Hotel or rented flat: A profile of purchasers of accommodation services in Warsaw

The spreading of short-term flat rentals has brought about changes in the accommodation market, often seen as a threat to traditional accommodation providers. This is particularly true in large cities which have a considerable accommodation capacity and also a large stock of flats. The aim is to indicate to what extent short-term rentals are influencing the tourist accommodation market in Warsaw. The idea behind the study is the assumption that the differences revealed between those using hotels or such flats will provide an answer to the question of the influence of the latter on Warsaw»s tourist market. Such information should be useful in the marketing activities of interested parties and in the policies of the city authorities. Analysis of the data from a survey carried out in 2021 using the CHAID decision tree indicates that the choice of accommodation type was mainly determined by situational variables. The only statistically significant demographic predictor relates to a greater interest in flats among those aged up to 34 years old. Planned expenditure per person per overnight stay proved to be a statistically significant predictor only for non-residents of Poland, with the cut-off amount set higher than the median interval for this segment. Flats were more often chosen by people travelling in a larger party or alone and those planning to stay longer than four nights, thus looking for a different offer than that of traditional city hotels. © 2023, Lodz University Press. All rights reserved.

Effect of COVID-19 pandemic restrictions on air pollution at a local scale in urban areas affected by high-intensity vehicle traffic in Poland

The lockdown in 2020 implemented due to the SARS-CoV-2 pandemic has resulted in a significant improvement in air quality at a global scale. Nationwide lockdown also considerably improved air quality at a local scale, especially in cities which were almost completely shut down during the first coronavirus wave, with nearly no activity. We tested the hypothesis that a reduction in the intensity of vehicle traffic causes a drastic decrease in urban air pollution at a local scale. We focused on two urban agglomerations, Warsaw and Cracow, in Poland. Data of the concentrations of traffic-related sources, namely NOx, PM10, and PM2.5, obtained from two air pollution monitoring stations were analyzed for the years 2020 and 2021, during which lockdown and pandemic restrictions were in effect, and for 2019, as a reference. In the years 2020–2021, the average annual concentration of NOx was decreased by ~ 19%, PM2.5 by ~ 19%, and PM10 by ~ 18% in Warsaw, while in Cracow the average annual concentration of NOx was decreased by ~ 16%, PM2.5 by ~ 22%, and PM10 by ~ 2%, compared to 2019. The contribution from traffic-related sources to the overall level of air pollution was estimated. The results indicated that ~ 30 µg/m3 of PM10, ~ 15 µg/m3 of PM2.5, and ~ 120 µg/m3 of NOx in Cracow, and ~ 20 µg/m3 of PM2.5 in Warsaw originate from moving vehicles. The nationwide lockdown allowed us to conduct this study to understand how a reduction in local traffic emissions can decrease ambient air pollution levels.

Questing benchmarks for the current ratio: An analysis of the Warsaw Stock Exchange firms

Objective: The first objective of the article is to assess the benchmarks for the current ratio commonly provided in the accounting and financial analysis literature. The minor objective is to arrange a research methodology permitting the accomplishment of the first objective. Research Design & Methods: The paper, apart from the literature review and its critique, presents the results of descriptive, quantitative research. The research sample consists of 5 148 firm-years. Data were retrieved from Worldscope Database via Refinitiv Eikon for domestic, going concern, non-financial companies listed on the Warsaw Stock Exchange from 2005 to 2021. For comparison, the U.S.-related data was retrieved from Internet resources as ready-made ratios. Methods used in the analysis include descriptive statistics, parametric and nonparametric ANOVA, confidence intervals, and linear and parabolic trend analysis. Findings: The tests show that identifying a benchmark for the current ratio is problematic. Benchmarks vary between countries and industries;universal standards do not exist. The benchmark for the current ratio commonly suggested, 1.2-2.0, may be used only as a rough evaluation of the desired value. The findings indicate that the acceptable range for CR is much broader, from 1.1 (the first quartile) to 2.3 (the third quartile) for the total sample. Moreover, the SIC division's quartiles vary from 0.7 to 1.2 (the first) and from 1.6 to 3.6 (the third). Statistical tests indicate that benchmarks do not vary annually. However, the distribution's median and the third quartile change slowly over time toward higher values. The Covid-19 pandemic resulted in a substantial increase. On the contrary, the first quartile of about 1 remains relatively stable over time, indicating the reasonable lower bound for CR. The mean of the distribution is useless as a benchmark because of its sensitivity to outliers. Various techniques must be used to assess the benchmark. Implications & Recommendations: Since there are material between-industry and between-country differences in benchmarks, analysts and investors should be very sensitive to the standards suggested in the literature and interpret them cautiously. Variability over time exists but is low unless a shock in the economy appears. Contribution & Value Added: The main contribution of the paper is empirical verification of the benchmarks for the current ratio provided in the literature. Tests show that suggested benchmarks are not universal. Seeking a benchmark, an analyst must compare the firm's financial standing with other firms from the same country, industry, and period.

