Full-text resources of CEJSH and other databases are now available in the new Library of Science.
Visit https://bibliotekanauki.pl

Results found: 3

first rewind previous Page / 1 next fast forward last

Search results

Search:
in the keywords:  Polish stock market
help Sort By:

help Limit search:
first rewind previous Page / 1 next fast forward last
1
Publication available in full text mode
Content available

Does a financial crisis affect operating risk? Evidence from Polish listed companies

100%
Kalinowski S., Puziak M.
Economics and Business Review
|
2018
|
vol. 4(18)
|
issue 1
64-85
EN
In turbulent times of crisis the variability of both EBIT and operating revenue increase in comparison to a relatively stable post crisis period. The main aim of this paper is to investigate this relationship across these two periods. The hypothesis is that the degree of operating leverage (DOL) is significantly higher during the crisis period (2007-2010) than in the post-crisis period (2011-2015). Additionally the authors checked whether there were significant differences across defined industries and also verified whether all industries had responded in the same way to Financial Crisis as far as DOL is concerned. The main findings are: (a) The Financial Crisis of the years 2008‑2009 significantly influenced the DOL of Polish stock companies; (b) There are substantial differences of the DOL across industries; (c) The DOL in the case of all industries investigated changed in the same direction when comparing two selected subperiods.
2
Publication available in full text mode
Content available

Paper profits from value, size and momentum: evidence from the Polish market

63%
Zaremba A., Konieczka P.
Finansowy Kwartalnik Internetowy e-Finanse
|
2015
|
vol. 11
|
issue 3
58-69
EN
In this paper we investigate sources and characteristics of value, size and momentum profits on the Polish stock market. The research aims to broaden the academic knowledge in a few ways. First, we deliver fresh out-of-sample evidence on value, momentum, and size premiums. Second, we analyzemthe interdependences among the factors. Third, we investigate whether the factor premiums are present after accounting for liquidity constraints. Fourth, we check whether the factor premiums are robust to transaction costs. Our research is based on all the stocks listed on the WSE in years 2001-2013. We find, that the value, momentum, and size premiums are to some extent present on the Polish market. Furthermore, they strengthen each other, but they disappear after accounting for transaction costs and liquidity.
3
Publication available in full text mode
Content available

ANOMALIA NISKIEJ CZY MOŻE WYSOKIEJ CENY? OSOBLIWY PRZYPADEK POLSKIEGO RYNKU AKCJI

38%
Zaremba A., Okoń S., Nowak A., Konieczka P.
Metody Ilościowe w Badaniach Ekonomicznych
|
2015
|
vol. 16
|
issue 4
242-260
PL
Niniejszy artykuł prezentuje badanie poświęcone anomalii niskiej ceny na polskim rynku akcji. Wykorzystując sortowanie, metody analizy przekrojowej oraz testy relacji monotonicznych, badanie obejmuje notowania ponad 850 spółek z polskiego rynku akcji w latach 2000-2014. W przeciwieństwie do obserwacji na rynkach rozwiniętych, polskie spółki o wysokiej cenie nominalnej notują wyższe stopy zwrotu aniżeli spółki o niższej cenie nominalnej. Co więcej, dodatkowe sortowania przy pomocy wskaźników wyceny, kapitalizacji oraz momentum mogą zostać wykorzystane do poprawy efektywności strategii opartych na cenie nominalnej. Odwrotny charakter efektu niskiej ceny na krajowym rynku kapitałowym może być potencjalnie wyjaśniony przy pomocy innej anomalii: efektu akcji loteryjnych. Na koniec, przy wykorzystaniu alternatywnej metodologii, niniejsza praca weryfikuje hipotezę Bakera i in. [2009], zgodnie z którą menedżerowie przedsiębiorstw wykorzystują splity do zarządzania wartością przedsiębiorstwa.
EN
The study investigates the low-price effect on the Polish stock market. Using sorting, cross-sectional tests and checks of the monotonic relation, we examine the performance of portfolios formed on prices of over 850 companies listed on the Polish stock market in the years 2000-2014. Contrary to global evidence, expensive stocks significantly outperform cheap stocks there. Furthermore, additional sorts on value, size and momentum may be used to improve price-based strategies and the anomaly is strongest among growth companies. We hypothesize that the reverse character of the low-price anomaly may be potentially explained by an impact of other phenomena, like the underperformance of lottery-stocks. Moreover, employing an alternative methodology, we provide convincing out-of-sample evidence in support of the hypothesis of Baker et al. [2009], that corporate managers cater to investors by splitting their shares in response to time-varying catering incentives.
first rewind previous Page / 1 next fast forward last
JavaScript is turned off in your web browser. Turn it on to take full advantage of this site, then refresh the page.