https://www.um.edu.mt/library/oar/handle/123456789/138294 Thu, 11 Jun 2026 18:22:22 GMT 2026-06-11T18:22:22Z https://www.um.edu.mt/library/oar/handle/123456789/147364 Title: Source of transaction price data vs. rates of return on housing investment : evidence from Poland Authors: Kokot, Sebastian; Janasz, Krzysztof Abstract: PURPOSE: The purpose of the research presented in this thesis is to estimate and assess the levels, trends and variation in returns on home purchases and rentals, as well as the impact on these phenomena of the data sources used.; DESIGN/METHODOLOGY/APPROACH: The paper thus addresses two problems related to the analysis of the housing market. The first is the trends in returns on investment in secondary market housing. The second is the reliability of housing price data published by various institutions. The research was conducted for 16 local markets - the largest cities in Poland. Statistical measures and charts were used for comparisons.; FINDINGS: The analyses conducted prove that the prices of dwellings indicated by three different data sources vary. While in the case of prices published by the advertising service, the differences compared to other sources – CSO and NBP – are understandable, the significant differences between the transaction prices published by the two government institutions are inexplicable. The differences between the average rates of return obtained from different sources for individual cities are not large, rarely exceeding 0.5%. In terms of rates of return, the cities surveyed differed from each other to a much greater extent than the same cities differed in terms of data sources.; PRACTICAL IMPLICATIONS: The paper shows that the data published by different institutions on average market prices of dwellings differ and that these differences are not subject to specific regularities. The indicated differences in prices do not translate into correspondingly significant differences in the levels of investment returns outside of incidental situations. However, such incidental distortions may be the reason for an inappropriate investment decision.; ORIGINALITY/VALUE: The study is novel, as research on the explicitly addressed problem has not been undertaken to date. The study demonstrates that public datasets of market information should not be used for further analysis and research indiscriminately and that it is legitimate to evaluate them. Wed, 01 Jan 2025 00:00:00 GMT https://www.um.edu.mt/library/oar/handle/123456789/147364 2025-01-01T00:00:00Z https://www.um.edu.mt/library/oar/handle/123456789/147362 Title: Can Bitcoin replace gold in an investment portfolio in the Polish capital market? Authors: Gierałtowska, Urszula; Rzeczycki, Andrzej Abstract: PURPOSE: The aim of the article is to conduct an empirical assessment of whether Bitcoin can serve as a substitute for gold as a safe-haven asset and as a risk-diversification instrument in an investment portfolio on the Polish capital market. The analysis focuses on comparing the properties of both assets under conditions of heightened macroeconomic and geopolitical uncertainty, as well as their impact on the performance of portfolios based on the WIG20 index.; DESIGN/METHODOLOGY/APPROACH: The study is based on weekly data for the period 2018– 2025, covering phases of economic stability, the COVID-19 pandemic, the war in Ukraine, the conflict in the Gaza Strip, and the subsequent stabilization period. Rates of return, risk measures, and correlations of gold and Bitcoin with selected stock and commodity indices were compared. Diversification potential was evaluated using the classical Markowitz portfolio model, analyzing returns and risk of minimum-variance portfolios and examining portfolio efficiency via the Sharpe ratio.; FINDINGS: The results indicate that Bitcoin generated higher returns than gold during periods of relative stability; however, during episodes of pronounced geopolitical turbulence it exhibited substantially higher volatility and deeper price declines. Consequently, it did not display the characteristics of a safe-haven asset. Gold, by contrast, showed low correlation with the equity market and demonstrated the ability to mitigate losses under heightened risk aversion. In portfolios based on the WIG20 index, the inclusion of gold consistently reduced total risk and frequently improved the risk–return profile. Bitcoin enhanced return potential only at the cost of significantly increased volatility, while its diversification function weakened or disappeared in periods of elevated geopolitical tension.; PRACTICAL IMPLICATIONS: For investors operating in the Polish capital market, gold remains an asset with confirmed safe-haven properties and an effective tool for reducing portfolio risk in times of economic and political turmoil. Bitcoin may be useful only for investors who accept high volatility and pursue return maximization; however, it does not constitute an adequate substitute for gold from the perspective of capital protection.; ORIGINALITY/VALUE: The article provides added value by conducting a comparative analysis of gold and Bitcoin in the context of the Polish capital market, which differs from developed markets in terms of structure, liquidity and institutional maturity. Accounting for distinct phases of the geopolitical cycle enables a more precise assessment of the stability and protective properties of the analyzed assets under heightened uncertainty. The findings offer insights of significant relevance for investors and researchers examining the role of alternative assets in portfolios on emerging markets. This analysis expands the existing literature on alternative investment instruments and constitutes a meaningful contribution to the discussion on the role of gold and Bitcoin in modern investment strategies. Wed, 01 Jan 2025 00:00:00 GMT https://www.um.edu.mt/library/oar/handle/123456789/147362 2025-01-01T00:00:00Z https://www.um.edu.mt/library/oar/handle/123456789/147324 