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EN
The aim of the research presented in this paper is to classify companies listed at Warsaw Stock Exchange in 2003 according to their solvency. The analysis is based on a set of financial ratios describing both short-term and long-term situation of the examined objects. The analysed companies were categorised into two series: the solvent group and the group of at insolvency risk in relation to commonly applied universal benchmarks. In order to proceed in linear ranking of the objects, a taxonomic method was used, which enables aggregation of the analysed parameters. The results obtained from the research reveal that the financial security of the joint stock companies is differentiated. There are also some significant deviations from the values of ratios considered as optimal.
EN
Assuming that the process of capital markets integration in Europe is unquestionable, the main goal of the research is to examine the effects of this integration visible in observed similariries in 20 European stock exchanges. The analyses were based on 48 monthly variables dating from 2003-2006 period. The source of the data is the Federation of European Stock Exchanges. According to the research hypothesis the discrepancies between the analyzed capital markets should gradually decrease in time, as a result of convergence process. The hypothesis is verified with the use of selected methods of multivariate statistical analysis, such as cluster analysis or k-means grouping. The analyses performed reveal that the differences between the stock exchanges are still significant. The discrepancies can be observed in all three areas examined, i.e. in the size of market, equity market and bond market. Moreover, the identified diversity confirms the division of the European Union countries into old and new members. However, the differences revealed tend to diminish slightly, proving that the economic distance between European capital markets is slowly decreasing.
EN
The paper aims at presenting the structural changes in Polish industry as a result of the integration process with the European Union. Some of the characteristic features of the Polish industry in the pre-accession period, which distinguish this sector from the industries of the EU member countries, were e.g. a large share of heavy industry in the industrial production, a low level of technological development in many sectors, high employment level in labour-consuming sections and, as a result, low competitiveness. Despite a relatively short period of Polish membership in the EU, some of its positive effects can already be seen in the industrial sector. The main changes include a significant growth of the industrial production sold and labour productivity, as well as export dynamics. As far as the structural changes are concerned, there is a lower contribution of mining industry in the industrial production and a slight growth of the processing industry share.
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