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Wpływ kryzysu finansowego na działalność towarzystw inwestycyjnych w Polsce

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Miziołek T., Uniwersytet Łódzki; Wydział Ekonomiczno-Socjologiczny; Katedra Międzynarodowych Stosunków Gospodarczych
Acta Universitatis Lodziensis. Folia Oeconomica
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2011
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vol. 247
EN
The aim of this article is estimation of significance of financial crisis on investment fund management companies' activity on Polish financial market during two years – from July 2007 to June 2009. The most important aspect of this impact was decline of investment funds' net asset value (from 139,0 billion PLN to 77,2 billion PLN). It was due to decreasing value of securities in funds' investment portfolios and negative balance of payments and amortizations (investors withdrew from funds 25,4 billion PLN more than they paid in). Declining value of net assets value caused decrease of value of investment fund management companies' management fees and decreasing payments were a reason of falling distribution fees. Decreasing fees contributed to lower income and lower net profit. Financial crisis had also other consequences – for example decreasing amount of new investment fund management companies and investment funds and increasing amount of funds' liquidations.
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Zmiany regulacyjne na rynku instytucji wspólnego inwestowania w Unii Europejskiej i ich potencjalny wpływ na funkcjonowanie rynku finansowego

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Miziołek T., Uniwersytet Łódzki; Wydział Ekonomiczno-Socjologiczny; Katedra Międzynarodowych Stosunków Gospodarczych
Acta Universitatis Lodziensis. Folia Oeconomica
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2010
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vol. 238
EN
The aim of this article is to analyse legal developments in the collective investment institutions` market in Europe and their potential impact on the shape of the European financial market. In the case of UCITS funds (primarily open-end funds aimed at individual investors) the most important will be implementation of the provisions of Directive 2009/65/EC of the European Parliament and of the Council (UCITS IV). It will introduce European passport for management companies, establish new regulations for cross-border mergers and acquisitions and shorten and simplify the process of notification of UCITS funds. For other funds, non-harmonised with UCITS IV Directive (so-called alternative investment funds: hedge funds, private equity funds, real estate funds, commodity funds, infrastructure funds and other types of institutional funds), the European Commission prepared a draft Directive on Alternative Investment Fund Managers. The puropse of this Directive is to extend regulation and supervision of all entities and each type of activity that involves significant risks.
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Rynek funduszy inwestycyjnych strefy euro

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Miziołek T., Uniwersytet Łódzki; Wydział Ekonomiczno-Socjologiczny; Katedra Międzynarodowych Stosunków Gospodarczych
Acta Universitatis Lodziensis. Folia Oeconomica
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2012
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vol. 264
EN
The main legislation defining the conditions for the operation of investment funds in euro area are two directives: Directive 2009/65/EC of the European Parliament and of the Councilon the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS IV Directive) andDirective 2011/61/EU of the European Parliament and of the Councilon Alternative Investment Fund Managers (AIFMs Directive). At the end of 2010 45 121 investment funds registered in 14 euro zone countries (no data on Cyprus and Malta) managed total 6.51 trillion euros, including 4.75 trillion euro in UCITS funds (funds established in accordance with UCITS Directive). The largest markets for euro area investment funds are: Luxembourg (2.20 trillion euros), France (1.40 trillion euros) and Germany (1.13 trillion euros). The most important factors determining development of this market are economic, legal, fiscal and political factors.
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Systematyka ryzyka w funduszach inwestycyjnych otwartych i specjalistycznych otwartych

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Miziołek T., Uniwersytet Łódzki K. M. S. G.
Acta Universitatis Lodziensis. Folia Oeconomica
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2008
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vol. 221
EN
The aim of this article is to systematizing of risk connected with investing in units of open-end and specialised open-end investment funds. There are two main categories of risk in investment funds: risk connected with fund's investment policy and risk resulting from holding units. The most important types of investment risk are: market risk, credit risk, interest rates risk, liquidity risk, macroeconomic risk, inflation risk, currency risk, event risk and political risk. Unit-holders are also taken to different types of risk resulting from participation in investment fund, for example risk of unattainable expected rate of return from units, risk connected with special situations (such as takeover of the management of an investment fund, mergers funds, transformation, dissolution and liquidation of an investment fund, changing of investment policy) and risk of unstable legislation.
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Rynek otwartych funduszy inwestycyjnych w Stanach Zjednoczonych

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Miziołek T., Uniwersytet Łódzki K. H. i. F. M.
Acta Universitatis Lodziensis. Folia Oeconomica
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2002
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vol. 158
EN
Mutual funds’ market is the most expanded sector of financial services in United States. Nowadays there are more than 7300 mutual funds representing a wide variety of investment objectives, from conservative to aggressive and investing in a wide range of securities. At the end of 1998, total net assets of mutual funds amounted to 5,5 trillion USD, the greater part of which (54%) was invested in stock funds. Expansion of mutual funds influences evolution of financial and capital market and in great part contributes to investment development of whole American economy. It could be impossible without confidence, which is expression of consciousness of advantages and benefits flowing from this form of investing.
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Proces integracji rynku funduszy inwestycyjnych w Polsce z rynkiem europejskim

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Miziołek T., Uniwersytet Łódzki K. M. S. G.
Acta Universitatis Lodziensis. Folia Oeconomica
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2007
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vol. 204
EN
The aim of this paper is to show present status and perspectives of integration of investment fund market in Poland with European market. In the first part of this article I have carried out legal and economic analysis of historic and present status investment funds market in Europe and in Poland. Then I have analised legal aspects of acting foreign investment funds in our country and domestic funds in European Union. In conclusion I have tried to estimate real chances to appear on Polish market European asset management firms. In my opinion the most important factors, which can accelerate this process, are: enormous potential of Polish investment fund market, biggest demographic nad economic potential of Poland among ten accesion countries and process of changing structure of savings in Polish society.
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Rynek funduszy inwestycyjnych w Luksemburgu

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Miziołek T., Uniwersytet Łódzki K. M. S. G.
Acta Universitatis Lodziensis. Folia Oeconomica
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2007
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vol. 209
EN
The aim of this article is to analyze investment fund market in Luxembourg in respect of legal, regulatory and quantitative aspects and identify reasons of its expansion in last years. Luxembourg in nowadays largest investment fund market in Europe - net asset value invested in almost 10 000 undertakings for collective investment - UCIs (including sub-funds of umbrella funds) registered in Grand-Duchy amounts about 2 trillion euros, which represents 1/4 of European investment fund market. Luxembourg is not only Europe's most important centre of financial and investment fund services, but also world's leading hub for global fund distribution - about 3/4 true cross-border fund registrations in the world concern Luxembourg funds. Competitive advantage of being the first country to offer investment funds according with the European passport for cross-border distribution (Luxembourg was the first EU member state to adapt its legislation to the European direcitives UCITS I and UCITS III), as well as constant modernization of the country's legal and fiscal environment attracted fund promoters from all around the world who offer wide range of investment products. These aspects as well as very stable political and social environment, concentration of specialist service providers, excellent infrastructure, multicultural and multilingual workforce were principal determinants of this leading position.
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Efektywność polskich funduszy inwestycyjnych – przegląd metod i literatury

63%
Miziołek T., Trzebiński A.
FINANSE Czasopismo Komitetu Nauk o Finansach PAN
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2017
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issue 1(10)
93-119
EN
The main aim of this article is literature review regarding the effectiveness of Polish investment funds from 1997 to 2016. In total, over 80 studies were conducted with the use of both traditional and modern measures and methods for assessing the performance of investment funds. Particular attention was paid to the factors that need to be taken into account when choosing those methods and measures, including a restriction on their use.
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