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1

New financial markets and their impact on raw material prices

100%

Szturo M., Włodarczyk B.

Annales Universitatis Mariae Curie-Skłodowska, sectio H – Oeconomia

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2019

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vol. 53

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issue 3

EN

The purpose of the study was to determine the impact of the Chinese financial market, which is a new market, on the exchange rates of commodity currencies and, thus, the prices of raw materials. For this purpose, an autoregressive distributed lag model (ARDL) was used. The results indicate that the Chinese stock market and futures market for the yuan (the Chinese Yuan Non-Deliverable Forward Transactions; CNY NDF market) had a significant impact on commodity currencies before the global financial crisis in 2008/09, then the effect widened to include more commodity currencies in the post-crisis period. Further evidence suggests that the CNY NDF market had a greater impact on commodity currencies than the Chinese stock market. Despite the significant position of the Chinese economy, research also indicates that the impact of Chinese financial markets on commodity currencies (raw material prices) is weaker than the impact of the US stock market and US dollar market.

2

CHANGES IN MACRO AND MICRO-PRUDENTIAL SUPERVISION IN THE EUROPEAN UNION AND POLAND AFTER 2008

94%

Banasik M.

Zeszyty Naukowe Wyższej Szkoły Finansów i Prawa w Bielsku-Białej

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2017

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issue 1

4-24

EN

The financial crisis in the first decade of this century made economists, politicians and financial institutions realize the need for changes, especially in the area of supervision over markets. It should take place both at the micro and macro scale. Globalization processes force governments to cooperate on an international scale to avoid the socalled “domino effect”. A lot of households, which should be protected at macro level, lost their confidence in the financial markets because of the crisis. The purpose of this paper is to analyze the most important changes, which have been introduced after the crisis, in the legal regulations concerning supervision and safety of financial markets, both in the legislation of the European Union and Poland.

3

Podatek transakcyjny jako instrument kontroli – zachowanie stabilności rynków finansowych w UE

94%

Pełka W.

Kontrola Państwowa

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2014

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vol. 59

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issue 4(357)

115-130

EN

The growing volume of international short-term capital transfers, which destructively affects the stability of financial markets, as well as high costs that the states had to cover to eliminate the effects of the crisis, are the reasons for which governments tend to blame financial institutions for generating risks and making markets unstable. Since the beginning of 2014, the financial transaction tax has been discussed and argued about in the European forum, and is ready to be introduced. The article presents the concept of the new tax instrument, to be applied in the European Union Member States. In order to discuss the importance of the tax, arguments for its implementation have been listed, as well as consequences of its application in the context of the stability of the European financial market.

4

Relevance of Discretionary Accruals Information (DAI) in Ohlson model: the case of Mexico

94%

Durán-Vázquez R., Lorenzo-Valdés A., San Martín-Reyna J. M.

Journal of Entrepreneurship, Management and Innovation

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2012

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vol. 8

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issue 3

21-34

EN

This study applied the modified Jones´ model (1991) for selected companies of Mexico. This model aims to assess the impact of Discretionary Accrual Information (DAI) on financial reporting statements, in order to identify the value relevance of “earnings quality”. We applied methodological criteria of Chung et al (2005) and Mukit & Iskandar (2009). We analyzed financial information of the 35 stock included in the Index of Prices and Quotations (IPC) of the Mexican Stock Exchange (BMV) for the period 2000 to 2011. 19 companies met the specifications of the model, for 48 quarters of information. The analysis was done in three parts: first, an analysis of the modified Jones´ model under panel data considerations by using fixed effects and adjustments of performing autocorrelation of order 1; second, a correlation analysis between the residuals of the modified Jones´model and the return of stock price in 3 annual closings years of study: 2007, 2008 and 2009; and third, we incorporated this variable (DAI) in the Ohlson model (of the financial and corporate accounting literature) and we tested it with panel data analysis, under fixed effects, throughout the study period.

5

Finansyzacja w gospodarce światowej

94%

Gostomski E.

