properties located around city centers and to examine their similarity. The center, however, should not be identified solely as the Old Town but rather as a certain area in which the professional, cultural and private life of the citizens is concentrated.<bold>Purpose:</bold> The purpose of this paper is to find a method of identifying new city centers that allow developers to create a pricing map and, consequently, to determine the appropriate price level on the primary market. At the same time, it should help appraisers to capture the relationship between values of the properties located in different parts of a city.<bold>Research methodology:</bold> The purpose of this study is achieved by deploying a taxonomic method (the modified density method) to identify new (or created) urban centers. The analysis is applied to the city of Wrocław.<bold>Results:</bold> The findings reveal that it is clearly possible to identify visually clusters constituting new city centers by using the applied method. It is also possible to indicate in an analytical way the central location of a given center. The main advantage of the applied approach is that it is of universal use, suitable both for cities where one city center dominates, and for those where the dominant center is not present and is represented, for example, by the coastline of a sea.<bold>Novelty:</bold> The density measure presented in the paper allows identifying city centers in an analytical way, based on given conditions. Habitants usually feel where the local center is, but it is not obvious how the prices of residentials might spread out in space according to those centers. The measure can be easily modified by introducing new features that characterize the centers.</abstract>

Identification of New Urban Centers by Using Taxonomic Methods

<abstract xmlns="http://www.w3.org/1999/xhtml"><bold>Research background:</bold> Poverty, unemployment, literacy and per capita income are intertwined. However, there seems to be a disconnect between literacy and good living in Nigeria.<bold>Purpose:</bold> This study investigated the dynamic relationship between poverty, unemployment, literacy and per capita income in Nigeria by examining the impact, shocks and responses among these identified variables.<bold>Research methodology:</bold> The secondary data on poverty, unemployment and literacy rates were extracted from the National Bureau of Statistics and per capita income was extracted from the World Bank Annual Report. A vector autoregressive (VAR) model of lag order (4) was adopted for the study.<bold>Results:</bold> The results revealed that poverty rate is an increasing function of unemployment rate and literacy rate and a reducing function of per capita income. The results further showed that dynamics of poverty is affected by shocks in unemployment rate, literacy rate and per capita income.<bold>Novelty:</bold> Therefore, the study concluded that literacy rate fails as a vital tool for poverty reduction and that the high rate of unemployment results in chronic poverty. The application of VAR to untangle the interrelationship among the variables, without doubt, adds to the literature on the uses of the VAR model.</abstract>

Faculty of Management Sciences, Department of Finance

Faculty of Physical Sciences, Department of Statistics

Var Modelling of Dynamics of Poverty, Unemployment, Literacy and Per Capita Income in Nigeria

<abstract xmlns="http://www.w3.org/1999/xhtml"><bold>Research background:</bold> The need for diversification of the Nigerian economy has been emphasized and the manufacturing sector has a major role in this. Being an oil producing country, monetary policy is an important macroeconomic policy that has always been used to manage the influence of oil price shock on the manufacturing sector.<bold>Purpose:</bold> The study examines the relationship between oil price shock, the monetary transmission mechanism and manufacturing output growth in Nigeria.<bold>Research methodology:</bold> The study applied the structural vector auto regression (SVAR) modelling technique and a descriptive analysis.<bold>Results:</bold> The results of the study show that the exchange rate is mostly affected by the oil price shock, while the monetary policy instruments and inflation rate are also very responsive to the exchange rate shock. The manufacturing sector output growth has also been shown to be strongly affected by the inflation rate and monetary policy shocks.<bold>Novelty:</bold> The study has revealed the most effective channel via which oil price shocks affect manufacturing output. The exchange rate channel of the monetary policy transmission mechanism is the most significant channel through which oil price shock affects manufacturing output growth in Nigeria. This shows that effective management of the exchange rate policy via the appropriate monetary policy approach can be used to minimize the adverse effect of oil price shocks on Nigerian manufacturing output.</abstract>

Department of Economics and Development Studies

Monetary Transmission Channel, Oil Price Shock and the Manufacturing Sector in Nigeria

<abstract xmlns="http://www.w3.org/1999/xhtml"><bold>Research background:</bold> Market participants have been trying to forecast future price movements and create tools to facilitate making the right investment decisions since the beginning of the operation of stock exchanges. As a result, there are an increasing number of methods, tools, strategies and models to make the decision process which is becoming extremely complicated.<bold>Purpose:</bold> to maximize the simplification of trade rules and to check whether it is possible to parameterize transactions based on the length of price movements in order that the system built in this way would generate profits.<bold>Research methodology:</bold> empirical research was conducted on data from the period between 20/01/1998 and 29/06/2018 covering listing futures contracts for the WIG20. First, the length of the price movements was determined according to the closing rate, then the frequency of individual lengths of the price movements was determined so transaction parameters were fixed. Next, the parameters were optimized and the rates of return from the tested options were examined.<bold>Result:</bold> It is possible to parameterize transactions based on the length of price movements and to create a simple investment strategy which generates profits. In the audited period, the optimal length of traffic was 25 points with a simultaneous use of a profit/loss ratio of 1 : 1, 1 : 2 or 1 : 3.<bold>Novelty</bold>: an original investment strategy based on the parameterization of transactions that is based on length of price movement and profit/loss ratio.</abstract>

Parameterized Trade on the Futures Market on the WIG20

<abstract xmlns="http://www.w3.org/1999/xhtml"><bold>Research background:</bold> When selecting effective portfolios, the portfolio risk is minimized at the given expected return rate or the expected return rate is maximized with a given risk level. However, it is also worth using additional information, such as fundamental and market indicators to examine the companies’ economic and financial situation. Taking into account the chosen indicators, the initial selection of companies can be approached as a multi-criteria problem. Besides, the choice of the period from which data will be taken gives the opportunity to use non-standard tools.<bold>Purpose:</bold> The main aim of the article is to compare the profitability of effective portfolios obtained on the basis of a multi-criteria grouping of companies.<bold>Research methodology:</bold> In the study TOPSIS and FTOPSIS methods were used.<bold>Results:</bold> The results showed that the fuzzy approach could be an effective tool in obtaining more beneficial effective portfolios. Moreover, in the research, two sets of criteria differing by one indicator were used: in one of the approaches the P/E ratio was used, in the second the P/E ratio was replaced by the value of net profit per share – the analyses showed that the portfolios built on the basis of the groups for which the P/E ratio was used, had recorded better results.<bold>Novelty:</bold> The values of criterion evaluations from the considered years were treated as triangular fuzzy numbers – this enabled the use of the FTOPSIS method and a comparison of different approaches.</abstract>

Effective Portfolios – An Application of Multi-Criteria and Fuzzy Approach

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