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Rumours related to political instability and their impact on IPOs : the use of qualitative modelling with incomplete knowledge

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PL
Plotki związane z niestabilnością polityczną i ich wpływ na pierwszą ofertę publiczną : wykorzystanie modelowania jakościowego z niepełną wiedzą
Języki publikacji
EN
Abstrakty
EN
This paper deals with propagation of rumours linked to political instability within going public procedure. Rumours affect the decision making significantly because of information asymmetry. Firstly, a team of experts identified a set of 9 macroeconomic variables that are likely to be affected by political instability in a country. Next, a qualitative model was developed. The result is represented by 25 scenarios and their qualitative solutions. The transitional graph represents all possible transitions among the 108 scenarios. Although no of the rumours is under control of the investor, if timely detected, any damages can be averted.
PL
Niniejszy artykuł dotyczy propagowania plotek związanych z niestabilnością polityczną w ramach procedury oferty publicznej. Pogłoski wpływają znacząco na podejmowanie decyzji z powodu asymetrii informacyjnej. Po pierwsze, zespół ekspertów zidentyfikował zestaw 9 zmiennych makroekonomicznych, na które prawdopodobnie wpłynie niestabilność polityczna w danym kraju. Następnie opracowano model jakościowy. Wynik jest reprezentowany przez 25 scenariuszy i ich jakościowe rozwiązania. Przejściowy wykres przedstawia wszystkie możliwe przejścia pomiędzy 108 scenariuszami. Chociaż żadna z plotek nie znajduje się pod kontrolą inwestora, jeśli zostanie wykryta w odpowiednim czasie, wszelkie szkody mogą zostać ograniczone.
Rocznik
Strony
171--187
Opis fizyczny
Bibliogr. 48 poz., rys., tab.
Twórcy
autor
  • Brno University of Technology, Faculty of Business and Management
  • Nicolaus Copernicus University, Faculty of Economic Sciences and Management
  • Nicolaus Copernicus University, Faculty of Economic Sciences and Management
autor
  • Brno University of Technology, Faculty of Business and Management
  • Brno University of Technology, Faculty of Business and Management
autor
  • Brno University of Technology, Faculty of Business and Management
Bibliografia
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  • 2. Balcerzak A.P., Pietrzak M.B., 2016, Quality of Institutions for Knowledge-based Economy within New Institutional Economics Framework, Multiple Criteria Decision Analysis for European Countries in the Years 2000-2013, “Economics & Sociology”, 9(4).
  • 3. Balcerzak A.P., Pietrzak M.B., 2017, Digital Economy in Visegrad Coutnries. Multiple-criteria decision analysis at Regional Level in the Years 2012 and 2015, “Journal of Competitiveness”, 9(2).
  • 4. Ben-Nasr H., Boubakri N., Cosset J.C., 2012, The Political Determinants of the Cost of Equity: Evidence from Newly Privatized Firms, “Journal of Accounting Research”, 50(3).
  • 5. Blajer-Gołębiewska A., Kos M., 2016, Investors are more Sensitive to Information about Financial Rather than Ethical Reputation of a Company: Evidence from an Experimental Study, “Economics & Sociology”, 9(1).
  • 6. Bohensky E., Butler J.R.A., Costanza R., Bohnet I., Delisle A., Fabricius K., Gooch M., Kubiszewskic I., Lukacsh G., Pertd P., Wolanski E., 2011, Future makers or future takers? A scenario analysis of climate change and the Great Barrier Reef, “Global Environmental Change”, 21(3).
  • 7. Boldeanu F.T., Tache I., 2016, The financial system of the EU and the Capital Markets Union, “European Research Studies Journal”, 19(1).
  • 8. Bonaventura M., Giudici G., 2017, IPO valuation and profitability expectations: evidence from the Italian exchange, “Eurasian Business Review”, 7(2).
  • 9. Brandon J., Youngsuk Y., 2012, Political Uncertainty and Corporate Investment Cycles, “Journal of Finance”, 67(1).
