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Bankowe Papiery Wartościowe Strukturyzowane

100%
Dyduch M.
Studia Ekonomiczne
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2013
|
vol. 124
143-164
EN
The article presents a short description of BPW, which is a modern financial instrument, opening in front of customers to invest with full capital protection on both traditional and alternative markets (eg, stocks, commodities, currencies, real estate, commodities). BPW are a combination of deposit, to improve return on capital at the date of maturity of the investment and, working on potential profits. Part of the investment is for the purchase of financial instruments (usually an option), which will allow for the implementation of a specific investment strategy described in detail in terms of the issue of the BPW. In addition, BPW is subject to guarantees of the Bank Guarantee Fund.
2
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Modelowe ujęcie polityki dywidend z punktu widzenia inwestora rynku kapitałowego oraz emitenta

100%
Jabłoński B.
Studia Ekonomiczne
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2013
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vol. 159
39-50
EN
The article discusses the issue of a model approach to dividend policies from the point of view of an investor and an emitent. The point of view of the investor was presented as a possibility of creating portfolios of securities made only of dividend companies in comparison to a popular method of creating dividend portfolios: the Markowitz method. On the other hand, an approach to dividend policies from the point of view of an emitent of securities was described as a possibility of applying fuzzy numbers and logit models in creating the strategy of the division of a company's profit. In addition, in the article the specificity of dividends and a potential influence of the paid out dividend on the behavior of the listings of shares of the companies was described
3
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Wpływ przyjętej metody wyceny papierów wartościowych dłużnych na wynik finansowy banku

100%
Wielgórska-Leszczyńska J.
Studia Ekonomiczne
|
2014
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vol. 201
404-413
EN
Financial instruments, including debt securities represent an important group of the bank's assets. The bank classifies purchased debt securities into a specific category, taking into consideration the purpose of a particular security (benefit gained in the short or long term). This classification is made for the needs of valuating financial asset after initial recognition, that is valuation at the balance sheet date and recognition of the valuation effects (gains and losses) in the books of accounts as well as their presentation in the financial statements. Therefore, in the essay it has been demonstrated that the valuation method of debt securities adopted by the bank affects financial result. Particularly important is their valuation at amortized cost using the effective interest rate in the context of introduction (IFRS 9) of the new model of valuation and new method of impairment calculation based on expected losses rather than losses incurred, as it was previously. Reclassification of debt securities (due to changes in the business model) measured at fair value as well as at amortized cost, is also relevant for the financial result.
4
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Ocena portfeli konstruowanych na podstawie metody AHP - ujęcie klasyczne i fundamentalne

100%
Pośpiech E.
Studia Ekonomiczne
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2013
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vol. 163
99-112
EN
The article presents practical applications of chosen multiple criteria decision making method - AHP (Analytic Hierarchy Process). The main purpose is to build portfolios on the basis of this method. It is important to make the best decision when there are many alternatives (objects) that are evaluating under differing criteria. AHP is one of multiple criteria decision making methods; it enables to compare considered objects for each criterion and creates a ranking of all the objects. Building a portfolio is a problem of selecting these objects (quoted companies) that have, for example, high return rate and low variance, but also other features, like low β coefficient or high skewness coefficient. To built a portfolio according to the classical approach of using AHP method, all mentioned measures can be considered as criteria. In the other approach - fundamental one, some diagnostic features that characterize financial and economic condition of companies can be used as criteria. Created multiple criteria rankings can help to choose the best listed companies to the portfolio. In the paper, portfolios built on the basis of AHP rankings were estimated. To compare the profit rate of created this way portfolios, a classical portfolio based on Markowitz approach also was appointed. The profit rate of each portfolio designed on the basis of AHP method was over 19,5% and was higher than the profit rate of classical Markowitz one. Besides, the portfolios profit rates estimated for next three months were also better than Markowitz portfolio profit rate what confirms that using proposed approach may bring in interesting results.
5
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Inwestycje alternatywne na polskim rynku kapitałowym

