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Wykorzystanie faktoringu odwrotnego w zarządzaniu płynnością przedsiębiorstw

100%
Wawryszuk-Misztal A.
Zarządzanie i Finanse
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2013
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vol. 1
|
issue 4
581-595
PL
Artykuł dotyczy znaczenia faktoringu odwrotnego w zarządzaniu płynnością finansową przedsiębiorstw. W artykule zaprezentowano istotę faktoringu odwrotnego w porównaniu z faktoringiem klasycznym. Wskazano też adresatów tego instrumentu oraz koszty związane z jego wykorzystaniem. Istotną częścią opracowania są rozważania poświęcone możliwościom wykorzystania tego instrumentu w zarządzaniu płynnością finansową przedsiębiorstw. W zakończeniu stwierdzono, że faktoring odwrotny może zostać wykorzystany w zarządzaniu płynnością finansową. Jest to bowiem instrument ułatwiający synchronizację wpływów i wydatków gotówkowych. Dodatkowo, może on być wykorzystany do budowy dobrych relacji z dostawcami.
2
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EARNINGS FORECASTS ERRORS IN PROSPECTUSES: EVIDENCE FROM INITIAL PUBLIC OFFERINGS ON THE WARSAW STOCK EXCHANGE

100%
Wawryszuk-Misztal A.
Equilibrium. Quarterly Journal of Economics and Economic Policy
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2017
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vol. 12
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issue 2
229-243
EN
Research background: Several studies investigated the issue of accuracy of earnings fore-casts disclosed in IPO prospectus because of its importance in the investor’s decisions. Disclosing earnings forecasts can reduce information asymmetry and encourage potential investors to buy offered shares. The accuracy of earnings forecasts, and especially its deter-minants, was explored by some researchers, but for Polish companies such studies have not been conducted. Purpose of the article: The first objective of this study is to examine the bias and accuracy of earnings forecasts disclosed in IPO prospectuses by Polish companies attempting to be listed on the main market of the Warsaw Stock Exchange. The second aim of this paper is to identify the relationship between the absolute fore-cast error employed as a measure of earnings accuracy and a number of company specific characteristics such as company’s size, leverage, forecast horizon, managerial ownership, number of shares offered to investors (in relation to total shares before IPO). Methods: The empirical analysis were conducted on a sample of 102 domestic companies that performed IPOs on the main market of the Warsaw Stock Exchange during 2006-2015 and disclosed earnings forecasts in IPO prospectus. The forecast error (FER) and absolute forecast error (AFER) were adopted as a measure of accuracy of earnings forecasts. The non-parametric test was employed to achieve the adopted aims. Findings & Value added: The results show that, on average, the forecasted earnings exceed the actual earnings (i.e. the earnings forecasts are optimistic) and fore-casts are inaccurate. Moreover, the optimistic forecasts are more inaccurate than pessimistic ones. The findings of multiple regression model show that three independent variables may affect the level of absolute forecast error: the company’s size, managerial ownership and forecast horizon.
3
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Determinants of the direct costs of initial public offerings on the Warsaw Stock Exchange

100%
Wawryszuk-Misztal A.
Studia Ekonomiczne
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2016
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vol. 282
227-238
EN
This study aimed to investigate the relationship between the direct cost of raising equity capital on the Warsaw Stock Exchange (WSE) and some selected variables. The independent variables used in this study are the proxies for: issue size, ownership concentration, a proportion of shares allotted to institutional/large investors, profitability, issuer risk and a stock market situation. The research sample covers 83 companies that conducted IPOs between 2006 and 2015. A multiple regression analysis was used to achieve the adopted objective. The results prove the existence of economies of scale in direct costs of IPOs on the WSE. A negative correlation between ownership concentration and direct costs as a percentage of gross received is also observed. These results are in line with existing literature.
PL
Celem opracowania jest zbadanie zależności między bezpośrednimi kosztami pozyskania kapitału własnego na GPW w Warszawie a wybranymi zmiennymi wyrażającymi wielkość emisji, koncentrację własności, wielkość transzy zaoferowanej inwestorom instytucjonalnym, rentowność, ryzyko emitenta oraz sytuację na rynku finansowym. Próba badawcza obejmuje 83 przedsiębiorstwa, które w okresie 2006-2015 przeprowadziły pierwsze publiczne emisje akcji. Jako metodę badawczą zastosowano analizę regresji wielokrotnej. Otrzymane wyniki wskazują na występowanie zjawiska ekonomii skali w odniesieniu do kosztów emisji akcji. Zauważono także negatywną zależność korelacyjną między koncentracją własności a kosztami bezpośrednimi w ujęciu procentowym. Otrzymane wyniki są zgodne z dotychczasowymi badaniami.
4
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Trafność prognoz wyniku finansowego i ich wpływ na zmiany wartości rynkowej nowych spółek giełdowych

63%
Sosnowski T., Wawryszuk-Misztal A.
FINANSE Czasopismo Komitetu Nauk o Finansach PAN
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2017
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issue 1(10)
121-134
EN
This study investigates the accuracy of earnings forecasts disclosed in IPO prospectuses and their relationship between changes in the market value of new stock companies. Using the sample of 97 Polish companies that performed IPO on the Warsaw Stock Exchange between 2006 and 2015 and disclosed earnings forecasts in IPO prospectuses, we employed the multiple regression analysis. We find the positive relationship between earnings forecast errors and adjusted stock returns. This results are in line with our expectations. The findings of this study allow to conclude, that earnings forecast errors seem to be important in explaining the subsequent changes of market value.
5
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Is a financial director a strategist or a steward? A comparative analysis of Poland, the US and China

63%
Wrońska-Bukalska E., Wawryszuk-Misztal A.
Nauki o Finansach
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2015
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issue 4(25)
122-134
EN
The article aims to present the role of the financial director in three different countries (Poland, China, and the US). The role of the financial director was defined by the Model of Competences covering two dimensions and four faces of the CFO. The literature and survey reviews let us think that nowadays the dominant role of the financial director is that of Strategist. The main research question was to find out whether the job of the CFO and his/her main role differs across these countries (Strategist and Catalyst will be dominant in the US, but in other countries Steward and Operator will be dominant). The choice of these countries was not a random one because they have a different history, corporate governance systems and culture. The method which reveals the CEO’s expectations towards the CFO’s duties was applied. The research consisted of a comparative analysis of job advertisements in these countries. The results of this research provide a new description of the CFO’s roles. In each country the main duty of the CFO was Steward (even in the US). In Poland, financial director as Strategist appeared more frequently (than in the other two countries) but was not dominant, either. The research study uses the Model of Competences, which allows to identify whether the CFO is really a strategic position. These findings have important implications for understanding the role of CFOs and their work.
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