This study verifies the hypothesis that greater transparency of public companies in disclosing non‐financial (ESG) data results in lower volatility of return rates on securities issued by them, thereby reducing investment portfolio risk understood as return rate volatility. Non‐financial data reporting contributes to increased transparency, predictability of companies' operations and hence to significant reduction in information asymmetry on the capital market, and ultimately considerably reduces forecasting errors in risk–return profile of investment portfolios. The research conducted has shown that there is a large information gap on the Polish market, especially as regards ESG reporting. The overall level of reporting on non‐financial data is low. In the analysed period, the shares issued by companies with higher ESG rating were distinguished by an over‐average return rate and lower return rate volatility as well as lower forecasting error in return rates, which is indicated by the standard error parameter (alpha and beta coefficients).

No abstract

No abstract

Rozdział 1Markets Union. The most important observations about social trading are presented. Bearing in mind the low level of reference to social trading, primarily based on Anglo-Saxon literature, the subject viewed from the Polish perspective is innovative. The author makes a theoretical analysis and division of social trading into particular categories, i.e. copy trading, mirror trading, crowd trading. The basic types of social trading have been characterized and synthesized in a tabular form. An attempt was made to propose specific solutions for social trading within the European Capital Markets Union. The analysis takes into account the European Commission's demands, the trend of the digitization of society and the current needs of individual investors in the capital market. The article is a theoretical-analytical reflection.

Streszczenie: Celem opracowania jest identyfi kacja kluczowych determinantów stabilności instytucji ubezpieczeniowych oraz analiza i wskazanie możliwych konsekwencji i zagrożeń wdrażania nowych regulacji makroostrożnościowych w zakresie wyodrębnienia systemowo ważnych instytucji ubezpieczeniowych. Dyskusji poddano możliwe konsekwencje wdrożenia wybranych, proponowanych obecnie rozwiązań w zakresie poprawy stabilności fi nansowej instytucji ubezpieczeniowej ze szczególnym uwzględnieniem sytuacji sektora ubezpieczeń w krajach Europy Środkowo-Wschodniej.Słowa kluczowe: stabilność fi nansowa, ryzyko systemowe, instytucje ubezpieczeniowe, systemowo ważne instytucje fi nansowe.Klasyfi kacja JEL: G22, G20,G28. THE FINANCIAL STABILITY OF THE INSURANCE SECTORAbstract: Th e aim of the paper is to identify the key determinants for the stability of the insurance sector and to analyze possible consequences of implementing new macro-prudential regulation. We discuss the possible consequences of the implementation of solutions currently proposed for the insurance sector.