Finance by Cyril Obolonsky
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Pricing Options on WIG20 through Black-Scholes-Merton Model Extensions Implemented with the Python Computer Language, 2019
The master thesis studies the applicability of Black-Scholes-Model extensions to pricing options ... more The master thesis studies the applicability of Black-Scholes-Model extensions to pricing options on stock indices. Polish options on the WIG20 stock index traded on the GPW the provide for the object of the study. The thesis analyses the characteristics of the Polish derivative market and applies stochastic theory to pricing Polish options. The traditional Black-Scholes-Merton model is extended to accommodate various stochastic approaches including Martingale Pricing methods, Fourier Transforms, and Monte-Carlo simulation. The approaches are implemented by means of the Python computer language. The results produced by different pricing methods are compared to the results of the standard Black-Scholes-Merton.
[the download only contains excerpts, but you are welcome to contact me for more info]
The purpose of this project is to construct an investment portfolio including 10 O&G equity instr... more The purpose of this project is to construct an investment portfolio including 10 O&G equity instruments by minimising the risks in form of volatility and VaR. We shall namely collect historical share price data for 5 years in order to illustrate our points. Various techniques such as scenario and Monte Carlo simulations are going to be used in order to verify our hypotheses with respect to risk projections. In addition to that, we reference to different sources including books and scientific articles in order to define various theoretical concepts which are necessary for our analysis. Papers illustrating various econometric and statistical concepts provide the theoretical basis for the essay. Statistical sources include Yahoo! Finance and Statista.
Investment banking is one of many profitable areas for the large global banking groups. These day... more Investment banking is one of many profitable areas for the large global banking groups. These days investment banking has become an integral part of not only the financial sector, but also various industries dealing in production, manufacturing and services. Acting as intermediaries between firms and capital markets, investment banks advise on various types of deals and help businesses to finance their projects, buy other companies and restructure their own. Especially during boom economic cycles, investment banking has become today an efficient provider of capital. Investment banking has also become an influential player for the oil and gas industry. The stable growth cycle has attracted significant streams of capital to the oil and gas sector. That has made oil and gas attractive for investment banking contributing to the availability of high-quality capital resources tailored for the sector until the end of 2015 when the period of instability of oil prices began.
The paper focuses on the objective issues that the global banking system has to confront and that... more The paper focuses on the objective issues that the global banking system has to confront and that are critical for its survival. Thus, we do not touch upon the subjective (e.g. moral) issues of global banking and financial activities. The main criterion used for tracing the notion of a ‘challenge’ is the revenue produced by global banking and financial institutions, accountable for the efficiency and economic sustainability of the latter.
Economics by Cyril Obolonsky
Air pollution levels remain high in Poland, whereas in other European countries they decrease. Th... more Air pollution levels remain high in Poland, whereas in other European countries they decrease. There are different reasons for that. Oil and gas industry, fossil fuel production and consumption are some of them.
The state attempts to reduce the air pollution or alleviate its consequences. It creates, therefore, policies directed at reducing the levels of air pollution on the one hand and creating incentives to use renewable resources on the other. As a result, producing and burning fossils becomes more expensive, whereas sustainable energy projects become more interesting for consumers and investors, thus losing the stigma of ESG investment projects. What are the mechanics of making renewable energy projects plausible in European states? How is the air pollution caused by the fuel industry seen by public economics? What strategies does the state apply in order to implement environmentally friendly fuel policies? In this essay we are going to address the questions in light of the relation between diesel fuel trading and measures aimed against pollution on the example of Poland. We shall discuss the economic costs of air pollution and analyse the effects of the government’s policies aimed at promoting biofuels. In this essay, we reference to different kinds of sources to illustrate our points. Scientific articles on public economics, game theory and environmental economics tackling the issues of air pollution as well as pamphlets about the tragedy of the commons provide the theoretical basis for the paper. We also appeal to EU and national decrees and laws in order to illustrate how public policies are applied. Statistical sources include digital databases of the IAE, BP etc.