International Business and Global Economy

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2014

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vol. Volume 33

299–311

EN

This paper aims to present the essence of financialization and outline the main problems associated with the intensification of this phenomenon in the world economy. Financialization, understood as the dominance of the financial sector over the real sector, which is most evident in the United States, was one of the major causes of the global financial crisis. Basing his analysis on Polish and foreign literature and statistical data, the author presents the main causes, intensity, and consequences of financialization in developed countries. Special attention is paid to the negative consequences of financialization in the world. It is unlikely to stop the process of growing financialization. However, action in favor of greater regulation of financial markets, which could stabilize their functioning and protect the real economy from the painful effects of successive financial crises, should be taken.

6

ADAPTATIONS WITHIN THE FINANCIAL MARKET IN CHINA AFTER GLOBAL FINANCIAL CRISIS

94%

Glinka K.

Oeconomia Copernicana

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2016

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vol. 7

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issue 4

565-591

EN

The purpose of this paper is to present the evolutionary changes occurring in the financial market of China, which were catalysed by the turmoil in the global financial market. These changes were the outcome of anti-crisis measures in macroeconomics policy undertaken at the beginning of the crisis; they were also a response to the quantitative easing policy in the USA and in the Euro Zone (i.e. an increased money supply also reaching the financial market in China). With the currently binding system of currency exchange (managed floating exchange rate), China’s policy towards capital movement, on the one hand, is an attempt to maximise the benefits of the inflow of foreign capital , whilst, on the other – to minimise the risk related to the sudden changes in the direction of the flow of capital. The consequence of such an approach is the strategy of gradual liberalisation of capital account, accompanied by the significant involvement of the state in the financial market. Some specific solutions applied to this matter, that are discussed in the paper, point to the specifics of such a strategy. The liberalisation of the national capital market was preceded by the liberalisation of the offshore market (in Hong Kong). Such a strategy allows China to take up measures directed at the internationalisation of their own currency without any significant opening of the capital account. This paper concentrates on a descriptive analysis of the above phenomenon.

7

Mediation as a new solution for solving conflicts on financial markets

94%

Broszkiewicz M.

Nauki o Finansach

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2017

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issue 4(33)

22-34

EN

The development of the financial market is usually described in terms of new instruments, institutions or integration groups. Aspects often result in a delayed increase in market participants’ confidence, as the learning process of innovation is necessary. In the meantime, the anti-conflict mediation procedure, conflicts of diverse background, allow the parties to compromise and work out agreements that also benefit the entire financial market. The article attempts to argue for the hypothesis emphasizing the role of mediation in improving the level of financial market functioning and the level of investment attractiveness of financial market players. The article shows mediation as a solution to potential conflicts, as described in the current theory of economics and finance, as well as to problems in reality. The research was based on the literature of the subject and on mediation practices on the Polish financial market. The mediation procedure present on the Polish financial market is used especially in the insurance and banking sectors as well as in public finances, contributing to raising the level of trust of the individual entities.

8

Complexity of innovative financial products: The case of synthetic exchange traded funds in Europe

94%

Marszk A.

Nauki o Finansach

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2016

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issue 2(27)

49-64

EN

The aim of the text is the presentation of the most important categories of exchange traded funds (ETFs) – physical and synthetic ones. A theoretical part of the text includes an overview of the main features of ETFs, the presentation of the differences between physical and synthetic funds and the main risks posed by both types to their users and the whole financial systems. An empirical part focuses on the European market. The time span of the analysis covers the years 2001-2015 (or shorter periods in cases of lack of sufficient data). Using key statistics regarding the European ETFs market, its size, structure (both historically and currently) as well as predictions of the main future changes are discussed. The main results of the research indicate that the size of the European ETFs market, both in terms of the assets under management and number of listed funds, has been growing in recent years, yet at a rate lower than before the global financial crisis. An important observed change on the European ETFs market is the declining share of synthetic ETFs after their peak popularity in 2010. The most recent data from the first months of 2015 confirm this trend. Considering the data on cash flows into these two categories, physical ETFs will most probably continue to increase their market share compared to synthetic ones

9

Rynki finansowe w warunkach ograniczonej racjonalności

94%

Ambroziak Ł.

