Wyniki wyszukiwania - Biblioteka Nauki

1

Anomalie na rynkach kapitałowych

100%

Zarzecki D. , Malec K.

Zeszyty Naukowe. Prace Instytutu Ekonomiki i Organizacji Przedsiębiorstw / Uniwersytet Szczeciński

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2007

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tom Nr 50, t. 1

347-363

PL

Artykuł prezentuje zagadnienie tak zwanych anomalii na rynku kapitałowym. Niektóre ze zidentyfikowanych anomalii to: efekt stycznia, efekt poniedziałku, efekt wskaźnika Cena/Zysk, efekt wskaźnika P/BV oraz efekt wielkości. Drugim oraz głównym zadaniem artykułu jest sprawdzenie jeśli i na ile wymienione anomalie zachodzą na Warszawskiej Giełdzie Papierów Wartościowych.

EN

The paper presents an essence of so-called anomalies in the capital markets. Some of the main anomalies that have been identified are as follows: the January Effect, the Monday Effect, the 'P/E Ratio Effect', CP/ BV Effect' and 'Size Effect' (known also as the 'Small Capitalisation Firms Effect'). Second and the main objective of the paper is to investigate whether or not some of the effects mentioned above have occurred at the Warsaw Stock Exchange.

2

Riskmetrics™Methodology in Assessment of Investment Risk on Capital Markets

100%

Mentel G.

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nr 1

34-51

EN

In the article the author has presented the methodology of assessment of market risk connected with investing in all sorts of financial instruments such as: shares, bonds and other derivatives, e.g. RiskGrade (RG). The measure has been introduced by RiskMetrics. The article presents the application of RiskGrades methodology while choosing the optimum investment portfolio for a Polish investor who invests in shares in the Warsaw Stock Exchange. Moreover, some other risk measures have been discussed which describe the efficiency of the optimum financial portfolio.

3

Geneza rynku papierów wartościowych w Polsce

100%

Łagowski P.

Ekonomia. Wrocław Economic Review

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2013

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tom 19

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nr 4

69 - 79

EN

Warsaw Stock Exchange, in its present form, has existed for more than 22 years. Despite its short modern history, a tradition of Polish capital market could be observed far earlier. To prove this theory, the author presents the history of public trading in securities in Poland.

4

A Statistical Analysis of Dividend in Chosen Companies Listed on the Warsaw Stock Exchange

80%

Łuniewska M.

Folia Oeconomica Stetinensia

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2007

|

tom 6

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nr 1

75-85

EN

The capital market appeared in Poland relatively not far ago, so it is the young market and is not shaped well. Although, the development rate does not satisfy all the believers of the capital market, it should be emphasized that this market is functioning and is developing. Market indicators are a significant element of the market analysis performed by means of fundamental analysis. The aim of this article is to study the statistic regularity in the scope of indicators connected with a dividend. In Poland dividend is not discussed often and indicators connected with dividend are practically not used in stock analysis. This study will show the usefulness of these measures in the analysis connected with investment on the stock exchange market. The analyses are conducted for some dividend variables on the Warsaw Stock Exchange (dividend rate of return and pay indicators, stopping and re-investment). The analyses concern data in the period of 2000÷2006. Some statistical parameters to detect statistical regularity for dividend rate of return and pay indicators, stopping and re-investment on the Warsaw Stock Exchange are used in the paper. The author tried to analyse the relation between selected variables too. The study should make it possible to decide if measures such as dividend rate of return and pay indicators, stopping and re-investment are unquestionably important and useful in stock analysis. It is particularly important from the point of view of long-term investment, as well as the fundamental analysis. They should be included in the group of market indicators in case of statistically significant influence of measures connected with a dividend on investment profitability. This leads to the possibility of significant growth of an investment that can turn out profitable on the capital market.

5

The Estimation of the Influence of the Economy on the Capital Market in Poland During 2000-2006

80%

Tarczyński W. , Gazińska M.

