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Preface

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Kołodziejczyk H. Z.
Research Papers in Economics and Finance
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2017
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vol. 2
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issue 2
1-6
EN
Dear Readers, I have the pleasure of presenting to you the second issue of our research journal entitled „Research Papers in Economics and Finance” (REF), published by the Faculty of Economics at Poznań University of Economics and Business. Caring about the highest level of the content of our publications, we publish only the manuscripts which have received two reviews under the “peer review” procedure, after initial verification done by the Editorial Committee. The articles published within REF are available online in English and in an open mode. REF is a quarterly journal, with the second issue containing six research articles. Two of the articles focus on the social and socio-economic aspects of development and business, one article looks at small family businesses and their path to growth; another paper dwells on the topic of sustainable agriculture, with two last research articles depicting financial subject matters such as currency rates and asset pricing.  Yours faithfully,  dr Hanna Kołodziejczyk - Editorial Committee
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The Impact of Monetary Policy Announcements on Stock Market Index in Poland

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Kołodziejczyk H. Z.
Research Papers in Economics and Finance
|
2016
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vol. 1
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issue 1
7-16
EN
Financial market participants are influenced by the news reaching them from all manner of sources, including the country’s central bank. In this paper we model daily returns of WIG20 index with respect to announcements made by the National Bank of Poland (NBP) regarding the changes of the official interest rate of open market operations (the so-called reference rate) during the period of 2004-2016. The goal is to examine whether the NBP’s announcements have an impact on either stock returns or volatility and whether the content of such communiqué (either interest rate cut or raise) matters. The FIGARCH model is found to be an appropriate specification for the data. Moreover, the results suggest that, in fact, interest rate changes do have a significant impact on both returns and volatility. However, the reactions to news are different with respect to the type of announcement.
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