The paper discusses the consequences of the drainage of peatlands from the perspective of environ... more The paper discusses the consequences of the drainage of peatlands from the perspective of environmentla economics. | Die Arbeit behandelt das Thema der Entwässerung der Moore in Weißrussland unter umweltwirtschaftlichen Gesichtspunkten. | Dans cet essai, on traite le problème de drainage des tourbières sous la perspective de l'économie de l'environnement.
The aim of this essay is a preliminary attempt to discuss the notion of Industry 4.0 in relation ... more The aim of this essay is a preliminary attempt to discuss the notion of Industry 4.0 in relation to economic development of countries. The essay seeks to address various aspects of Industry 4.0 as a continued rollout of Industry 3.0. It focuses, more precisely, on inserting the notion of the Industrialisation 4.0 into economic development theories, outlining the theories of economic development.
After defining the phenomena of economic growth, sustainable development, technological progress and industrialisation, we touch upon the question of whether Industrialisation 4.0 is for developing countries an opportunity to grow or rather a danger. We also discuss the problem of why some developing countries manage to outperform the leaders and others do not.
Finally, we analyse the economic development of a country based on its statistics applying the theoretic points developed previously. The country to be analysed is the Russian Federation. Starting by statistical evidence, we discuss the historical perspectives touching upon the issues of the country’s economic development. Applying the concepts of Industry 4.0, we offer different scenarios depending on whether the country embraces innovation or not.
In this essay, we reference to different kinds of sources in order to prove our idea. The textbooks by Todoro and Smith as well as Weil are used. We also utilise the UN and UNDP materials to outline certain ideas. Various online databases (OECD, World Bank etc.) provide the statistics for the author’s opinion.
A phenomenon of tax or fiscal competition has been a subject of debate on an international level ... more A phenomenon of tax or fiscal competition has been a subject of debate on an international level since the 1990s. Due to the increase of capital mobility, fiscal federalism enables different jurisdictions to compete in terms of setting tax rates uncooperatively in order to attract capital and, therefore, mobile tax bases. Various arguments for and against are invoked when tax competition is debated. Although the instrument of tax competition is actively used by governments, no unilateral standpoint can be adopted as to whether it is a fair instrument.
In this essay, we discuss the ‘fairness’ of tax competition. By this we mean the efficiency as well as welfare produced by various policies aimed at gaining tax competition advantage. Specifically, in our reasoning tax competition is fair when there is welfare increase or positive externalities.
The arguments in this essay are based on the information taken from three papers. First, we will review various tax competition theories analysed in the paper of John Douglas Wilson (1999: 269 - 304) and compare different approaches towards tax competition. Second, we will review the paper ‘Fiscal Competition and the Pattern of Public Spending’ describing how fiscal competition influences public spending. Finally, we will outline the negative and positive aspects of tax competition with respect to other countries, thus determining whether it is a ‘fair’ instrument or not.
Since the last decade of the 20th century, fiscal competition and tax havens have been the focus ... more Since the last decade of the 20th century, fiscal competition and tax havens have been the focus of attention of many policymakers all over the world. After the world financial crisis in 2008, those issues started to be perceived – together with tax cooperation and bank secrecy laws – as some of the most pertinent topics in the economic and financial discourse and even deemed partially responsible for financial crime and the crisis itself.
This paper provides an overview of modern fiscal competition topics, discussing its drawbacks and benefits for economic agents (consumers and firms) as well as governments. We start by defining the phenomenon of fiscal competition and describing its main characteristics. Next, we address the various aspects of its impact on economy based on the analysis of published papers handling the topic.
The notion of the tax haven is regarded in this essay as an instance of tax competition. After giving its definition, we discuss its qualities listing the aspects of countries which could potentially become tax havens. After that, we discuss the pro and contra of tax havens which coincide in many ways with those proposed in the analysis of tax competition.
In this paper, we reference to published papers from Journal of Public Economics, Oxford Review of Economic Policy, National Tax Journal and other sources. The assumptions proving our opinion are thus based on the arguments expressed there which are based on the analysis of economic models and treatment of empirical data.
