Long-Run Performance Persistence of Investment Funds

This article analyzes the long-run persistence of returns and risk of investment in the assets of money, bound, and stock funds recorded on the Polish market in 2000–12. Portfolios of safe, hybrid, and stock classes are formed on the basis of tested funds. The persistence of returns and the Sharpe ratio are investigated in rolled five-year sub-periods, with one year step. Also, persistence in performance is assessed using classic CAPM and Fama and French models, which allow for evaluating management skills. We find the occurrence of the Sharpe ratio long-run persistence of money and bound funds. The study does not explicitly show long-run persistence in hybrid and stock fund portfolios. The CAPM and Fama and French models simulations of returns on stock and hybrid funds indicate varying management skills during five-year periods.     

Suburbanization of the Self: Religious Revival and SocioSpatial Fragmentation in Contemporary Poland

In this article, I trace the elective affinity between planetary suburbanization and emergent forms of radical religiosity. I show how the centuries‐long spatial hegemony of the Catholic Church in Poland has recently been undermined by the ‘fundamentalist' broadcaster Radio Maryja—the bellwether of the Polish right‐wing nationalist resurgence. I describe the twentieth‐century suburbanization of both the state and Catholicism in Poland, supported by an analysis of a village‐cum‐suburb in one of Poland's largest agglomerations. I show how the latest wave of suburbanization, triggered by Poland's opening up to global flows of capital in 2004, ran parallel to the emergence of a ‘post‐secular', ‘individual' and ‘intellectual' strain of faith. I tie these in with the life stories and changes in gender and labour regimes of two key informants. I also show that the surge of right‐wing nationalism should not be understood as a backlash against neoliberalization, but that it represents instead a project of regime change and new elite formation.