Ekonomia XXI Wieku

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2014

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issue 3(3)

76-93

EN

In this paper an attempt was made to clarify the reasons of price movements on financial markets in the conditions of decision-makers bounded rationality. The emphasis of rationality of individuals, which is limited by information they have and the cognitive limitations of their minds, allowed to discuss the hypothesis of efficient markets and an assumption of their rational expectations. As a results of these considerations a model of financial markets was formulated in which an investor could choose different investment strategies and decide to change originally chosen ones as a consequence of their bounded rationality.

10

Kontrowersje wokół przyczyn kryzysów finansowych

94%

Żukowska H.

Roczniki Ekonomii i Zarządzania

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2011

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vol. 3(39)

5-23

EN

The aim of the discussion contained in the present article is to show the controversies around the causes of financial crises and to propose a mechanism for reducing the premises and effects of a crisis by building a network of financial security.

11

Using Artificial Neural Networks to Predict Stock Prices

94%

Kozdraj T., University of Łódź C. o. S. M.

Acta Universitatis Lodziensis. Folia Oeconomica

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2009

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vol. 225

EN

Artificial neural networks constitute one of the most developed conception of artificial intelligence. They are based on pragmatic mathematical theories adopted to tasks resolution. A wide range of their applications also includes financial investments issues. The reason for NN's popularity is mainly connected with their ability to solve complex or not well recognized computational tasks, efficiency in finding solutions as well as the possibility of learning based on patterns or without them. They find applications particularly in forecasting stock prices on financial markets. The paper presents the problem of using artificial neural networks to predict stock prices on the example of the Warsaw Stock Exchange. It considers the general framework of neural networks, their potential and limitations as well as problems faced by researcher meets while using neural networks in prediction process.

PL

Sztuczne sieci neuronowe stanowią jedną z najbardziej rozwiniętych gałęzi sztucznej inteligencji. Oparte są na pragmatycznych koncepcjach matematycznych dostosowywanych do rozwiązywanego zadania. Szeroki obszar zastosowań tych struktur obejmuje również zagadnienia szeroko rozumianych inwestycji finansowych. Przyczyn popularności należy upatrywać głównie w możliwości rozwiązywania skomplikowanych lub niezbyt dobrze rozpoznanych problemów obliczeniowych, sprawności znajdowania rozwiązań oraz możliwości uczenia się na podstawie wzorców lub bez nich. W szczególności sztuczne sieci neuronowe znajdują swoje zastosowanie w problemach predykcji cen papierów wartościowych na rynkach finansowych. Artykuł przedstawia problematykę zastosowania sieci neuronowych do prognozowania cen akcji na Giełdzie Papierów Wartościowych w Warszawie. Ukazuje ogólną koncepcję sieci neuronowych, ich możliwości, ograniczenia oraz problemy, jakie stają przed badaczem w momencie ich wykorzystania w procesie prognozowania.

12

Yuan Versus United States Dollar: the Defective Bipolar China–United States Relationship

94%

Smagorowicz-Chojnowska M.

International Studies. Interdisciplinary Political and Cultural Journal

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2018

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vol. 22

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issue 1

119-136

EN

The chosen currency regime places a state within the international economic order. Therefore, the exchange rate is a key to creating an internal financial system and opening it up to foreign participants. In this paper we would like to show the differences between China and the USA and examine their impact on potential changes on the distribution of power in the international system. We will also try to prove that this field is a missing link in preventing the final launching of a symmetrical bipolar system which will finally force China to accept the rules of a Washington Consensus instead of following its own patterns. The case study method will be used in order to compare market data and assess the role of currencies for the given model.

13

Financial determinants of corporate reputation: A short-term approach

83%

Blajer-Gołębiewska A., Kozłowski A.

