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THE STRONG INFORMATIVE EFFICIENCY OF THE WARSAW STOCK EXCHANGE - THE MYTH AND THE REALITY (Mocna efektywnosc informacyjna Gieldy Papierów Wartosciowych S.A. w Warszawie - mit a rzeczywistosc)

100%
Potocki T., Swist T.
Ekonomia. Rynek, Gospodarka, Społeczeństwo
|
2009
|
issue 23
14-34
EN
The informative efficiency of the market is the issue verified considering its three different kinds. The tests of the weak form have a reflection in the prices of the shares in their historical value. The majority of the research proves that there is no possibility to achieve abnormal rate of return on the basis of technical analysis. Considering half-strong form, empirical investigation does not give one straight answer, however, the majority of results leans towards supporting half-strong form of informative efficiency. Consequently, it is impossible to achieve unusual profits in a longer period of time based on the technical and fundamental analysis. The next means of the efficiency which is hard to be verified is its strong form. With regard for the need to consider this issue in the analysis of the unpublic information, it is the most difficult to examine. The aim of this article is to try to verify a strong form of the informative efficiency on the basis of assumption that recommending individuals have an access to the information which is not available to the wider group of investors. The investigation was carried out on the reports from 52 institutions, which recommendations (1925 events) concern the companies of index WIG 20 between 01.01.2005 and 03.06.2008. In most cases the results of the investigations lead towards the hypothesis that there is a strong informative efficiency in the Stock Exchange in Warsaw.
2
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ANALYSIS OF THE STRUCTURE OF INVESTORS ON THE WARSAW EXCHANGE CONSIDERING WIG20 FLUCTUATIONS (Analiza struktury inwestorów na warszawskim parkiecie w aspekcie fluktuacji indeksu WIG20)

80%
Czech M.
Finansowy Kwartalnik Internetowy e-Finanse
|
2010
|
vol. 6
|
issue 4
92-102
EN
The aim of the article will be an attempt to assess the mood of different groups of investors, based on the dynamics of their market shares in the period of 2003-2009. The empirical research will be aimed at examining the structure of investors in the WIG20. The next step will be an extrapolation of the trend in order to determine the future path of investors interest in relation to forecast evolution of the WIG20 index. The trend of phenomenon development will be designated on the basis of data exchange presented in the form of time sequence. The extraction of the trend will be conducted with the analytical method involving the appointment of a mathematical function of a linear trend. Then, using the least squares method, the impact of seasonal and random factors will be estimated. After their assessment, based on the multiplicative model, the trend of the general structure of the investor on the Stock Exchange could be determined.
3
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SHORT-SELLING OF EQUITIES. ADVANTAGES, DISADVANTAGES AND USING OF THIS INVESTMENT TECHNIQUE ON THE WARSAW STOCK EXCHANGE (Krótka sprzedaz akcji. Wady i zalety oraz wykorzystanie tej techniki na Gieldzie Papierów Wartosciowych w Warszawie)

80%
Klosiewicz P., Sieradzki R.
Finansowy Kwartalnik Internetowy e-Finanse
|
2010
|
vol. 6
|
issue 2
88-86
EN
The main aim of this article is to present short-selling as an investment technique, that enables investors to make profits on drops of prices of securities. Two types of short-selling were characterized: covered short-selling and naked short-selling. The article presents advantages of this investment technique, not only for investors, but also for functioning of the equity and derivatives markets. Disadvantages of short-selling were also presented including, among other things, market abuse and short squeeze. It was noted that the negative impact of short-selling may be partially limited by applying proper regulations (like the up-tick rule). Problems concerning concluding short-selling transactions on the Warsaw Stock Exchange were also analysed, emphasizing the role of legal factors in development of this market.
4

