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1
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Konstrukcja płaszczyzny uśmiechu zmienności na rynku walutowym

100%
Zasępa P.
Studia Ekonomiczne
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2013
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vol. 163
267-283
EN
The foreign exchange market is one of the most important segments of the financial market. FX options market is also one of the largest in the world. In the case of the basic model of option pricing - Merton Scholes model variability Blacks used for option pricing is constant and flat over time and does not change in relation to the strike price. The term structure of volatility is creating volatility surfaces for which variability has different levels depending on the date and the exercise price of options. This paper presents the characteristics of the exchange rate and pattern construction plane volatility smile in the currency market. Article characterized the basic concepts of interpolation and extrapolation of pairs trading volatility certain exchange rates
2
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Analiza kosztu kapitału przedsiębiorstw przy emisji obligacji korporacyjnych notowanych na GPW w  Warszawie

100%
Zasępa P.
Annales Universitatis Mariae Curie-Skłodowska, sectio H – Oeconomia
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2013
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vol. 47
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issue 3
EN
Private bond market developed in Poland since the early 90’s of the twentieth century, in the case of the Warsaw Stock Exchange in 2009, the market for bond trading was carried out in most cases, the wholesale market for OTC. September 30, 2009 it was decided to create the Catalyst bond market. This market gives you the opportunity to invest their investments in securities with much less risk than stocks and entrepreneurs can raise funds for the development and diversification of funding sources. In the case of the bond market Catalyst platform combines the features of a  regulated market and alternative trading system, the offer is addressed to individual investors and institutional. The purpose of this article is to show the processes taking place in the Polish financial market in the area of financing to commercial entitiesusing corporate bonds and corporate bond analysis (excluding banks and mortgage bonds) listed on the Catalyst market, thereby determining the cost of financing the company, depending on the individual characteristics of the debt instrument.
PL
Artykuł nie zawiera abstraktu w języku polskim
3
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Trends in Underpricing of Private Equity Backed IPO at the Capital Market in Poland in the Years 2000–2018

100%
Zasępa P.
Annales Universitatis Mariae Curie-Skłodowska, sectio H – Oeconomia
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2019
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vol. 53
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issue 4
EN
The global economy is distinguished by the dynamic development of financial markets and with it creating a new specific segments of the market. One of them is the market for venture capital and private equity funds, which is developing very dynamically for more than 50 years. This article aims to analyze the level of underestimation of the IPO on the Warsaw Stock Exchange companies supplied by venture capital and private equity funds. Analyzing the rates of return of 54 companies supplied with VC funds and 453 companies which do not have the support of venture capital funds in the 2000–1018 period, it should be stated that traditional companies reached the lower level of underestimation. For companies a broad market level underestimation of the IPO was 9.99% and for companies with VC/PE support – 9.12%.
4
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Level of the first day underpricing of venture capital backed IPO for the CEE Region in 2000-2012

100%
Zasępa P.
Nauki o Finansach
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2016
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issue 4(29)
64-71
EN
Financial systems in post-communist countries have been developing for almost three decades since market transformation. In 2004 and later in 2007, ten Central and Eastern European states became members of European Union, and in the majority of them capital markets were created. There have been numerous studies which have examined the development of capital markets, however investigations concerning the development of stock exchanges are not so frequent. The aim of the paper is to analyze the underpricing of VC backed Initial Public Offerings carried out on the exchanges in Warsaw, Prague, Vienna, Bratislava and Lubljana in 2000-2012
5
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Impact of Valuation of Companies on the Warsaw Stock Exchange on Divestment the Level of Venture Capital through IPOs

100%
Zasępa P.
Studia Ekonomiczne
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2014
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vol. 186 cz 2
76-86
PL
Dezinwestycja jest ostatnim etapem procesu inwestycyjnego funduszy venture capital. Moment w jakim jest dokonywana zależy od wielu czynników w tym od sentymentu rynku oraz poziomu wycen spółek publicznych. Celem artykułu jest analiza wpływu poziomu stóp zwrotu oraz wskaźników rynku kapitałowego, w tym głównie wskaźnika P/E na poziom i liczbę dezinwestycji dokonywanych przez fundusze private equity oraz venture capital na rynku polskim w latach 1998-2012.
6
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Analiza niedoszacowania spółek zasilanych środkami funduszy private equity na GPW w Warszawie w latach 2007–2014