Effect of COVID-19 pandemic restrictions on air pollution at a local scale in urban areas affected by high-intensity vehicle traffic in Poland

The lockdown in 2020 implemented due to the SARS-CoV-2 pandemic has resulted in a significant improvement in air quality at a global scale. Nationwide lockdown also considerably improved air quality at a local scale, especially in cities which were almost completely shut down during the first coronavirus wave, with nearly no activity. We tested the hypothesis that a reduction in the intensity of vehicle traffic causes a drastic decrease in urban air pollution at a local scale. We focused on two urban agglomerations, Warsaw and Cracow, in Poland. Data of the concentrations of traffic-related sources, namely NOx, PM10, and PM2.5, obtained from two air pollution monitoring stations were analyzed for the years 2020 and 2021, during which lockdown and pandemic restrictions were in effect, and for 2019, as a reference. In the years 2020–2021, the average annual concentration of NOx was decreased by ~ 19%, PM2.5 by ~ 19%, and PM10 by ~ 18% in Warsaw, while in Cracow the average annual concentration of NOx was decreased by ~ 16%, PM2.5 by ~ 22%, and PM10 by ~ 2%, compared to 2019. The contribution from traffic-related sources to the overall level of air pollution was estimated. The results indicated that ~ 30 µg/m3 of PM10, ~ 15 µg/m3 of PM2.5, and ~ 120 µg/m3 of NOx in Cracow, and ~ 20 µg/m3 of PM2.5 in Warsaw originate from moving vehicles. The nationwide lockdown allowed us to conduct this study to understand how a reduction in local traffic emissions can decrease ambient air pollution levels. © 2022, The Author(s).

Interest Rate Changes and Investors’ Activity: Evidence from Poland During the Pandemic Period

During the COVID-19 pandemic period in Poland, interest rates have been substantially reduced by National Bank of Poland (NBP). Within three months, the WIBOR 1Y rate fell from 1.84% (27 February 2020) to 0.3% (4 June 2020). The consequences of the Central Bank decision have been crucial for investors, as a one-time increase (decrease) in rates decreases (increases) the market value of assets. Changes in the term structure of interest rates unknown a priori to investors arise particularly often in economic downturns. According to the literature, investors have a greater appetite for risk-taking when interest rates are low, and it is not confined to institutions. Generally speaking, low-interest rates lead to significantly higher allocations to risky assets among diverse groups of investors. In this context, the goal of this study is to investigate whether shifts in interest rates affected investors’ activity on the Warsaw Stock Exchange (WSE) within the pandemic period in 2020. Daily trading volume is utilized as a measure of investors’ activity. The event window method is used to assess whether the mean results of daily trading volume during the pre-event, event and post-event time windows significantly differ between each other in the case of all event windows. A particular event window includes consecutive considerable declines in interest rates. Moreover, robustness tests are conducted. The empirical findings confirm that interest rate cuts during the pandemic period increased investors’ activity on the Polish stock market. © 2022, The Author(s), under exclusive license to Springer Nature Switzerland AG.

COVID-19 pandemic and its influence on urban gastronomy. The example of Vistula Boulevards in Warsaw (Poland)

Restrictions caused by the COVID-19 pandemic impacted the whole domestic economy, including the gastronomy sector. As a result restaurants had to change their operating models even to the extent of adjusting their interior designs. Changes were observed in the distance between dining tables, additional screens inside restaurants, as well as additional outside spaces. In some cases, the long-term closure resulted in liquidation. The Vistula Boulevards in Warsaw (Poland) are a well-known place for socialising and recreation, complemented by a varied food offer. The below study aims to present the changes which affected restaurants located on the Vistula river banks during the COVID-19 pandemic (in 2020 and 2021) compared with the previous period of 2018-2019. The results of the studies indicate that the number of restaurants, bars or gastronomic points (fast food) located on the Vistula Boulevards has changed only slightly. This can be attributed to seasonality, type of establishment (e.g. bar, restaurant, or gastronomic point), type of venue (for instance building or barge), as well as added value such as additional entertainment or recreation.