Acta Universitatis Lodziensis. Folia Oeconomica <div style="text-align: justify;"> <p><em>Acta Universitatis Lodziensis Folia Oeconomica</em> (FoE) is a <a href="">peer-reviewed</a>, bimonthly publishing online original theoretical and empirical articles as well as policy-related and review articles covering all the disciplines of economic sciences or related to them.</p> <p> </p> </div> en-US (FoE Editorial Office) (Firma Magis) Tue, 12 Jul 2022 14:17:31 +0200 OJS 60 An Analysis of the Properties of a Newly Proposed Non‑Randomised Response Technique <p>Non‑randomised response (NRR) techniques are modern and constantly evolving methods intended for dealing with sensitive topics in surveys, such as tax evasion, black market, corruption etc. The paper introduces a new NRR technique that can be seen as a generalisation of the well‑known crosswise model (CM). In the paper, methodology of the new generalised crosswise model (GCM) is presented and the maximum likelihood estimator of the unknown population sensitive proportion is obtained. Also, the problem of privacy protection is discussed. The properties of the newly proposed GCM are examined. Then the GCM is compared with the traditional CM. The paper shows that mathematically the CM is a special case of the newly proposed generalised CM and that this generalisation has high practical relevance.</p> Barbara Kowalczyk Copyright (c) 2022 Tue, 12 Jul 2022 00:00:00 +0200 Predictability of Stock Returns in Central and Eastern European Countries <p>Stock return predictability in highly developed countries has both empirical and theoretical justification in financial literature. The article aims to answer the question if market valuation ratios that relate share prices to various accounting quantities have any predictive power for long‑term stock index returns on investments in capital markets of some Central and Eastern European countries, namely the Czech Republic, Hungary, Poland, and Russia. Heteroskedasticity and autocorrelation‑consistent estimators with a small‑sample degrees of freedom adjustment were used in regressions to track the overlapping data problem and small sample bias. The results of an investigation show that some of these ratios, such as price to a ten‑year moving average of real earnings, commonly known as the cyclically adjusted price earnings (CAPE) ratio, price to estimated profits, market to book value and price to sales revenues have a strong predictive power for cumulative returns mainly over long horizons. On the other hand, price to one‑year earnings, dividend yield or price to cash flow ratios prove to be quite poor predictors. Following the arguments of behavioural finance, we conclude that the evidence obtained in the study proving a fairly significant link between current values of market ratios and future cumulative returns indicates a certain degree of ineffectiveness of the analysed markets during the examined period.</p> Piotr Pietraszewski Copyright (c) 2022 Tue, 12 Jul 2022 00:00:00 +0200 Typical Household Elasticity of Demand for Pharmaceuticals Across European States <p>According to the World Health Organisation (WHO), almost a billion people worldwide are at risk of falling into poverty due to out‑of‑pocket health spending, and pharmaceuticals are an integral part of this growing problem. The presented study aims to assess the price and income elasticity of demand for pharmaceuticals across European states over the period 2009–2019. The subject of the analysis is a typical household in each state. The analysis focuses on evaluating interactions in the light of economic growth, thus the results are cross‑referenced with the countries’ development groups to pinpoint any similarities and contrasts within and between clusters. The results indicate that households in underprivileged regions have a higher responsiveness to economic stimuli than in prosperous states. Both the income and price elasticities indicate the existence of unmet need for pharmaceuticals due to insufficient financial resources. Moreover, households’ responsiveness to income and price changes varies across time, states and affluence development groups.</p> Agata Żółtaszek Copyright (c) 2022 Mon, 22 Aug 2022 00:00:00 +0200 The Standard of Living and Its Dimensions in NUTS–4 Districts in Poland. An Analysis of Diversification <p>Along with an increase in the level of societies’ wealth, factors such as the state of health, the quality of education and negative output effects including environment quality are becoming increasingly important in assessing the standard of living and well‑being of the average person. A category that has long been used to measure the economic and social well‑being of societies is GDP per capita. However, in contemporary research, other attempts, more comprehensively describing important aspects of life, are being proposed.</p> <p>The main aim of this article is to examine the standard of living in NUTS–4 districts in Poland in 2020 in aggregate and in its particular dimensions. Spatial differentiation of the standard of living index and sub‑indices describing its individual dimensions was also examined. The standard of living was measured on the basis of a composite variable. This variable was constructed as Hellwig’s measure of economic development on the basis of values of partial indicators describing successive dimensions. Those indicators were determined as arithmetic means of normalised diagnostic variables.</p> <p>The highest standard of living is observed in cities with powiat status. Among them, there are both the largest agglomerations and smaller cities constituting local centres. In the spatial distribution of the standard of living measure, attention is drawn to the large concentration of districts with the lowest values in the north‑east of Poland, in the Kujawy Region and in the south‑east.</p> <p>Partial indicators describing the dimensions of the standard of living, constructed for the purposes of the study, reflect the situation with regard to the degree of implementation of detailed tasks of social policy. The analysis of the situation of districts in particular dimensions of the standard of living carried out in this paper makes it possible to indicate the districts that require the greatest attention of decision‑makers and to direct the greatest resources to them.</p> Barbara Dańska-Borsiak Copyright (c) 2022 Mon, 22 Aug 2022 00:00:00 +0200