Search results - CEJSH

1

Investment performance of hedge funds

100%

Aspadarec W.

Folia Oeconomica Stetinensia

|

2014

|

vol. 13

|

issue 1

174-185

EN

Economic function of hedge funds is exactly the same as the one performed by investment funds. In both cases managers are in charge of investors’ money. Investors hope that if they withdraw their money, they will recover their contribution and fair return. The first section of the article presents the essence of hedge funds. The second section discusses measures for assessing the effects of investment policy pursued by hedge funds. The third section analyses the investment performance of hedge funds compared to S&P 500 index. The results of the analysis enabled the author to state that hedge funds achieve considerably higher rates of return regardless of market situation.

2

Ocena zgodności z Konstytucją przepisów ustawy o obrocie instrumentami finansowymi

100%

Spyra M.

Zeszyty Prawnicze BAS

|

2020

|

issue 2(66)

217-254

EN

In the assessment of the legitimacy of the constitutional complaint, it was stated that the questioned provision of the Financial Instruments Trading Act to the extent that it allows to consider as a prohibited act placing an order or concluding transactions in accordance with the special regulations established for stock exchange trading by a company operating on a regulated market that affect the volume of trading in company shares and may affect the company’s position in indices published by the company, but do not mislead or may not mislead other investors as to the price of shares, is consistent with the Constitution.

3

Społeczna ewolucja rynku finansowego. CSR i IR – wybrane aspekty

80%

Dziawgo D., Dziawgo L.

Nauki o Finansach

|

2014

|

issue 1(18)

29-39

EN

Dynamic social and cultural changes force financial institutions to take action to gain social acceptance for their activity. The ability to adapt to society’s needs will be the crucial condition to continuing business. The aim of the article is to point out one of the key challenges that is the functioning of financial market institutions under increasing social requirements and to indicate systematic solutions which can effectively support the social evolution of the financial market. The concepts of Corporate Social Responsibility and Investor Relations can be viewed as such. In the paper critical analysis of the literature, comparison, induction and case study methods were used. Also, in the article some practical and critical aspects were indicated, which allowed restrictions in the use of CSR and IR in practice to be identified and conclusions to be formulated.

4

Kontrola Komisji Nadzoru Finansowego nad rzetelnością danych finansowych sporządzanych przez podmioty nadzorowane

80%

Pelc P.

Pieniądze i Więź

|

2016

|

vol. 19

|

issue 4(73)

93-98

PL

Komisja Nadzoru Finansowego posiada możliwość powierzenia dokonywania weryfikacji danych generowanych przez podmioty nadzorowane podmiotom wyspecjalizowanym. Regulacje takie dotyczą różnych segmentów rynku finansowego. Regulacje te można podzielić na dwie odmienne grupy, różniące się przesłankami podjęcia działań przez Komisję Nadzoru Finansowego oraz określeniem kategorii podmiotu wyspecjalizowanego. Pierwsza z nich dotyczy podmiotów rynku kapitałowego, druga zaś banków, spółdzielczych kas oszczędnościowo-kredytowych i Krajowej Spółdzielczej Kasy Oszczędnościowo-Kredytowej. W przypadku grupy pierwszej Komisja Nadzoru Finansowego może dokonać, za pomocą podmiotu uprawnionego do badania sprawozdań finansowych, weryfikacji określonych elementów finansowych podmiotu w razie powzięcia przez Komisję jedynie wątpliwości co do ich prawidłowości lub rzetelności. W przypadku drugiej grupy podmiotów Komisja Nadzoru Finansowego musi stwierdzić nieprawidłowości, a weryfikację danych zlecić biegłemu rewidentowi. Z tych przyczyn krytycznie należy odnieść się do zamiennego używania w obrocie prawnym tych odrębnych instytucji, w szczególności zaś do poglądu, jakoby w przypadku banków lub spółdzielczych kas oszczędnościowo-kredytowych Komisja Nadzoru Finansowego mogła – w trybie wykonywania działań nadzorczych – wyznaczyć podmiot uprawniony do badania sprawozdań finansowych (a nie biegłego rewidenta) i to bez uprzedniego stwierdzenia nieprawidłowości, a jedynie w oparciu o wątpliwości dotyczące prawidłowości badania.

