All Outputs (47)

Energy in turmoil: Industry resilience to uncertainty during the global energy crisis (2025)
Journal Article
Szczygielski, J. J., Charteris, A., Obojska, L., & Brzeszczyński, J. (2025). Energy in turmoil: Industry resilience to uncertainty during the global energy crisis. Applied Energy, 389, Article 125351. https://doi.org/10.1016/j.apenergy.2025.125351

We investigate the resilience of global industry groups to energy price uncertainty (ENPU) during the global energy crisis. Diversified financials reflect the greatest return response, being vulnerable to investment delays and discretionary spending,... Read More about Energy in turmoil: Industry resilience to uncertainty during the global energy crisis.

What does energy price uncertainty reveal about the global energy crisis? (2024)
Journal Article
Szczygielski, J. J., Charteris, A., Obojska, L., & Brzeszczyński, J. (2025). What does energy price uncertainty reveal about the global energy crisis?. International Review of Financial Analysis, 104(Part B), Article 103838. https://doi.org/10.1016/j.irfa.2024.103838

We construct a Google search-based measure of energy price uncertainty (ENPU) that reflects oil, coal and natural gas price uncertainty. Using this index, we analyse the evolution of energy price uncertainty stemming from the first truly global energ... Read More about What does energy price uncertainty reveal about the global energy crisis?.

Sustainability, energy finance and the role of central banks: A review of current insights and future research directions (2024)
Journal Article
Marcinkowska, M., Brzeszczyński, J., Charteris, A., Gajdka, J., Obojska, L., & Szczygielski, J. J. (2025). Sustainability, energy finance and the role of central banks: A review of current insights and future research directions. Energy Economics, 144, Article 108084. https://doi.org/10.1016/j.eneco.2024.108084

The importance of energy finance in sustainable development and particularly within the sustainable finance strand has visibly increased in recent years. In this review article, we focus on the role of central banks in this area. We draw on official... Read More about Sustainability, energy finance and the role of central banks: A review of current insights and future research directions.

Recession fears and stock markets: An application of directional wavelet coherence and a machine learning-based economic agent-determined Google fear index (2024)
Journal Article
Szczygielski, J. J., Charteris, A., Obojska, L., & Brzeszczyński, J. (2024). Recession fears and stock markets: An application of directional wavelet coherence and a machine learning-based economic agent-determined Google fear index. Research in International Business and Finance, 72(Part A), Article 102448. https://doi.org/10.1016/j.ribaf.2024.102448

Recession fears play a pivotal role in investment decision making and policy development aimed at reducing the likelihood of a recession and managing its impact. Using machine learning, we develop an economic agent-determined daily recession fear ind... Read More about Recession fears and stock markets: An application of directional wavelet coherence and a machine learning-based economic agent-determined Google fear index.

Capturing the timing of crisis evolution: A machine learning and directional wavelet coherence approach to isolating event-specific uncertainty using Google searches with an application to COVID-19 (2024)
Journal Article
Szczygielski, J. J., Charteris, A., Obojska, L., & Brzeszczyński, J. (2024). Capturing the timing of crisis evolution: A machine learning and directional wavelet coherence approach to isolating event-specific uncertainty using Google searches with an application to COVID-19. Technological Forecasting and Social Change, 205, Article 123319. https://doi.org/10.1016/j.techfore.2024.123319

The phases of a crisis are critical to understanding its evolution. We construct an economic agent-determined machine learning-based Google search index that associates search terms with uncertainty to isolate COVID-19-related uncertainty from overal... Read More about Capturing the timing of crisis evolution: A machine learning and directional wavelet coherence approach to isolating event-specific uncertainty using Google searches with an application to COVID-19.

Do investment fund managers behave rationally in the light of central bank communication? Survey evidence from Poland (2023)
Journal Article
Wolski, R., Bolek, M., Gajdka, J., Brzeszczyński, J., & Kutan, A. M. (2023). Do investment fund managers behave rationally in the light of central bank communication? Survey evidence from Poland. Qualitative Research in Financial Markets, 15(5), 757-794. https://doi.org/10.1108/qrfm-07-2021-0124

Purpose
This study aims to answer the question whether investment funds managers exhibit behavioural biases in their investment decisions. Furthermore, it investigates if fund managers, as a group of institutional investors, make decisions in respon... Read More about Do investment fund managers behave rationally in the light of central bank communication? Survey evidence from Poland.