100%
Zasępa P.
Annales Universitatis Mariae Curie-Skłodowska, sectio H – Oeconomia
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2017
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vol. 51
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issue 6
EN
The global economy is distinguished by the dynamic development of financial markets and with it creating a new specific segments of the market. One of them is the market for venture capital and private equity funds, which has been developing very dynamically for more than 50 years. This article aims to analyze the level of underestimation of the IPO on the Warsaw Stock Exchange companies supplied by venture capital and private equity funds. Analyzing the rate of return of 16 companies backed by VC funds and 238 companies which do not have the support of venture capital funds in the 2007–2014 period, it should be stated that the  traditional companies reached the lower level of underestimation. For the companies of a broad market, the underestimation level of the IPO was 7.3% and for companies with VC/PE support – 8.24%.
PL
Światową gospodarkę wyróżnia dynamiczny rozwój rynków finansowych, a wraz z nim tworzące się nowe, specyficzne segmenty tego rynku. Jednym z nich jest rynek funduszy venture capital oraz private equity, który bardzo dynamicznie rozwija się już od ponad 50 lat. Celem artykułu jest analiza poziomu niedoszacowania transakcji IPO na GPW w Warszawie spółek zasilanych funduszami venture capital oraz private equity. Analizując stopy zwrotu 16 spółek zasilanych funduszami VC oraz 238 spółek nieposiadających wsparcia funduszy wysokiego ryzyka w okresie 2007–2014, należy stwierdzić, że spółki tradycyjne osiągnęły niższy poziom niedoszacowania. Dla spółek szerokiego rynku poziom niedoszacowania pierwszej oferty publicznej wyniósł 7,3%, a dla spółek z kapitałem IPO już 8,24%.
7
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PERSPEKTYWY ROZWOJU RYNKU FUNDUSZY VENTURE CAPITAL ORAZ PRIVATE EQUITY

100%
Zasępa P.
Acta Universitatis Lodziensis. Folia Oeconomica
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2014
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vol. 2
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issue 301
EN
By 1990, venture capital (VC) and private equity (PE) were little known class of assets in which engaged a few institutional investors. With the development of this market and the emergence of high rates of return interest in forming a class showed larger financial institutions and individual investors. As a result, too many investors involved too many resources, which resulted in the fact that VC funds engaged in the company in a position that does not qualify them to investment . Performance of venture capital funds started to decline and impair the quality of the portfolio. The portfolio companies were not able to translate the received funds for dynamic development. That is why many investors withdrew from involvement in established asset class, and the number of active funds began to fall. There is then an evolution in the approach to venture capital investment to more capital efficient investment and new business models. Venture capital industry is based on continuous innovation revolution and therefore it is possible to observe the change of funds business model in the future. The aim of the paper is to characterize the changing trends in the venture capital funds and an indication of the possible direction of future changes in the asset class and the confirmation of the hypothesis that the levels of investment activity funds will be reduced and sought to levels observed in 1996–1998 and 2002–2005.
PL
Do 1990 r. fundusze venture capital oraz private equity były mało znanym aktywem, w które angażowali się nieliczni inwestorzy. Wraz z rozwojem tego rynku i pojawieniem się wysokich stóp zwrotu zainteresowanie tą tworzącą się klasą aktywów wykazały większe instytucje finansowe. W efekcie zbyt wiele podmiotów zaangażowało zbyt wiele środków, co skutkowało tym, iż fundusze VC angażowały się w spółki których pozycja nie kwalifikowała ich do inwestycji typu venture capital. Wyniki inwestycyjne funduszy venture capital zaczęły spadać i jakość portfela pogarszać, gdy spółki portfelowe nie były w stanie przełożyć otrzymywanych środków na dynamiczny rozwój. Dlatego wielu inwestorów wycofało się z zaangażowania w utworzoną klasę aktywów, a liczba aktywnych funduszy zaczęła spadać. Następuje więc pewna ewolucja w podejściu do inwestycji typu venture capital na bardziej kapitałowo efektywne inwestycje oraz nowe modele biznesowe. Branża funduszy venture capital oparta jest na rewolucji i ciągłej innowacji dlatego możliwe jest do zaobserwowania zmiana modelu działania funduszy w przyszłości. Celem artykułu jest charakterystyka zmieniających się trendów w sektorze funduszy venture capital oraz potwierdzenie hipotezy, iż poziomy aktywności inwestycyjnej funduszy będą się zmniejszały i dążyły do poziomów obserwowanych w latach 1996–1998 oraz 2002–2005.
8
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Cykl inwestycji private equity w Polsce na tle rozwoju rynku kapitałowego

100%
Zasępa P.
Studia Ekonomiczne
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2013
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vol. 174
262-276
EN
Venture capital and private equity funds are a new instrument for financing the development of young and innovative companies. Their functioning is affected by many factors especially form the public markets, but despite many changes, these funds continue to invest in young innovative companies, which are characterized by above-average investment risk rewarded unparalleled rate of return. It is characterized by a huge dispersion encountered in other investments called alternative or public. Activity funds is cyclical, so the purpose of this paper is to analyze the influence of public markets on venture capital activity.
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