  • 10. Derbyshire J., Wright G., 2017, Augmenting the intuitive logics scenario planning method for a more comprehensive analysis of causation, “International Journal of Forecasting”, 33(1).
  • 11. Dohnal M., 1992, Rough sets in reliability engineering, “Microelectronics Reliability”, 32(4).
  • 12. Erb C.B., Harvey C.R., Viskanta T.E., 1996, Political Risk, Economic Risk and Financial Risk. Fuqua School of Business, Working Paper No. 9606.
  • 13. Fałdziński M., Balcerzak A.P., Meluzín T., Pietrzak M.B., Zinecker M., 2016, Cointegration of Interdependencies Among Capital Markets of Chosen Visegrad Countries and Germany, [In:] A. Kocourek, M. Vavrousek (Eds.). “34th International Conference Mathematical Methods in Economics MME 2016 Conference Proceedings”. Technical University of Liberec, Liberec.
  • 14. Francis B.B., Ofori E., 2015, Political regimes and stock market development, “Eurasian Economic Review”, 5(1).
  • 15. Galam S., 2003, Modelling rumors: the no plane Pentagon French hoax case, “Physica A: Statistical Mechanics and its Applications”, 320.
  • 16. Goffman W., Newill V.A., 1964, Generalization of Epidemic Theory. An Application to the Transmission of Ideas, Nature, 17.
  • 17. Hermes N., Lensink R., 2001, Capital flight and the uncertainty of government policies, Economics Letters, 71(3).
  • 18. Heryan T., Ziegelbauer J., 2016, Volatility of yields of government bonds among GIIPS countries during the sovereign debt crisis in the euro area, “Equilibrium. Quarterly Journal of Economics and Economic Policy”, 11(1).
  • 19. Hes A., Jílková P., 2016, Position of low-cost banks on the financial market in the Czech Republic, “European Research Studies Journal”, 19(4).
  • 20. Ivanová E., 2017, Barriers to the development of SMEs in the Slovak Republic, “Oeconomia Copernicana”, 8(2).
  • 21. Jovanovic B., Rousseau P.L., 2004, Interest rates and Initial Public Offerings. National Bureau of Economic Research, Working Paper.
  • 22. Kimmel A.J., 2004, Rumors and Rumor Control: A Manager’s Guide to Understanding and Combatting Rumors, Taylor & Francis.
  • 23. Kosfeld M., 2005, Rumours and markets, “Journal of Mathematical Economics”, 41(6).
  • 24. Kruk H., Waśniewska A., 2017, Application of the Perkal method for assessing competitiveness of the countries of Central and Eastern Europe, “Oeconomia Copernicana”, 8(3).
  • 25. Lindgren M., Bandhold H., 2003, Scenario Planning: The Link Between Future and Strategy, Palgrave Macmillan UK.
  • 26. Lizińska J., Czapiewski L., 2016, Is the IPO Anomaly in Poland Only Apparent of Real? The Essence and Measurement of Organizational Efficiency, Springer International Publishing.
  • 27. Mačí J., Valentová H.V., 2017, Loan versus Bond Financing of Czech Companies and the influence of the Global Recession, “Journal of Competitiveness”, 9(1).
  • 28. Mankiw G.N., 2014, Principles of Macroeconomics, South-Western College Pub.
  • 29. Masood O., Aktan B., Gavurová B.; Fakhry B., Tvaronavičienė M., Martinkutė-Kaulienė R., 2017, The impact of regime-switching behaviour of price volatility on efficiency of the US sovereign debt market, “Economic Research-Ekonomska Istraživanja”, 30(1).
  • 30. McDowall W., 2014, Exploring possible transition pathways for hydrogen energy: A hybrid approach using socio-technical scenarios and energy system modelling, “Futures”, 63.
  • 31. Meluzín T., Zinecker M., 2016, Trends in IPOs: The Evidence from CEE Capital Markets, “Equilibrium, Quarterly Journal of Economics and Economic Policy”, 11(2).