Piracy has been around for a while. The concept has existed since ancient times. Piracy has prese... more Piracy has been around for a while. The concept has existed since ancient times. Piracy has preserved its originally negative connotation until today, being infused with the idea of robbery and cruelty. Now, if we follow the metamorphoses that it has gone through in economic history, especially as far as industrial economics is concerned, we shall discover that not only piracy has preserved its romantically criminal tune, but it has also become an even more controversial issue today than it was several centuries ago. Especially what concerns economics.
The purpose of this essay is an attempt to examine the notion of insider trading. Although the te... more The purpose of this essay is an attempt to examine the notion of insider trading. Although the term itself is not new either for legal or economic and financial discourse, there is still much controversy around it. In the US legal practice, the concept of insider trading has existed since the beginning of the 20th century. On a global level, however, it appeared in the 1990s. Until today, the concept and its semantic components have remained ambiguous, i.e. difficult to delimit.
Postmodernism by Cyril Obolonsky
Linguistics by Cyril Obolonsky
Oktober 2010 Gründen der Raumersparnis in der Regel nur einmal aufgenommen" (Langenscheidt Handwö... more Oktober 2010 Gründen der Raumersparnis in der Regel nur einmal aufgenommen" (Langenscheidt Handwörterbuch Französisch 2006: S. 8). Hier wurde das Wort "Kollokation" im Gegensatz zu mehrgliederigen Ausdrücken, Zusammensetzungen ohne Bindestrich, Wendungen usw. benutzt. Diese Definition widerspricht der Definition von Hausmann (siehe oben), die allgemeiner ist und laut der fast alle Beispiele aus den beiden Einträgen Kollokationen sind, weil sie mehrmals benutzt werden und aus einer Basis und einem Kollokator bestehen. Nach der Definition von Langenscheidt gehören die folgenden Wortkombinationen zu Kollokationen: eine Kritik schreiben/lesen (Kritik -Basis), an D. (jm, etw.) Kritik üben (Kritik -Basis), über jede Kritik erhaben (Kritik -Basis), âge critique (critique -Kollokator), phase critique (critique -Kollokator), esprit critique (critique -Kollokator), avoir l'esprit critique (critique -Kollokator), remarque critique (critique -Kollokator); critique dramatique, littéraire, musicale (critique -Basis); critique d'art, de cinema (critique -Basis); critique des textes (critique -(critique -Kollokator), faire la critique d'un livre (critique -Kollokator, Basis), avoir une bonne/mauvaise critique (critique -Kollokator, Basis), faire la critique d'un oeuvre (critique -Kollokator, Basis). Die Wortkombinationen jours critiques, masse critique, point critique sind mehrgliedrige Ausdrücke. Die Kombinationen über jede Kritik erhaben und unter aller Kritik sind adjektivische Wendungen. Die Wortkombinationen die Kritik der reinen
Diese Arbeit soll das Problem des Übersetzens von Titeln am Material der russischen und deutschen... more Diese Arbeit soll das Problem des Übersetzens von Titeln am Material der russischen und deutschen Überschriften analysieren und darstellen. Das vorzustellende Thema wird in der übersetzungswissenschaftlichen Literatur nicht ausführlich behandelt. Im Fokus der Untersuchung stehen translatorische (übersetzerische) Techniken und Ansätze, die beim Titelübersetzen angewandt werden. Außerdem setzen wir uns mit der Ontologie und Phänomenologie des Titels auseinander, das aus der unsererseits angenommenen Sicht des funktionalen Übersetzens als Text betrachtet wird. Schließlich werden am Beispiel der aus dem Russischen ins Deutsche übersetzten Titeln die wichtigsten Strategien und Taktiken des Titelübersetzens beschrieben. Es wird ebenfalls auf ihre Wirkung auf den Leser hingewiesen, die für die Übersetzung auschlaggebend sein soll.
