Finanse i Prawo Finansowe https://czasopisma.uni.lodz.pl/fipf <div style="text-align: justify;"> <p>Redakcja czasopisma przyjmuje do publikacji artykuły poświęcone szeroko rozumianej tematyce finansów, zwłaszcza dotyczące rynków finansowych a także ich uczestników, instytucji finansowych, i ich klientów, instrumentów i regulacji prawnych. Artykuły uwzględniające różne perspektywy od mikro do makro ekonomicznych, poruszające problematykę lokalną, krajową, międzynarodową oraz o znaczeniu globalnym. Zapraszamy do współpracy Autorów, którym są bliskie nie tylko zagadnienia efektywności finansowej, racjonalności prawa, ale także tych, którzy akcent kładą na społeczny aspekt finansów. Zachęcamy do publikowania zarówno osoby związane ze światem akademickim jak i przedstawicieli praktyki, których interesuje i intryguje świat finansów.</p> <p><a href="http://www.finanseiprawofinansowe.uni.lodz.pl/index.php/en/"><em>Finanse i Prawo Finansowe</em> na uni.lodz.pl</a></p> </div> Wydawnictwo Uniwersytetu Łódzkiego pl-PL Finanse i Prawo Finansowe 2391-6478 Dodatek kwartalny https://czasopisma.uni.lodz.pl/fipf/article/view/13059 Lena Grzesiak Zuzanna Pakuła Patryk Krykwiński Radosław Witczak Artur Zimny Prawa autorskie (c) 2022 https://creativecommons.org/licenses/by-nc-nd/4.0 2022-03-30 2022-03-30 1 33 175 188 Wpływ pandemii COVID-19 na płynność akcji notowanych na Giełdzie Papierów Wartościowych w Warszawie https://czasopisma.uni.lodz.pl/fipf/article/view/9922 <p><strong>The aim of the article </strong>is to verify the impact of the COVID-19 pandemic on stock liquidity on the Warsaw Stock Exchange (WSE). In addition the article tries to assess whether the WIG20 index includes companies with the most liquid quotations.</p> <p><strong>The research was based on </strong>an analysis of transaction data of 366 companies listed in the continuous system on the WSE within the January 13–May 15, 2020 period. The analysis was performed using four liquidity measures: average number of transactions per session, average transaction value, average percentage change between transactions, average time distance between transactions in seconds. In order to specify the group of shares with the highest liquidity, a taxonomic analysis was performed using the k-means method.</p> <p><strong>Results </strong>indicate that during the stock sell-off related to the COVID-19 pandemic and directly after the period of market declines, the liquidity of shares of companies listed on the WSE increased, and in each of the analyzed periods, the WIG20 consisted of the most liquid companies. Previous studies have not analyzed this phenomenon, and the results allow researchers to better understand the behavior of investors during stock market shocks.</p> Marcin Tuszkiewicz Prawa autorskie (c) 2022 https://creativecommons.org/licenses/by-nc-nd/4.0 2022-03-25 2022-03-25 1 33 7 24 10.18778/2391-6478.1.33.01 Seniorzy na rynku usług finansowych https://czasopisma.uni.lodz.pl/fipf/article/view/13052 <p><strong>The purpose of the article/hipothesis:</strong> To determine the trends of changes in the situation of seniors in the financial services market in 2018–2020. The author assesses the standard of living and economic situation of seniors in Poland. The author indicates what factors and conditions affect the activity of seniors in the financial market as well as their safety as clients of financial institutions. According to the author, seniors bear the greater risk while choosing financial products appropriate to their needs and conditions, in comparison with other consumer groups. On a larger scale, this group of consumers is also affected by the risk of mis-selling and fraud, as well as cyber risk. The above-mentioned types of risk are exacerbated by the decreasing availability of financial services that are specifically dedicated to this group of clients.</p> <p><strong>Research method:</strong> Critical analysis of the literature on the subject and results of empirical research and statistical data available. Selected reports of institutions such as the Polish Banks Association, the National Bank of Poland, the Credit Information Bureau as well as reports of advisory and consulting companies were also analyzed.</p> <p><strong>Research results:</strong> Indication of the basic conditions influencing the economic situation of seniors in Poland and their position as consumers of products offered by the financial intermediaries. Defining the basic determinants of seniors' safety in the financial services market. So far, Poland has not developed a system of comprehensive protection of seniors, based on intergenerational solidarity in which, alongside government and local government institutions, financial intermediaries would actively participate.