Title: Bridging the gap : performance evaluation of classical and modern discretization techniques in real estate data Authors: Gdakowicz, Anna; Łatuszyńska, Małgorzata Abstract: PURPOSE: The aim of this study is to evaluate the effectiveness of selected discretization methods for continuous variables using the example of real estate area—one of the key attributes in property analysis. The study addresses the challenge of transforming continuous variables into discrete forms with minimal information loss, a process crucial for data mining, statistical modeling, and classification tasks.; DESIGN/METHODOLOGY/APPROACH: Thirteen discretization methods were applied to a dataset of 3,732 residential real estate listings from the Szczecin housing market between 2017 and 2021. The methods include classical approaches with predefined class parameters (equal width and equal frequency), expert-driven methods, quantile-based techniques, clustering (kmeans), and supervised learning approaches such as entropy minimization and 1R. The evaluation criteria included the deviation of grouped results from ungrouped data (arithmetic mean difference and loss function), and the number of classes, treated as a nominant. A linear ordering technique (Hellwig’s method) was used to rank the methods.; FINDINGS: The method based on expert-defined class width (Method 4) showed the highest consistency with the original data, followed by Scott’s rule (Method 2) and the entropy-based supervised method (Method 11). Contrary to expectations, quantile-based methods and commonly used rules such as Freedman–Diaconis or square-root yielded unsatisfactory results, either due to oversimplification (too few intervals) or excessive granularity (too many classes).; PRACTICAL IMPLICATIONS: The results underline the importance of selecting discretization methods tailored to the characteristics of the variable and research context. In particular, they demonstrate the value of domain expertise in guiding discretization decisions in real estate analytics, improving data quality for downstream analysis such as classification, segmentation, or regression.; ORIGINALITY/VALUE: This study is one of the first to systematically compare a broad spectrum of discretization methods in the context of real estate data. It introduces a comprehensive evaluation framework combining statistical accuracy and interpretability. The findings contribute to both methodological development in data pre-processing and practical decision-making in real estate market research. Wed, 01 Jan 2025 00:00:00 GMT https://www.um.edu.mt/library/oar/handle/123456789/147324 2025-01-01T00:00:00Z https://www.um.edu.mt/library/oar/handle/123456789/147315 Title: Workplace well-being as a priority for HR strategy in the context of young employees' expectations Authors: Zwiech, Patrycja Abstract: PURPOSE: The research gap lies in the need for comprehensive insight into specific HR strategies that organizations can implement to create a mentally healthy work environment. This article examines the impact of employee perceptions of workplace well-being, in the context of generational differences, on HR strategies and presents new HR strategies to improve employee well-being. The paper addresses two questions: How do generational differences in perceptions of well-being influence HR strategies? and What changes should HR strategies in specific areas of human resources management implement to better incorporate workplace well-being?; DESIGN/METHODOLOGY/APPROACH: To achieve the research objectives and identify effective strategies to improve employee well-being in the workplace, a literature review was conducted, enabling a comprehensive analysis of the topic.; FINDINGS: Adding a generational perspective to HR strategy is crucial, as differences in the perception of workplace well-being between Generations Z and X influence the design of HR policies. Research shows that existing generational differences in the perception of workplace well-being among Generation X and Z employees are reflected in expectations regarding employer branding, organizational culture, internal communication, development and training, and the segmentation of well-being activities. Furthermore, the trend of workplace well-being in human resources management will become increasingly integrated with specific HRM functions in the coming years. This article presents proposed changes in the following areas of human resources management: recruitment and selection, employee evaluation, employee development, motivation and remuneration, interpersonal relationship management, communication, and work organization.; PRACTICAL IMPLICATIONS: Managers will better understand the crucial role workplace wellbeing can play in improving productivity. These findings will help organizations and human resources (HR) departments understand the importance of employee well-being in the workplace.; SOCIAL IMPLICATIONS: This research will help improve the personal and social lives of employees and managers by better understanding workplace well-being. This will have further economic implications, such as higher organizational performance.; ORIGINALITY/VALUE: This research makes important scientific and practical contributions to workplace well-being. It is crucial to reassess areas of human resource management, such as recruitment and selection, employee assessment, employee development, motivation and remuneration, interpersonal relationship management, communication, and work organization, in the context of employee well-being perceptions across generations, to adapt to the new demands of the new work environment. An integrated approach that encompasses strategies within employer branding, organizational culture, internal communication, development and training, and the segmentation of well-being activities ensures improved workplace well-being. Wed, 01 Jan 2025 00:00:00 GMT https://www.um.edu.mt/library/oar/handle/123456789/147315 2025-01-01T00:00:00Z