84%
Hadaś-Dyduch M.
Studia Ekonomiczne
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2013
|
vol. 146
29-37
EN
The article presents an example of the valuation of investments in alternative investment for example Structured Banking Security, which is a security unsecured bearer, having no form of documents .
6
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Metody aproksymacji indeksu ogona rozkładów alfa-stabilnych na przykładzie GPW w Warszawie

84%
Krężołek D.
Studia Ekonomiczne
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2013
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vol. 162
21-30
EN
The main purpose of this paper is to present some estimation methods of parameters of alpha-stable distributions. Two classes of methods are presented: the classical Maximum Likelihood Method and non-classical ones: Quantile Methods and Tail Exponent Estimation (based on Hill estimator). The results show significant difference in values of stability index depending on estimation method. The choice of method may significantly affect investment decisions.
7
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The Level of Warsaw Stock Exchange Commissions as a Short-term Trading Impediment

84%
Dąbrowski P.
Journal of Economics and Management
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2014
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vol. 16
17-26
EN
Stock exchange commission is one of the most significant trading cost. It is a charge for services provided by financial institutions and paid by customers. Its level determines trading opportunities especially for short-term investors. That is the reason why proper commission policy is vital for traders, their instrument and strategy choices and, consequently contributes to market development. In this article the level of Warsaw Stock Exchange (WSE) commissions as a short-term trading impediment is presented. It discuses historical, current, and future problems resulting from extremely expensive WSE and brokers fees. Moreover comparison to policies of world-markets is emphasized (original abstract)
8
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O konieczności wprowadzenia w polskim prawie możliwości emitowania przez banki papierów wartościowych typu contingent convertible

67%
Liberadzki K., Liberadzki M.
Bezpieczny Bank
|
2016
|
issue 1 (62)
52-72
PL
Instrumenty typu contingent convertible (CoCo) są pierwszą w pełni funkcjonującą realizacją koncepcji papieru hybrydowego o własnościach absorpcji strat z punktu widzenia emitenta. Papiery tego typu mogą być emitowane przez banki, przy czym, zgodnie z rozporządzeniem CRR (Capital Requirements Regulation) w określonych przypadkach CoCos, mogą być zaliczane do kapitałów Additional Tier 1 (AT1) oraz Tier 2 (T2). Na mocy dyrektywy Bank Recovery and Resolution Directive (BRRD) organy ds. restrukturyzacji i uporządkowanej likwidacji mają uprawnienia do umorzenia stosownych instrumentów kapitałowych lub ich konwersji na instrumenty właścicielskie instytucji podlegających reżimowi BRRD (mechanizm bail-in). Dla celu pełnej implementacji mechanizmu bail-in należy w krajowym porządku prawnym stworzyć ramy umożliwiające kreację papierów wartościowych mogących być zaliczanymi przez banki-emitentów do kapitałów AT1 na podstawie rozporządzenia CRR. W obecnym stanie prawnym banki w Polsce nie są w stanie emitować papierów AT1 CoCos. Niestety, sytuacja w tym zakresie nie ulegnie zmianie po przyjęciu projektowanej ustawy o Bankowym Funduszu Gwarancyjnym, systemie gwarantowania depozytów oraz przymusowej restrukturyzacji, która wykonuje dyrektywę BRRD.
EN
The new generation of AT1 instruments commonly referred to as contingent convertibles, or CoCos, embed a unique feature of contingent conversion into common equity or mandatory write-down of principal value. This unique feature provides to the CoCo bonds the loss-absorption capacity on a going-concern basis, a regulatory goal that seems not to have been effectively implemented under the pre-crisis legal framework of tier-based capital structures. The use of CoCos for bank recovery and resolution purposes is a vital element of Bank Recovery and Resolution Directive (BRRD) legal framework and is discussed in detail in this article. The main problem stated in the article is that Poland has so far not introduced into its legal regime an instrument enabling issuing AT1 bonds. This may seriously hamper the process of full and consistent implementation of BRRD into Polish law.
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