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Północnoamerykańskie Porozumienie o Wolnym Handlu (NAFTA) i jego postanowienia dotyczące bezpośrednich inwestycji zagranicznych

100%
Marszk A.
Ekonomia Międzynarodowa
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2010
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vol. 001
2
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Polskie aktywa w zagranicznych funduszach inwestycyjnych typu exchange-traded funds: rozmiary, struktura oraz znaczenie dla polskiego systemu finansowego

100%
Marszk A.
Prace Naukowe Uniwersytetu Ekonomicznego we Wrocławiu
|
2018
|
issue 531
325-336
PL
Exchange-traded funds (ETFs) są jedną z najszybciej rosnących kategorii funduszy inwestycyjnych. W pewnych krajach, takich jak Polska, nie nastąpił jednak rozwój tej grupy funduszy. Celem tekstu jest omówienie wybranych zagadnień teoretycznych związanych z wpływem ETFs na system finansowy oraz ocena możliwości wystąpienia tych oddziaływań w Polsce w odniesieniu do funduszy notowanych poza granicami Polski, które posiadają polskie aktywa. Przedstawione zostały wyniki badania przeprowadzonego z wykorzystaniem wskaźników obliczonych na podstawie danych o poszczególnych funduszach, w tym przede wszystkim zagregowanych wartości aktywów funduszy w różnych ujęciach (zwłaszcza w odniesieniu do rozmiarów poszczególnych części systemu finansowego) oraz struktury aktywów. Okres badania to lata 2010-2017. Wyniki analizy wskazują na to, że potencjalny wpływ zarówno funduszu notowanego w Polsce, jak i notowanych za granicą funduszy z polskimi aktywami na polski system finansowy jest silnie ograniczony ze względu na ich niewielkie rozmiary.
EN
Exchange-traded funds (ETFs) are globally one of the most rapidly developing categories of investment funds. However, in some countries, such as Poland, their growth has been minimal. The aim of the paper is the presentation of the selected theoretical issues linked to the influnce of ETFs on the financial system and the evaluation of the possibility of such an impact in Poland, with the focus on the foreign funds that hold Polish assets in their portfolios. The analysis was conducted with calculated indicators based on the values of assets of funds in various perspectives (including the size of the financial system’s particular segments). The period of the research was 2010−2017. The results of the analysis indicate that the potential impact on the Polish financial system of both the fund listed only in Poland and the foreign funds with Polish assets is severely limited by their size.
3
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Sustainable investing exchange-traded funds: US and European market

100%
Marszk A.
Journal of Economics and Management
|
2019
|
vol. 37
69-86
EN
Aim/purpose – The key aim of the paper is to examine the diffusion of the sustainable investing Exchange-Traded Funds (ETFs) on the European and US ETFs markets, with the special focus on the market shares of sustainable investing and conventional funds. Design/methodology/approach – The model of diffusion of innovation (logistic growth model) is applied. Monthly data on the assets of ETFs in the time period of 2006-2017 are used. Findings – Increasing assets of sustainable investing ETFs were identified in both examined regions. The average value of assets was higher in the United States, but the European market became larger in the late 2017. Exclusively for Europe, the diffusion of sustainable investing ETFs was confirmed for the entire analysed time period as the market share of this category was increasing in relation to the conventional funds. In the United States, the diffusion was short-lived and took place in the time period 2006-2008. Research implications/limitations – Applied diffusion models assume an S-shaped trajectory of the innovation’s diffusion and the estimations are sensitive to historical data. Originality/value/contribution – It is the first study to apply the methodological framework of innovation diffusion for the examination of the sustainable financial products. It addresses an issue of switching between sustainable investing and conventional financial products that has not been examined previously.
4

Przemiany na chińskim rynku akcji w latach 1990–2012

100%
Marszk A.
International Business and Global Economy
|
2014
|
vol. Volume 33
340–351
EN
The main purpose of this paper is to examine the transformation of the stock market in the People’s Republic of China (i.e. concentrated on stock exchanges in Shanghai and Shenzhen; the stock exchange in Hong Kong was omitted) from its beginnings in the early 1990s, through rapid development over the next two decades, up to the financial crisis of 2008 (the period examined is 1990–2012). The paper presents a short history of the Chinese stock market before and after 1990. Other topics covered include unique stock classification system, comparison of the two stock exchanges, main market participants (including barriers for institutional and foreign investors), and legal/regulatory environment evolution. The next part of the paper consists of an analysis of the main stock market’s development indicators (in both absolute and relative terms). The findings conclude that, in the said period, Chinese stock market has undergone a deep transformation, especially when its size and liquidity are being considered. However, there are still many aspects in which it remains underdeveloped, particularly in the supervision system’s area.
5
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Rynki akcji w krajach wschodzących

75%
Marszk A.
Ekonomia Międzynarodowa
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2011
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vol. 002
6
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FINANCIAL MARKETS DIFFUSION PATTERNS. THE CASE OF MEXICAN INVESTMENT FUNDS

51%
Marszk A., Lechman E., Kaur H.
Equilibrium. Quarterly Journal of Economics and Economic Policy
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2017
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vol. 12
|
issue 1
83-100
EN
Research background: Exchange traded funds (ETFs) are one of the most influential financial innovations, reshaping the investment funds market in many countries, including Mexico. Due to their similar investment objectives, ETFs are considered substitutes for mutual funds. Purpose of the article: The aim of the article is to provide an indepth insight into the issues associated with the development of financial markets in Mexico over the period 2002-2012, putting special emphasis on the development patterns of ETFs. Methods: First we use descriptive statistics to unveil basic changes and trends in the Mexican investment funds (ETFs and mutual funds). Then we use a category of the innovation diffusion models, i.e. logistic growth models, in order to explore the key development patterns. Data sources and methodological framework are presented in the second section of the article, with a detailed description of the innovation diffusion models applied in the research (based on 3-parametric logistic curve). The sum of assets under management of ETFs and mutual funds is considered as the size of the total investment funds market. Findings & Value added: Empirical findings indicate a significant development of the ETF market, both in terms of assets under management and market share. According to the presented estimations, Mexican ETF market development can be described with the logistic growth models, and three characteristic phases of the logistic curve were clearly observable. The predicted ETF market development patterns point towards a further increase of the market share of ETFs over the next 3-5 years, yet the probability of exceeding the level of ca. 20-30% seems low.
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