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1

ANALYSIS OF THE INVESTMENT FUNDS DEVELOPMENT IN POLAND 2003-2007 (Analiza rozwoju funduszy inwestycyjnych w Polsce w latach 2003-2007)

100%
Swida M.
Contemporary Economics
|
2008
|
issue 4(8)
21-27
EN
The article presents results of analysis of the investment funds market in Poland in 2003-2007. The analysis was basically made in main groups of the investment funds. In the article are presented the data, which described changes on capital market and in portfolio structure of the investment funds. It is a base for the investment funds market general assessment.
2

THE IMPACT OF THE FINANCIAL CRISIS OF 2007-2008 ON THE RESULTS OF PROPERTY FUNDS REGISTERED IN POLAND (Wplyw kryzysu finansowego lat 2007-2008 na wyniki funduszy nieruchomosci zarejestrowanych w Polsce.)

80%
Antkiewicz S.
Pieniądze i Więź
|
2010
|
vol. 13
|
issue 2(47)
69-80
EN
Real estate funds operate in the same way as securities investment funds, differing only in the subject of trade. This subject - the property- is characterized by much less liquidity than securities, and therefore the market is much more difficult and diverted to long-term investment. As the roar of real estate investment funds operate in Poland for only a few years, the time after which one could make a full and unambiguous assessment of their business has not yet passed. The aim of this article is an attempt to answer the question whether the financial crisis affects the valuation of real estate operating funds. The main thesis of the paper is that real estate funds operating in Poland can be divided into three groups, depending on the evolution of investment fund certificates valuation in relation to the economic status of the Polish capital market.
3

THE DEVELOPMENT OF CORPORATE GOVERNANCE REGULATIONS IN EMERGING ECONOMIES AS A REASON FOR FOREIGN CAPITAL INFLOW TO CAPITAL MARKETS. THE CASE OF ROMANIA (Polish title below)

80%
Broszkiewicz M.
Ekonomia - Uniwersytet Ekonomiczny we Wroclawiu
|
2011
|
issue 1(13)
50-60
EN
(Polish title: Rozwoj ladu korporacyjnego w krajach emerging markets jako przyczyna naplywu kapitalu zagranicznego na rynki kapitalowe. Przypadek Rumunii). Well constructed system of the principles of corporate governance can reduce the risk and stimulate the development of economy and the capital markets of developing countries. Following the path of developed countries emerging markets have to develop the principles of corporate governance, all the more they lack proper legal adjustments in the range of functioning of firms as a result of historical events. Corporate governance has a great significance for the enlargement of economy and the inflow of foreign capitals, the development of democracy and the attraction of multinational corporations, present on many capital markets of the world. The system of corporate governance in Romania is the example of the use of solutions, predominant in the countries of continental Europe. To raise the competitiveness of this country it is necessary to introduce reforms, regulating functioning of capital market and enterprises after the process of privatization.
4

PRAVIDLÁ VO VZŤAHU KU KLIENTOM PRI REALIZÁCII FINANČNÉHO SPROSTREDKOVANIA A FINANČNÉHO PORADENSTVA V SEKTORE KAPITÁLOVÉHO TRHU

80%
Slezáková A.
Právny obzor. Teoretický časopis pre otázky štátu a práva (Juridical Review. Theoretical journal for the questions of state and law)
|
2016
|
vol. 99
|
issue 2
89 – 106
EN
Financial intermediation and financial advisory is undoubtedly influenced by many legislative determinants. The article reflects one of these, represented by a set of rules governing the obligations in relation to clients when performing financial intermediation and financial advisory. The valid legislation allows carrying out financial intermediation and financial advisory in the sectors of insurance or reinsurance, capital market, receiving of deposits, granting credits or consumer credits, supplementary pension saving system and old- age pension saving system. The article focuses on the sector of capital market, where a financial agent and a financial advisor is authorized to perform only in a restricted range of activities. We focus on selected provisions that we believe are essential for financial intermediation and financial in this sector.
5