Folia Oeconomica Stetinensia

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2007

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tom 6

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nr 1

37-52

EN

The relation between the economy and the capital market is very interesting as far as analysis related to the capital market is concerned. The key statement is that the changes in the country economy have influence on the capital market. The aim of this article is to investigate if there are any essential connections between the values characterizing the capital market and the economy condition in Poland. Such values were taken into consideration as stock indices (WIG20, WIG), the rate of exchange, the level of unemployment, inflation, the GDP, Poland's economic growth. The analyses were made for some indices on the Warsaw Stock Exchange (WIG, WIG20) and for some economic variables (e.g. the level of unemployment, inflation, the GDP, the economic growth and other). Analyses were made for the data in the period of 2000-2006. Some statistical parameters were used to find statistical regularity for some indexes on the Warsaw Stock Exchange and for some economic variables observed in Poland. The authors analysed the relation between selected variables, too. Excel 2003 for Windows and Statistica 6.1 PL were used for all the calculations. The significant element of the fundamental analysis is the confirmation of a statistic regularity concerning the relation between the economy and the capital market. Stock analysis in the scope of fundamental analysis should be also made by the use of macroeconomic variables. It will considerably increase the safety of investment and also its profitability.

6

Hedging the investment portfolio with derivatives present on the Polish market

80%

Bernat T. , Ruszkiewicz R.

Managerial Economics

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2023

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tom Vol. 23, no. 1

7--26

EN

This paper explores the evolving nature of the capital market in the second and third decades of the 21st century, characterized by its widespread accessibility to individual investors. Howthe study investigates practical methods to minimize risk, focusing on the limited availability of derivatives in the Polish capital market. The research develops and tests an investment portfolio, drawing on Markowitz’s portfolio construction theory and Hull’s hedging strategy. The Polish conditions using available tools and strategies.

7

Dłużne papiery wartościowe w finansowaniu jednostek samorządu terytorialnego w Polsce

80%

Wiśniewski M.

Studia BAS

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2021

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nr 4(68)

131–146

EN

The aim of the paper is to show the importance of the capital market for local government units. These entities often use repayable financing of their tasks, including capital market instruments, bonds in particular. First, the article reviews the legislation on the use of debt instruments by local government units in Poland. Second, on the basis of a quantitative study of data characterising the local government bond market, an assessment of the importance of bonds for the financing of local governments is presented.

8

Rozwój finansowania typu private equity w Polsce i w innych krajach Europy Środkowo-Wschodniej

80%

Krawczyk J. , Filipczak S.

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nr 6

878-

PL

Artykuł opisuje rozwój finansowania typu private equity w Polsce i w innych krajach Europy Środkowo-Wschodniej w ciągu ostatnich 10 lat. W pierwszej części artykułu autorzy omawiają główne determinanty rozwoju rynku PE, takie jak wielkość i dynamika krajowej gospodarki, stopień rozwoju lokalnego rynku kapitałowego, regulacje prawne (zwłaszcza w zakresie inwestycji zagranicznych), system podatkowy i kultura przedsiębiorczości. Druga część opisuje rozwój rynku PE w Polsce i innych krajach EŚW oraz strukturę tego rynku. Polska stała się wiodącym rynkiem PE w EŚW, skupiającym ponad 40% ogólnej wartości transakcji tego typu zawieranych w tym regionie. Fundusze PE stanowią rosnącą część rynku kapitałowego w Polsce, a ich łączna wartość jest także dość znacząca w porównaniu z wartością PKB. Niemniej jednak istnieje nadal wiele miejsca na dalszy wzrost inwestycji dokonywanych w tym segmencie rynku kapitałowego, tym bardziej że gospodarka polska rozwija się dość pomyślenie.

