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1

THE ANALYSIS OF BENEFITS AND NEGATIVE ASPECTS OF ISSUING SHARES AND THEIR TRADING ON THE STOCK MARKET BEFORE AND AFTER POLAND'S ENTRY TO THE STRUCTURES OF THE EU

100%
Nawrot W.
Myśl Ekonomiczna i Prawna
|
2007
|
issue 2(17)
40-64
EN
The aim of the paper is to analyse benefits and negative aspects of issuing shares by Polish companies and trading them on the stock market before Poland's entry to the EU. Moreover, the authoress analyses the opportunities and threats which appeared upon integration of Poland's securities market with the uniform structure of the European market. She also presents the results of the survey on expected benefits resulting from achieving the status of a public company and inconvenience connected with this. The authoress analyses crucial consequences of public issue of shares and their introduction to the stock market starting with the period preceding Poland's entry to the EU and then examines the effects of the European integration. The conducted analysis allows her to conclude that Poland's entry to the EU created better prospects of development for Polish companies financed through the issue of securities and their trading within the single market of securities in the EU.
2

Withdrawal of Enterprises from the Stock Exchange Market

100%
Nawrot W.
Ekonomika i Organizacja Przedsiębiorstwa
|
2006
|
issue 7(678)
3-24
EN
During last 15 years 79 enterprises i.e. every forth listed, have decided to withdraw from the Warsaw Stock Exchange. This phenomenon seems to be very unfavourable for the development of the capital market because it negatively affects the cost of capital acquisition via share listing. An increase of this cost may make investment undertakings more difficult and less profifable. Strengthening a supply side of the Polish stock exchange could contravene the negative effects mentioned.
3

ASSESSMENT OF DEVELOPMENT OF PUBLIC MARKET OF SHARES IN POLAND IN THE PERIOD OF 1991-2005

100%
Nawrot W.
Myśl Ekonomiczna i Prawna
|
2006
|
issue 3(14)
7-35
EN
The paper aims to analyse both the achievements and some unfavourable phenomena which took place on the public market of shares in Poland in the period of 1991- 2005. The paper coincides with the 15th anniversary of the Warsaw Stock Exchange which is a good opportunity to sum up the achievements and the difficulties of the above mentioned period. The results of the conducted analyses indicate that in the last 15 years the public market of shares in Poland has undergone a significant transformation - from a very weak to a remarkable one as compared to other Eastern and Central European markets. On the other hand, the authoress reveals some weaknesses of this market which may influence the prospects of its future development.
4

FACTORS CREATING FAVORABLE CONDITIONS FOR A 'BUBBLE' TO DEVELOP IN THE REAL ESTATE MARKET IN THE USA AND INITIATE THE GLOBAL FINANCIAL CRISIS

100%
Nawrot W.
Myśl Ekonomiczna i Prawna
|
2008
|
issue 4(23)
84-123
EN
The aim of the article is to analyze the determinants of the latest financial crisis. The starting point for this is the analysis of trends in the American real estate market because the dynamic development of this market should be considered as a so-called 'shock' leading to the burst of the present crisis. However, the intensive development of the real estate market in the USA would not have been possible if there had not been numerous factors favorable to its boom which are discussed in detail in the article. On the other hand, the creation of the 'bubble' in the real estate market and then its 'burst' with all the negative consequences, especially serious as they can wield enormous influence on the most risky segment of innovative financial instruments based on mortgages, contributed to the burst of the financial crisis.
5

FINANCING THE BUDGET DEFICIT ON THE CAPITAL MARKET

100%
Nawrot W.
Myśl Ekonomiczna i Prawna
|
2005
|
issue 1(8)
35-57
EN
In the most recent history of Poland, the budget deficit in 2002 hit a low of nearly 40 bilion zloties. In the years under inspection the rising deficit created an increased need for loans. One of the major sources of the budget financing is the issue of treasury bonds. The regularly rising budget deficit was accompanied by a regular increase in bonds' interest. Consequently, the high interest of treasury bonds raised the costs of acquiring financial means by companies issuing bonds and shares. It results from the fact that treasury bonds are regarded as securities of the lowest investment risk whereas companies shares are characterized by a higher risk.
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