http://hdl.handle.net/11089/56487 2026-04-10T06:56:25Z http://hdl.handle.net/11089/56576 Required Rate of Return on Financial Instruments by an Individual Investorin the Context of Behavioural Finance Kurzawiński, Michał; Gniadkowska-Szymańska, Agata The purpose of the article. The main research objective of this work is to examine the occurrence of three heuristics among individual investors: overconfidence, loss aversion, and the disposition effect. The study aims to show the occurrence of these heuristics in a sample of investors.Methodology. The study was conducted on a sample of 121 individual investors using an online survey based on scenario questions. The research method was selected based on the unique characteristics of behavioural finance. The research requires direct interaction with market participants, i.e., individual investors.Results of the research. The research revealed the occurrence of two out of three examined heuristics. The analysis of the responses from the study participants led to the conclusion that emotions play a significant role in influencing decision-making processes in investor behaviour.; Cel artykułu. Głównym celem badawczym niniejszej pracy jest zbadanie występowania trzech heurystyk wśród inwestorów indywidualnych: nadmiernej pewności siebie, niechęci do straty oraz efektu dyspozycji. Celem badania jest pokazanie występowania tych heurystyk na próbie inwestorów.Metoda badawcza. Badanie zostało przeprowadzone na próbie 121 inwestorów indywidualnych przy wykorzystaniu ankiety internetowej opartej na pytaniach scenariuszowych. Metodę badawczą wybrano w oparciu o unikalną charakterystykę finansów behawioralnych. Badanie wymaga bezpośredniej interakcji z uczestnikami rynku, czyli inwestorami indywidualnymi.Wyniki badań. Badania wykazały występowanie dwóch z trzech badanych heurystyk. Analiza odpowiedzi uczestników badania doprowadziła do wniosku, że emocje odgrywają istotną rolę w wpływaniu na procesy decyzyjne w zachowaniach inwestorów. 2025-09-30T00:00:00Z http://hdl.handle.net/11089/56574 Financial Reforms in Algeria: Analyzing the Impact of Organic Finance Law 18-15 on Public Accounting, Foreign Investment, Electronic Services, Local Autonomy, and Fiscal Sustainability Bensaid, Bakhta; Bensaid, Mohamed The purpose of the article. This article examines the impact of Algeria's Organic Finance Law 18-15 on the country’s public financial management, foreign investment environment, electronic financial services, local financial autonomy, and overall fiscal sustainability. The study aims to assess whether the comprehensive reforms introduced by OFL 18-15 have effectively enhanced fiscal transparency, improved accrual accounting adoption, facilitated foreign direct investment liberalization, and strengthened local financial governance amidst Algeria’s economic diversification efforts.Methodology. The methodology combines a doctrinal analysis of legislative texts, comparative assessment with international best practices, and empirical evaluation drawing on official budget data and stakeholder interviews conducted in 2023-2024. This mixed-methods approach enables a multi-faceted understanding of reform implementation dynamics, challenges, and outcomes.Results of the research. Findings reveal that OFL 18-15 has significantly advanced accrual-based accounting and performance budgeting frameworks, fostering greater fiscal discipline and transparency. The removal of restrictive foreign ownership caps in non-strategic sectors spurred a moderate increase in foreign investment flows. Digital financial service regulations have promoted fintech growth and enhanced financial inclusion, though infrastructural and regulatory gaps persist. Meanwhile, local governments have gained legislative fiscal autonomy but remain dependent on central transfers, underscoring governance and capacity constraints. Overall, while progress towards fiscal sustainability remains uneven—with persistent deficits linked to hydrocarbon dependence—the reforms have created a critical foundation for long-term economic resilience. The study concludes that continued capacity building, institutional strengthening, and policy integration are essential to fully realize the transformative potential of Algeria’s financial reforms. 2025-09-30T00:00:00Z http://hdl.handle.net/11089/56573 The Role of Financial Sector in Driving Economic Growth Chmielewski, Jan; Wawrzak, Sebastian The purpose of the article. This study verifies whether multidimensional financial-sector development – measured with the IMF composite indices of depth (FDI), access (FMI) and efficiency (FII) – influences key macroeconomic and social outcomes in ten high-income EU economies between 2010 and 2023.Methodology. Standardized annual data was taken from the World Development Indicators and the IMF Financial Development Index Database. Pearson correlation coefficients were calculated for each country and variable pair. The statistical findings were then interpreted case-by-case to capture both short-term relationships and structural patterns.Results of the research. Greater financial depth proved positively related to price stability and to an expansion of private-sector credit. In the short run, however, it showed no significant effect on GDP growth and coincided with a fall in household saving rates and a temporary rise in unemployment – evidence of the nonlinear, stage-dependent nature of the finance-growth nexus. The findings imply that policy makers in advanced economies should focus on balancing further financial deepening with safeguards that counteract labor-market frictions and excessive consumption growth.; The purpose of the article. This study verifies whether multidimensional financial-sector development – measured with the IMF composite indices of depth (FDI), access (FMI) and efficiency (FII) – influences key macroeconomic and social outcomes in ten high-income EU economies between 2010 and 2023.Methodology. Standardized annual data was taken from the World Development Indicators and the IMF Financial Development Index Database. Pearson correlation coefficients were calculated for each country and variable pair. The statistical findings were then interpreted case-by-case to capture both short-term relationships and structural patterns.Results of the research. Greater financial depth proved positively related to price stability and to an expansion of private-sector credit. In the short run, however, it showed no significant effect on GDP growth and coincided with a fall in household saving rates and a temporary rise in unemployment – evidence of the nonlinear, stage-dependent nature of the finance-growth nexus. The findings imply that policy makers in advanced economies should focus on balancing further financial deepening with safeguards that counteract labor-market frictions and excessive consumption growth. 2025-09-30T00:00:00Z http://hdl.handle.net/11089/56572 GPT Models or Econometric Models: A Comparative Analysis of Gold Price Determinants Krawczyk, Jan The purpose of the article. The main objective of this article is to compare the results of data analysis regarding gold prices and their determinants using two approaches: a classical econometric model and Microsoft Copilot, which integrates advanced artificial intelligence technologies, including the GPT-4 language model (Generative Pre-trained Transformer 4). The secondary objective is to identify, based on the existing literature, the main factors influencing fluctuations in gold prices. These include: the price of crude oil, the USD/EUR exchange rate, the S&P 500 index, and the Consumer Price Index (CPI) in the United States.Methodology. The empirical study involves determining the descriptive statistics of the analyzed variables, the correlation matrix, and estimating the structural parameters of the model explaining the gold price.Results of the research. The best results were obtained for the logarithmic returns of the analyzed variables. In line with the stated hypotheses, there is a negative relationship between the gold price and changes in the S&P 500 index, a negative relationship between the gold price and changes in the US$/EUR exchange rate, and a positive relationship between the gold price and the CPI. The study shows that, during the analyzed period (02.2004–11.2023), changes in crude oil prices did not have a statistically significant impact on gold price changes. To obtain data analysis results using Microsoft Copilot, a "chat" session was conducted. The responses provided the following information: proposed determinants of gold prices, a list of scientific articles, and R code to perform the auto.arima procedure. A comparison was made between the model incorporating economic theory-based factors and the model from the auto.arima procedure suggested by Microsoft Copilot. Based on the conducted study, it can be concluded that the model incorporating both autoregressive factors and other gold price determinants better explains the analyzed variable. 2025-09-30T00:00:00Z