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1

The Inter-branch Liquidity Comparison of Polish Stock Exchange Companies on the Basis of Working Capital

100%
Koralun B. J.
Pieniądze i Więź
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2007
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vol. 10
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issue 1(34)
150-156
EN
The aim of the research presented in this paper is to evaluate the liquidity of non-financial public companies listed at Warsaw Stock Exchange both in 2004 and 2005. The evaluation is based on selected working capital ratios. The three basic features analysed include working capital related to turnover, assets, inventory and due debts. The ratios were analysed both in the whole number of companies, as well as considering each of the economic sectors of building, industry and services separately. The results obtained from the research reveal significant disparities between the empirical ratios and those considered as optimal, which proves inadequate working capital management. In most cases examined it results in an insufficient level of working capital as a liquidity reserve. However there are also many cases where the amount of working capital exceeds the desirable limit. The paper also indicates some likely reasons for the discrepancies between the real and standard ratios and suggests possible ways of reducing them.
2
Content available remote

Wpływ globalnego kryzysu zaufania na pozycję polskiego sektora bankowego w Unii Europejskiej

100%
Penczar M., Lepczyński B.
Zarządzanie i Finanse
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2012
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vol. 4
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issue 1
401-418
EN
The paper presents the characteristics and process of the crisis in the European banking sector, paying particular attention to the consequences of the crisis in terms of profitability, liquidity and solvency. The banking crisis has affected mainly the banking systems of developed countries, to a lesser extent, have an impact on the situation of the Polish banking sector. Therefore, the aim of the article is to evaluate the changes in the position of the Polish banking sector relative to other banking sectors, particularly those from developed countries. Banking sectors of EU countries were analyzed in terms of growth, profitability (measured by ROA and ROE indicators) as well as for safety.
3

Wykorzystanie modelu VAR w analizie wyników finansowych przedsiębiorstwa

100%
Kośko M.
Roczniki Naukowe Wyższej Szkoły Bankowej w Toruniu
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2011
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issue 10
97-108
EN
The article presents the application of the Vector Autoregressive Model (VAR) to relationships between economic processes from profit and loss account, and balance. The empirical part of the article has two VAR models. The first one shows an approach to modeling of a company's net income and the second one presents the liquidity analysis of a company.
4

Introduction of the Budapest Liquidity Measure.

100%
Kutas G., Vegh R.
Kozgazdasagi Szemle (Economic Review)
|
2005
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vol. 52
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issue 7/8
686-711
EN
Today's capital markets are characterized by concentration and sharper competition for issuers, trading participants, and liquidity. All trading platforms wish to accommodate the needs of market players, for ultimate efficiency and limitless flexibility. This enhances significantly the importance of measures that assist objective comparison of exchanges and markets. To serve this goal, the authors have created the Budapest Liquidity Measure (BLM), an indicator to show the main parameter of market efficiency: liquidity. The liquidity of a market determines the implicit cost of transactions; higher liquidity implies lower transaction costs. The paper introduces the structure and methodology of the BLM and compares it with other published liquidity measure models. The authors have been measuring liquidity since October 2004 on their domestic market (7 stocks and a future contract for the BUX index), on the London Stock Exchange (GDRs for four Hungarian stocks), and on the Warsaw Stock Exchange (two dual-listed Hungarian stocks), based on public Reuters order-book data. Thereby, the securities' primary and secondary listings become comparable, which may help institutional investors to select the most efficient market for order execution. The BLM expresses the implicit costs of transactions in basis points. It may also give valuable information for issuers on the effectiveness and on the added value of their secondary listings. The empirical findings prove that implicit transaction costs in the instruments concerned are much lower in Budapest than on the secondary-listing markets, as the authors demonstrate in the paper using various calculation examples. The author's methodology has been employed by the Budapest Stock Exchange to calculate the Budapest Liquidity Measure..
5
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Zarzadzanie kapitalem obrotowym w gospodarstwach rolnych w 2007 roku (na podstawie danych FADN)

100%
Rys-Jurek R.
Journal of Agribusiness and Rural Development
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2011
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issue 3(21)
95-104
EN
Article is an attempt to describe the way of the net working capital management in farms in the year 2007. Data on the farms were taken from the FADN database and include the farms from the 27 European Union countries (EU-27). A descriptive and comparative analysis was used, and also the fundamental indicators of the financial analysis were made. The analysis showed that agriculture in the EU in 2007 year was characterized by: a high share of current assets in total assets, over-liquidity and low importance of short-term liabilities, and commonly used strategy of net working capital management was an aggressive-conservative one. This strategy was characterized by a moderate profit and risk. There was also a high diversity of assets and capital structure depending on the country. The study was extended by the comparison of net working capital management in the average farms from Poland with the average one from the EU-27 according to the ESU and the agricultural type.
6

