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Performance of Polish IPO Firms: Size and Profitability Effect

100%
Lizińska J., Czapiewski L.
Gospodarka Narodowa. The Polish Journal of Economics
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2014
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vol. 269
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issue 1
53-71
PL
Celem opracowania było zbadanie trzech kwestii. Po pierwsze, czy na polskim rynku, również w okresie kryzysu finansowego, zaobserwować można było krótkoterminowy underpricing i długookresowe przewartościowanie. Ponadto, jeżeli takie anomalie znajdują potwierdzenie, to czy poziom stóp zwrotu był odmienny dla grup zróżnicowanych pod względem wielkości i zyskowności spółki. Po trzecie, obserwowano również zmianę zyskowności w okresie przed i po emisji. Badania obejmowały problematykę reakcji cenowej na skutek dokonania pierwotnych emisji akcji (IPO) ­ rzez spółki notowane na Giełdzie Papierów Wartościowych w Warszawie w okresie 2004–2009. Koncentrowały się na determinantach zjawiska na polskim rynku i relacji pomiędzy stopami zwrotu a wielkością spółki i jej zyskownością. Stwierdzono niższy poziom underpricingu i przewartościowywania w porównaniu z dotychczasowymi badaniami. Dla większych spółek dokonujących emisji odnotowano niższe krótkoterminowe i wyższe długoterminowe stopy zwrotu. Spółki bardziej rentowne przed emisją cechowały się wyższym poziomem underpricingu. Poprawa wskaźników rentowności przed emisją była bardziej znacząca dla większych spółek, również przy mniej gwałtownym spadku ich zyskowności po wejściu na giełdę.
EN
The study investigates the price behavior after initial public offerings (IPOs) listed on the Warsaw Stock Exchange from 2004 to 2009. It focuses on possible explanations for the IPO phenomenon within the context of Poland and provides evidence on the relation between both the company size and profitability and the aftermarket price performance. The study aims to answer three questions. First, whether we could observe the short-term underpricing and the long­ term underperformance of Polish IPOs, including the financial crisis period. Second, if the IPO anomalies did exist, whether they were distinct for the size and profitability subsamples. Finally, the change of the profitability was investigated for size subsamples from before to after going public.A lower level of the underpricing and three-year underperformance was reported in comparison to the previous WSE studies. The pre‐issue company size influences the IPO underpricing with the higher level of returns for smaller companies. Concerning the long-term performance, the opposite relation between size and buy‐and‐hold abnormal returns was found. It was also found that the higher the pre‐issue profitability, the higher the underpricing. Large companies experience a better profitability improvement in the pre‐IPO period with the profitability ratios getting worse not so rapidly after the flotation.
2
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The influence of currency risk upon the market value of commercial banks operating in the Polish banking sector

100%
Korzeb Z.
Finansowy Kwartalnik Internetowy e-Finanse
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2015
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vol. 11
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issue 4
75-63
EN
The objective of the paper is to analyse the impact of the Swiss Nati onal Bank’s decision to introduce the floating exchange rate of the franc on January 15th, 2015, upon the market value of commercial banks operatingin the Polish banking sector. The analysis involved twelve commercial banks quoted on the Warsaw Stock Exchange. The results are inconclusive. The predicted reducti on of the banks’ market value was less significant than indicated by market investors’ reaction on the day after the announcement of the decision to introduce the floating exchange rate of the franc. The banks most prone to granting credit denominated in CHF did experience the largest reducti on of their share quotations. However, the Pearson product-moment correlation coefficient calculated for the correlation between the average cumulative abnormal returns on shares for the entire analysed sample, and the proportion of credits denominated in Swiss francs in the total credit portfolio, indicated only a moderate correlation between both variables.
3

Sööme, joome, lükkame, sõidame... Sotsiaalmeediakasutajate mäng Facebooki sündmuse formaadis

75%
Mare K.
Mäetagused
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2022
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vol. 84
177-202
EN
The Internet and its social media platforms offer opportunities to make visible grassroots creative products and activities, which would not otherwise receive wider attention. In November 2018, as Facebook enables to create online meeting spaces for various events, a series of fake events was initiated on this social media platform by Estonian-speaking users. The “actions” were announced exactly like any other Facebook event, yet were not actually intended to be performed. It is reasonable to consider the event-organising game as a special vernacular practice that deserves to be observed from a folkloristic perspective. The analysis focuses on various aspects of fake events – the genre of these actions, the seriality of events, the dialogue between the participants and those interested in the comments sections, but also the peculiarities of the co-created content. The article attempts to frame the groups of internet users that temporarily gathered around the events within the concept of event community, and traces which stages of the formation and operation of an event community occur in the fake events. In a broader context, the author discusses the similarities between the parodies that lie at the forefront of the fake events initiated by social media users’ communities and the Renaissance carnivals in a public city square.
4
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Twitter and the US stock market: The influence of micro-bloggers on share prices

75%
Karl S., Karen M., Piotr L., Robert R.
Economics and Business Review
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2016
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vol. 2(16)
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issue 3
57-77
EN
With the increased interest in social media over recent years, the role of information disseminated through avenues such as Twitter has become more widely perceived. This paper examines the mention of stocks on the US markets (NYSE and NASDAQ) by a number of financial micro-bloggers to establish whether their posts are reflected in price movements. The Twitter feeds are selected from syndicated and non-syndicated authors. A substantial number of tweets were linked to the price movements of the mentioned assets and an event study methodology was used to ascertain whether these mentions carry any significant information or whether they are merely noise.
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