Managerial Economics

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2016

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vol. 17

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issue 2

179-201

EN

The aim of this study was to verify the short-term impact of financial variables on the corporate reputation perceived by investors. In the study we applied an approach from the field of business valuation assuming that corporate reputation perceived by investors is reflected in the difference between the valuation of a company by investors and its book value. Using panel data methodology, we analysed impacts of selected financial variables, representing company’s profitability, stability and its level of risk, on these differences in valuations of selected companies listed on the Warsaw Stock Exchange. Particularly, we chose companies operating in Construction and IT sectors to represent different types of activities (industry vs. services), which impacts also the diversity in the structure of their financial statements. In the study we used multiple regression models and analysis of contingency tables (chi-squared tests of independence and Yule’s coefficient of colligation). Our data suggest that there is a lack of strong short-term relations between analysed financial variables and corporate reputation. Nevertheless, we found different determinants of corporate reputation in the Construction sector (stability and profitability as well as their changes) and in the IT sector (stability, changes in profitability and the level of financial risk).

14

Gorączka złota w portfelu inwestycyjnym

83%

Ostrowska E.

Pieniądze i Więź

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2011

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vol. 14

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issue 4(53)

115-119

EN

As a result of the global financial crisis in the investment portfolio apart from financial instruments, non-financial assets, especially gold, have become of great importance. In periods of high turbulence in financial markets "gold assets" are negatively correlated with the stock market. Hence they are important determinants of investment in gold, gold stocks and volatility in the market.

15

Sovereign wealth funds in the globalization of financial markets

83%

Cuzovic D.

Perspectives of Innovations, Economics and Business

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2012

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vol. 10

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issue 1

5-13

EN

This paper analyses the investment funds with special emphasis on Sovereign Wealth Funds (SWFs), as new participants in the financial market. Considering that financial markets are one of the main carriers of globalization, our goal is to investigate development and the role of these investment funds with reference to contemporary theory and progressive practice of the market of developed countries. Although SWFs emerged in practice more than fifty years ago, they are not sufficiently explored in the theory.

16

CAPITALISM ON ITS OWN. DEVELOPMENT OF MORTGAGE MARKET IN POLAND AS A PROCESS OF FINANCIALIZATION OF HOUSEHOLDS

83%

Lewicki M.

Polityka Społeczna

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2014

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vol. 41

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issue 1(10) ENG POLAND IN TIMES OF UNCERTAINTY

31-36

EN

„Family on its own” – a label of the government’s program supporting young mortgagors defines neatly the social, political and economic transformation, associated with the housing question in Poland. Tighter and more complex intermingling of financial and housing markets indicates processes of the households financialization: universal banks’ capitalization through the mortgage debt of households seems to delineate future tendencies that push the banks towards households’ offers rather than towards provision of capital for commercial investment. The state, deregulating the market and pulling back from an active role on the housing market throughout 1990-ties and at the threshold of the new millennium, has become much more active in promotion of the stronger dependencies between financial and housing markets, mainly through the governmental programs supporting individual (households’) inverstment in the purchase of an apartment but also – taking a specific role of the “FIRE – extinguisher” on the financial market securing its liquidity in times of crisis. As a consequence, as my hypothesis claims, households in Poland will be submitted to the processes of their “liquidation”.

17

A puzzle of excessive equity risk premium and the case of Poland

83%

Kliber P.

Finansowy Kwartalnik Internetowy e-Finanse

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2016

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vol. 12

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issue 1

1-11

EN

The article presents a historical review of the literature related to the empirical problem of excessive risk premium. The risk premium (the diff erence between the return on equiti es and risk-free rate) observed in fi nancial markets cannot be reconciled with theoreti cal models of fi nancial markets – it is too high (“excessive”). We present the original model from the seminal work of Mehra and Prescott (1985), where this problem has been signaled. The article gives an overview of the main trends in the literature concerning this problem, of the proposed soluti ons and of the extension to the model. Finally, we consider the problem in the Polish context, estimating the original Mehra-Prescott model using data from the Polish financial market.