EN

Polish Financial Supervision Authority has the possibility to entrust the verification of data generated by supervised entities to the specialized entities. Such regulations apply to different segments of the financial market. These regulations can be divided into two groups that differ in rationale for taking action by the Polish Financial Supervision Authority and defining the category of the specialized entity. The first group relates to the entities of the capital market, while the second – to banks, cooperative savings and credit unions and the National Association of Cooperative Savings and Credit Unions. In the case of the first group Polish Financial Supervision Authority – using the entity authorized to audit financial statements – may verify certain financial elements of the entity in the event of adoption by the Authority only doubts as to their accuracy or reliability. In the case of the second group of subjects Polish Financial Supervision Authority must ascertain irregularities and delegate the data verification to the statutory auditor. For these reasons, one should critically refer to interchangeable usage of these separate institutions in legal transactions, in particular the widespread ideas that in the case of banks and credit unions Polish Financial Supervision Authority could – in the supervisory activities’ procedure ¬– designate the entity authorized to audit financial statements and not the statutory auditor, and what is more, do it without finding any irregularities, but only on the basis of doubts concerning the accuracy of the study.

5

Misselling jako nadużywanie zaufania klienta na rynku finansowym

80%

Paduszyńska M.

Annales. Etyka w Życiu Gospodarczym

|

2019

|

vol. 22

|

issue 3

45-60

EN

The amendment to the act on competition and consumer protection, in force since 17 April 2016, introduced a ban on the so-called ‘misselling’ as a new type of practice that violates collective consumer interests. The sale of products that are not suited to the needs of clients is a frequent reason for complaints to courts and institutions of consumer protection. Thus, it has a negative impact on clients' trust in financial market entities, because it exposes them to unnecessary risk and generates additional service costs. The financial services market is a type of market that has a significant impact on its customers. The source of threats may be the fact that financial institutions operate in an area of increased risk with a relatively low share of equity, and also, they rely on the funds entrusted to them by clients. The aim of this paper is to identify the phenomenon of misselling, explain the reasons for which it is undesirable from the point of view of consumer protection, and present solutions for its reduction. The paper is based on a review, analysis, and synthesis of selected publications (domestic and foreign) which are important from the point of view of the topic. Moreover, the paper includes an analysis of secondary data from official documents and reports of financial market entities.

6

EU SINGLE FINANCIAL MARKET – PROSPECTS FOR CHANGES

80%

Mikita M.

Finansowy Kwartalnik Internetowy e-Finanse

|

2012

|

vol. 8

|

issue 1

53-60

EN

The global financial crisis has revealed the weaknesses of the European financial market, which triggered the European Union (EU) work on further integration of this market. The aim of this article is to present the direction of changes concerning the integration of the EU financial market. These changes are mainly related to the issue of supervising the EU financial market, regulating the institutions operating in this market, protecting customers, improving the effectiveness of the market, its transparency and liquidity, as well as improving management in crisis situations.

7

Investor Relations & Importance in the Global Financial Market

80%

Dziawgo D.

Equilibrium. Quarterly Journal of Economics and Economic Policy

|

2012

|

vol. 7

|

issue 2

EN

The aim of the elaboration is to draw attention to selected aspects of investor relations importance for capital market functioning to increase the quality of communication with investors in the global financial market.The article presents the importance of investor relations from a macroeconomic and microeconomic point of view. The theory was complemented with selected surveys results.The surveys were conducted by the author on a sample of individual investors, stock-quoted companies and sell-side analysts on Polish capital market between June 2009 – March 2010. In the article, description method, comparison method, case study and questionnaire method were used.

8

Insurance Market Development in Comparison With Other Financial Markets Segments in Poland in the Prosperity and Recession

80%

Ostrowska D.

Oeconomia Copernicana

|

2014

|

vol. 5

|

issue 3

153-170

EN

The problem undertaken in this article is to reduce the dynamics of the financial market in Poland in the period of crisis. The aim of this paper is to analyze the pace of the market development, taking into account the changes that have taken place in the insurance market. Research period covers the years of prosperity and the recession.

9

Prawne formy działania Komitetu Stabilności Finansowej

80%

Ochwat M.