CAPITAL CONCENTRATION PROCESSES IN THE POLISH FOOD INDUSTRY COMPANIES

80%
Kraciuk J.
Wieś i Rolnictwo
|
2008
|
issue 2(139)
104-114
EN
The capital concentration processes taking place on the public market relate also to enterprises from the food industry. Reports on the planned take-overs and the take-over process itself exert a strong influence on the market of shares of the companies that are being taken over and, consequently, on the shareholders' profits. The prices of shares begin to grow tangibly already in the period preceding the take-over, which can be ascribed to the fact that information about the take-over plans reaches investors and which confirms the hypothesis about the information efficiency of the capital market. However, the highest growth in share prices takes place a few days after the take-over. The results of the conducted research indicate that the investors who would buy the shares of food companies a month before the take-over and who would sell them a month after the take-over could count on the average rate of return of over 15%.
6

THE CONCEPT OF TRANSNATIONAL EXCHANGE IN THE LIGHT OF PRIVATISATION AS A FACTOR STIMULATING THE DEVELOPMENT OF THE WARSAW STOCK EXCHANGE. (Koncepcja gieldy ... w swietle prywatyzacji jako czynnika stymulujacego rozwój Gieldy ..)

80%
Antkiewicz S.
Pieniądze i Więź
|
2009
|
vol. 12
|
issue 1(42)
EN
The ongoing integration of the capital markets requires a rigorous monitoring. This is all the more important since the ever-changing conditions in the stock market. Main factors that led to a complete harmonization of the exchange with other entities trading in securities are privatization and cooperation with stronger foreign investor. This integration is linked not only to a number of challenges, but also gives hope for many new possibilities. Warsaw Stock Exchange (WSE) is also facing such challenges. The article discusses these conditioning in the context of the WSE development. The stock exchange's position in the global investment market to a large extent depends on the structure of ownership and involvement in technology. Most of the consolidation processes, however, do not progress without some interruptions. The main cause of failure is usually a difficulty in accepting the changes by both sides of potential cooperation. The greatest opportunity for future development of national stock exchanges is, therefore, privatization, and for the choice of a particular strategy, the potential of country's economy has a significant impact, including the potential of domestic capital market. When developing a way to publicize the final share exchange, it is necessary to realistically estimate its financial capabilities and future aspirations.
7

Integracja finansowa strefy euro – wnioski dla Polski

80%
Zyguła A.
Zeszyty Naukowe Uniwersytetu Ekonomicznego w Krakowie
|
2011
|
issue 875
63-77
EN
The internationalisation of economies and the deepening of cooperation on a regional and global scale have determined to a large extent changes on global financial markets. The process of financial integration within the European Union is, therefore, a part of a broader process of globalisation and liberalisation of the world economy. The introduction in 1999 of a common currency, the euro, has created a unique opportunity to step up this process. Financial integration is an extremely complex phenomenon. Due to the multiplicity of determining conditions, it is impossible to highlight them all. Accordingly, the article characterises synthetically the financial market integration process in the euro area by focusing only on two of their main operating segments, i.e. money markets and capital markets. Within these segments the largest sub-segments – markets – have been characterised, taking as a criterion in its narrow definition the type of partial instruments occurring on these markets.
8

THE ROLE OF CAPITAL MARKET IN PROINNOVATIVE ALLOCATION OF CAPITAL IN POLAND

80%
Pelka W.
Myśl Ekonomiczna i Prawna
|
2007
|
issue 1(16)
38-66
EN
The aim of the paper is to demonstrate that capital market in Poland through the mechanisms of eliminating gaps in the supply of capital may play an essential role in the process of stimulating innovative development of companies. This may result in increasing of the level of competitiveness of Polish economy. The methodology used by the authoress includes a description of the presented problem and analysis of volume, structure and dynamics of detailed phenomena. The conducted research led to the following results. The level of innovation in Poland is low due to a weak engagement of domestic private capital and the lack of mechanisms concerning allocation of this capital to innovative projects. One can observe a dangerous phenomenon of increasing the gap in the supply of long-term capital in the early stages of the development of companies. The capital market in Poland is only able to properly fulfill its functions in the process of allocation of financial means to innovations if the central government and local governments are actively engaged in the process. Eliminating the capital gap is possible when the domestic private capital is activated, which requires among the others things a preferential tax system and creating specialist institutions of capital market functioning in the sector of small and medium sized companies.
9

