The article aims at answering the following research question: is the Polish art market mature enough to look at art investment as an important element of portfolio diversification? To provide an answer, the Authors analyzed auctions in Poland from the period 1991-2010, which were published by...

The article aims at answering the following research question: is the Polish art market mature enough to look at art investment as an important element of portfolio diversification? To provide an answer, the Authors analyzed auctions in Poland from the period 1991-2010, which were published by...

Today\’s enterprises are exposed to number of different systematic risks including natural disasters, frauds or information systems defects. These kind of risks may not only disturb company\’s operational activity but in extreme situations completely destroy reputation or lead to bankruptcy....

Most economic models are prescriptive and based on expected utility theory. Decisions taken on the basis of these models ought to be completely rational and consistent with axioms of the expected utility theory. Prospect theory (PT) is an alternative theory of choice under risk and increasingly...

The economic theories taking into consideration human behavior and based on the achievements of psychology, sociology, anthropology have been evolving at a blistering pace over the last decade. Owing to that, the behavioral finance has become one of the fastest developing academic areas focused...