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1
Content available The Use of Capital Market Instruments in Investment of European Insurance Companies
100%
Wolski R.
Finansowy Kwartalnik Internetowy e-Finanse
|
2011
|
tom 7
|
nr 4
92-99
EN
The financial and the insurance markets are increasingly penetrating each other, accounting for the fact that insurers are more and more often seen as major institutional investors of capital markets. The capital market offers a range of new opportunities, although it is not devoid of faults, mercilessly exposed by consecutive stock market collapses. Do insurance companies use the capital market instruments? And if so, to what extent? The conducted analysis has pointed at growing involvement of insurers in capital assets. This involvement varies significantly in particular European countries, although research shows that on average it maintains a relatively high level.
2
Content available Sejmiki mazowieckie wobec planów wojny tureckiej Władysława IV w 1646 roku
100%
Wolski R.
Wieki Stare i Nowe
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2018
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tom 13
|
nr 18
52-66
PL
Pomimo że plany wojny tureckiej Władysława IV doczekały się bogatej historiografii,to jednak niektóre kwestie związane z tą problematyką pozostają wciąż nie do końca wyjaśnione. Jedną z nich jest stosunek szlachty wobec królewskiego projektu. W dotychczasowych badaniach historycznych dominuje pogląd o gwałtownym sprzeciwie, z jakim zamiar monarchy spotkał się na sejmikach przedsejmowych w 1646 roku. Pogląd ten powstał głównie w oparciu o postanowienia sejmików tzw. górnych województw. Celem niniejszego artykułu jest przeanalizowanie stanowiska sejmików mazowieckich wobec działań Władysława IV, zmierzających do wywołania wojny z Turcją. Analiza materiału źródłowego w postaci mazowieckich instrukcji sejmikowych wykazała zdecydowanie bardziej przychylne nastawienie szlachty z Mazowsza niż z pozostałych ziem Rzeczypospolitej wobec polityki tureckiej króla.
3
The Influence of Negative Beta Assets on the Empirical SML in the Polish Capital Market
100%
Wolski R.
Folia Oeconomica Stetinensia
|
2009
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tom 8
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nr 1
140-153
EN
The classical approach to the SML assumes that it is a straight line, which means that an investor is willing to accept lower return on the negative beta assets than on the risk-free assets. However, Cloninger, Waller, Bendeck and Revere (2004) challenged this commonly accepted approach. The author of the paper decided to verify the approach using empirical data for years 1999-2006 obtained from the Warsaw Stock Exchange. Finance theoreticians believe that the SML is linear, which means that an investor buying negative beta assets is willing to accept lower return than in the case of a risk-free asset. Cloninger et al. (2004) formulated a hypothesis stating that the SML is V-shaped and that it is not a straight line. It was concluded that an investor had no reason to accept lower return of the negative beta assets; quite the contrary, the investor would expect the same return as on the positive beta ones. The author of this article performed an investigation for the Polish market, taking advantage of companies quoted at the Warsaw Stock Exchange. The investigation demonstrated that between 1999 and 2006, the SML had a V-like shape and thus the research hypothesis formulated in the article was positively verified.
4
Polish Pension Funds Investment - is There A Place For Real Property in A Portfolio?
63%
Zaleczna M. , Wolski R.
Folia Oeconomica Stetinensia
|
2010
|
tom 9
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nr 1
151-166
EN
The pension fund investments should be characterised by a long term, low risk and profitability, which implicates the necessity of portfolio diversification. In general, pension funds having regular long-term contributions should develop the long-term policy and its effects would be responsible for the economic position of their future beneficiaries. The ways of capital allocation are also critical in terms of the entire economy, as a constant flow of financial resources provided by pension funds stimulates the activity of its recipients. The typical assets in a pension fund's portfolio in the developed economy are stocks, bonds and real property owing to low (negative) correlation between these assets and their diversified potential. The legal investment limits imposed on the Polish pension funds exclude direct investment in real property, which is responsible - in the authors' opinion - for the lower level of diversification and hinders the risk reduction. The authors analyze the Polish pension fund portfolios focusing on risk and return levels. The aim of the study is to find the answer to the important question about the results of hypothetically added real property to the portfolios of pension funds.
5
Content available Nieruchomość jako składnik portfela inwestycyjnego funduszu emerytalnego
63%
Wolski R. , Załęczna
Studia Prawno-Ekonomiczne
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2009
|
tom LXXIX (79)
225-239
EN
Legal limitations in Poland regarding activities of retiring funds exclude their direct investing in immovables, which leads to the decreasing of their diversification options, and consequently – in the authors’ to this paper opinion – to increasing potential investment risks. By means of some quantitative methods the authors analyze the effectiveness of investment portfolios of the retiring funds in Poland. The purpose of the present research is to achieve an answer to the question whether adding immovables to the investment portfolios of the Polish retiring funds would result in their better diversification and effectiveness.