</p> Ewa Wierzbicka Prawa autorskie (c) 2022 https://creativecommons.org/licenses/by-nc-nd/4.0 2022-03-30 2022-03-30 1 33 25 42 10.18778/2391-6478.1.33.02 Ochrona konsumentów usług finansowych w Polsce. Efektywność systemu i perspektywy rozwoju https://czasopisma.uni.lodz.pl/fipf/article/view/13001 <p>The paper brings brief description of the financial services customer protection model and its evolution in Poland. The efficiency of this three-fold model, where the responsibilities are distributed to the 3 agencies: Financial Supervision Authority (KNF), Financial Ombudsman (Rzecznik Finansowy), Competition and Customer Protection Office (UOKiK) is discussed. The author discusses the project of merging the institution of the Financial Ombudsman with UOKiK and puts forward the thesis that an idea more relevant to the current needs of protecting financial services customers in Poland would be to maintain the institution of the Financial Ombudsman and transfer some competences of the President of UOKiK to the Financial Ombudsman. Finally the author presents his recommendations for the improvement of the model with a call for the strengthening of the institution of Financial Ombudsman in Poland.</p> Andrzej Kiciński Prawa autorskie (c) 2022 https://creativecommons.org/licenses/by-nc-nd/4.0 2022-03-25 2022-03-25 1 33 43 57 10.18778/2391-6478.1.33.03 The essence, methods and results of assessing profitability of a non-public university https://czasopisma.uni.lodz.pl/fipf/article/view/13003 <p>The aim of the study is to present the meaning, structure and principles of financing higher education in Poland. The division into public and non-public higher education is presented and the authors focused on the sources of financing non-public higher education, which does not benefit from budget subsidies. The most important sources of financing activities of non-public higher education were indicated. Another objective of the paper is to characterize the role, essence and importance of the financial controlling department in the management of economic entities including non-public higher education institutions. The authors’ interests is also focused on financial documents, which provide data to evaluate the financial situation of an economic entity as well as financial measures used during the analysis. Finally, an assessment of the level of profitability of a non-public higher education institution is made with a detailed division into full-time, extramural and postgraduate studies. The revenue structure of the studied entity was also compared to the market of non-public higher education institutions in Poland.</p> <p>The essence of functioning of the financial controlling department in a company and the tasks and role of a financial controller are additionally presented in the paper. The methodology used in the submitted article is a financial analysis of non-public university’s financial statement based on profitability ratios. The article deals with the occasional subject of evaluation of non-public university functioning by the Financial Controlling Department in terms of income generated, costs incurred and profitability level achieved.</p> <p>The functioning of higher education in Poland should be divided into two areas: state universities, which benefit from budget subsidies for students studying on a full-time basis, and non-public higher education institutions, which may or may not benefit from such subsidies. Their primary source of income is fees paid by students in various forms, mainly in the form of tuition fees. Non-public sector of higher education in Poland doesn’t use public budget grants so the importance of Financial Controlling Departments is essential in calculating incomes and costs. The data used in the analyses came from a private institution in the higher education sector. The owner of the company did not agree to provide its name and the detailed figures based on which the financial ratios were calculated.</p> Paweł Trippner Rafał Jóźwicki Prawa autorskie (c) 2022 https://creativecommons.org/licenses/by-nc-nd/4.0 2022-03-25 2022-03-25 1 33 59 77 10.18778/2391-6478.1.33.04 Ubezpieczenia na życie z ubezpieczeniowym funduszem kapitałowym – analiza porównawcza wybranych ofert https://czasopisma.uni.lodz.pl/fipf/article/view/13006 <p><strong>The purpose of the article/hypothesis</strong>: The main purpose of the article is to compare and evaluate the conditions of unit-linked life insurances offered by three selected insurance companies. The result of the analysis will allow to determine which of the compared insurance offers is the most beneficial for the policyholder. The following research hypothesis was formulated: the insurer specializing in the sale of unit-linked life insurance offers the potential policyholder the most beneficial terms in comparison to the majority of the analyzed insurance.</p> <p><strong>Methodology: </strong>In the article the following methods were used<strong>: </strong>a review of unit-linked life insurance offers and a comparative analysis using indicators used to measure the risk level and efficiency of investment funds.