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1

The Influence of Penny Stocks on the Pricing of Companies Quoted on theWarsaw Stock Exchange in the Context of the ICAPM

100%
Urbański S.
Kwartalnik Kolegium Ekonomiczno-Społecznego Studia i Prace
|
2015
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vol. 3
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issue 3
75-92
PL
The paper attempts to explain the impact of penny stock on pricing in light ofthe ICAPM as stock exchanges introduce restrictions on penny stocks trading.The study is conducted using stocks listed on the Warsaw Stock Exchange (WSE)between 1995–2012. The systematic risk and risk prices components are simulated by two chosen ICAPM applications, using different procedures of portfolio construction.The main market WSE stocks are sorted into queintile portfolios usingtwo procedures. It is assumed that elimination of penny stocks contributes to morecorrect pricing, observed with ICAPM validity, however only when simulatingalgorithm uses appropriate construction of tested portfolios. The tests were carriedout in four modes. All WSE stocks were analyzed in mode 1. Penny stockswith market values lower than 1.50, 5.00 and 10.00 PLN were excluded from thestudy in modes 2, 3 and 4. The analysis indicates that the results are in line withthe extended conjectures.
2
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Pojęcie świętości w kazaniach hagiograficznych o. Józefa Męcińskiego (1748–1814)

100%
Urbański S.
Ruch Biblijny i Liturgiczny
|
1988
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vol. 41
|
issue 6
PL
-
3
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Mistyka miłosiernej świętości według św. Faustyny

100%
Urbański S.
Studia Nauk Teologicznych PAN
|
2006
|
issue 1
189-206
PL
Mistyka miłosiernej świętości według św. Faustyny
4
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Natura drogi oświecenia według o. Pawła Ogórka OCD

100%
Urbański S.
Łódzkie Studia Teologiczne
|
2023
|
vol. 23
|
issue 2
147-158
EN
The path of enlightenment consists imitating of Jesus by practicing the virtues, especially the supernatural ones. The condition for this development of virtues is a some purity of heart. Man has to put his passions in order and fight with his major weaknesses. Then comes self-control, order in everyday life, deep conviction of the truths of faith, and more time to talk with the Lord during prayer. To achieve this state, a Christian must to pass a process of passive purification, which leads him into the mystical life. All imperfections must be removed. Therefore, God’s intervention is needed, which is expressed through special inspirations. Then the gifts of the Holy Spirit enable us to receive them. The Christian experiences passive purifications of senses and of spirit. This state can be compared to the purification of the senses. The purification of the soul is compared to the purification of gold in a crucible. In this state, prayer develops from meditation to emotional prayer. The Christian must therefore remove the obstacles in the development of prayer.
5
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Metodologia teologii duchowości

88%
Urbański S.
Studia Nauk Teologicznych PAN
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2007
|
issue 2
215-234
PL
Metodologia teologii duchowości
6
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Chmury niewiedzy i listy, przeł. o. Piotr Rostworowski, Kraków 1985

88%
Urbański S.
Ruch Biblijny i Liturgiczny
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1987
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vol. 40
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issue 5
7
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Using the ICAPM to estimate the cost of capital of stock portfolios: empirical evidence on the Warsaw Stock Exchange

63%
Urbański S., Leśkow J.
Statistics in Transition new series
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2020
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vol. 21
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issue 1
73-94
EN
The aim of this paper is to present the method for estimating the cost of capital of typical portfolios available on the Warsaw Stock Exchange. The authors introduce the three factor Fama-French model and its two modifications. They also apply the bootstrap method to evaluate the variability of their estimation method. The cost of capital they refer to is related to portfolios of real options linked to projects. The market returns are generated both by stock companies running such projects and by real options modifying selected projects. The estimated cost of capital can serve as a valuable indicator for investors and for managers overseeing portfolios of stocks. Also, such an indicator can serve as a general reference while making business decisions related to new. The study demonstrated that the estimated cost of capital assumes highest values for value portfolios and stock companies with high financial indicators and, at the same time, low market prices compared to their book value. By the same token, the estimated cost of capital assumes low values for growth portfolios and for stock companies characterised by low financial indicators and, at the same time, high market prices compared to their book values.
8
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Modlitwa kontemplacyjna dziś

63%
Urbański S.
Ruch Biblijny i Liturgiczny
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1987
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vol. 40
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issue 4
9
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Modlitwa brewiarzowa

63%
Urbański S.
Ruch Biblijny i Liturgiczny
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1989
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vol. 42
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issue 3
PL
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10
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Modlitwa liturgiczna

63%
Urbański S.
Ruch Biblijny i Liturgiczny
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1987
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vol. 40
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issue 2
11

The Impact Of Penny Stocks On The Pricing Of Companies Listed On The Warsaw Stock Exchange In Light Of The CAPM

51%
Urbański S., Jawor P., Urbański K.
Folia Oeconomica Stetinensia
|
2014
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vol. 14
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issue 2
163-178
EN
Oryginality and objective – Research on the pricing of stocks listed on developed markets shows inexplicable deviation from the pricing that could be observed with CAPM validity. A similar anomaly is found on the Polish market. Reasons for inconsistent pricing with CAPM are unknown, and they are the main objective of this research. Method – The study is conducted using stocks listed on the Warsaw Stock Exchange in 1995–2012. Quintile stock portfolios are formed on the basis of strategies widely used by investors. The study is carried out in several modes. In the subsequent modes penny stocks with the market values below 0.5, 1.5, 5.0 and 15.0 PLN are eliminated. Results – It is conjectured that both penny stocks and improper procedures for the test portfolios forming contribute to inconsistent stock pricing in light of the CAPM. The studies show that results are in line with the extended conjectures. Also, study results indicate that speculative stocks are mostly penny stocks, however, it is not possible to explicitly state that penny stock are speculative.
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