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1

ANALYSIS OF SELECTED MARKET BEHAVIOURS IN THE EUROPEAN AND POLISH PRIVATE EQUITY SECTORS IN 2000–2012

100%

Luciński W.

Metody Ilościowe w Badaniach Ekonomicznych

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2014

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vol. 15

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issue 1

104-112

EN

The Polish private equity sector is a relatively new segment of the Polish financial market, as it emerged only at the beginning of the 1990s. In terms of capital, it is strongly linked to firms from outside Poland, especially European and American ones. Moreover, international firms are also significant capital donors for private equity funds in Poland. Thus, the question arises as to how these facts influence the market behaviours of Polish private equity funds. The study is based on data from 2000–2012, with Poland compared to the European market.

2

Classification of Open-End Investment Funds Using Artificial Neural Networks. The Case of Polish Equity Funds

100%

Perez K., Szczyt M.

Central European Economic Journal

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2021

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vol. 8

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issue 55

269-284

EN

In this study we utilise artificial neural networks to classify equity investment funds according to two fundamental risk measures-standard deviation and beta ratio-and to investigate the fund characteristics essential to this classification. Based on a sample of 4,645 monthly observations on 37 equity funds from the largest fund families registered in Poland from December 1995 to March 2018, we allocated funds to one of the classes generated using Multilayer Perceptron (MLP) and Radial Basis Function (RBF). The results of the study confirm the legitimacy of using machine learning as a tool for classifying equity investment funds, though standard deviation turned out to be a better classifier than the beta ratio. In addition to the level of investment risk, the fund classification can be supported by the fund distribution channel, the fund name, age, and size, as well as the current economic situation. We find historical returns (apart from the last-month return) and the net cash flows of the fund to be insignificant for the fund classification.

3

Measuring of the Yield and Risk of Emerging Markets and Developed Stock Markets

88%

Radim G.

Littera Scripta

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2013

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vol. 1

30-39

EN

Financial analysts have recently paid more attention to so-called emerging markets that are slowly reaching the level of developed stock markets. The objective of this paper is to evaluate the level of yields and risk attributed to developed stock markets (USA, United Kingdom and Germany) and to emerging markets (Brazil is South America, Mexico in Central America, Hong Kong in Asia and Australia). These levels are set separately for the periods from 30 September 2004 to 30 September 2008 and from 30 September 2008 to 30 September 2012. The author compares the changes in levels between both periods and also development of the level of yields and risk within whole period of 12 months periodicity. The macroeconomic situation of these countries during selected period is monitored by means of GDP growth. The values of the stock indices are taken from major stock exchanges in these countries and bond yields are also used. Different standard deviations from the yield of the stock index, variation coefficients and Sharpe ratios are calculated. The author investigates to what extent it is true that higher yields can be achieved on emerging markets, but at the expense of a higher risk than on developed stock markets. Based on founded results it is clear that higher yields can be achieved on emerging markets at the expense of higher risk than on developed ones, but not in every case.

4

Predicting financial distress: Applicability of O-score model for Pakistani firms

75%

Waqas H., Md-Rus R.

Business and Economic Horizons

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2018

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vol. Volume 14

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issue Issue 2

389-401

EN

Predicting financial distress have significant importance in corporate finance as it serves as an effective early warning system for the related stakeholders. The study applies the most admired financial distress prediction O-score model and compares its predictive accuracy with estimated logit model. The study estimates logit model by including the profitability ratios, liquidity ratios, leverage ratios, and cash flow ratios. This study filled the gap by using the cash flow ratios to predict financial distress for Pakistani listed firms. The sample for the estimation model consists of 290 firms with 45 distressed and 245 healthy firms for the period 2006-2016 and covers all sectors of Pakistan Stock Exchange. The study provides important insights on the role of different financial ratio in predicting financial distress and shows that estimated logit model produces higher accuracy rate in predicting financial distress.