Przegląd Prawa i Administracji

|

2018

|

vol. 115

107-129

EN

The basic aim of this study is to present the nature of the legal forms of administration activities granted by the legislator, applied by the Financial Stability Committee [Komitet Stabilności Finansowej] in the light of administrative law. The specificity of conduct of macroprudential policy and supervision in Poland as well as in compared legal systems is primarily based on the use of forms of non-imperative nature, and that is why it is reasonable to examine what the effectiveness of this mechanism of impact on financial market institutions is and whether in this context it is possible to implement the goal of financial stability.

10

Regulations of the financial market in Poland. Equilibrium vs. inversion

80%

Dziawgo L., Dziawgo D.

Nauki o Finansach

|

2018

|

issue vol. 23 no. 4

9-24

EN

The subject of this study is the legal regulations concerning the banking and stock market sector. The research objective is to identify the issue of the adequacy of legal regulations on the modern financial market. The object of the research is the banking institutions and companies listed on the stock exchange. The following research methods were used, i.e. the analysis of the literature, analysis of legal acts, observations, descriptive, comparative and case study analysis. It was found that there has been an increase in the level of detail and restrictiveness of legal regulations in recent years, both in relation to the banking sector and to the stock market. In addition, the legislative revolution not only continues, but is also gaining momentum. Thus we could formulate a conclusion about the inversion of the modern financial market. The financial market was to facilitate business operations through access to capital. Currently, excessive regulations indicate the growing legal barriers to entering the financial market and conducting business activity in it.

11

Design and Factors Affecting State Supervision of the Financial Market

80%

Jeżowski M.

Management and Business Administration. Central Europe

|

2015

|

issue 1

112-128

EN

Purpose: The purpose of the paper is to identify the factors that affect the development of the models of financial market state supervision and to identify the factors that have influenced the evolution of the supervision model in Poland. Methodology: critical analysis of literature, legal provisions and documents. Findings: The completely integrated and the fully dispersed model of supervision are located at the opposite ends of the spectrum. A variety of the hybrid models can be identified between them. Factors that affect supervision organization are both economic and non-economic. Factors that have influenced the Polish model of supervision include political aspects, administration costs and, in due course, also the development of the financial market. Research implications: The variety of state supervision structures, combined with the ambiguity and multiplicity of factors that affect their evolution create a new research challenge. Significant problems in accessing documents have been identified. Originality: The author presents an overview of models of state supervision of financial markets and factors affecting the evolution and structure of supervision. Conclusions drawn from the analysis were used to identify factors that influence the evolution and supervision of the Polish financial market.

12

Polska bankowość spółdzielcza oraz spółdzielcze kasy oszczędnościowo-kredytowe jako niezbędny element polskiego i unijnego rynku usług finansowych.

80%

Bałaban A. Z.

Pieniądze i Więź

|

2013

|

vol. 16

|

issue 4(61)

107-115

PL

Polski i europejski rynek finansowy oparty jest na ogólniejszej zasadzie społecznej gospodarki rynkowej. Bankowość spółdzielcza i spółdzielcze kasy oszczędnościowo-kredytowe są równouprawnionymi elementami tego rynku, w stosunku do których niedopuszczalne są żadne elementy dyskryminacji politycznej, prawnej i ekonomicznej. Z uwagi na pełnioną przez nie funkcję społeczną, świetnie wpisują się też w funkcje społeczne Unii Europejskiej. Obowiązująca Karta Praw Podstawowych Unii Europejskiej dodatkowo- obok traktatów- gwarantuje silną pozycję spółdzielczości finansowej chroniąc jej prawo do swobody działalności gospodarczej i prawa majątkowe.

EN

Polish and European financial market is based on the more general principle of the social market economy. Co-operative banking and co-operative savings and credit unions are such parts of the market that have equal rights to the others, and toward which there shall not be any discrimination elements of political, legal and economic nature. Due to their social function, they fit well into social functions of the European Union. The existing Charter of Fundamental Rights of the European Union- next to treaties- also ensures a strong position of financial cooperatives, protecting its right to freedom of economic activity and property rights.

13

The legal situation of financial market participants in the context of the amendment of the Act on Trading in Financial Instruments

80%

Potempa T., Pasoń K.

