Wpływ kursu złotego na kurs akcji na giełdzie papierów wartościowych w Warszawie w latach 1995-2002

• Autorzy: Hamrol M. , Ślęzak M.
• Języki publikacji: PL

Abstrakty

EN

The purpose of this paper was to examine the relation between exchange rates and stock prices of companies listed on Warsaw Stock Exchange. The tests, using regression model, examined strength, direction of this relationship and its connection with return horizon and foreign activities of companies. The paper shows that stock prices of polish companies were significantly affected by exchange rate movements. This relationship was correlated with foreign sales and international assets and liabilities. The different direction of this influence, depending on the currency, was observed. The research proved weaker relation between stock prices and exchange rates when longer return horizons were used.

Słowa kluczowe

PL

akcje; Giełda Papierów Wartościowych; kurs złotego

EN

stock; stock exchange; rate of exchange

• Wydawca: Wydawnictwo Naukowe Uniwersytetu Szczecińskiego
• Czasopismo: Zeszyty Naukowe. Prace Instytutu Ekonomiki i Organizacji Przedsiębiorstw / Uniwersytet Szczeciński
• Rocznik: 2004
• Tom: Nr 43, t. 2
• Strony: 899--910
• Opis fizyczny: bibliogr. 8 poz., tab.

Twórcy

autor

Hamrol M.

• Akademia Ekonomiczna, Katedra Analizy Finansowej i Strategicznej, Poznań

autor

Ślęzak M.

• Akademia Ekonomiczna, Katedra Analizy Finansowej i Strategicznej, Poznań

Bibliografia

• 1. G. BODNAR, F. WONG, Estimating Exchange Rate Exposures: Some "Weighty" Issues, National Bureau of Economic Research Working Paper Series, nr 7497, styczeń 2000, s. 4-6.
• 2. P. JORION, The Exchange-Rate Exposure of U.S. Multinationals, Journal of Business, nr 63, 1990, s. 334.
• 3. BARTOV, G. M. BODNAR, Firm Valuation, Earnings Expectations, and the Exchange-Rate Exposure Effect, The Journal of Finance, nr 44, grudzień 1994., s. 1755- 1785.
• 4. G. ALLAYANNIS, Exchange Rate Exposure Revisited, the University of Virginia Darden Graduate School of Business, 1996.
• 5. S. CHAMBERLAIN, J. S. HOWE, H. POPPER, The Exchange Rate Exposure of U.S. and Japanese Banking Institutions, The Wharton Financial Institutions Center Working Paper Series, nr 96-55, 1996.
• 6. W. Y. LEE, M. E. SOLT, The Exchange-Rate Risk Exposure of Asset Returns, Journal of Business, nr 70, 1997, s. 105-122.
• 7. J. IHRIG, Exchange-Rate Exposure of Multinationals: Focusing on Exchange-Rate Issues, Board of Governors of the Federal Reserve System International Finance Discussion Papers, nr 709, sierpień 2001, s. 6.
• 8. W. REES, S. UNNI, Exchange Rate Exposure Amongst European Firms: Evidence from France, Germany and the UK, Department of Accounting and Finance, University of Glasgow, Working Paper 99/8, 1999, s. 7.