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1

Ogólna klasyfikacja taktyk przejęć przedsiębiorstw

100%

Pawlak M.

Roczniki Ekonomii i Zarządzania

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2011

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vol. 3(39)

239-270

EN

In the article a classification is presented of the techniques of takeovers of companies. It has been made on the basis of American experience. At the beginning basic concepts are defined and explained, and then friendly and hostile takeovers are described. The information may be interesting for the Polish reader since takeovers, especially hostile ones, ever more often occur in the Polish economic reality.

2

Unia Europejska w poszukiwaniu odpowiedzi na ekspansję gospodarczą Chińskiej Republiki Ludowej w Europie

63%

Morozowski T.

Przegląd Zachodni

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2018

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issue 1(366)

62-80

EN

The European Union is facing the challenge of developing a coherent reaction to the increased economic activity of China in Europe. Beijing’s policy of foreign economic expansion and its leap to digital economy are affecting Europe, despite the geographical distance. China is strengthening its position as one of the main actors on the global scene as elements of the New Silk Road will be built in European cities, Chinese companies are buying European technological manufacturers and the trade exchange as well as Chinese investment level in Europe are increasing dramatically. The purpose of this article is to answer the question about the way the EU should react to such Chinese policy. In order to do so the research problem related to the process of shaping this reaction up to now has been analysed. The following research questions have been formulated: what are the sore points and weaknesses which the European side needs to limit? On which fields should the EU develop its partnership with China in the first place? What are the assets on the side of the EU, of which it should make a better use in relations with Beijing? Within the process of resolving these questions the following hypotheses have been formulated: even if not deliberately, Chinese policy contributes to a fragmentation of the European unity; intensity of EU countries’ relations with China is inversely proportional to their engagement in a common European action on contentious topics in the EU-Chinese agenda; coherent European strategy towards China is necessary in order to limit disintegration tendencies as well as to mitigate unfavourable effects of Chinese activity on the internal European market. Three guidelines can be defined as a conclusion drawn from the analysis conducted: introducing a level playing field into reciprocal relations, protection of the European unity and building a strong negotiating position by the EU. An assumption could be made that shaping EU strategy based on these elements will let Europe thoroughly benefit from opportunities provided by the new Chinese economic opening and at the same time limit the possible dangers it carries.

3

Skuteczność wezwań do sprzedaży akcji na polskim rynku kapitałowym

51%

Asyngier R.

Annales Universitatis Mariae Curie-Skłodowska, sectio H – Oeconomia

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2017

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vol. 51

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issue 1

EN

The purpose of this article was to examine the efficiency of public tender offer for shares on the Polish capital market issued in 2006–2016. The subject of the study was the effectiveness of tender offer from the point of view of the buyer, the average of bid premium and the relationship between a successful takeover and a bid premium for the shareholders. To distinguish the possible most homogeneous research group, the paper considers tender offer for shares meant to achieve 100% of votes at the Issuer’s General Shareholders Meeting, announced by companies which were not shareholders or which had small share packets. The analysis did not show that the success of the tender offer was dependent on offered a bid premium for the takeover, which was more than 20% on average.

PL

Celem artykułu było zbadanie skuteczności publicznych wezwań do sprzedaży akcji ogłaszanych w latach 2006–2016 na polskim rynku kapitałowym. Analizie została poddana skuteczność wezwań z punktu widzenia wzywającego, średnia wysokość premii oferowanej akcjonariuszom oraz zależność między powodzeniem wezwania a premią za przejęcie. W celu wyodrębnienia możliwie najbardziej jednolitej grupy badawczej brano pod uwagę wezwania zmierzające do osiągnięcia 100% głosów na WZA spółek, ogłaszane przez podmioty niebędące akcjonariuszami lub posiadające niewielkie pakiety akcji spółek. Dokonane analizy nie wykazały, że powodzenie wezwania było uzależnione od oferowanej premii za przejęcie, która wyniosła średnio ponad 20%.

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1 Annales Universitatis Mariae Curie-Skłodowska, sectio H – Oeconomia

1 Przegląd Zachodni

1 Roczniki Ekonomii i Zarządzania

1 2018

1 2017

1 2011

1 Asyngier R.

1 Morozowski T.

1 Pawlak M.

Ogólna klasyfikacja taktyk przejęć przedsiębiorstw

Unia Europejska w poszukiwaniu odpowiedzi na ekspansję gospodarczą Chińskiej Republiki Ludowej w Europie

Skuteczność wezwań do sprzedaży akcji na polskim rynku kapitałowym