</p> <p><strong>Results of the research: </strong>Conducting a comparative analysis enabled to positively verify the research hypothesis. The Plan na Przyszłość+ insurance offered by Aegon Życie SA, the insurer whose majority of life insurance is unit-linked life insurance, is substantially the most beneficial. It is the most important advantages are the widest scope of insurance, the guarantee of the payment of a fixed sum insured, insignificant amount of fees, as well as a low level of risk and the highest efficiency of the investment fund associated with the insurance.</p> Maria Kałuska Prawa autorskie (c) 2022 https://creativecommons.org/licenses/by-nc-nd/4.0 2022-03-25 2022-03-25 1 33 79 96 10.18778/2391-6478.1.33.05 Depozyty bankowe gospodarstw domowych w czasie COVID-19 w krajach Grupy Wyszehradzkiej https://czasopisma.uni.lodz.pl/fipf/article/view/13007 <p><strong>The purpose of the article/hypothesis</strong>: The main objective of the article is to examine the impact of the Covid-19 pandemic on the value of bank deposits of monetary financial institutions (MFIs) in the V4 countries, i.e. the Czech Republic, Poland, Slovakia and Hungary. The specific objective of this study is to investigate the situation in the market of bank deposits in the Visegrad Group countries during the Covid-19 pandemic. In relation to the adopted goals, the hypothesis was formulated that the Covid-19 pandemic determines the amount of money invested by households from bank deposits in the V4 group, but the determinants of this saving and the direction and strength of their impact are varied.</p> <p><strong>Methodology</strong>: The achievement of the set objectives was based on theoretical studies and empirical research. In the theoretical studies a critical analysis of source literature was applied. Empirical research involved time series analysis and multiple linear regression analysis.</p> <p><strong>Results of the research</strong>: The results of the study allowed for positive verification of the hypothesis, and the study objectives were achieved. It has been shown that changes in the number of Covid-19 cases, as well as changes in the number of deaths and the number of vaccinations performed for Covid-19 in individual V4 countries translate into the propensity or aversion to deposit money in bank financial institutions. This is confirmed primarily by regression analysis, but also by time series analysis.</p> Joanna Cichorska Maria Czech Blandyna Puszer Prawa autorskie (c) 2021 https://creativecommons.org/licenses/by-nc-nd/4.0 2022-03-25 2022-03-25 1 33 97 117 10.18778/2391-6478.1.33.06 Sztuczna inteligencja w problematyce modeli oceny ryzyka w instytucjach finansowych z perspektywy prawno-regulacyjnej https://czasopisma.uni.lodz.pl/fipf/article/view/13055 <p><strong>Purpose of the article / hypothesis:</strong> This article aims to verify the need to introduce additional legal and regulatory requirements in relation to the models used in banks, including, in particular, risk assessment models. At the same time, the article analyzes the need for possible introduction of sector-specific guidelines, or the need to include the above-mentioned models in the classification of high-risk artificial intelligence systems, referred to in the draft EU regulation on artificial intelligence.</p> <p><strong>Methodology:</strong> The article is based on an analysis of the available literature on the subject, legal acts as well as regulations and standards developed both at the local and international level.</p> <p><strong>Research results / results:</strong> The issue of the application of models in the financial sector, mainly banking, is of significant importance from the perspective of the regulator and supervisor. Quality, compliance with the regulations, but also efficiency and effective supervision may constitute the (instability) of a given financial institution, the instability of which may be a component – at least potentially – of systemic risk. Banks commonly use internal models that generally allow the calculation of capital requirements to cover specific risks in a bank’s business, such as credit risk or market risk. Internal models have been evolving for years and are undoubtedly becoming more and more accurate (they predict with a greater probability the occurrence of certain events), although they are still only certain assumptions that reality can verify, as evidenced by financial crises that have already occurred in the past as well as failures of banks considered to be stable. At the same time, the development of new technologies, in particular the so-called artificial intelligence makes institutions more and more willing to use various models, e.g. machine learning, to support these models and obtain theoretically better results. The European Union, but also other jurisdictions are considering or already introducing specific legal and regulatory solutions that are to introduce clear rules related to the use of certain artificial intelligence systems, including those used by financial institutions. As a result, institutions – already burdened with significant regulatory requirements, may soon be obliged to go through another "health path" of a legal and regulatory compliance nature.