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Impact of the Covid-19 pandemic on the rates of return of selected WSE listed companies

Jabłoński Bartłomiej, Kika Dorota

Zeszyty Naukowe. Organizacja i Zarządzanie / Politechnika Śląska

2023

z. 169

351--370

Purpose: Financial crises, stock market crashes and consequently bursts of speculative enthusiasm have been accompanying investors since the 17th century. The first speculative bubble, so-called “tulip mania”, occurred in the Netherlands between 1636 and 1637, while a speculative “fever” spread among the shareholders of the Dutch East India Company from 1636 to 1640. Those events exposed remarkable possibilities and complexity of the financial markets, and later encouraged investors to explore a variety of investment strategies bringing above-average rates of return. However, the question remains: how do modern-day investors react to the market disruptions and which investment strategies are popular among them. The purpose of this paper is to provide an understanding of how and why the COVID-19 pandemic affected the investors’ behavior and the rates of return earned by selected WSE listed companies. An attempt was also made to estimate the sensibility of investing in selected stocks through the use of the basic and most popular fundamental analysis market ratios, i.e. P/E and P/BV. Furthermore, based on selected companies, semi-strong information efficiency of the Polish stock market was assessed, with a particular focus on the COVID-19 pandemic period. Methodology: The paper assesses the rates of return of companies constituting the WIG20 index and selected “covid” companies and calculates P/E and P/BV market ratios to verify how the fundamentals of a given company affect its rates of return. As a measure of relationship strength between the market value and rate of return indicators, the Spearman's rank correlation coefficient and a significance test for the Spearman's rank correlation coefficient were selected. Findings: The research reveals that, during times of violent turmoil and massive panic on the stock markets, an interesting investment strategy that brings above-average rates of return is to build a stock portfolio based on a current trend. All hypotheses formulated were positively verified in the paper. Practical implications: The study's results provide a valuable source of information for stock market investors, particularly individual investors who, when making tough investment decisions, i. e. during stock market crashes or financial crises, can employ strategies that involve building an investment portfolio based on trending companies and achieve above-average rates of return. Furthermore, the suggested investment strategy is adaptable and, over centuries, still effective. Originality: The considerations concentrated not only on identifying an appropriate investment strategy in times of a stock market turmoil, but largely focused around behavioral aspects of investing, which represent an important addition to theories about rational decision-making by investors and the efficiency of financial markets.

Badanie związku wysokości opadów miarodajnych w Polsce z parametrami zewnętrznymi

Licznar Paweł, Siekanowicz Katarzyna, Oktawiec Michał

Instal

2019

nr 10

42--46

Zaprezentowano wyniki badań nad możliwością prowadzenia estymacji przestrzennej wartości maksymalnych wysokości opadów fazowych z uwzględnieniem parametrów zewnętrznych, takich jak: wysokość średniorocznych opadów, współrzędne geograficzne czy też wysokość nad poziomem morza. Maksima opadowe wydzielono z 30-letnich serii obserwacji zarejestrowanych przez 100 deszczomierzy w Polsce. Analizy przeprowadzono w ramach realizacji projektu opracowania Polskiego Atlasu Natężeń Deszczów (PANDa). W części wstępnej wykonano przegląd metod estymacji przestrzennej wysokości (natężeń) deszczów miarodajnych, stosowanych dotychczas w Polsce i zagranicą (w Niemczech i Stanach Zjednoczonych) do opracowywania ogólnokrajowych atlasów lub formuł, określających wielkość deszczów miarodajnych. Występowanie zależności pomiędzy analizowanymi parametrami zewnętrznymi a wysokościami opadów miarodajnych poddano ocenie z wykorzystaniem współczynnika korelacji rang Spearmana dla 480 maksimów opadowych (dla 16 faz (czasów trwania) deszczów miarodajnych w zakresie od 5 do 4320 minut i 30 pozycji w szeregach rozdzielczych). Ponadto zweryfikowano związek wyznaczonych dla danej lokalizacji wysokości opadów miarodajnych z położeniem geograficznym, przy użyciu metody wielokrotnej regresji liniowej.

The research presents results on application possibility of external parameters, such as: average annual precipitation, coordinates of elevation in spatial estimation of maximum rainfall values. Rainfall maxima were selected from 30-year time series, recorded by 100 rain gauges in Poland. The analyses were conducted as a part of the implementation of the project: “Polish Atlas of Rainfall Intensities – PANDa”. In the introduction part there is a review of spatial estimation methods of design rainfall depths, which have been used in Poland and abroad (in Germany and in the USA) so far for rainfall national atlases and formulas. The relationships between analysed external parameters and the design rainfall amounts were evaluated using Spearman’s rank correlation coefficient for 480 rainfall maximums (for 16 durations – from 5 to 4320 minutes and 30 positions in series). Moreover, the relationship between design rainfall amount and the geographical location was verified using multiple linear regression.