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  1. 10 Antkiewicz S.

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1

Internet Sale of Trust Products

100%
Antkiewicz S.
Pieniądze i Więź
|
2007
|
vol. 10
|
issue 4(37)
88-94
EN
Constant development of IT technology, modernised telecommunication infrastructure and fast growth of Internet all lead banks and other financial institutions to introduce modern distribution channels for their products. The traditional sale of for instance investment funds through broker offices and banks is partially replaced by Internet distribution. The web sites of investment societies are very flexible and can effectively replace traditional brokers and other forms of investment fund sale. The main aim of the societies is to treat their client not as a passive buyer but as an active user that can choose the most profitable and suitable product. In the XXI century the investment fund managers cannot omit the Internet distribution channel. The funds are sold not only through the specific societies web sites but also through the internet banks and independent financial advisers' offices. The start of selling investment funds via Internet by mBank has triggered the dynamic development of Internet distribution. Now nearly all the banks having the investment fund society in their capital group are selling via Internet. The clients demand not only Internet access to their bank accounts but also the access to their investment fund register. The times when banks distributed only deposits and simple credits via Internet are gone. Now it is possible to invest actively in investment funds through the Net and there are clients who prefer not to visit traditional broker. It is very likely that soon the investment fund Internet distribution in Poland will reach the level of well developed financial markets. The new ways of investment funds distribution would not be unusual anymore.
2

New Technologies in the Service of Investment Funds - New Challenge or Threat ?

100%
Antkiewicz S.
Pieniądze i Więź
|
2007
|
vol. 10
|
issue 1(34)
98-108
EN
Investment funds managers are trying to exploit new IT technologies following the example of trusts functioning at fully developed financial markets. Yet new technologies often do not bring expected results. The article presents threats related to new technologies in investment funds. The example of Pioneer Pekao TFI's clients shows how they view the Society in the light of of TFI's and clients' usage of new technologies including the Net. The study is based on the hypothesis that wrongly implemented IT solutions might actually reduce the investment fund's effectiveness and have negative impact on the society's image. On the other hand, it is impossible for the investment funds' market to function effectively without progress in new IT technologies.
3

Investment Funds on Monetary Market in the Light of Local Self-Government Financial Problems

100%
Antkiewicz S.
Pieniądze i Więź
|
2006
|
vol. 9
|
issue 4(33)
108-117
EN
The article presents two different categories important for self-government units: self-government bonds and investment funds. They are presented from the double perspective of getting outside financing source for self-government and locating financial surplus. The article aims to show that these two apparently separate instruments are intertwined.
4

Privatisation of Polish Stock Exchange in the Light of Capital Market's Strategy

100%
Antkiewicz S.
Pieniądze i Więź
|
2006
|
vol. 9
|
issue 2-3(31-32)
72-86
EN
Expansion of public stock market in Poland will depend on the minimising of distance between Stock Exchange in Warsaw and more developed Stock Exchanges in Europe. That is why the strategy of capital market's expansion has been prepared and implemented since 2004. The main aim of this article is to present the conditions determining planned process of ownership transformations on Warsaw Stock Exchange. The hypothesis presented in the article is that the most rational solution is to begin the privatisation process with finding the strategic investor, who will first buy out the minority shareholders and then sell the rest of shares to the national financial intermediary and individual investors.
5

The Scenarios of Warsaw Stock Exchange Strategic Alliance with Another Western European Stock Exchange

100%
Antkiewicz S.
Pieniądze i Więź
|
2005
|
vol. 8
|
issue 4(29)
159-165
EN
The future of the Warsaw Stock Exchange is a subject of profound discussion in Poland. Warsaw Stock Exchange remained (till the middle of 2005) one of the few organised markets without private investor. Privatisation advisers are looking for the best solutions for the Warsaw Stock Exchange. It is the most important challenge to find private investor such as another European Stock Exchange with fully developed derivative market. The article presents the most important European derivative markets and draws optimal scenarios of the Warsaw Stock Exchange strategic alliance. One of the most suitable solutions is closer collaboration with German-Swiss centre or with one or two of the East European centres.
6

