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This paper adds to the scant literature on the tightening of regulations and its impact on the profitability of insider trades by examining the effects of the recent enactment of the Securities Market Amendment Act 2002 in New Zealand. We investigate the abnormal returns around the date of insider transactions both before and after the introduction of this Act. We find that the number of insider transactions decreased just prior to the introduction of the Act; further we observe a marked reduction in the profitability of directors. However, the difference between the pre and post-change returns lacks statistical significance.

This paper seeks to identify empirically the factors underlying the decision to adopt online banking in Poland.

The sample used in this study is based on 3,519 interactive questionnaires completed by Polish internet users. The dichotomous decision of whether to adopt internet banking services was linked, via Binomial Logistic Regression, to numerous explanatory variables.

Generally, the behaviour of Polish internet users and that of consumers in more developed countries exhibit similar traits. One of the dominant relationships that has been observed in our study is the link between the decision to open an online account and the perceived level of security of internet transactions. Experience with the medium of internet and certain demographic variables also proved to be robust predictors of the adoption status. Moreover, this inquiry documents that advertising appears to be efficacious and that online banking interacts with consumption of other products offered by banks. These findings imply that financial institutions can encourage customers to use this cost‐effective distribution channel through carefully‐planned actions.

The results presented in this paper can be of assistance to banks that either operate in Poland or intend to design a pan‐European strategy. Useful insights are also provided with regard to market segmentation, security and strategies fostering the acceptance of online banking.

The analysis is based on a large sample and broadens our understanding of the attitudes towards innovative financial products by considering factors rarely discussed in prior literature.

The paper aims to present the advanced mathematical and numerical models of conjugated heat and mass transfer in a multi-layer protective clothing, human skin and muscle subjected to incident external radiative heat flux.

The garment was made of three layers of porous fabric separated by the air gaps, whereas in the tissue, four skin sublayers and muscle layer were distinguished. The mathematical model accounted for the coupled heat transfer by conduction and thermal radiation with the associated phase transition of the bound water in the fabric fibres and diffusion of the water vapour in the clothing layers and air gaps. The skin and muscle were modelled with two equation model which accounted for heat transfer in the tissue and arterial blood. Complex thermal and mass transfer conditions at the internal or external boundaries between the fabric layers, air gaps and skin were assumed. Special attention was paid to modelling of thermal radiation emitted by external heat source, for example, a fire, penetrating through the protective clothing and being absorbed by the skin and muscle.

Temporal and spatial variations of temperature in the protective garment, skin and muscle, as well as volume fractions of the water vapour and bound water in the clothing, were calculated for various intensity of incident radiative heat flux. The results of numerical simulation were used to estimate the risk of the first-, second- and third-degree burns.

Because of the small thickness of the considered system in comparison to its lateral dimensions, the presented model was limited to 1D heat and moisture transfer. The convective heat transfer through the clothing was neglected.

The model may be applied for design of the new protective clothing and for assessment of thermal performance of the various types of protective garments. Additionally, the proposed approach may be used in the medicine for estimation of degree of thermal destruction of the tissue during treatment of burns.

The novel advanced thermal model of the multi-layer protective garment, skin and muscle layer was developed. For the first time, non-grey optical properties and various optical phenomena at the internal or external boundaries between the fabric layers, air gaps and skin were accounted for during simulation of thermal interactions between the external heat source (e.g. a fire), protective clothing and human skin.