EN

The paper describes the development of private equity fi nance in Poland and in other CEE countries during the last 10 years. The fi rst part of the paper discusses the main determinants of the development of the PE market, such as size and growth of the domestic economy, the development stage of the local capital market, legal regulations (notably as regards foreign investors), tax system, and corporate culture. The second part describes the development of the PE market in Poland and in other CEE countries as well as its structure. Poland has become the leading PE market in CEE, representing more than 40% of the total transaction value in the region. The PE funds represent a rising part the Polish capital market and their total value is also quite signifi cant as compared with the value of GDP. Nevertheless, there is still much room for a further growth of investments made within this capital market segment, the more so because Polish economy is growing quite well.

RU

В статье описывается развитие финансирования типа private equity в Польше и в других странах Центрально-восточной Европы на протяжении последних 10 лет. В первой части статьи авторы анализируют главные детерминанты развития рынка РЕ, такие как объемы и динамикa отечественной экономики, степень развития местного фондового рынка, юридические урегулирования (особенно в области иностранных инвестиций), систему налогообложения и культуру предпринимательства. Во второй части описывается развитие рынка РЕ в Польше и в других странах Центрально-Восточной Европы, а также структура этого рынка. Польша стала ведущим рынком РЕ в этом регионе – здесь заключается свыше 40% от общей стоимости сделок этого типа. Фонды РЕ являются растущей частью фондового рынка Польши, а их общая стоимость также довольно значительна пo сравнению со стоимостью ВВП. Тем не менее, рынок еще далек от насыщения и существуют хорошие перспективы для дальнейшего роста инвестиций, совершаемых в этом сегменте фондового рынка, тем более, что польская экономика развивается довольно успешно.

9

The Use of Capital Market Instruments in Investment of European Insurance Companies

80%

Wolski R.

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2011

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tom 7

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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.

10

Dłużne papiery wartościowe w finansowaniu jednostek samorządu terytorialnego w Polsce

80%

Wiśniewski M.

Studia BAS

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2021

|

nr 4(68)

131-146

EN

The aim of the paper is to show the importance of the capital market for local government units. These entities often use repayable financing of their tasks, including capital market instruments, bonds in particular. First, the article reviews the legislation on the use of debt instruments by local government units in Poland. Second, on the basis of a quantitative study of data characterising the local government bond market, an assessment of the importance of bonds for the financing of local governments is presented.

11

Problematyka konfliktu interesów w funkcjonowaniu rynku kapitałowego

80%

Parkitna A. , Górski A.

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tom 24

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nr 2

73 - 91

EN

The study refers to the occurrence of conflicts of interest on the capital market, which negatively affects the functioning of the capital market, limits its development potential, and may even affect the outflow of investors, particularly those providing liquidity in the market. Today, the social responsibility of business entities becomes something important. It is a specific determinant of the company’s image and the basis of its operation. Word = Institution “brokerage house” should be associated with competence, honesty, or righteousness resulting from observance of the law and ethics principles of conducted business. The existence of a set of regulations (the Code of Good Practice for Brokerage Houses, the Act on Counteracting Unfair Market Practices) relating to the functioning of brokerage houses, there are situations in business practice that are not used to develop a capital market, based on a conflict of interest. Brokerage firms are obliged, on the one hand, to: sell shares and, on the other hand, recommend buying them. “Manipulation on the market” would mean entering into transactions that give false, misleading signals about supply, demand, and prices of equity instruments. To avoid conflicts of interest, there are special procedures in brokerage offices that prevent co-operation between competing departments: chinese walls. Each office additionally has rules governing the flow and control of confidential information. Such information may not be available, for example, between primary and secondary market forces, between sales departments and analysis departments. The indicated issues were brought together, focusing on the possible consequences of conflicts of interest. It emphasizes the difficulty of bringing justice through the necessity of showing the causal link between the conflict of interest and the possible loss of the investor. Then solutions were identified to protect against the negative aspects of the conflict of interest, and the proposals were presented in their conclusions.

12

Stabilność indeksu ryzyka beta na GPW w okresie 1999-2006

80%

Rozkrut D. , Byrka-Kita K.

