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Examples of CSR related activities in polish companies

100%
Waldemar R.
Organization and Management
|
2013
|
issue 154
2
Content available remote

Market Valuation Inefficiency of WIG 20 Companies in View of Research Conducted from 1st January 2007 till 15th August 2012

72%
Rogowski W., Wojtuch‑Krasuska, Magdalena
Journal of Management and Financial Sciences
|
2014
|
vol. 15(1)
25-62
EN
The authors attempt to identify the reasons for abnormal daily share price changes of companies listed in the WIG 20 blue‑chip index from January 2007 to August 2012. Average market fluctuations anomalies were recorded more often during the epicentre of financial crisis in 2008 and 2009, and alleviated afterwards. The period cannot serve as negation of effective market hypothesis derived from normal distribution of stock price changes. Global trends were behind more than 14 percent of abnormal identified changes, proving that Warsaw is not a strongly endogenous market. Financial results publications and signals about strategy changes were responsible for 11 percent of deviations each. Such large numbers, higher compared to Western markets, may indicate information inefficiencies and over‑reaction among investors, explained partly by the state Treasury inconsistent policies. Under these conditions, investor relations based on economic value added long‑term creation may be a useful tool for companies which want to differentiate from global trends and investor herding.
3
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The Attractiveness of Passive Forms of Investment in Poland

72%
Fraś A., Rogowski W.
Journal of Management and Financial Sciences
|
2016
|
vol. 25(3)
43-60
EN
Summing up; passive investments in Poland are slowly becoming more popular. It should be expected that the development of this market will give rise to growing accessibility and attractiveness. There is still some space for improvement in their results, and the outcomes may turn out to be even more promising when full time series for long term horizons become available. The decrease in fees, which exceeds those on mature markets by several times, can change significantly. The entry of new players onto the market may reduce the total expenses incurred by the investor. This study does not explicitly answer the question as to whether the attractiveness of passive investment is higher than that of active investment. The differences in fees themselves are not big enough to explain the differences in the rates of return after costs. But it may be stated that an essential difference lies in the profitability of funds before costs. However, for such a short time series, it cannot be determined whether the indicated differences are stable or result from incidental market fluctuations. All the more reason why not all the passive instruments performed better in terms of rate of return for the period analysed, as the WIG20 ETFs appeared to be less attractive than other active funds.
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