Studia Administracyjne

|

2020

|

issue 12

75-87

EN

The main subject of this article is an attempt to resolve whether and on what principles active financial market participants were entitled to continue their activities related to trading in financial instruments during the so-called transition period determined by the provision of Article 29 of the Act of 1 March 2018 amending the Act on Trading in Financial Instruments and certain other acts (Dz.U. [Journal of Laws] of 2018, item 685). To this end, the authors have interpreted this provision in the context of the overall regulation of the amending act, with particular attention paid to the new wording of the definition of trading in financial instruments. The analysis of the indicated issues is carried out primarily from the point of view of active participants of the financial market, which constitutes a significant enrichment of the studies that have so far dealt with the discussed problem. Against the background of the above considerations, the authors draw attention to the influence of the Polish Financial Supervision Authority (Financial Supervision Commission) on other financial market participants, especially in relation to the supervisory proceedings conducted by the Authority and the supervisory measures applied. As a result of the conducted deliberations, the authors notice that the imprecision and incompleteness of the content of the analysed legal acts may be connected with significant negative consequences for the financial market participants, primarily in the form of financial sanctions.

14

System promocyjny typu „piramida” w świetle analizy orzecznictwa Trybunału Sprawiedliwości Unii Europejskiej oraz sądów krajowych (implikacje dla prawa ochrony konsumentów w Polsce

80%

Nizioł K.

Przegląd Ustawodawstwa Gospodarczego

|

2020

|

issue 2

19-25

EN

The aim of the paper is to analyze the judicial decisions of the Court of Justice of the European Union and the Polish national courts concerning pyramid promotional schemes. In the paper the construction of these schemes in the light of the Polish and UE legal regulations were described. Moreover, the chosen proceedings and decisions of the Polish antirust authority (the President of the Office of Competition and Consumer Protection) regarding this issue were also analyzed. In the paper the influence of these decisions on the Polish consumer protection law was shown.

PL

Celem opracowania jest analiza orzecznictwa unijnego i krajowego dotyczącego systemów promocyjnych typu ,,piramida”. Konstrukcja tego systemu została opisana z uwzględnieniem regulacji prawa unijnego i krajowego. Ponadto analizie poddano wybrane postępowania i decyzje Prezesa Urzędu Ochrony Konkurencji i Konsumentów (UOKIK) dotyczące tego problemu oraz ich wpływ na polskie prawo ochrony konsumentów.

15

Państwa członkowskie Unii Europejskiej wobec kryzysu na rynku finansowym 2008-2013

80%

Romiszewska I.

Przegląd Zachodni

|

2013

|

issue 4(349)

99-125

EN

The issue considered is the identification and assessment of measures undertaken in the years 2008-2013 by the member states of the EU as well as the EU as such towards limiting the effects of the bank crisis. The measures implemented in the first phase of the crisis were meant to counteract the breakdown of the financial market (nationalization or capitalization of banks, takeover of low quality assets, guaranties) and became one of the causes of the states’ deepening debt. In subsequent years, i.e. from 2010 onward the measures were increasingly focused on counteracting the possibility of yet another crisis and solutions were adopted at the EU level (the European Mechanism of Financial Stability, the European Stability Instrument, the European Financial Stability Facility, bank union) as well as at a global level (Basel III). The purpose of the adopted measures was to bring stability to the financial market and real economy whereas the constructed new infrastructure of the financial market is to make credit institutions more resistant to crises.

16

Odwrócony kredyt hipoteczny – nowa usługa finansowa w Polsce

80%

Grzeszczuk-Gniewek M.

Kontrola Państwowa

|

2015

|

vol. 60

|

issue 2 (361)

101-115

EN

As a result of increasing demographic problems, more and more countries in the world have been supporting the development of financial services that allow for raising capital cumulated in the estate that one owns. At present, in Poland the only service of this type available is perpetuity offered by mortgage funds, on the basis of the provisions of the Civil Code. Another service that has a similar function available in many countries is reverse mortgage. In Poland, regulations did not forbid offering a reverse mortgage, however, due to legal barriers in claims of potential creditors, such offers were not available on the market. On 15th December 2014, the Act of 23rd October 2014 on reverse mortgage entered into force. In her article, the author presents the most important provisions of this act. She also discusses the solutions available in the field in other countries, as well as the perspectives for the development of the reverse mortgage market in Poland.

17

The empirical analysis of dynamic relationship between financial intermediary connections and market return volatility

80%

Karkowska R.