Zeszyty Naukowe. Prace Instytutu Ekonomiki i Organizacji Przedsiębiorstw / Uniwersytet Szczeciński

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2007

|

tom Nr 50, t. 1

185-195

PL

Nawet na rozwiniętych rynkach kapitałowych kwestia wyznaczania kosztu kapitału własnego, a w szczególności beta jako taka, stanowią przedmiot wielu kontrowersji. Trzy dekady dyskusji akademickiej nie pozwoliły odpowiedzieć na pytanie, czy beta jest wiarygodną miarą ryzyka, czy też nie. Również rezultaty badań przeprowadzonych na Giełdzie Papierów Wartościowych w Warszawie nie dają jednoznacznych podstaw ani do przyjęcia CAPM, ani do odrzucenia modelu. Celem niniejszego badania jest zbadanie stabilności w czasie współczynników beta. W tym celu wykorzystano test Chowa.

EN

In developed markets, the cost of equity in general and the concept of beta in particular are not free from controversy. Three decades of academic debate haven't settled the issue of validity of beta as a reliable measure of risk. The results of the tests carried by many researchers on the Warsaw Stock Exchange give no unambiguous support for or rejection of the CAPM validity. The aim of the article is to specifically verify if beta coefficients are stable over time. In order to do that Chow's test has been applied.

13

Wpływ wybranych czynników na aktywność inwestorów na Warszawskiej Giełdzie Papierów Wartościowych

80%

Madej Ł.

Gospodarka Narodowa. The Polish Journal of Economics

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2006

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tom 205

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nr 1-2

63-76

EN

The article examines the influence of select factors on the attractiveness of a stock market and investor activity. The analysis covers the following factors: the number of new listings, the overall number of listed companies, market capitalization, the capitalization-to-GDP ratio, risk and rate of return. The author analyzes the linear relationship among individual factors, using the Pearson Correlation Coefficient. A Coefficient of Determination is also applied to establish how changes in one factor affect other factors. The analysis of the linear relationship reveals that factors influencing the qualitative and quantitative development of the exchange are more strongly correlated with the volume of trading done by individual groups of investors than factors influencing the profitability of investment. There is a strong interdependence-confirmed by a high Coefficient of Determination-between the capitalization-to-GDP ratio (which illustrates the role of the stock exchange in the economy) and the volume of trading done by stock investors. Similarly, there is a strong interdependence between market capitalization and the volume of trading done by these investors. Finally, there is a close relationship between the number of new listings and the volume of trading done by individual, institutional and foreign investors. This shows that the popularity of the WSE among investors may substantially increase with an increased range of investment opportunities offered by the market-expressed by the number and value of listed instruments. It seems that new listings, especially those involving large companies that hold major shares in their respective markets, play a major role on the WSE.

14

Reakcja rynku kapitałowego na ogłoszenie wezwania do sprzedaży akcji notowanych na Warszawskiej Giełdzie Papierów Wartościowych

80%

Michalewski M. , Palica Z.

Gospodarka Narodowa. The Polish Journal of Economics

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2006

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tom 205

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nr 1-2

77-93

EN

The authors set out to examine the reactions of the Polish capital market to public bids for the sale of listed stock. The basic method for evaluating the results of public bids for shareholders was an analysis of the rates of return for investment in shares in relation to the date of the bid. In their research, the authors limited themselves to analyzing the reactions of the capital market to transactions involving public bids. The article discusses the results of research on a sample of 140 cases, with a specific date of the public bid and the behavior of stock quotations. The study shows that the bids substantially influenced rates of return for shares on the Polish capital market. Investments ranging from 30 days prior to the bid to 30 days after the bid usually yielded positive rates of return. Moreover, the first public bids on the Polish market, as a new trend, usually yielded higher rates of return than the next bids because the market quickly grew accustomed to them. The behavior of the Polish market-whereby relatively high rates of return continue for about two weeks after the bid-is in line with mature market standards.