  • 32. Monni S., Palumbo F., Tvaronavičienė M., 2017, Cluster performance: an attempt to evaluate the Lithuanian case, Entrepreneurship and Sustainability Issues, 5(1).
  • 33. Nekovee M., Moreno Y., Bianconi G., Marsili M., 2007, Theory of Rumour Spreading in Complex Social Networks, Physica A: Statistical Mechanics and its Applications, 374(1).
  • 34. Pagano M., Panetta F., Zingales L., 1998, Why do companies go public: An empirical analysi, “Journal of Finance”, 53.
  • 35. Palmon D., Sudit E.F., Yezegel A., 2009, The value of columnists’ stock recommendations: an event study approach, “Review of Quantitative Finance and Accounting”, 33.
  • 36. Pástor L., Veronesi P., 2013, Political uncertainty and risk premia, “Journal of Financial Economics”, 110.
  • 37. Pietrzak M.B., Balcerzak A.P., 2016, Socio-economic Sustainability in Poland. SEM Analysis at Regional Level, [In] T. Kliestik (Ed.). 16th International Scientific Conference Globalization and Its Socio-Economic Consequences, University of Zilina, The Faculty of Operation and Economics of Transport and Communication, Department of Economics, 5th - 6th October 2016. (Part IV.), University of Zilina, Zilina.
  • 38. Pietrzak M.B., Balcerzak A.P., Gajdos A., Arendt Ł., 2017a, Entrepreneurial Environment at regional level: the case of Polish Path Towards Sustainable socio-economic Development, “Entrepreneurship and Sustainability Issues”, 5(2).
  • 39. Pietrzak M.B., Fałdziński M., Balcerzak A.P., Meluzín T., Zinecker M., 2017b, Short-term Shocks and Long-term Relationships of Interdependencies Among Central European Capital Markets, “Economics and Sociology”, 10(1).
  • 40. Pohulak-Żołędowska E., 2016, Innovation in Contemporary Economies, “Oeconomia Copernicana”, 7(3).
  • 41. Rodrik D., 1991, Policy uncertainty and private investment in developing countries, “Journal of Development Economics”, 36(2).
  • 42. Russell B., 2009, Human Knowledge: Its Scope and Limits, Taylor & Francis, London and New York.
  • 43. Seymour-Ure C., 2003, Prime Ministers and the Media: Issues of Power and Control, Wiley-Blackwell.
  • 44. Supriya K., Phani B.V., 2016, Underpricing of Initial Public Offerings: A Literature Review, “Universal Journal of Accounting and Finance”, 4(2).
  • 45. Vicha T., Dohnal M., 2008, Qualitative identification of chaotic systems behaviours, “Chaos, Solitons & Fractals”, 38(1).
  • 46. Vukovic D., Hanic E., Hanic H., 2017, Financial integration in the European Union - the impact of the crisis on the bond market, “Equilibrium. Quarterly Journal of Economics and Economic Policy”, 12(2).
  • 47. Yan X., Yong Z., Yan W., Xudong C., 2013, Qualitative and Quantitative Integrated Modeling for Stochastic Simulation and Optimization, “Journal of Applied Mathematics”.
  • 48. Zinecker M., Balcerzak A.P., Fałdziński M., Meluzín T., Pietrzak M.B., 2016, Application of DCC-GARCH Model for Analysis of Interrelations Among Capital Markets of Poland, Czech Republic and Germany. [In:] M. Reiff, P. Gezik (Eds.). Proceedings of the International Scientific Conference Quantitative Methods in Economics Multiple Criteria Decision Making XVIII, Letra Interactive, Vratna.
Uwagi
Opracowanie ze środków MNiSW w ramach umowy 812/P-DUN/2016 na działalność upowszechniającą naukę (zadania 2017).
Typ dokumentu
Bibliografia
Identyfikator YADDA
bwmeta1.element.baztech-e3aadfa5-e662-4b4f-8df8-d0b6cf41d9bd
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