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The position of NewConnect against the Alternative Markets of European countries. The impact of GDP on volatility in the indices and turnover value

100%

Radke M.

Journal of Economics and Management

2020

vol. 40

109-131

Aim/purpose – The aim of the paper is to compare and create a ranking of alternative trading systems and to investigate if there is a relationship between Gross Domestic Product (GDP) and stock indices of those markets and correlation between GDP and turnover value. Design/methodology/approach – The paper presents a comparative analysis of 13 European trading systems in such categories as: capitalisation, value of share trading, number of listed companies, number of new companies and companies removed from the market between the years 2016 and 2018. In addition, the paper includes a ranking of alternative trading systems in Europe which was created on the basis of the variables mentioned. The paper examines the correlation between GDP and indices of alternative trading systems and also between GDP and turnover value. Pearson’s correlation coefficient was used to examine the correlation. Findings – The ranking shows that the 1st place was taken by the British AIM market, which turned out to be the best in all categories under the comparison, the next two positions were occupied by the markets whose characteristic feature is that they cover several countries of the western Europe; these are the markets of First North and Alternext. The Polish market was at a fairly high 5th position among the 13 compared markets. The Greek and Russian markets came last. The relationship between the impact of GDP and index value as well as GDP and turnover value has also been examined. The research regarding the first aspect of the study confirmed the hypothesis about the correlation of GDP with the index. However, in the second case of the GDP and turnover value there is a very weak correlation. Research implications/limitations – The limitation in the correlation study was the difficulty in obtaining data for all 13 alternative trading systems taken for the study, thus comparing four markets in the GDP correlation and the value of the index and three markets in the relation GDP and turnover value. Originality/value/contribution – The added value of the paper is the ranking of alternative trading systems and study of correlations between Gross Domestic Product and stock indices of Alternative Trading Systems and turnover value of these markets.

Deterministic chaos in economic processes modeling

86%

Siemieniuk N., Siemieniuk T.

Studia Ekonomiczne

2015

vol. 234

152-163

Modeling of economic processes is the subject of numerous studies and analyzes. There are a variety of methods and research tools used. Attempts to describe the functioning of economic processes are taken within multiple disciplines, e.g. economics, mathematics, psychology. A variety of theories and methods used are reflected in the diversity of the obtained results and forecasts. In order to predict the future behavior of the stock market or currency market, various models are designed, which never give full assurance of success and are usually burdened, with investment risk. One of the newer concepts of modeling economic processes, such as the stock market or the currency market, is the deterministic chaos theory. It is an attempt to move away from the idea of the efficiency of capital markets and currency markets, towards a more universal view of the mechanisms governing them. Characteristics features, imbalances and positive feedback mechanism in time, are reflected in the description with the use of non-linear dynamic systems. The publication discusses the selected issues using deterministic chaos theory to describe the operation of some economic processes. The paper includes issues related to the essence of deterministic chaos, selected examples of chaos theory to describe economic processes with particular emphasis on the capital market and currency market.

Modelowanie procesów ekonomicznych jest przedmiotem licznych badań i analiz. Wykorzystuje się w nich różne metody i narzędzia badawcze. Próby opisu funkcjonowania zjawisk ekonomicznych podejmowane są w ramach wielu dyscyplin naukowych, np. ekonomii, matematyki, psychologii. Rozmaitość stosowanych teorii i metod znajduje swój wyraz w różnorodności uzyskiwanych wyników i prognoz. W celu przewidywania przyszłego zachowania się rynku akcji czy rynku walut konstruowane są rozmaite modele, które nigdy nie dają pełnej pewności sukcesu i są zwykle obarczone ryzykiem inwestycyjnym. Jedną z nowszych koncepcji modelowania procesów ekonomicznych, takich jak rynek akcji, rynek walut, jest teoria chaosu deterministycznego. Stanowi ona próbę odejścia od idei efektywności rynków kapitałowych czy rynków walutowych w stronę bardziej uniwersalnego widzenia mechanizmów rządzących nimi. Cechy charakterystyczne, stany nierównowagi oraz mechanizm sprzężenia zwrotnego w wymiarze czasowym znajdują swój wyraz w opisie za pomocą dynamicznych systemów nieliniowych. W publikacji omówiono wybrane zagadnienia wykorzystania teorii chaosu deterministycznego do opisu funkcjonowania wybranych zjawisk ekonomicznych. Publikacja zawiera zagadnienia dotyczące istoty chaosu deterministycznego, wybrane przykłady wykorzystania teorii chaosu do opisu zjawisk ekonomicznych ze szczególnym uwzględnieniem rynku kapitałowego i rynku walut.

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1 Journal of Economics and Management

1 Studia Ekonomiczne

1 Radke M.

1 Siemieniuk N.

1 Siemieniuk T.

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The position of NewConnect against the Alternative Markets of European countries. The impact of GDP on volatility in the indices and turnover value

Deterministic chaos in economic processes modeling