Die vorliegende Arbeit soll das Problem der Definition des Begriffs „Übersetzung“ bzw. „Translati... more Die vorliegende Arbeit soll das Problem der Definition des Begriffs „Übersetzung“ bzw. „Translation“ analysieren und darstellen. Im Fokus der Untersuchung steht die Polemik des 20. Jahrhunderts um den Gegenstand des Übersetzens. Als Material für die Analyse dient das theoretische Werk von Friedmar Apel „Literarische Übersetzung“. Außerdem werden in dieser Arbeit die unterschiedlichen sprachwissenschaftlichen empirisch-theoretischen Thesen bedeutender Sprach- und Übersetzungswissenschaftler des letzten Jahrhunderts wie Oettinger, Mounin, Wills, Nida, Kade u. a. betrachtet, die den Begriff „Translation“, der in dieser Arbeit sowohl für das Übersetzen als auch für das Dolmetschen steht, prägen.
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Finance by Cyril Obolonsky
[the download only contains excerpts, but you are welcome to contact me for more info]
Economics by Cyril Obolonsky
The state attempts to reduce the air pollution or alleviate its consequences. It creates, therefore, policies directed at reducing the levels of air pollution on the one hand and creating incentives to use renewable resources on the other. As a result, producing and burning fossils becomes more expensive, whereas sustainable energy projects become more interesting for consumers and investors, thus losing the stigma of ESG investment projects. What are the mechanics of making renewable energy projects plausible in European states? How is the air pollution caused by the fuel industry seen by public economics? What strategies does the state apply in order to implement environmentally friendly fuel policies? In this essay we are going to address the questions in light of the relation between diesel fuel trading and measures aimed against pollution on the example of Poland. We shall discuss the economic costs of air pollution and analyse the effects of the government’s policies aimed at promoting biofuels. In this essay, we reference to different kinds of sources to illustrate our points. Scientific articles on public economics, game theory and environmental economics tackling the issues of air pollution as well as pamphlets about the tragedy of the commons provide the theoretical basis for the paper. We also appeal to EU and national decrees and laws in order to illustrate how public policies are applied. Statistical sources include digital databases of the IAE, BP etc.
After defining the phenomena of economic growth, sustainable development, technological progress and industrialisation, we touch upon the question of whether Industrialisation 4.0 is for developing countries an opportunity to grow or rather a danger. We also discuss the problem of why some developing countries manage to outperform the leaders and others do not.
Finally, we analyse the economic development of a country based on its statistics applying the theoretic points developed previously. The country to be analysed is the Russian Federation. Starting by statistical evidence, we discuss the historical perspectives touching upon the issues of the country’s economic development. Applying the concepts of Industry 4.0, we offer different scenarios depending on whether the country embraces innovation or not.
In this essay, we reference to different kinds of sources in order to prove our idea. The textbooks by Todoro and Smith as well as Weil are used. We also utilise the UN and UNDP materials to outline certain ideas. Various online databases (OECD, World Bank etc.) provide the statistics for the author’s opinion.
In this essay, we discuss the ‘fairness’ of tax competition. By this we mean the efficiency as well as welfare produced by various policies aimed at gaining tax competition advantage. Specifically, in our reasoning tax competition is fair when there is welfare increase or positive externalities.
The arguments in this essay are based on the information taken from three papers. First, we will review various tax competition theories analysed in the paper of John Douglas Wilson (1999: 269 - 304) and compare different approaches towards tax competition. Second, we will review the paper ‘Fiscal Competition and the Pattern of Public Spending’ describing how fiscal competition influences public spending. Finally, we will outline the negative and positive aspects of tax competition with respect to other countries, thus determining whether it is a ‘fair’ instrument or not.
This paper provides an overview of modern fiscal competition topics, discussing its drawbacks and benefits for economic agents (consumers and firms) as well as governments. We start by defining the phenomenon of fiscal competition and describing its main characteristics. Next, we address the various aspects of its impact on economy based on the analysis of published papers handling the topic.
The notion of the tax haven is regarded in this essay as an instance of tax competition. After giving its definition, we discuss its qualities listing the aspects of countries which could potentially become tax havens. After that, we discuss the pro and contra of tax havens which coincide in many ways with those proposed in the analysis of tax competition.