Google search trends and stock markets: Sentiment, attention or uncertainty? (2023)
Journal Article
Szczygielski, J. J., Charteris, A., Bwanya, P. R., & Brzeszczyński, J. (2024). Google search trends and stock markets: Sentiment, attention or uncertainty?. International Review of Financial Analysis, 91, Article 102549. https://doi.org/10.1016/j.irfa.2023.102549

Keyword-based measures purporting to reflect investor sentiment, attention or uncertainty have increasingly been used to model stock market behaviour. We investigate and shed light on the narrative reflected by Google search trends (GST) by construct... Read More about Google search trends and stock markets: Sentiment, attention or uncertainty?.

Monetary policy and investors' behaviour (2022)
Book Chapter
Brzeszczynski, J., Gajdka, J., Kutan, A., & Schabek, T. (2023). Monetary policy and investors' behaviour. In Understanding the Polish Capital Market (59-78). Routledge

The purpose of the research presented in this chapter is the verification of the question whether the release of new information by the National Bank of Poland (NBP) about its monetary policy decisions affects the stock market prices, as well as the... Read More about Monetary policy and investors' behaviour.

Which COVID-19 information really impacts stock markets? (2022)
Journal Article
Szczygielski, J. J., Charteris, A., Bwanya, P. R., & Brzeszczyński, J. (2023). Which COVID-19 information really impacts stock markets?. Journal of International Financial Markets, Institutions and Money, 84, Article 101592. https://doi.org/10.1016/j.intfin.2022.101592

Information about the COVID-19 pandemic abounds, but which COVID-19 data actually impacts stock prices? We investigate which measures of COVID-19 matter most by applying elastic net regression for measure selection using a sample of the 35 largest st... Read More about Which COVID-19 information really impacts stock markets?.

Rethinking financial contagion: Information transmission mechanism during the COVID-19 pandemic (2022)
Journal Article
Yarovaya, L., Brzeszczyński, J., Goodell, J. W., Lucey, B., & Lau, C. K. M. (2022). Rethinking financial contagion: Information transmission mechanism during the COVID-19 pandemic. Journal of International Financial Markets, Institutions and Money, 79, Article 101589. https://doi.org/10.1016/j.intfin.2022.101589

Rapidly growing numbers of empirical papers assessing the financial effects of COVID-19 pandemic triggered an urgent need for a study summarising the existing knowledge of contagion phenomenon. This paper provides a review of conceptual approaches to... Read More about Rethinking financial contagion: Information transmission mechanism during the COVID-19 pandemic.

Has the risk of socially responsible investments (SRI) companies stocks changed in the COVID-19 period? International evidence (2022)
Journal Article
Brzeszczyński, J., Gajdka, J., Pietraszewski, P., & Schabek, T. (2022). Has the risk of socially responsible investments (SRI) companies stocks changed in the COVID-19 period? International evidence. Finance Research Letters, 49, Article 102986. https://doi.org/10.1016/j.frl.2022.102986

In this study, we investigate changes in risk of socially responsible investments (SRI) companies in the periods before and during the COVID-19 pandemic relying on a broad dataset covering SRI indices from 35 markets analyzed between 2016 and 2021. O... Read More about Has the risk of socially responsible investments (SRI) companies stocks changed in the COVID-19 period? International evidence.

Do business models matter? Evidence from the SRI companies performance and the COVID-19 pandemic (2022)
Journal Article
Press, M., & Brzeszczyński, J. (2022). Do business models matter? Evidence from the SRI companies performance and the COVID-19 pandemic. Finance Research Letters, 48, Article 102881. https://doi.org/10.1016/j.frl.2022.102881

Business models of companies are rarely analysed in the context of their financial performance, so little is known about how much they should actually matter in the decision-making processes of investors. In this study, we examine the performance of... Read More about Do business models matter? Evidence from the SRI companies performance and the COVID-19 pandemic.

Systemic risk measures and regulatory challenges (2021)
Journal Article
Ellis, S., Sharma, S., & Brzeszczyński, J. (2022). Systemic risk measures and regulatory challenges. Journal of Financial Stability, 61, Article 100960. https://doi.org/10.1016/j.jfs.2021.100960

This paper discusses different definitions of systemic risk and identifies the challenges, which regulators face in addressing this phenomenon. We conducted a systematic literature review of 4859 abstracts to categorize the various methodologies deve... Read More about Systemic risk measures and regulatory challenges.

