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Międzynarodowe inwestycje portfelowe państw Europy Środkowo-Wschodniej

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Mrzygłód U., Adamska-Mieruszewska J.
Acta Universitatis Lodziensis. Folia Oeconomica
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2015
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vol. 6
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issue 317
EN
The literature on the investment portfolio is dominated by the problem of investment flows to developing countries and emerging markets (portfolio inflows). The problem of developing and emerging countries acting as investors on the international financial markets has been explored to the less extent. This paper is devoted to the analysis of portfolio investments held by residents of the states of Central and Eastern Europe.
PL
Literatura dotycząca inwestycji portfelowych jest zdominowana przez problem napływu inwestycji do państw rozwijających się. Mniejszą uwagę poświęca się tym krajom jako inwestorom na międzynarodowych rynkach finansowych. Artykuł zawiera analiz ę inwestycji portfelowych będących w posiadaniu rezydentów państw Europy Środkowo-Wschodniej.
2
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Problem ryzyka kontrahenta na rynku pozagiełdowych instrumentów pochodnych

100%
Mrzygłód U., Szmelter M.
Studia Ekonomiczne
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2013
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vol. 174
118-128
EN
Financial crisis that began in 2007 on the U.S. mortgage market with remarkable dynamics reached global financial world. It consequences impaired stability of the financial markets and banking systems, and weakened the economies of many countries. One of the most important factors occurring during the financial crisis was the sudden surge in the counterparty risk. Counterparty risk is a kind of credit risk and is characterized by a situation that the counterparty to a transaction defaults before the final cash flow settlement of the transaction. The purpose of this article is to present the specific problem of counterparty risk in the perspective of risk management techniques in the OTC derivatives market and moreover to explain the EMIR - an important regulatory initiative in this area.
3
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What drives the dividend decisions in BRICS countries?

81%
Mrzygłód U., Nowak S., Mosionek-Schweda M., Kwiatkowski J. M.
Oeconomia Copernicana
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2021
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vol. 12
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issue 3
593-629
EN
Research background: We examine the dividend payout policies across companies listed on the main stock exchanges in Brazil, Russia, India, China, and South Africa (BRICS). Unlike the highly developed capital markets, the literature regarding dividend policy on BRICS' stock exchanges is scarce.  Purpose of the article: The purpose of this paper is threefold: verification of the existence of dividend smoothing pattern; selection of the significant drivers that affect both dividend levels and dividend smoothing; examination of differences between dividend policy of cross- and single-listed companies. Methods: Based on a dataset of 564 companies that paid dividends for at least 11 consecutive years in the period of 1995-2015, we apply a GMM two-step estimator to assess the speed of dividend adjustment (SOA) coefficient. Further we employ the linear panel regression to indicate the individual and market determinants of the dividend levels and SOAs. In the latter case, we base on time series of the SOAs obtained from the rolling estimation technique. Finally, we conduct separate estimations for cross-listed companies. Findings & value added: We confirm a moderate level of dividend smoothing within BRICS countries. Among the firm-level characteristics affecting the SOA the most important are: ownership dispersion, age and size of a firm, retained earnings, leverage, long term debt, asset tangibility, liquidity risk ratio, and issuing the depositary receipts (DR). Two relevant market factors are found: market capitalisation and turnover in relation to GDP. Similar characteristics have a significant impact on dividends' levels in the entire sample, whereas in the subsample of cross-listed companies fewer variables are significant. Our paper is the first comprehensive attempt to investigate the dividend policy and determinants of dividend smoothing among BRICS countries.
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Do managers really care about shareholders’ expectations? Evidence on dividend smoothing on Latin American emerging stock markets

81%
Mosionek-Schweda M., Mrzygłód U., Nowak S.
Econometrics. Ekonometria. Advances in Applied Data Analytics
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2017
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issue 2 (56)
67-91
EN
The main goal of the paper is to examine dividend smoothing behaviour among companies listed on the stock markets in Brazil, Chile, Colombia, Mexico and Peru in the period of 1994-2015. The research sample consisted of 227 companies and 4968 observations. On the basis of Lintner’s dividend partial adjustment model, we calculated the speed of dividend adjustment (SOA) in response to the change in earnings. We found many companies with low SOA values, which on the grounds of the classic Linter’s approach implies the existence of dividend smoothing. However, the obtained average SOA values varied in four out of five analyzed stock markets from 0.731 for Chile to 0.914 for Brazil.This means that on selected emerging stock markets of Latin America – except Peru – the dividend smoothing has not been confirmed. Moreover, the obtained SOA levels varied among the selected stock markets, which implies that the differences in the speed of dividend adjustment may be driven by either national or stock markets characteristics.
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