Artykuł porusza kwestie zastosowań socjologii w zrozumieniu mechanizmów związanych z funkcjonowaniem giełd papierów wartościowych. Jego celem jest ukazanie zjawisk społecznych wpływających na celowość inwestycji w papiery wartościowe.
EN
The article covers the notions of applying the sociology to understand the mechanisms that are involved in stock exchange functioning. The purpose of this article is to show the social phenomena affecting the advisability of investing in securities.
Aim/purpose – The paper has two objectives. The first is to examine the profitability of applying investment strategies based on “buy” and “sell” recommendations issued by stock market analysts. The second objective is to validate that analysts who issue a recommendation may not be impartial (not supporting any of the sides involved in an argument) because the largest group of recommendations issued is “buy” recommendations. Design/methodology/approach – This study was conducted based on all the “buy” and “sell” recommendations issued during the period between January 1, 2004 and December 31, 2016 for companies listed on the Warsaw Stock Exchange, using data from www.bankier.pl. The annual forecast rates of return were determined for all the recommendations included in the survey. The expected rates of return were determined for each recommendation based on the information collated from the Bloomberg database. The regression analysis enabled the exploration of the relationship between the actual rates of return and the rates of return predicted in recommendations. Findings – It was determined that investing on the basis of the information included in “sell” recommendations might make it possible to avoid unprofitable investments. At the same time, the study shows that an investment strategy compliant with “buy” recommendations does not let the investor achieve the expected rates of return on an investment in the capital market in the long term. Research implications/limitations – The conducted research could be an important source of information for stock market investors’ decision-making regarding investments. Originality/value/contribution – Despite the topic of recommendation effectiveness being very important from the perspective of capital market theory and practice, it is still unclear whether investing based on information provided in stock market recommendations can be a profitable strategy in the long run. The study offers a bridge to fill the existing research gap.
Aim/purpose – The paper examines the level of investment activity among the last semester master’s degree students of economics fields, including investment in stocks and in forex (FX) in comparison to a poker game. Design/methodology/approach – The paper presents the exploration of similarities and differences of stock trading, forex trading and poker playing (a critical analysis of the literature), and questionnaire research among 613 students of the last semester of studies at the University of Economics in Katowice. Findings – A decreasing level of a participation of individuals in financial markets refers to different financial segments like capital markets and trading on, e.g. the Warsaw Stock Exchange (WSE) or the foreign exchange market (forex, FX). The current market situation does not constitute favourable conditions to increase commitment of individual investors on the WSE. In addition, other form of investment among young people is being observed, e.g. poker. The results of the research stress the role of an effective financial education and its influence on a changing the attitudes towards investments. Research implications/limitations – The research sample is limited to the students of one university. Originality/value/contribution – So far, there has not been conducted any research among potential important participants of financial markets which takes into account the listed alternatives: investments on the Warsaw Stock Exchange and in forex, or a poker game.
Celem artykułu jest przeanalizowanie wytycznych prezentowania modelu biznesowego w raportach rocznych oraz zakresu ujawnień o modelach biznesowych wybranych spółek z branży wysokich technologii notowanych na Londyńskiej Giełdzie Papierów Wartościowych. Dla realizacji tego celu zostały przeprowadzone: analiza wytycznych FRC i IIRC oraz badania empiryczne obejmujące 60 raportów rocznych spółek wchodzących w skład indeksu FTSE-Techmark. Opisy funkcjonowania modeli biznesowych są zazwyczaj dosyć krótkie i obejmują: przedstawienie sposobu kreowania wartości, rynków, na których funkcjonuje jednostka, zasobów oraz najważniejszych działań podejmowanych dla kreowania wartości.
EN
The purpose of this article is to analyse the business model disclosure guidelines in annual reports. In the empirical part the author uses content analysis of business models presentation in annual reports of selected high-tech companies listed on the London Stock Exchange. The sample embraces 60 annual reports of companies from the LSE FTSE-Techmark. Business model disclosure are in most cases very concise and focus on value creation.
In this paper is considered the issue of the portfolio of contracts for differences (CFD). As far as the standards of contracts traded on the stock exchanges are precisely defined and treated in such a manner that the investor in case of adverse developments for him on the market have the ability to complete the required margin, so transactions on the over the counter (OTC) market do not give an investor such the comfort and can result in an immediate closing open positions with significant losses for the investor. Open CFD positions offered in the OTC market are continuously monitored in terms of fulfilment of the required security deposit (margin) and the investor is responsible for maintaining the necessary assets to fully cover the market risk. Creating a CFD portfolio investor faces a dilemma, what proportion of the funds allocated to the opening position, and which of them leave as a hedge against market risks. The Problem is so complex that many of the CFD is exposed to currency risk. Appropriate funds intended to cover unrealised losses has to secure against a ineffective margin call to supplement the security deposit and unfavourable for the investor closing his position. The work discusses the various measures of market risk exposure used by reputable financial institutions offering contracts on exchange differences on the over the counter market. In addition, proposed several measures to support the portfolio structure of the CFD, taking into account market risk.
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.
Both the prospect theory as well as the cumulative prospect theory are aimed at explaining the way the decision-maker see and evaluate risky decisions. They allow for the explanation of some inconsistency between observed decision-makers behaviours and axioms of the expected utility theory. For years financial aspects of cumulative prospect theory are the subject of many research studies. The purpose of the paper is to review some issues connected with the cumulative prospect theory and its application to financial market. Presented papers concern issues related to the value functions, concept of loss aversion and the construction of portfolio selection models with some simplifying assumptions. In our paper we also present observed in real life, but often mysterious, behaviours of investors, who evaluate investment choices relative to some reference point, feel loss aversion and revalue objective probabilities.
The aim of this paper is a comparative analysis of contract electric energy portfolios at Polish Power Exchange (POLPX) and European Energy Exchange (EEX) spot markets. The multi-criteria approach proposed in this paper is based on minimization of the Conditional Value at Risk with the confidence level 0.95 and maximization of portfolio rates of return. The analyzed portfolios have been constructed independently for each power exchange (for investors who are interested to invest on one market only), as well as for POLEX and EEX together (for investors who invest on more than one market) with two criteria.
Stock exchange commission is one of the most significant trading cost. It is a charge for services provided by financial institutions and paid by customers. Its level determines trading opportunities especially for short-term investors. That is the reason why proper commission policy is vital for traders, their instrument and strategy choices and, consequently contributes to market development. In this article the level of Warsaw Stock Exchange (WSE) commissions as a short-term trading impediment is presented. It discuses historical, current, and future problems resulting from extremely expensive WSE and brokers fees. Moreover comparison to policies of world-markets is emphasized (original abstract)
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