6
Content available Strategie inwestycyjne towarzystw ubezpieczeniowych na rynkach nieruchomości
63%
Wolski R. , Załęczna M.
Studia Ekonomiczne
|
2013
|
tom 155
58-68
EN
Investment strategies of insurance companies can significantly influence conditions of development of a broad-understood capital market due to the capital these actors dispose. Heterogeneity of insurance companies' activities causes their different investment priorities. The authors decided to investigate what investment strategies, in respect to investments in the real estate market, are chosen by actors belonging to the same capital group, but operating in different countries. Research problem concerned not only the perception of investment in real estate but also the potential of national the real estate market. The authors compared investment strategies carried out by insurance companies in the United Kingdom, Germany and Poland and an assessment of the potential of real estate markets in these countries.
7
Content available Wpływ zmian regulacyjnych na wyniki niemieckich publicznych otwartych funduszy inwestycyjnych nieruchomości
63%
Wolski R. , Załęczna M.
Nauki o Finansach
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2017
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nr 3(32)
153-166
PL
Celem autorów jest ocena zmian prawnych z punktu widzenia ich wpływu na wyniki inwestycji w niemieckie publiczne otwarte fundusze inwestycyjne nieruchomości. Po części wprowadzającej, w której analizują wielkość rynku badanych funduszy oraz krótko charakteryzują wprowadzone zmiany regulacji prawnej, analizują efekty wprowadzonych zmian. Służy temu badanie dziennych cen wybranych funduszy inwestujących w nieruchomości, z okresu zarówno przed wprowadzeniem nowej regulacji prawnej, jak i po nim. Wykorzystując analizę wariancji ANOVA, autorzy testują istotność różnic pomiędzy średnimi. Autorzy założyli, że zmiany wprowadzone w funkcjonowaniu funduszy przełożyły się na wzrost cen jednostek uczestnictwa. Hipoteza ta nie znalazła potwierdzenia w badaniu
8
Content available Liquidity – Profitability Trade-Off on the Example of Companies Listed on Main and Alternative New Connect Markets on Warsaw Stock Exchange
51%
Bolek M. , Pluskota A. , Wolski R.
Finanse i Prawo Finansowe
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2020
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tom 4
|
nr 28
27-44
EN
The goal of this paper is related to the liquidity and profitability relationship analysis and their maxima assessment in the companies listed in the main and alternative markets of Warsaw Stock Exchange. The trade-off between maximum profitability and liquidity is the result of value maximization and bankruptcy prevention strategies and this approach is expected to be similar in all listed companies due to investors’ expectation. It has been found that there is no difference in management goals in the markets taken into consideration and companies in both research samples maximize profitability within a conservative approach to the liquidity. The maximum liquidity, on the other hand, is determined with a similar level of profitability as measured by ROE on the main market of WSE and NewConnect.
9
Content available Liquidity – Profitability Trade-Off on the Example of Companies Listed on Main and Alternative New Connect Markets on Warsaw Stock Exchange
51%
Bolek M. , Pluskota A. , Wolski R.
Finanse i Prawo Finansowe
|
2021
|
nr Numer Specjalny
7-24
EN
The goal of this paper is related to the liquidity and profitability relationship analysis and their maxima assessment in the companies listed in the main and alternative markets of Warsaw Stock Exchange. The trade-off between maximum profitability and liquidity is the result of value maximization and bankruptcy prevention strategies and this approach is expected to be similar in all listed companies due to investors’ expectation. It has been found that there is no difference in management goals in the markets taken into consideration and companies in both research samples maximize profitability within a conservative approach to the liquidity. The maximum liquidity, on the other hand, is determined with a similar level of profitability as measured by ROE on the main market of WSE and NewConnect.
10
Content available THE RELATIONSHIP BETWEEN ECONOMIC VALUE ADDED AND CASH CONVERSION CYCLE IN COMPANIES LISTED ON THE WSE
51%
Bolek M. , Kacprzyk M. , Wolski R.
Finansowy Kwartalnik Internetowy e-Finanse
|
2012
|
tom 8
|
nr 2
1-10
EN
Economic Value Added (EVA) a profitability measure and a Cash Conversion Cycle a liquidity and profitability measure are presented in this article. These ratios represent the dynamic approach to management of companies. The relationship between them may be considered as an advanced approach to management in a current economy based on intangible assets and know- how and capital allocated fast and efficient according to information common access.
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