Central bank's communication and markets' reactions: Polish evidence (2021)
Journal Article
Brzeszczyński, J., Gajdka, J., Schabek, T., & Kutan, A. M. (2023). Central bank's communication and markets' reactions: Polish evidence. International Journal of Emerging Markets, 18(9), 2544-2580. https://doi.org/10.1108/ijoem-09-2020-1061

Purpose
This study contributes to the pool of knowledge about the impact of monetary policy communication of central banks on financial instruments' prices and assets' value in emerging markets.

Design/methodology/approach
Empirical analysis is... Read More about Central bank's communication and markets' reactions: Polish evidence.

The impact and role of COVID-19 uncertainty: A global industry analysis (2021)
Journal Article
Szczygielski, J. J., Charteris, A., Bwanya, P. R., & Brzeszczyński, J. (2022). The impact and role of COVID-19 uncertainty: A global industry analysis. International Review of Financial Analysis, 80, Article 101837. https://doi.org/10.1016/j.irfa.2021.101837

The novel 2019 coronavirus (COVID-19) has resulted in uncertainty that permeates every aspect of life and business. In this study we undertake a comprehensive analysis of the impact of COVID-19 related uncertainty on global industry returns and volat... Read More about The impact and role of COVID-19 uncertainty: A global industry analysis.

How much do the central bank announcements matter on financial market? Application of the rule-based trading system approach (2021)
Journal Article
Brzeszczyński, J., Gajdka, J., Schabek, T., & Kutan, A. M. (2021). How much do the central bank announcements matter on financial market? Application of the rule-based trading system approach. Expert Systems with Applications, 182, Article 115201. https://doi.org/10.1016/j.eswa.2021.115201

This paper proposes a rule-based trading system to investigate how much the central bank’s announcements matter on a financial market. We design a novel investment strategy and we simulate trades in order to quantify their profitability in the out–of... Read More about How much do the central bank announcements matter on financial market? Application of the rule-based trading system approach.

The COVID-19 storm and the energy sector: The impact and role of uncertainty (2021)
Journal Article
Szczygielski, J. J., Brzeszczyński, J., Charteris, A., & Bwanya, P. R. (2022). The COVID-19 storm and the energy sector: The impact and role of uncertainty. Energy Economics, 109, Article 105258. https://doi.org/10.1016/j.eneco.2021.105258

Prior research has shown that energy sector stock prices are impacted by uncertainty. The coronavirus (COVID-19) pandemic has given rise to widespread health and economic-related uncertainty. In this study, we investigate the magnitude and the timing... Read More about The COVID-19 storm and the energy sector: The impact and role of uncertainty.

The only certainty is uncertainty: An analysis of the impact of COVID-19 uncertainty on regional stock markets (2021)
Journal Article
Szczygielski, J. J., Bwanya, P. R., Charteris, A., & Brzeszczyński, J. (2021). The only certainty is uncertainty: An analysis of the impact of COVID-19 uncertainty on regional stock markets. Finance Research Letters, 43, Article 101945. https://doi.org/10.1016/j.frl.2021.101945

Uncertainty surrounding COVID-19 is widespread. We investigate the timing and quantify the impact of COVID-19 related uncertainty on returns and volatility for regional market aggregates using ARCH/GARCH models. Drawing upon economic psychology, COVI... Read More about The only certainty is uncertainty: An analysis of the impact of COVID-19 uncertainty on regional stock markets.

How risky are the socially responsible investment (SRI) stocks? Evidence from the Central and Eastern European (CEE) companies (2021)
Journal Article
Brzeszczyński, J., Gajdka, J., & Schabek, T. (2021). How risky are the socially responsible investment (SRI) stocks? Evidence from the Central and Eastern European (CEE) companies. Finance Research Letters, 42, Article 101939. https://doi.org/10.1016/j.frl.2021.101939

We evaluate the risk of the socially responsible investment (SRI) stocks from the Central and Eastern European (CEE) markets. Our analysis covers the data from the first and oldest national sustainability stock market index introduced in the CEE coun... Read More about How risky are the socially responsible investment (SRI) stocks? Evidence from the Central and Eastern European (CEE) companies.

Bitcoin as a New Currency (2020)
Journal Article
Brzeszczyński, J., Gajdka, J., & Schabek, T. (2020). Bitcoin as a New Currency. Folia Oeconomica Stetinensia, 20(2), 49-65. https://doi.org/10.2478/foli-2020-0035

Research background: Bitcoin is the most popular financial instrument within the new cryptocurrencies class, which emerged in the wake of the financial crisis of 2007/2008.

Purpose: The purpose of this paper is to provide an analysis of Bitcoin fr... Read More about Bitcoin as a New Currency.