Individual investors surpass their reputation: Trading behaviour on the Polish futures market

This paper examines individual investors’ trading behaviour by testing the presence of Monday and January anomalies on the Polish futures market, where individuals are the predominant trader type. Both anomalies are well established in the literature, and they are at least partially attributed to individual investors’ trading activities. We conduct an intraday analysis of trading volume, open interest, returns, and return volatility on the futures market in Poland and find the contribution of individuals to market anomalies to be grossly overstated. Hence, individual investors’ trading on the Polish futures market surpasses the prediction by the majority of investigations for mature stock markets.     

Review of empirical research on rotation and non-audit services: auditor independence in fact vs. appearance

Confidence in the processes of corporate reporting and auditing has rapidly decreased recently due to front-page accounting scandals in both the United States and Europe. The goal of audit regulations, such as the Sarbanes Oxley Act in the United States (US) and the 8th Directive in the European Union (EU), is to restore public trust in the auditing process. Along with other regulatory aspects, requirements related to audit partner rotation and bans on providing concurrent non-audit services were implemented to maintain auditor independence, both in fact and in appearance. However, the implementation of audit regulation implies that increased requirements are able to enhance the failed audit function. Empirical research should help to understand the impact of these two regulatory aspects and indicate their effectiveness in maintaining auditor independence. Thus, we outline the newest empirical research related to audit partner rotation and non-audit services and independence in fact or in appearance. Overall, we conclude that prior research does not point to one particular requirement that would most effectively restore trust in the audit function. Rather the existence of multiple threats to auditor independence might demand a combination of several requirements to maintain auditor independence. Thus, more research is needed to investigate the joint effects of different threats to auditor independence, e.?g., non-audit fees and audit partner tenure.     

Versteigerungserlöse aus CO<Subscript>2</Subscript>-Zertifikaten im Spannungsfeld zwischen Bund und Ländern

Die Co₂-Emissionsrechte im Europ?ischen Emissionshandelssystem werden, nachdem sie zun?chst vorwiegend kostenlos verteilt wurden, ab 2013 zunehmend versteigert. Dies führt auch unter Berücksichtigung von Steuerausf?llen durch sinkende Gewinne der Unternehmen zu Einnahmen, die sinnvoll verteilt werden sollten. Klimaschutz- und Anpassungsma?nahmen sind auf verschiedenen Ebenen anzusiedeln.     

Co-creation on a global scale: How customers impact firms’ internationalization strategies

The importance of customers in international strategy has largely been neglected or relegated to the simple and rather passive role of a buyer. In this article, we suggest a different approach and identify the potential impact of co-creation activities. We provide several examples of how customers are more actively involved in global value creation and thereby impact firms’ international posture.     

Inflation Developments in the Euro Area Since the Onset of the Pandemic

There is hope that the Russian war on Ukraine could expedite the energy transition in Europe leading to a new and more environmentally sustainable steady state.

     

Pamela Walker Laird. Pull: Networking and Success since Benjamin Franklin. Cambridge, Mass.: Harvard University Press, 2006. xiv + 439 pp. ISBN 0-674-01907-5, $29.95 (paper).

Success is as much about whom you know as it is about what youknow and how you perform. Networks, mentors, and role modelsplay pivotal roles in corporate climbing and entrepreneurship.Although the business lexicon only recently incorporated theseterms into its vocabulary, Pamela Laird convincingly arguesthat these forms of social capital, which she calls pull, havealways helped determine success. Moreover, because they existprimarily among individuals who see each other as belongingto the same cohort, success     

Chemotherapie: Nebenwirkungen lindern

Supportiv behandeln – Eine Chemotherapie ist ein sehr einschneidendes Erlebnis für die Patientin – gepr?gt von Vorurteilen und ?ngsten in Bezug auf die Nebenwirkungen. Jede beteiligte Pflegekraft sollte die Patientin daher fachgerecht beraten und begleiten k?nnen.