NEWS ABOUT COVID-19: UNRAVELING THE MARKET REACTIONS AND INVESTOR SENTIMENT ACROSS DIFFERENT STOCK EXCHANGES

80%
Albrecht P., Maršálková L., Dorňák P.
Ekonomický časopis (Journal of Economics)
|
2023
|
vol. 71
|
issue 4-5
281 – 299
EN
This paper examines the impact of news regarding the spread of the coronavirus on stock market returns. We investigate this impact across different geographical regions and behavioural aspects through regression analysis. Specifically, we explore the relationship between stock returns and factors such as investors’ attention, the number of new positive COVID-19 cases and deaths, and government measures implemented during the pandemic. Our findings reveal that news concerning new deaths associated with the virus and attention towards the vaccine significantly affected stock markets in Europe, the United States, and globally. Notably, these effects were observed prior to the approval of the first vaccine. However, our analysis does not confirm these results for the Japanese and Chinese stock markets. As a result, we argue that the Japanese stock market presents an opportunity for diversification during similar shocks. These findings contribute to a deeper understanding of the dynamics between public health crises and financial markets.
5

ANALYSIS OF WORLD EXPERIENCE OF ORGANIZATION OF STOCK EXCHANGE IN THE CONTEXT OF POSSIBILITIES OF ITS USE IN UKRAINE (Analiz svitovoho dosvidu orhanizatsii fondovoi birzhi v konteksti mozhlyvostei ioho vykorystannia v Ukraini)

80%
Kalynets K. S.
Rehionalna ekonomika
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2009
|
issue 3(53)
182-191
EN
World models of organization of financial market and their short characteristics have been presented. On the basis of these models the experience of stock exchanges organization in the USA, Germany, France and Poland has been analyzed. The basic characteristic features of development of exchange trade in these countries, namely: structure of organs of government control, activity of stocks exchanges, depositary-clearing system, system of implementation of mutual requirements and obligations, value and structure of professional participants of stock exchange have been elucidated. The dynamics of absolute capitalization of stock exchange has been at the same time analysed in the above-mentioned countries countries and its tendencies and problems have been determined.
6

DIAGNOSTIC FUNCTION OF THE NONCLASSIC BREAK-EVEN POINT IN FUNDAMENTAL ANALYSIS ON THE CAPITAL MARKET

80%
Tarczynski W., Gazinska M.
Przegląd Statystyczny
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2008
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vol. 55
|
issue 1
97-112
EN
One of the main aspects of the analysis of business enterprises is the break-even point, which belongs to the Cost-Volume-Profit (CVP) analysis. Since revenues, cost and profits are the functions of the level of the enterprise's activity it is possible to apply the analytically determined relations to support the decision-making process. The economic account basing on the break-even point leads to planning the production on the production level that assures that the difference between the sales and the cost of goods sold is higher than zero. In this meaning, the break even-point is a very useful tool that enables the analysis of the profitability of a business. The usage of the break-even point within the basic analysis in the stock exchange analysis might in significant way decrease the investment risk or increase its effectiveness. The analyses of non-classical break-even point were conducted for companies in selected sectors listed on the Warsaw Stock Exchange in 2000 and 2005 years.
7

STOCK EXCHANGE CAPITALIZATION IN UKRAINE: PECULIARITIES AND PROBLEMS

80%
Kozoriz M. A., Kalynets K. S.
Rehionalna ekonomika
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2008
|
issue 4(50)
157-162
EN
The necessity of existence of stock exchange is examined as the economic category. Economic essence of capitalization of stock exchange as an important index of business activity of the country is analysed. The comparative analysis of activity of stock exchanges is conducted in the countries with the formed markets (Ukraine, Hungary, Chech Republik, Poland). On the basis of the conducted analysis features and problems of the development of stock exchanges in Ukraine, and also factors, influencing capitalization of stock exchanges and features of their manifestation have been determined. The complex of measures concerning the increase of the level of capitalization of the Ukrainian stock exchanges has been elaborated.
8

DETERMINATION OF THE MARKET VALUE OF SECURITIES: THE MAIN PROBLEMS AND WAYS OF THEIR SOLUTION (Vyznachennia rynkovoi vartosti tsinnykh paperiv: osnovni problemy ta shliakhy yikh vyrishennia)

51%
Antonov S. M., Shishkov S. E.
Ekonomika i prohnozuvannia (Economics and Forecasting)
|
2010
|
issue 1
67-98
EN
The authors analyze the world experience of pricing at the stock markets, reveal the gaps in Ukraine's legal basis, and, based on a comprehensive analysis of the problem of defining the real value of securities at the stock market; they outline the ways of its solution.
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