"Płynna cielesność". Ciało męskiego podmiotu w prozie Jurija Izdryka

88%
Boruszkowska I.
Slavica Wratislaviensia
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2011
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vol. 153
655-662
EN
Corporeality and identity dilemmas connected with it accompany the protagonist created by one of the most interesting Ukrainian writers — Yuri Izdryk. In his works Wyspa Krk, Wozzeck and Podwójny Leon the author uses the space of prose to create the body of the character, the consciousness of the corporeal dimension of the being is very distinct. Zygmunt Bauman’s (contemporary philosopher) theories, concerning liquid life and liquid modernity, were used to describe corporeality of Izdryk’s protagonist. Attention was brought to the fact that this Ukrainian writer’s works are mainly prose realization of the contemporary humanist thought concerning body which is ill or deformed.
7

BASIC TRENDS OF INCREASE OF THE LEVEL OF CAPITALIZATION AND LIQUIDITY OF BANK INSTITUTIONS (Osnovni napriamy pidvyshchennia rivnia kapitalizatsii i likvidnosti bankivskykh ustanov)

88%
Kozoriz M. A., Lys I. M.
Rehionalna ekonomika
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2009
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issue 2(52)
95-102
EN
The basic problems of development of the banking system of Ukraine are considered. The necessity of providing the transparent and stable activity of banks in relation to the increasing level of their capitalization and liquidity maintenance on the basis on the risk management development and the banking system consolidation have been elucidated.
8

Rozroblennya ekonomichnoho profilyu promyslovoho pidpryyemstva: otsinky y pokaznyky

75%
Sabadash V. V., Loboda Y. M.
Mekhanizm Rehuluvannya Economiky
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2013
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vol. 3 (61)
100-110
EN
In this paper the theoretical, methodological and practical aspects of assessing the liquidity and solvency of an industrial enterprise. Based on a critical analysis of modern methods of assessment of the main economic and financial indicators of economic activity of industrial enterprises, the basic structural elements and procedural features of evaluating the financial condition of the company and on the basis of the results of economic development profile of the company. An analysis of the liquidity and solvency of the company is recommended to start with an analysis of the liquidity balance by grouping according to the degree of liquidity of assets and liabilities by maturity and repayment of certain comparative figures. Based on the selected principles and approaches, conducted the practical implementation of the described methods of analysis of the liquidity and solvency of the Company PJSC “Kraft Foods Ukraine” (the group of companies “Mondelēz International”), developed its economic profile and suggest efficient ways to improve the financial condition of the company.
9

THE VT INDEX AS AN INDICATOR OF MARKET LIQUIDITY RISK IN SLOVAKIA

75%
Teplý P., Vrábel M., Černohorská L.
Ekonomický časopis (Journal of Economics)
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2012
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vol. 60
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issue 3
223 – 238
EN
In this paper we construct a new market liquidity index for Slovakia (called the VT index) based on the calculation of using traditional indicators of market depth, resiliency, tightness, volatility and liquidity for four markets (money, foreign exchange, bond and stock market) and back-tested the index for the years 2001 – 2008. The VT index began decreasing in the first half of the year 2008 and continued to fall after Lehman Brothers’ collapse in September 2008. Although market liquidity deteriorated globally, major liquidity problems were avoided by individual financial institutions in Slovakia, due to relatively strong macroeconomic fundamentals of the Slovak economy in the pre-crisis period.
10

A liquidity trap and deflationary spiral in a model for pursuing an inflation target – the role of credibility

75%
Koppany K.
Kozgazdasagi Szemle (Economic Review)
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2007
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vol. 54
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issue 11
974-1003
EN
Reaching the lower limit of the nominal interest rate may have grave effects on the equilibrium and stability of the macro economy. Then the negative shock effects that threaten recession and too low a level of inflation cannot be absorbed by traditional measures of interest policy, and the economy, in the absence of other types of demand-stimulating measures, may easily slip into a state where the interest level stabilizes at a minimum value, and a spiral of decreasing output and price level results. This theoretical study uses a simple, stylized macroeconomic model to examine the possibility of such situations occurring. The formally deduced conditions for a liquidity trap and deflationary spiral to ensue show how the limits on the scope of interest policy are affected by the setting of the inflation target, the equilibrium level of real interest rate characteristic of the economy, the character and strength of the shock effects, the extent of the central bank's interest-rate reactions to these, and the credibility of the inflation target. The conclusions can be seen in parallel with the results of model calculations on the likelihood of the liquidity trap, and generally accepted recommendations for avoiding or remedying this. The model shows that the likelihood of reaching a zero interest rate can never in theory fall to zero, but entry into the deflationary spiral of a liquidity trap can be excluded in principle if attainment of the inflation target has a high degree of credibility.
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