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LOWER RISKS - HIGHER DIVIDENDS? EXAMINING THE RELATION OF BETA TO DIVIDEND PROPORTION ON THE BUDAPEST STOCK EXCHANGE, 1997-2007 (Hungarian tite - below)

100%
Fazekas G., Juhasz P.
Kozgazdasagi Szemle (Economic Review)
|
2009
|
vol. 56
|
issue 4
322-342
EN
(Title in Hungarian - 'Alacsonyabb kockazat - nagyobb osztalek? A reszvenykockazat es az osztalekfizetesi hanyad kapcsolatanak vizsgalata a Budapesti Ertektozsden, 1997-2007'). According to results in the literature on dividend policy, there is a connection between firms' dividend payout ratio and their market risk of them - riskier companies pay out less of their profits to their shareholders. The authors' research into the Hungarian stock-market yields similar findings. With each method used, correlation, factor and cluster analysis shows that firms with lower beta typically pay higher dividends, while riskier stocks have a lower pay-out ratio.
2

Interest-rate differentials, speculative capital flows and exchange-rate volatility

80%
Abel I., Kobor A.
Kozgazdasagi Szemle (Economic Review)
|
2008
|
vol. 55
|
issue 11
941-961
EN
Interest rates on the Hungarian forint are higher than interest rates in the Euro area or other countries in the region. Interest-rate decisions are based on assessing several factors in monetary policy. This paper evaluates the effects of a sizable interest-rate differential between Hungary and the Euro area on the exchange rate and on its volatility. There is a difference in the effects of the interest-rate differential on the exchange rate in the short run and in the long run, but a higher interest-rate differential tends to increase exchange-rate volatility on both horizons. There is a triangular relation between interest-rate differential, speculative capital flows, and exchange-rate volatility. Any angle in this triangular relation points to the importance of the financial-stability consideration in forming monetary policy.
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