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Does the slope of the yield curve of the interbank market influence prices on the Warsaw Stock Exchange? A sectoral perspective

100%
Majerowska E., Bednarz J.
Przegląd Statystyczny
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2020
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vol. 67
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issue 4
294-307
EN
The interest rate curve is often viewed as the leading indicator of economic prosperity in a broad sense. This paper studies the ability of the slope of the yield curve in the term structure of interest rates to impact the sectoral indices on the Warsaw Stock Exchange, using daily data covering the period from 1 January 2001 to 30 September 2020. The results of the research indicate an ambiguous dependence of the logarithmic rates of return of sub-indices on the change of the interbank interest rate curve. The only sectors showing a clear relationship of this type is energy and pharmaceuticals.
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The relevance of dividend smoothing in the construction companies listed on the Warsaw Stock Exchange

100%
Gostkowska-Drzewicka M., Majerowska E.
Nauki o Finansach
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2016
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issue 2(27)
9-22
EN
Dividend smoothing is a well-known empirical fact in developed countries. It is influenced by many factors. In this paper we analyse the relevance of dividend smoothing in the construction companies listed on the Warsaw Stock Exchange in 2000-2014. It is assumed that it is possible to estimate the level of dividend smoothing and to identify the factors determining this level. The implementation of the purpose and verification of the hypotheses required applying econometric models. The findings suggest that the Lintner model can be applied for construction companies listed on the Warsaw Stock Exchange because the smoothing effect was statistically significant in most cases. However, it was not possible to identify statistically significant smoothing factors, although these factors can be useful in order to estimate the logit model which is used to predict whether the company will pay a dividend or not
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