In this paper, we reference to published papers from Journal of Public Economics, Oxford Review of Economic Policy, National Tax Journal and other sources. The assumptions proving our opinion are thus based on the arguments expressed there which are based on the analysis of economic models and treatment of empirical data.
https://administracja.sgh.waw.pl/en/dsm/master_thesis/Pages/exam_in_economics.aspx
Postmodernism by Cyril Obolonsky
Linguistics by Cyril Obolonsky
[the download only contains excerpts, but you are welcome to contact me for more info]
The state attempts to reduce the air pollution or alleviate its consequences. It creates, therefore, policies directed at reducing the levels of air pollution on the one hand and creating incentives to use renewable resources on the other. As a result, producing and burning fossils becomes more expensive, whereas sustainable energy projects become more interesting for consumers and investors, thus losing the stigma of ESG investment projects. What are the mechanics of making renewable energy projects plausible in European states? How is the air pollution caused by the fuel industry seen by public economics? What strategies does the state apply in order to implement environmentally friendly fuel policies? In this essay we are going to address the questions in light of the relation between diesel fuel trading and measures aimed against pollution on the example of Poland. We shall discuss the economic costs of air pollution and analyse the effects of the government’s policies aimed at promoting biofuels. In this essay, we reference to different kinds of sources to illustrate our points. Scientific articles on public economics, game theory and environmental economics tackling the issues of air pollution as well as pamphlets about the tragedy of the commons provide the theoretical basis for the paper. We also appeal to EU and national decrees and laws in order to illustrate how public policies are applied. Statistical sources include digital databases of the IAE, BP etc.
After defining the phenomena of economic growth, sustainable development, technological progress and industrialisation, we touch upon the question of whether Industrialisation 4.0 is for developing countries an opportunity to grow or rather a danger. We also discuss the problem of why some developing countries manage to outperform the leaders and others do not.
Finally, we analyse the economic development of a country based on its statistics applying the theoretic points developed previously. The country to be analysed is the Russian Federation. Starting by statistical evidence, we discuss the historical perspectives touching upon the issues of the country’s economic development. Applying the concepts of Industry 4.0, we offer different scenarios depending on whether the country embraces innovation or not.
In this essay, we reference to different kinds of sources in order to prove our idea. The textbooks by Todoro and Smith as well as Weil are used. We also utilise the UN and UNDP materials to outline certain ideas. Various online databases (OECD, World Bank etc.) provide the statistics for the author’s opinion.
In this essay, we discuss the ‘fairness’ of tax competition. By this we mean the efficiency as well as welfare produced by various policies aimed at gaining tax competition advantage. Specifically, in our reasoning tax competition is fair when there is welfare increase or positive externalities.
The arguments in this essay are based on the information taken from three papers. First, we will review various tax competition theories analysed in the paper of John Douglas Wilson (1999: 269 - 304) and compare different approaches towards tax competition. Second, we will review the paper ‘Fiscal Competition and the Pattern of Public Spending’ describing how fiscal competition influences public spending. Finally, we will outline the negative and positive aspects of tax competition with respect to other countries, thus determining whether it is a ‘fair’ instrument or not.
This paper provides an overview of modern fiscal competition topics, discussing its drawbacks and benefits for economic agents (consumers and firms) as well as governments. We start by defining the phenomenon of fiscal competition and describing its main characteristics. Next, we address the various aspects of its impact on economy based on the analysis of published papers handling the topic.
The notion of the tax haven is regarded in this essay as an instance of tax competition. After giving its definition, we discuss its qualities listing the aspects of countries which could potentially become tax havens. After that, we discuss the pro and contra of tax havens which coincide in many ways with those proposed in the analysis of tax competition.
In this paper, we reference to published papers from Journal of Public Economics, Oxford Review of Economic Policy, National Tax Journal and other sources. The assumptions proving our opinion are thus based on the arguments expressed there which are based on the analysis of economic models and treatment of empirical data.
https://administracja.sgh.waw.pl/en/dsm/master_thesis/Pages/exam_in_economics.aspx