Structured Products as Optimal Investment Forms for the Crisis Period

100%
Antkiewicz S.
Pieniądze i Więź
|
2008
|
vol. 11
|
issue 4(41)
89-99
EN
The article presents structured products which became very popular on financial markets. Stock crisis and falling outcome of invesrment funds made an unique chance for clients to consider alternative investment market. Investors who wanted to reduce their loss, capitalized their units in investment found in haste, to find less risky and more profitable places for their savings. What is more, a need to recompensate even a small part of their loss, made them invest in something more than an average deposit. Structured products occurred as an interesting answer to these clients' needs. In Poland a wide range of these products is not yet visible but, considering development dynamics of this area, it is estimated that in few years Poland may become one of the biggest emissioner of structured stock in Central - East Europe. However, these products are relatively new on the Polish market and some time will elapse until investors will know the profitability of the first virtues and consider them as optimal instruments for crisis and markets' turbulence time.
7

Crimes at Polish Capital Market in the Individual Investors' Opinion

100%
Antkiewicz S.
Pieniądze i Więź
|
2008
|
vol. 11
|
issue 1(38)
91-101
EN
The article is an attempt to prove that the threat posed by Stock Exchange crimes in Poland is serious and it is perceived as such by investors. The crimes are serious market weakness as long as they have impact on investors despite the increasing number of persecuted crimes or the growing trust in the Stock Market controlling supenvisors' competence. The greatest number of crimes is related to the illegal sales offers. The next most popular crimes are market manipulations and insiders trading. The Iow percentage of cases results in conviction; financial penalties are Iow and imprisonment terms are short. The source of hope are fundamental 2006 regulations changing supervision competences that may lead to the increased crime detection and to the more effective sanctions
8

The Conditions of , Private Banking Development in Poland

100%
Antkiewicz S.
Pieniądze i Więź
|
2007
|
vol. 10
|
issue 3(36)
70-78
EN
Private banking can be defined as highly individualised and complex financial service package addressed to people earning more than average income. Private banking is based on long term building of complicated relationship between the client and his bank. Private banking enables the client to shift the burden of everyday financial activities on private adviser. The second part of the text presents market actors - the demand for banking services and banking service supply. It also analyses several banks' offers and notes that foreign investment fund distribution is an important element of private banking. The article presents future prospects and threats to the private banking development in Poland.
9

The Importance of Corporate Governance and its Rating for Shareholders

100%
Antkiewicz S.
Pieniądze i Więź
|
2005
|
vol. 8
|
issue 3(28)
40-46
EN
In constructing national corporate governance system it is very important to analyse market thoroughly and to adapt the system to the market conditions. The corporate governance is also discussed in Poland. The regulations adopted on Polish market are voluntary and are based on the Anglo-Saxon corporate solutions. There is a set of precise rules of behaviour addressing corporate bodies, their members and majority and minority shareholders. The measurement of observing rules enables us to compare different countries in their corporate governance. In the European Union there were several actions concerning capital market and corporate governance. 'Agenda Warsaw City 2010' also implies increasing capital market effectiveness by the 2010 as well as implementing further corporate governance rules.
10

Verification of Capital Structure Theory in the Light of Polish Tax Regulation in 2006

100%
Antkiewicz S.
Pieniądze i Więź
|
2006
|
vol. 9
|
issue 1(30)
26-35
EN
The cost of acquired capital is the main factor determining capital structure. The models of capital structure are practically not applied in Poland because of little knowledge of their theoretical concepts and importance in business management. It has to be said that Polish regulations encourage high level of debts because percentage paid on foreign capital is tax deductible. Thus they are such as those of developed market economies. The difference is the relatively high cost of foreign capital due to the high level of rates in Poland. The necessary prerequisite of Polish enterprise prosperity is the taxing stability enabling to determine aims and effectiveness of financial and investment solutions. The article verifies the capital structure theories in the light of current and future tax regulations. The proper changes in the tax system may result in the increased interest in foreign capital use by enterprise. It may result in the lower capital cost.
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