</p> Michał Nowakowski Krzysztof Waliszewski Prawa autorskie (c) 2022 https://creativecommons.org/licenses/by-nc-nd/4.0 2022-03-30 2022-03-30 1 33 119 141 10.18778/2391-6478.1.33.07 The Financial Sector and Sustainable Development - A Review of Selected Environmental Practices Implemented in Financial Institutions Operating in Poland Between 2016 and 2020 https://czasopisma.uni.lodz.pl/fipf/article/view/13057 <p><strong>The purpose of the article/hypothesis:</strong> The main objective of the article is to present the directions of pro-environmental activities undertaken by institutions from the financial sector operating in Poland and their significance for green transformation of the economy. In turn, an additional aim of the analysis undertaken is to show whether financial institutions have instruments that are typical for them, but at the same time are aimed directly at the process of greening the economy.</p> <p><strong>Methodology:</strong> The study is of a theoretical and analytical character. In addition to a review of available domestic and foreign literature on the subject, selected good environmental practices implemented in financial sector institutions in Poland in 2016–2020 were analysed. Qualitative data analysis (content analysis of good practices) was applied.</p> <p><strong>Results of the research:</strong> 94 good environmental practices from 24 financial sector institutions were analysed. Different subject and object orientations of the good practices were observed. It was found that through the implementation of environmental activities, financial institutions can build a positive image in their surroundings. In terms of issues related to green transformation, a special role was assigned to banks, which can offer green banking products. Products of this type are directly aimed at supporting investments whose role is to change the existing way of economy to a more sustainable one.</p> Łukasz Jarosław Kozar Prawa autorskie (c) 2022 https://creativecommons.org/licenses/by-nc-nd/4.0 2022-03-30 2022-03-30 1 33 143 157 10.18778/2391-6478.1.33.08 Zasady uczciwego obrotu w teorii i praktyce https://czasopisma.uni.lodz.pl/fipf/article/view/13058 <p><strong>The purpose of the article:</strong> General clauses are an important element of the legal system. They supplement the law regulations taking into account moral norms commonly accepted in society. Their general nature means that they are the subject of both discussions in the legal literature and comments and references in court decisions. The specificity of general clauses and the need to precise them in each case in which they are applied, result in a certain unpredictability of judgments. One of the most famous general clauses is the clause of principles of social coexistence. It appeared in the Polish legal system after World War II along with the new political system. It replaced the principle of good manners used in the Second Polish Republic. Since 1990, the return of the name of this principle to the Polish legal system has been visible. On the other hand, in legal regulations relating to the capital market, the clause of the principles of fair trade is used. It can be considered that the nature of the three clauses mentioned above is similar. The aim of the article is to analyze the nature and similarity of these general clauses with particular emphasis on the clause of the principles of fair trade in the capital market.</p> <p><strong>Methodology:</strong> The study is theoretical and empirical in nature. The theoretical part was based on a review of the literature. The empirical part is realized by the analysis of the court decisions. Results of the research: The results show that the finding by the Polish Financial Supervision Authority a violation of the principles of fair trade as a basis for imposing administrative sanctions should be supported by a reference to the specific standard of conduct and be precisely described. It cannot be defined in general terms only. Otherwise, it may be effectively challenged by way of a complaint to an administrative court. On the other hand, in court judgments, in cases referring to the principles of social coexistence (the principles of fair trade), discrepancies in application can be noticed resulting from the specificity of general clauses.</p> Aneta Goździńska-Skóra Wojciech Zatoń Prawa autorskie (c) 2022 https://creativecommons.org/licenses/by-nc-nd/4.0 2022-03-30 2022-03-30 1 33 159 173 10.18778/2391-6478.1.33.09