5

Predicting Consumers’ Intention to Shop Online in an Emerging Market: A COVID-19 Perspective

75%

Islam A., Anjum N., Ahmed I.

Journal of Marketing and Consumer Behaviour in Emerging Markets

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2021

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issue 1(12)

4-18

EN

As an emerging economy, Bangladesh has witnessed a remarkable development in adopting information and communication technologies over the last decade. Hence, the fi eld of e-commerce is expanding rapidly and consumers are now using the internet as an alternative channel for buying. The fundamental purpose of this study is to predict consumers’ intention to purchase online during the COVID-19 pandemic in Bangladesh. Based on the Theory of Planned Behavior (TPB), this study attempts to explore certain factors (attitude towards online shopping, subjective norms, perceived behavioral control) aff ecting consumers’ online buying intention. A structured questionnaire has been used to collect the primary data through the CAWI survey method. A total of 157 respondents have participated in this study from diff erent universities in Sylhet city, Bangladesh. This study employed multiple regression analysis to test the proposed research model. The fi ndings indicate that all the predictors have a signifi cant impact on consumers’ behavioral intention to do online shopping during the COVID-19 pandemic. However, any developing country like Bangladesh has a genuine need for more research works on the e-commerce fi eld. This study provides some valuable insights into the adoption of the online shopping system in an emerging economy which helps the e-commerce industry to understand online consumers’ behavior to develop various marketing strategies accordingly. The study also contributes to the body of knowledge both at the academic and practical levels.

6

The Essence Of The Emerging Markets’ Investment Risk. Comparative Analysis Of American And Central European Convertible Bond Issuers / Istota Ryzyka Inwestycyjnego Rynków Wschodzących. Analiza Porównawcza Amerykańskich I Środkowoeuropejskich Emitentów Obligacji Zamiennych

63%

Marszałek J.

Comparative Economic Research. Central and Eastern Europe

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2015

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vol. 18

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issue 3

81-97

EN

This paper attempts to identify the determinants of credit ratings for debt instrument issuers in the so-called emerging markets. The study was conducted on the sample of convertible bonds issuers in 2001-2012, half of which originated from Central and Eastern Europe, while the rest were U.S. operators. The analysis is focused exclusively on pairs of bonds with the same rating given by the British Fitch agency, which specialises in analysing Central and East European markets. The conducted studies show that solvency risk, interpreted as indebtedness, financial leverage and current solvency, is a major difference between the two groups of bonds. Changes in indebtedness, i.e. in assets held by foreign investors, are apparently the reasons of higher requirements for issuers from the emerging markets.

PL

W niniejszym artykule podjęto próbę identyfikacji czynników determinujących rating kredytowy emitentów instrumentów dłużnych na rynkach wschodzących. Padaniu poddano grupę emitentów obligacji zamiennych z lat 2001-2012, z czego połowa pochodziła z Europy Środkowej i Wschodniej, natomiast druga część to podmioty amerykańskie. Analiza dotyczyła wyłącznie par obligacji o tym samym ratingu, nadanym przez brytyjską agencje Fitch, która specjalizuje się w analizie rynków wschodniej i centralnej Europy. Przeprowadzona analiza pozwala zauważyć, że istotnym czynnikiem różnicującym obie grupy obligacji jest ryzyko wypłacalności rozumiane przez poziom zadłużenia, stopień dźwigni finansowej oraz płynność bieżącą. Zmiany wartości zadłużenia, a więc posiadanych przez inwestorów zagranicznych aktywów wydają się główną przyczyną wyższych wymagań wobec emitentów z rynków wchodzących.

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1 Business and Economic Horizons

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1 Journal of Marketing and Consumer Behaviour in Emerging Markets

1 Littera Scripta

1 Metody Ilościowe w Badaniach Ekonomicznych

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1 Ahmed I.

1 Anjum N.

1 Islam A.

1 Luciński W.

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