Acta Universitatis Lodziensis. Folia Oeconomica https://czasopisma.uni.lodz.pl/foe <div style="text-align: justify;"> <p><em>Acta Universitatis Lodziensis Folia Oeconomica</em> (FoE) is a <a href="https://www.czasopisma.uni.lodz.pl/foe/Reviewing">peer-reviewed</a>, quarterly, publishing online original theoretical and empirical articles as well as policy-related and review articles covering all the disciplines of economic sciences or related to them.</p> <p> </p> </div> en-US sekretariatFoE@uni.lodz.pl (FoE Editorial Office) ojs@fimagis.pl (Firma Magis) Fri, 21 Jul 2023 00:00:00 +0200 OJS 3.3.0.15 http://blogs.law.harvard.edu/tech/rss 60 Limiting Cases of the Black-Scholes Type Asymptotics of Call Option Pricing in the Generalised CRR Model https://czasopisma.uni.lodz.pl/foe/article/view/14109 <p>The article concerns the generalised Cox‑Ross‑Rubinstein (CRR) option pricing model with new formulas for changes in upper and lower stock prices. The formula for option pricing in this model, which is the Black‑Scholes type formula, and its asymptotics are presented. The aim of the paper is to analyse limiting cases of the obtained asymptotics using probability theory and later data from the Warsaw Stock Exchange. Empirical analyses of option pricing in the generalised CRR model confirm the calculated limits.</p> Emilia Fraszka-Sobczyk Copyright (c) 2023 https://creativecommons.org/licenses/by/4.0 https://czasopisma.uni.lodz.pl/foe/article/view/14109 Mon, 15 Jan 2024 00:00:00 +0100 Efficiency of the Activities of County Labor Offices in Reducing Unemployment in the Central Macroregion of Poland in 2021 https://czasopisma.uni.lodz.pl/foe/article/view/15942 <p>The year 2021, from the point of view of the labor market and the economy in general, differs clearly from the last few years. The most important reason for this is the lifting of restrictions introduced due to the pandemic caused by the SARS‑COV–2 virus. One of the effects of restrictions was the deterioration of the situation on the labor market, which after all slowly began to recover. In that work, authors decided to present the situation in the labor market of the central macroregion in Poland in 2021 and to examine the effectiveness of actions taken to reduce unemployment by county labor offices in the aforementioned area. Efficiency study was carried out using the DEA model taking into account uncontrollable results. Next, authors assessed the significance and strength of the variables impact describing regional conditions on the performance indicator from the DEA model using the tobit model. The data were received from voivodship and county labor offices, the Central Statistical Office and the Ministry of Family and Social Policy.</p> <p>The study showed that in 2021 the situation on the labor market improved (compared to 2020). Unemployment started to fall in the central macroregion, although these changes are not uniform in all poviats. Only one‑fifth of poviat labor offices converted inputs into results in an optimal way. Among the other offices, there was often a very strong efficiency. The tobit model indicated which variables significantly affect the effectiveness of poviat labor offices.</p> <p>In author’s opinion, the inefficiency of employment offices is not only caused by solutions, that have been implemented. After the pandemic subsided, unfavorable phenomena were observed on the labor market, on which offices have little or no influence. These include a large increase in the share of the long‑term unemployed in the total number of unemployed and a large number of people who repeatedly register as unemployed. This group of the voluntarily unemployed is rarely interested in the activities of county labor offices addressed to them.</p> Adam Kucharski, Ilona Lekka-Porębska Copyright (c) 2023 https://creativecommons.org/licenses/by/4.0 https://czasopisma.uni.lodz.pl/foe/article/view/15942 Mon, 15 Jan 2024 00:00:00 +0100 A Foreign Investment Destination Risk Framework: Evaluating the Southern African Development Community Member States https://czasopisma.uni.lodz.pl/foe/article/view/16267 <p>Potential investment risks need to be understood by an investor organisation, which implies that a host country’s environment plays a significant role in attracting foreign investment. This paper’s purpose was to propose a foreign investment risk conceptual framework to serve as a basis for evaluating the Southern African Development Community (SADC) Member States’ investment risk/attractiveness. Firstly, the most appropriate foreign investment risk indicators from the literature were identified to develop a foreign investment risk framework. Ten recent peer‑reviewed studies were used to identify the factors which drive investment risk in emerging markets. We developed a conceptual framework including 16 investment risk indicators grouped into four sections: (i) the business environment, (ii) related taxes on business operations, (iii) the economic environment, and (iv) the human and social environments. Secondly, a comparative analysis of the 16 SADC countries was performed, enabling the ranking of the countries in quadrants of investment risk/attractiveness. Data were downloaded from theGlobalEconomy.com (2022) website for six years, from 2015 to 2020. The literature suggests many investment risk indicators which are grouped differently by researchers to form a conceptual framework to evaluate investment risk. This study’s contribution is that the most popular/prevalent risk indicators were identified to develop the new proposed framework. Furthermore, evaluating the SADC region may also serve as an example of investment risk/attractiveness assessment of emerging markets or least‑developed countries. The practical implication of this paper is that the proposed framework enables transferability since potential investors may connect the fundamentals of this study with their own investigation.</p> Merwe Oberholzer, Pieter Buys Copyright (c) 2023 https://creativecommons.org/licenses/by/4.0 https://czasopisma.uni.lodz.pl/foe/article/view/16267 Mon, 15 Jan 2024 00:00:00 +0100 The Determinant Factors for the Adoption of IFRS in Africa https://czasopisma.uni.lodz.pl/foe/article/view/16378 <p>Many countries worldwide have converted local accounting standards to the International Financial Reporting Standards (IFRS). Although most countries embraced the IFRS, only a few African countries adopted global accounting standards in their current form. This paper extends the literature by investigating potential factors influencing the adoption of IFRS on the African continent and contributes significantly to the current knowledge in the field. The study employs a panel data logistic regression using the random‑effects statistical estimation technique to compare African countries that adopted the IFRS to non‑adopting countries from 2005 to 2019. The findings suggest that culture, external pressure, investor protection, market capitalisation, and trade openness are the predicted springboards determining African countries’ decisions to adopt the IFRS. These findings provide valuable insight for standard‑setters, enabling them to effectively promote the IFRS among African countries that have not adopted the IFRS in their current form.</p> Daniel Schutte, Matthew Olubayo Omotoso, Merwe Oberholzer Copyright (c) 2023 https://creativecommons.org/licenses/by/4.0 https://czasopisma.uni.lodz.pl/foe/article/view/16378 Mon, 15 Jan 2024 00:00:00 +0100