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An analysis of toxic derivatives use by Polish companies

100%

Czapiewski L. , Nowaczyk T.

2012

nr 4(13)

11-28

The paper presents the method and results of simulation experiments on the Polish enterprises use of asymmetric option strategies, or so called toxic derivatives, as a measure of euro currency exchange rate risk hedging. The main goal of our research was to find out if the decision to use asymmetric option strategies could be considered as a decision leading to a decrease in risk carried by enterprises in normal market conditions. We also look for an answer to the question of what were the effects of using the chosen hedging strategy in a time horizon of one quarter and one year, with changing market conditions considering the euro currency exchange rate. Using the Monte Carlo simulation, we compared the financial results produced by enterprises without hedging, with simple put option hedging and with asymmetric option strategies.

Asymetria informacyjna. Potrzeba i znaczenie budowania relacji z inwestorami w procesie tworzenia wartości dla akcjonariuszy

100%

Wrońska E. M. , Uniwersytet Marii Curie-Skłodowskiej; Wydział Ekonomiczny; Instytut Ekonomii i Finansów

Information asymmetry means that investors know less than managers. There are known many different remedies in order to minimize these differences in knowledge. Some of them are enacted by law regulations. It is worth noting that public companies have special information duties. They have to announce every crucial information about company. Their financial statements are the object of thorough scrutiny made by auditors. Even though, there are many known cases that public companies use information announcing duties to convey only good news about themselves. Their aim is to bring about positive investor reactions and feelings. Many companies believe that creating shareholder value means increasing stock price. This way of thinking mixed with investors behavior proved to lead nowhere. Companies focused on shareholders value concentrated their efforts on short-term results even with harm to their future prospects. Gaining increase of stock prices doesn’t mean increase of shareholder wealth. Because this increase in stock price might be easily corrected to their real (intrinsic) value.

80 Years of Shareholder Value - a German perspective

75%

Trumm E. A.

2009

tom Spec. ed.

190-205

Alfred Rappaport introduced the term 'Shareholder Value' in the sense it is widely understood today inside the scientific and corporate community in 1986 in the first edition of his book Creating Shareholder Value. Since then, it became the de facto standard business goal of publicly traded corporations. But the basic idea is much older than this. This article indicates that ideas similar to the ones described in the concept installed by Rappaport can be found in a book written in 1928 by the German economic science professor Wilhelm Rieger - an antagonist of Eugen Schmalenbach and his scientific program. Mainly three important characteristics of the Shareholder Value principle can be substantiated in Rieger's book 'Einführung in die Privatwirtschaftlehre'. First, it is not the periodical result the company reports in the annual financial statement that matters for its shareholders. Second, the return on investment needs to reflect the risk involved in the investment. Third, the value of the company needs to be regarded from its shareholder's point of view. For this purpose, the company has to be evaluated until sold or liquidated and the periodical returns have to be discounted to the present day to reveal the Shareholder Value - or as Rieger would say - the present value of the company.