PROBLEMS OF PENSION SYSTEM REFORMS, FINANCIAL SYSTEM STABILITY AND CAPITAL MARKET DEVELOPMENT IN EMERGING ECONOMIES

70%
Baghdasaryan A. M.
Mekhanizm Rehuluvannya Economiky
|
2012
|
vol. 1 (55)
157-163
EN
The article considers problems of pension system reforms arising in most countries with transition economy. As a solution introduction of multi-pillar system of pension provision is recommended. This system supposes existence of pillars based on the principles of both pay-as-you-go system and funded system. Nonetheless, introduction of mandatory funded pension system is connected with substantial risks. The presented article is devoted to the analysis of the risks of introduction of mandatory funded pension system and the main mechanisms of mitigation of risks as well as the social aspects of the reform.
10
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DIVERSIFICATION OF INVESTMENT PORTFOLIOS AS AN INSTRUMENT USED BY INSTITUTIONAL INVESTORS IN THE CAPITAL MANAGEMENT PROCESS (Polish title below)

70%
Trippner P.
Finansowy Kwartalnik Internetowy e-Finanse
|
2011
|
vol. 7
|
issue 3
85-93
EN
(Polish title: Dywersyfikacja portfeli inwestycyjnych jako instrument wykorzystywany przez inwestorów instytucjonalnych w procesie zarzadzania kapitalem). The paper presents the essence and ways of limiting the level of investment risk through the processes of diversifying the composition of investment portfolios. The paper shows types of deposit portfolios. The author analyzed the profitability of deposit portfolios with various share of high-risk instruments in 2005-2010 as well as the influence of the recession in 2007-2008 on the profitability of particular investment portfolios.
11

SPECIFICITY OF CORPORATE GOVERNANCE IN RUSSIA (Specyfika nadzoru korporacyjnego w Rosji)

70%
Grabowiecki J., Fiedorczuk M.
Optimum. Studia Ekonomiczne
|
2010
|
issue 2 (46)
115-137
EN
The authors make an attempt at analyzing the corporate governance system in Russia. At the outset, they explain the notion and nature of corporate governance and they present national systems of supervision in developed countries, i.e. in the United States, Germany and Japan. In the authors' view, the form of the corporate governance system in the Russian economy was determined by the privatization of state enterprises in 1990s. Other parts of the paper provide a description of basic institutions and corporate governance mechanisms within the Russian Federation.
12

REÁLNY EKONOMICKÝ CYKLUS V PODMIENKACH NEDOKONALÉHO FUNGOVANIA TRHU KAPITÁLU

61%
Dujava D., Lisý J.
Ekonomický časopis (Journal of Economics)
|
2010
|
vol. 58
|
issue 10
1006 – 1025
EN
In this paper the authors deal with a question of how imperfect flexibility of interest rate and prices of capital goods on market of capital influences welfare if an economy is submitted to technology shocks. By the use of the basic real-business-cycle model they explain how positive technology shocks may lower welfare. The authors identify factors influencing the need of flexible interest rate and flexible prices of capital goods. Their model predicts significant influence of elasticity of substitution of factors of production, of persistency and of intensity of technology shocks on welfare under the conditions of imperfect working capital market. Efficient capital market becomes more important with a slower rate of operation of diminishing marginal product of capital, lower persistency and higher intensity of technology shocks.
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