Template-Type: ReDIF-Article 1.0 Author-Name: Krzysztof Podgórski Author-Workplace-Name: University of Economics in Katowice, Poland Title: Assessing the effectiveness of Greenblatt’s Magic Formula across international stock markets: Literature review Publication-Status: Published Abstract: This article presents a comprehensive literature review assessing the effectiveness of Joel Greenblatt’s Magic Formula in international equity markets. The strategy is a value-investing approach based on return on capital (ROC) and earnings yield (EY) metrics. Its primary objectives are to evaluate whether the strategy generates excess returns and to identify factors influencing its performance. The analysis synthesises empirical studies from the US, European (primarily Nordic), Brazilian and Asian markets, incorporating methodological considerations such as data sources, investment universes and systematic biases (e.g. look-ahead bias and survivorship bias). Key findings reveal that the Magic Formula outperforms benchmarks in most markets; however, its effectiveness is contingent on transaction costs (frequently eroding alpha), firm size, market conditions and metric modifications. Simpler strategies (e.g. those relying solely on EY) occasionally yield superior results. The review concludes that the Magic Formula represents a robust, albeit imperfect, tool for exploiting stock market inefficiencies. Future research directions include analyses of post-2020 periods, formula modifications and hybrid approaches. Keywords: Greenblatt's Magic Formula; value investing; international equity markets; return on capital; earnings yield Journal: Research Papers in Economics and Finance Pages: 7-25 Volume: 10 Issue: 1 Year: 2026 Month: October DOI: 10.18559/ref.2026.1.2790 File-URL: https://journals.ue.poznan.pl/REF/article/view/2790 File-Function: Abstract page File-Format: text/html File-URL: https://journals.ue.poznan.pl/REF/article/download/2790/1711 File-Function: Full text File-Format: application/pdf Handle: RePEc:jbl:ref000:v:10:y:2026:i:1:id:2790 Template-Type: ReDIF-Article 1.0 Author-Name: Agata Kliber Author-Workplace-Name: Poznan University of Economics and Business, Poland Title: Preface Publication-Status: Published Journal: Research Papers in Economics and Finance Pages: 5-6 Volume: 10 Issue: 1 Year: 2026 Month: October DOI: 10.18559/ref.2026.1.4555 File-URL: https://journals.ue.poznan.pl/REF/article/view/4555 File-Function: Abstract page File-Format: text/html File-URL: https://journals.ue.poznan.pl/REF/article/download/4555/1961 File-Function: Full text File-Format: application/pdf Handle: RePEc:jbl:ref000:v:10:y:2026:i:1:id:4555 Template-Type: ReDIF-Article 1.0 Author-Name: Maksymilian Czauderna Author-Workplace-Name: Wroclaw University of Economics and Business, Wrocław, Poland Title: To know or not to know? How societal factors and education shape the financial awareness and knowledge of students Publication-Status: Published Abstract: This paper explores the impact of societal factors and various forms of education on shaping students' financial awareness and knowledge levels. In the modern world, where access to various instruments and, consequently, risks is increasing, along with the economic challenges that youth will face in the future, it is crucial to assess whether students' understanding of relevant concepts is sufficient. A statistical study analysing different correlations among various factors, based on a survey of 336 students aged 19-24, provides a comprehensive understanding of how financial knowledge and awareness are being shaped and developed. The findings reveal that individual and social learning, as well as effective utilisation of accessible resources, are among the key drivers influencing the subject. The study also suggests potential directions for policymakers, highlighting the importance of practical involvement and real-time risk exposure as measures that could significantly enhance students' financial knowledge and awareness. Keywords: financial literacy; financial behaviour; social learning theory; self-directed learning; youth financial socialisation Journal: Research Papers in Economics and Finance Pages: 27-51 Volume: 10 Issue: 1 Year: 2026 Month: October DOI: 10.18559/ref.2026.1.2970 File-URL: https://journals.ue.poznan.pl/REF/article/view/2970 File-Function: Abstract page File-Format: text/html File-URL: https://journals.ue.poznan.pl/REF/article/download/2970/1938 File-Function: Full text File-Format: application/pdf Handle: RePEc:jbl:ref000:v:10:y:2026:i:1:id:2970 Template-Type: ReDIF-Article 1.0 Author-Name: Saadi Ayad Author-Workplace-Name: Ferhat Abbas University Setif 1, Sétif, Algeria Author-Name: Mohamed Fouad Henni Author-Workplace-Name: University of Tipaza, Oued Merzoug, Tipaza, Algeria Title: The impact of digital transformation on enhancing service quality dimensions in higher education: An applied study at the Faculty of Economics, Setif 1 University Publication-Status: Published Abstract: The study aimed to analyse the impact of digital transformation on improving the quality of academic and administrative services at the Faculty of Economic Sciences, Setif 1 University, with a focus on the dimensions of public service quality. The study concluded that digital transformation has a positive effect on service quality, as it facilitated the use of digital systems, reduced the time required for processes and enhanced digital interaction between faculty members and students. Furthermore, organisational culture emerged as the dimension most aligned with digital transformation, reflecting the institution’s ability to improve responsiveness and develop both technical and human infrastructure to effectively support service quality. Keywords: digital transformation; public service; service quality Journal: Research Papers in Economics and Finance Pages: 58-84 Volume: 10 Issue: 1 Year: 2026 Month: October DOI: 10.18559/ref.2026.1.2870 File-URL: https://journals.ue.poznan.pl/REF/article/view/2870 File-Function: Abstract page File-Format: text/html File-URL: https://journals.ue.poznan.pl/REF/article/download/2870/1939 File-Function: Full text File-Format: application/pdf Handle: RePEc:jbl:ref000:v:10:y:2026:i:1:id:2870 Template-Type: ReDIF-Article 1.0 Author-Name: Mykola Yaremenko Author-Workplace-Name: National Technical University of Ukraine Igor Sikorsky Kyiv Polytechnic Institute, Kyiv, Ukraine Title: A theoretical fundamental model of USD/CAD, gold spot and gold futures with interest rates, growth and financialisation Publication-Status: Published Abstract: We develop a three-equation structural model linking the USD/CAD exchange rate, the spot price of gold and gold futures prices. The framework explicitly incorporates real interest rates and financialisation indices for both the United States and Canada, while output gaps influence the exchange rate indirectly through channels including monetary policy expectations, risk appetite and commodity demand. The model accounts for the commodity-currency nature of the Canadian dollar, the opportunity cost of holding gold, and the carry-arbitrage relationship augmented by speculative demand. We derive the model’s reduced-form properties and discuss its key theoretical predictions as well as cross-equation feedback mechanisms. Preliminary empirical validation based on cointegration analysis and structural vector autoregression (SVAR) estimation confirms the model’s principal theoretical predictions. The analysis highlights the amplification effects arising from the mutual feedback between the exchange rate and gold prices. Keywords: exchange rate; gold; commodity futures; financialization; real interest rates; cost of carry; USD/CAD Journal: Research Papers in Economics and Finance Pages: 85-115 Volume: 10 Issue: 1 Year: 2026 Month: October DOI: 10.18559/ref.2026.1.4074 File-URL: https://journals.ue.poznan.pl/REF/article/view/4074 File-Function: Abstract page File-Format: text/html File-URL: https://journals.ue.poznan.pl/REF/article/download/4074/1952 File-Function: Full text File-Format: application/pdf Handle: RePEc:jbl:ref000:v:10:y:2026:i:1:id:4074 Template-Type: ReDIF-Article 1.0 Author-Name: Patryk Kołbyko Author-Workplace-Name: Doctoral School of Social Sciences, Maria Curie-Skłodowska University in Lublin, Poland Title: From r* to monetary policy stance: Evidence from Poland Publication-Status: Published Abstract: This paper estimates Poland’s time-varying natural real interest rate and natural-rate gap over 2010Q1–2025Q1 and examines how a natural-rate-gap innovation propagates in a Structural Vector Error Correction (SVEC) framework. The measurement stage uses a Laubach-Williams-type state-space model disciplined by an ex ante real policy rate constructed from survey-based inflation expectations. The transmission stage embeds the estimated gap in a cointegrated macro-financial system covering activity, inflation, the real effective exchange rate, the term spread, debt-service costs and the natural-rate gap, with domestic and external controls. The estimated natural rate declines around the pandemic period and rises sharply during the post-pandemic tightening episode. Robustness analysis based on alternative expectations measures, GDP/GVA activity indicators, moderate calibration variants and one-sided filtering preserves the main cyclical profile, while highly flexible natural-rate specifications behave as diagnostic stress tests. SVEC results indicate bounded and weakly estimated transmission: statistically informative responses are sparse, CPI provides the clearest limited nominal evidence, and forecast-error-variance contributions remain small for most macro-financial variables. The natural-rate gap is therefore informative for monetary-stance assessment, but not a standalone explanation of Polish macroeconomic fluctuations. Keywords: monetary policy stance; SVEC; natural real interest rate; inflation expectations; natural rate gap Journal: Research Papers in Economics and Finance Pages: 117-151 Volume: 10 Issue: 1 Year: 2026 Month: October DOI: 10.18559/ref.2026.1.3013 File-URL: https://journals.ue.poznan.pl/REF/article/view/3013 File-Function: Abstract page File-Format: text/html File-URL: https://journals.ue.poznan.pl/REF/article/download/3013/1960 File-Function: Full text File-Format: application/pdf Handle: RePEc:jbl:ref000:v:10:y:2026:i:1:id:3013 Template-Type: ReDIF-Article 1.0 Author-Name: Andrew Aondohemba Chenge Author-Workplace-Name: Federal University Wukari, Taraba State, Nigeria Title: Fiscal policy and trade finance in emerging economies: Evidence from Africa Publication-Status: Published Abstract: The paper examines how fiscal policy shapes trade finance in emerging economies with particular focus on Africa. In the past, the international trade finance market was thought to be liquid and efficient. However, it has recently gone through stressful times, most notably after the period following the 2008 Lehman crisis, necessitating quick structural adjustments. Given that trade finance makes up a growing portion of global trade, developing nations, especially those in emerging market economies in Africa, may be more concerned about its functioning. Nonetheless, a persistent trade finance gap across the continent, regulatory dissonance, exchange rate volatility, and macroeconomic instability are just a few of the intricate structural limitations that African economies must contend with. The paper shows that fiscal policy can address trade finance gap through government spending that directly reduces risk for private lenders, and through tax policy that improves the cash flow and profitability of trading businesses, making them more creditworthy. It further reveals that fiscal policy can also resolve trade finance constraints through macroeconomic stability and financial sector development. Keywords: government expenditure; macroeconomic stability; taxation; trade finance; fiscal policy Journal: Research Papers in Economics and Finance Pages: 153-180 Volume: 10 Issue: 1 Year: 2026 Month: October DOI: 10.18559/ref.2026.1.3116 File-URL: https://journals.ue.poznan.pl/REF/article/view/3116 File-Function: Abstract page File-Format: text/html File-URL: https://journals.ue.poznan.pl/REF/article/download/3116/1953 File-Function: Full text File-Format: application/pdf Handle: RePEc:jbl:ref000:v:10:y:2026:i:1:id:3116