Aleksander Mercik, PhD

Investments and Risk Management, Cryptocurrencies, Portfolio Management, Statistical Modeling

How do macroeconomic factors affect the prices of frequency band reservations for 5G technology in Europe?

Recent studies have found that the mobile industry increases its contribution into a development of the world’s economy. Setting a fair price for a frequency band reservation becomes an important task for national market regulators. This paper demonstrates that macroeconomic data are key determinants of prices paid for frequency band reservations in auctions organised in

Factor seasonalities: International and further evidence

We study factor return seasonalities in international markets. Using up to 143 characteristic-sorted portfolios from 39 countries, we document a pervasive cross-sectional pattern: anomalies with a high average same-calendar month return outperform those with low average returns. The effect persists across individual markets and global samples and cannot be attributed to common risk factors. Neither factor