15

Comments on the criminal protection of the capital market in Poland

80%

Płońska A.

Nowa kodyfikacja prawa karnego

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2014

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tom 34

29 - 43

EN

The development of the capital market in Poland in recent years is also associated with various types of prohibited acts that threaten both individual and general public legal interests. The importance of criminal protection of the capital market is essential when other means of legal responses are not effective. The author indicates the protective function of criminal law as the most significant. Then the author presents an overview of the Polish capital market and criminal liability for the majority of capital market offences.

16

Segment ubezpieczeń rynków Advenced Emerging

80%

Winkler-Drews T.

Studia i Materiały

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2021

|

nr 1(34)

134-149

EN

The present article analyses the evolution between 2000 and 2017 of the insurance segment of markets classified by FTSE Russell as Advanced Emerging. The considerations were carried out in two categories: the ratio of premium to GDP and the ratio of premium capitalization to the value of bank deposits.

PL

W artykule przeanalizowano w okresie 2000–2017 ewolucję segmentu ubezpieczeń rynków kapitałowych zaklasyfikowanych przez FTSE Russell jako Advanced Emerging. Rozważania prowadzono w dwóch kategoriach: relacji składki do PKB oraz relacji kapitalizacji składki do wartości depozytów bankowych.

17

Did the Crisis in the Interbank Market Run Parallel to the Crisis in the Capital Market? : Cospectral Analysis

80%

Burzała M.

Bezpieczny Bank

|

2015

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nr 2 (59)

96-112

EN

For analysts of the crisis it is important to find out whether financial market disturbances occurred simultaneously for different segments of this market. If certain lags are identified, this might form a basis to establish the direction of capital flows. The research hypothesis about the simultaneous occurrence of capital and interbank market disturbances was verified by using cospectral analysis. The results of empirical research that are presented in this article indicate that the covariance of the studied segments of the financial market in the U.S. was very low. This means that the capital market only showed a delayed reaction to single impulses coming from the interbank market in relation to certain crisis events.

18

The influence of selected accounting factors on financing a business on the capital market

80%

Bartoňová M.

|

nr 2 (15)

11-22

EN

The financial sector of the economy has undergone turbulent times of late, a situation that continues as a result of the so-called debt crisis within the European currency union. Expert opinion has made efforts to respond to the effects brought about by this situation in many areas of the financial market. This article looks at capital market regulation within the European Union, focusing on International Financial Reporting Standards (IFRS). These standards should make it possible to harmonise the financial reporting of quoted companies and thus limit asymmetry of information when reducing the market risk, and in doing so, increasing trust in the capital market.

19

CONSTRUCTION AND PROPERTIES OF VOLATILITY INDEX FOR WARSAW STOCK EXCHANGE

80%

Wiśniewski T.

Metody Ilościowe w Badaniach Ekonomicznych

|

2014

|

tom 15

|

nr 1

218-223

EN

Volatility indices became a important factors on capital markets and are considered as fear factors. First volatility index VIX, was defined for Chicago Board of Trade in 1993, and was developed in 2003. In next years we observed growing numbers of volatility indices on main capital market around of the world. There were more than 20 volatility indices on capital markets at the end of 2012. The aim of this study is construction of the volatility index considering to Warsaw Stock Exchange trading rules and market participants. We also test the “fear factor” properties of this index.

20

Measurement of the Efficiency of Mutual Funds Operating on the Pan-European Market

80%

Witkowska D.

Folia Oeconomica Stetinensia

|

2012

|

tom 12

|

nr 2

126-146

EN

In the paper the performance of 18 selected European mutual funds is evaluated. Analysis is conducted for 6 samples distinguished from the period 15.09.2006-20.01.2012. Ranking of funds is provided applying the aggregated measures that base on well known Sharpe, Treynor and Jensen ratios and four different markets indexes e.g. Euro STOXX 50, DAX, CAC 40 and FTSE 100. In the composite indicators construction we use 60 classifications of the mutual funds.