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Reactions of the Capital Market for Mergers and Acquisitions on Example of 'Vistula' and 'Wolczanka SA'.

100%
Kedzierska-Szczepaniak A.
Pieniądze i Więź
|
2008
|
vol. 11
|
issue 3(40)
143-150
EN
The risk of mergers and acquisitions (M&A) is very high. The companies will take the consequences of those transactions for a very long time. Despite the risk, many firms decide to take part in M&A processes.The interesting aspect of M&A is the investors' reaction on planned consolidations. This reaction can be measured by CAR method (cumulative abnormal return). This method helps to estimate the real rate of return for company shares on the ground of the previous quotation. The article presents one of the most famous mergers at the Polish market in 2006 - the merger of the 'Vistula' and 'Wolczanka S.A.'
2

EXCHANGE RATE DEVELOPMENT AND VOLATILITY IN NEW EUROPEAN UNION MEMBER STATES

100%
Stavárek D.
Ekonomický časopis (Journal of Economics)
|
2006
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vol. 54
|
issue 6
521-538
EN
This paper assesses the exchange rate development and the volatility in six new EU member states during the period November 1996 - April 2006. The development is examined by the calculating various rates of return. The exchange rate volatility is analyzed by using the moving average standard deviations of the annualized daily returns of the nominal bilateral exchange rates. The three ERM II participating currencies (SIT, CYP, SKK) entered into the mechanism at the optimal time of stable exchange rate development and low volatility. However, the admissible fluctuation band ±2.25% seems to be too narrow for the remaining three currencies (CZK, HUF, PLN). Thus, these currencies should remain out of ERM II for some time.
3
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SPECIFICITY AND EFFECTIVENESS OF EMPLOYEE PENSION PROGRAMS IN THE FORM OF THE CONTRACT FOR THE EMPLOYER CONTRIBUTING THE EMPLOYEE CONTRIBUTIONS TO THE INVESTMENT FUND

100%
Pienkowska-Kamieniecka S.
Olsztyn Economic Journal
|
2010
|
vol. 5
|
issue 2
302-315
EN
The market of employee pension programs (EPP) has functioned since 1999. The programs are established by the employers to secure higher pension benefits for the employees. They may assume the form of insurance or insurance-capital program. As a consequence of the fact that investing employee pension funds contributions in investment funds involves high investment risk the study aims at presenting the operational specificity of such programs and assessment of the results that investment funds' companies managing the largest numbers of programs of that type in Poland achieve. The study covered the years 2006-2009. The studies indicate that during the analyzed period positive rates of return were generated only by the investments in debt securities funds, both Polish and foreign. Investments in aggressive funds generated losses at ca. 22-35% over the analyzed period. Additionally, attention should be drawn to the fact that the effects related to the crisis in the financial markets had no significant influence on the development of the employee pension programs in the form of a contract with an investment funds, which from the very beginning of operation, as in case of the other forms of EPP, enjoyed low level of interest among employees.
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