Contemporary Trends and Challenges in Finance

This book contains a selection of the contributions presented at the conference. The articles reflect the extent, diversity and richness of research areas in the field, both fundamental and applied finance. The target audience of these proceedings includes researchers at universities and research and policy institutions, graduate students and practitioners in economics, finance and international economics in private or government institutions.

Part I. Econometrics of Financial Markets.- 1. Chosen Measures for Pricing of Liquidity.- 2. Not as Black as Is Painted? Influence of sCDS Market on Domestic Financial Market’s before and after the Ban on Naked sCDS Trade.- 3. Determinants of the Spread between POLONIA Rate and the Refer-ence Rate – Dynamic Model Averaging Approach.- 4. World Natural Gas Markets: Characteristics, Basic Properties and Linkages of Natural Gas Prices.- 5. Are Major Currencies Hedges or Safe Havens for Polish Stocks and Bonds?.- 6. Copper Price Discovery on COMEX, 2006–2015.- 7. A Copula Approach to Backward-Looking Factors in Market Based Inflation Expectations.- Part II: Stock Market Investments.- 8. Risk Parity Portfolios for the Grouped Stocks.- 9. Order Imbalance Indicators in Asset Pricing: Evidence from the Warsaw Stock Exchange.- 10. Interaction Between Market Depth and Market Tightness on the Warsaw Stock Exchange: A Preliminary Study.- 11. Investment Opportunities in the WSE: Bull versus Bear Markets.- Part III: Macrofinance.- 12. Development of Financial Systems in 1995-2014 – A Factor Analysis.- 13. Measuring Systemic Risk with CoVaR Using a Stock Market Data Based Approach.- 14. The Quality of Financial Information and Stock Market Develop-ment: A Panel Data Study for the European Economies.- 15. Impacts of Urban Environmental Attributes on Residential Hous-ing Prices in Warsaw (Poland) – Spatial Hedonic Analysis of City Dis-tricts.- 16. Macro- and Microprudential Regulations and their Effects on Pro-cyclicality of Solvency and Liquidity Risk.- Part IV: Banks and other Financial Institutions.- 17. Balance Sheet Shaping through Decision Model and the Role of the Funds Transfer Pricing Process.- 18. Testing VaR under Basel III with Application to No Failure Setting.- 19. Factors of Influence on Relationship Banking of Polish Firms.-  20. Bootstrap Mean Squared Error of Prediction in Loss Reserving.- 21. Mixture Cure Models in Prediction of Time to Default: Comparison with Logit and Cox models.- Part V: Public Finance.- 22. A New Business Model in Health Care Between Public and Pri-vate: Low Cost High Value Healthcare.- 23. The Heterogeneous Diversity of the Real Estate Transfer Tax in the EU.- 24. Impact of Financial Policies of Local Authorities on Entrepreneur-ship: Comprehensiveness of Policy Matters.- Part VI: Corporate Finance.- 25. Are Capital Structure Determinants Different Depending on Firm Size and Debt Maturity? Evidence form European Panel Data.- 26. Value Creation in a Firm through Coopetition. Real Options Games Approach.- Part VII: Household Finance.- 27. Does a Household’s Wealth Determine the Risk Profile of Its Fi-nancial Asset Portfolio?.- 28. Supporting Family To Their Utmost –People’s Over the Age of 50 Attitudes to Borrowing.