Wyniki wyszukiwania - BazTech

1

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

EN

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.

2

Impact of the covid-19 pandemic on the choice of investment strategies and investors' behavior on the Warsaw stock exchange – 2017-2020 research findings

Jabłoński Bartłomiej, Kika Dorota

Zeszyty Naukowe. Organizacja i Zarządzanie / Politechnika Śląska

|

2023

|

z. 170

145--162

EN

Purpose: This paper attempts to reveal the potential differences between the portfolios of dividend-paying companies with growth or value potential and the same portfolios fortified with the financial instruments replicating precious metals or real estate price behavior in a turbulent global economy. Design/methodology/approach: The research objective of this paper is accomplished by means of a thorough literature analysis. Moreover, the authors employ comparative analysis methods to explore the features of stock portfolios held by dividend-paying companies with value or growth potential and portfolios of the companies that are fortified with financial instruments replicating the price behavior of precious metals or real estate and uncover the similarities and differences. Research of the characteristics of financial instrument portfolio variants and comparison between them is conducted by means of standard deviation of the rate of return, coefficient of variation, the Pearson correlation coefficient and the Spearman's rank correlation coefficient. It was also assessed whether the estimated correlation coefficients were statistically significant through the use of a non-parametric correlation coefficient significance test. Findings: The results of the empirical analyses conducted here reveal that the average annual return of portfolios held by dividend-paying companies with value and growth potential is lower than ETFs replicating precious metals. Furthermore, during the turbulent economy of 2020, the inclusion of precious metal assets boosted the rates of return of the Polish dividend-paying companies portfolios. Research limitations/implications: The research was carried out on a limited number of the analyzed companies. Therefore, it could be biased, due to the deterministic stock sampling method. Practical implications: Knowledge of the similarities and differences between dividend-paying companies with value or growth potential and the risk diversification of such companies’ stock portfolios by means of instruments replicating the price behavior of precious metals or real estate is of great importance to both the investors and investment funds' boards. Consequently, one can make better investment decisions. Social implications: Among the paper's social implications, the most important appears to be a possible change in the investors' attitude towards dividend-paying companies with value potential and financial instruments replicating the price behavior of precious metals or real estate. Ultimately, investors’ needs could be better addressed. Originality/value: What is new in the paper is the stock comparison of dividend-paying companies' with value and growth potential with precious metals and real estate-based instruments. The paper also attempts to compare efficiency of investing in the portfolio variants, capturing the effect of the SARS-CoV-2 pandemic, thereby filling our knowledge gap.

3

Badanie związku wysokości opadów miarodajnych w Polsce z parametrami zewnętrznymi

Licznar Paweł, Siekanowicz Katarzyna, Oktawiec Michał

Instal

|

2019

|

nr 10

42--46

PL

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.

EN

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.