18

Zastosowanie modelu trzyczynnikowego w inwestowaniu na Giełdzie Papierów Wartościowych w Warszawie

83%

Schmidt B.

Zeszyty Naukowe Uniwersytetu Ekonomicznego w Krakowie

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2013

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issue 907

157-169

EN

Since the 1970s numerous papers have presented the results of analyses conducted on western capital markets. They have provided a great deal of evidence that CAPM is not able to deliver valuable predictions about future stock returns. That is why so many attempts have been made to develop a better pricing model, one of which is Fama and French’s three-factor model. This article analyses the extent to which this model can predict stock returns on the Warsaw Stock Exchange (the WSE). The analysis shows that the three-factor model does not deliver accurate predictions because it does not take into account all the essential factors that determine returns on the WSE. Further surveys should be conducted to identify these factors.

19

Risk Taking, Principal Agent Problems and Breakdown of Corporate Social Responsibility (CSR): How to Reestablish Safe-Assets and Capital Funding for Social Security?

83%

Petersen H.-G., Wiegelmann A. M.

Equilibrium. Quarterly Journal of Economics and Economic Policy

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2013

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vol. 8

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issue 2

7-30

EN

The breakdown of the financial markets in fall 2007 and the following debt crisis in the EU has produced an enormous mistrust in financial products and the monetary system. The paper describes the background of the crisis induced by functional failures in risk management and the multifold principal agent problems existing in the financial market structures. The innovated nontransparent financial products have mixed up different risk weights and puzzled, or even fooled formerly loyal customers. Contemporaneously abundant liquidity on the international financial market accompanied by easy money policies of the Fed in the US and the ECB in the euro zone have depressed the real interest rate to zero or even negative values. Desperate investors are seeking for safe-assets, but their demand remains unsatisfied. Low real interest rates and the consequently lacking compound interest effect in the same time jeopardize private as well as public insurance schemes being dependent on capital funding: the demographic crisis becomes gloomy. Therefore, the managers of the financial markets have to reestablish CSR and to divide the markets into safe-asset areas for the usual clients and “casino” areas for those who like to play with high risks. Only with transparency and risk adequate financial products can the lost commitment be regained.

20

Kontrola koncentracji a rynki instrumentów finansowych – wyznaczanie rynku właściwego w praktyce Komisji Europejskiej Decyzje Komisji Europejskiej w sprawach Nr COMP/.6166 Deutsche Börse/NYSE Euronext oraz Nr COMP/M.6873 Intencontinental Exchange NYSE Euronext

83%

Aziewicz D.

internetowy Kwartalnik Antymonopolowy i Regulacyjny

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2014

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vol. 3

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issue 9

137-143

PL

Przedmiotem niniejszego artykułu jest omówienie dwóch decyzji Komisji Europejskiej (dalej: Komisja) pod kątem analizy zagadnienia wyznaczania rynków właściwych przez organy antymonopolowe podczas oceny koncentracji, dotyczących instrumentów finansowych. W ostatnich latach Komisja Europejska wydała w tym zakresie dwie istotne decyzje. Pierwszą z nich była decyzja zakazująca koncentracji Deutsche Borse i NYSE Euronext w 2012 roku, drugą – decyzja zezwalająca na dokonanie koncentracji pomiędzy Intencontinental Exchange a NYSE Euronext z 2013 roku

EN

The article concerns the way of delineation of a relevant market for mergers between stock exchanges assessed by the European Commission. Focus here is placed on the delineation of markets for securities and for derivatives, on the basis of Deutsche Borse / NYSE Euronext and Intencontinental Exchange NYSE Euronext decisions.

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New financial markets and their impact on raw material prices

CHANGES IN MACRO AND MICRO-PRUDENTIAL SUPERVISION IN THE EUROPEAN UNION AND POLAND AFTER 2008