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PL
Celem artykułu jest analiza i ocena wpływu decyzji agencji ratingowych na ceny akcji polskich spółek giełdowych. Dokonano przeglądu literaturowego analizowanego zjawiska. Postawiono hipotezy badawcze: Ceny akcji polskich spółek giełdowych reagują na obniżkę i podwyżkę not ratingowych. Stopy zwrotu z cen akcji są wrażliwe na zmiany nastawienia. Badanie wykonano na danych dziennych dla lat 2000-2015 przy wykorzystaniu metody event study. Jako zmienną zależną wykorzystano długoterminowe noty ratingowe emitenta.
EN
The aim of the article was to analyze the impact of credit rating agencies’ decisions on stock prices of Polish listed companies. It has been prepared the literature review of the analyzed phenomenon. There have been put the hypotheses: The stock prices of the Polish listed companies react on the downgrades and upgrades of credit ratings. The rates of return of share prices are sensitive on countries’ credit rating changes. The research has been made on daily data for 2000-2015 period of time by using the event study methodology. As a dependent variable there have been used long- -term issuer credit ratings.
EN
In the paper, authors present the analysis of the relative occupation time. The ana- lysis concerns the mean of relative occupatio n time determined on the basis of the stock price taken from the first and second half of the day. The presented analysis does not exhaust the family of possible applica tions of occupation time functional.
EN
This article deals with problem of informational efficiency of capital markets. In the first part theory of efficient capital markets created by Eugene Fama is described. The evolution of efficient capital market definition is presented and a new one is introduced. In the next part of the article proper null hypothesis is constructed and methods used to verify it are discussed. Author presents three groups of verification techniques: tests of autocorrelation, tests of randomness and unit root tests. In the third part of the text results of these statistical tests applied to prices of shares included in WIG20 index and values of this index as well are described. In the last part of article economic consequences for investors are presented.
EN
The article is devoted to analysis of correlation between rates of return of stocks and stock market indexes listed on the Stock Exchange in Warsaw with dynamics of macroeconomic and market factors. The purpose of this article was attempt to determine whether there factors are correlated linearly with changes of stock prices on the stock market and the degree of this dependence. Assuming that the variables are stationary, empirical studies was based on Pearson's linear correlation coefficients. There were analyzed 427 stocks and 18 indexes for the whole period of their quotations. On this basis there were set the number of companies whose correlation coefficient was located at certain intervals in the range of -1 to 1, according to the J. Guilford's classification, and the percentage of these companies.
XX
Artykuł zawiera analizę działalności rynku aukcyjnego. Dane, na których oparto analizę, zaczerpnięto z roczników aukcyjnych. Celem artykułu było pokazanie tej działalności w ujęciu statystycznym. Na podstawie wyliczeń w cenach porównywalnych z grudnia 2007 r. dokonano dynamicznych analiz porównawczych. Analiza rynku aukcyjnego wykazała, że osiągnął on najwyższe obroty w 2000 r. Można to powiązać z liberalnymi przepisami dotyczącymi obrotu (również z zagranicą) oraz ze stopniowym wyczerpywaniem się możliwości kolejnych dostaw na aukcje dzieł starych mistrzów, szczególnie malarstwa. Jednocześnie stwierdzono dynamiczny wzrost liczby dzieł twórców współczesnych. Na użytek artykułu sporządzono dwa rankingi dzieł o najwyższej wartości: dla 50 twórców dawnych i 20 twórców współczesnych.(abstrakt oryginalny)
EN
The paper contains the analysis of auction market activity based on data of auction yearbooks. The aim of the article is to present the auction market activity in a statistical form. Dynamic comparative analyses were calculated in prices of December 2007. The analysis demonstrated the highest turnover of the market in the year 2000. It can be connected with liberal rules concerning turnover, including foreign trade, as well because of running low supplies of old art works (especially paintings). At the same time, the increased works quantity of contemporary authors was discovered. Two rankings of the highest value works were prepared for the purpose of the article: for 50 old and 20 contemporary authors.(original abstract)
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