Faculty of Management Working Paper Series

|

2013

|

issue WPS 3/2013

1-13

EN

Article aims to demonstrate the significant impact of dynamics of the relationship between financial intermediaries on the level of market volatility. Particularly important are the growing share of the links between hedge funds and other financial institutions. In order to demonstrate the dynamic test was presented Granger causality, which allows the statistical analysis of cause and effect relationships in the risk spread in the financial system. Using multiple regression analysis study was calculated the impact of the hedge fund market development (measured in assets, leverage, the price volatility in various financial markets). Due to data availability study has been limited to 10-year period of analysis (2001-2011). The results show a significant correlation between the volatility in the stock market, bonds and CDS, and the activities of hedge funds on financial markets.

18

Wpływ przypadku firmy GetBack na polski rynek finansowy

71%

Rogowski W., Gemra K.

Kwartalnik Nauk o Przedsiębiorstwie

|

2018

|

vol. 49

|

issue 4

89-103

EN

The article is devoted to the most notorious case of recent years that took place on the financial market in Poland. Problems of the leading debt collector have reverberated and received wide repercussions, directly affected victims reached more than 9,000 of bondholders, and it is estimated that at least double of that of individual shareholders and persons holding certificates in securitization funds. The scale of GetBack’s connections with leading participants of the financial market caused that it was not only a problem of one company. The aim of the article is to examine the impact of the GetBack problem on various segments of the Polish financial market. The article puts forward a thesis that there is a significant impact of this single event on many segments of the financial market and even the economy. Based on the analysis, we present arguments that support the thesis and we identify many areas of impact and possible changes that will occur in these areas in the future.

PL

Artykuł został poświęcony najgłośniejszej sprawie ostatnich lat na rynku finansowym firmie Get- Back, która była czołową firmą windykacyjną operującą na rynku w Polsce, a także obecną na rynkach w Rumunii, Hiszpanii i Bułgarii. Spółka powstała w 2012 roku, w Grupie Getin. Ważnym momentem było wyjście z tej grupy poprzez odkupienie spółki w czerwcu 2016 roku przez konsorcjum funduszy private equity, któremu liderował lokalny fundusz działający w Polsce i regionie – Abris. Problemy czołowego windykatora odbiły się szerokim echem, a poszkodowanych jest bezpośrednio około ponad 9000 obligatariuszy oraz szacuje się, że co najmniej drugie tyle akcjonariuszy indywidualnych oraz osób posiadających certyfikaty w funduszach sekurytyzacyjnych. Skala powiązań GetBack z czołowymi uczestnikami rynku finansowego sprawia, że nie jest to jedynie problem tej spółki. Celem artykułu jest zbadanie wpływu problemu firmy GetBack na różne segmenty polskiego rynku finansowego. W artykule postawiono tezę mówiącą o tym, że mamy do czynienia z istotnym wpływem pojedynczego zdarzenia na wiele segmentów rynku finansowego i gospodarki. Na podstawie przeprowadzonej analizy, autorzy przedstawili argumenty za postawioną tezą oraz wyodrębnili wiele obszarów oddziaływania i możliwych zmian, jakie zajdą w tych obszarach w przyszłości.

19

The computer program Scientific Article - the new approach to the empirical surveys

70%

Khemissi E.

Informatyka Ekonomiczna

|

2016

|

issue 3(41)

41-50

EN

In this paper we present the first concept of a computer program using the example of a program to research the relationship between exchange rates and indexes. This solution allows using more historical data than research done by hand, on paper. The exemplary program allows the analysis of integration and variability and the results are posted on charts. Its advantage is downloading data from the file and from the websites and their processing in Excel. The program works on the idea of saving the methodology of empirical research in economics. Empirical studies constitute a large part of Polish scientific achievements. Another option is to bring a sense of historical empirical research or to treat them as a guide to making important business decisions. Unfortunately, authors often based their conclusions on fairly random historical data which had no special significance to historians

20

Perspektywy finansowania zadań samorządu terytorialnego w Polsce za pomocą obligacji zielonych

70%

Wiśniewski M., Zieliński J.

Studia BAS

|

2017

|

issue 4(52)

101-120

EN

Green bonds are considered to be the next stage of market growth. This article looks at the benefits of green bonds and the positive impact they can have on the issuer and investors’ images as socially responsible entities. The authors present the evolution of the green bonds market and assess their observed and potential impact, taking into account public issues. They claim that green bonds are one of the easiest ways to attract investors and they potentially increase issuance size which in turn can contribute to lower costs of financing public tasks by local government.

Refine search results