Search results - CEJSH

1

Geneza rynku papierów wartościowych w Polsce

100%

Łagowski P.

Ekonomia. Wrocław Economic Review

|

2013

|

vol. 19

|

issue 4

69 - 79

EN

Warsaw Stock Exchange, in its present form, has existed for more than 22 years. Despite its short modern history, a tradition of Polish capital market could be observed far earlier. To prove this theory, the author presents the history of public trading in securities in Poland.

2

Riskmetrics™Methodology in Assessment of Investment Risk on Capital Markets

100%

Mentel G.

Folia Oeconomica Stetinensia

|

2010

|

vol. 9

|

issue 1

34-51

EN

In the article the author has presented the methodology of assessment of market risk connected with investing in all sorts of financial instruments such as: shares, bonds and other derivatives, e.g. RiskGrade (RG). The measure has been introduced by RiskMetrics. The article presents the application of RiskGrades methodology while choosing the optimum investment portfolio for a Polish investor who invests in shares in the Warsaw Stock Exchange. Moreover, some other risk measures have been discussed which describe the efficiency of the optimum financial portfolio.

3

The use of speculative operations in the capital market and their importance

100%

Lypchuk V., Reznik N. P., Slobodianyk A. M.

Przedsiębiorstwo & Finanse

|

2019

|

issue 4

85-98

EN

The article is devoted to substantiation of significance of speculative operations and follows the goal to study their condition and development. It is substantiated that existence and stability of the securities market plays a significant role in development of financial market, which in turn becomes a key element in the mechanism of economy. The authors emphasize that the liquid market continues to function even with a large number of economic agents while price fluctuation of securities have a little change. Yet, arrival of speculators increases the number of participants in stock exchange transactions, thus promoting competition and, ultimately, more efficient detection of real value of economic subject. It has been proven that stock trading is very attractive for those who are interested in a combination of excitement and the possibility of a large quick profit, and is an extraordinary opportunity for profit as process of trading itself appears to be technically simple. It has been established that speculation can be carried out on the stock exchange both using cash and in futures transactions. However, operating with cash transactions has fewer combinations and in general less profitable, thus the main arena of speculators becomes the market of future transactions. It has been proven that speculative profits are possible during both “bullish games” and in shorting’s, thus becoming an important tool for additional attraction of investments. In summary, speculations have a crucial role in achieving a balance between capital market participants.

4

Risk Perception versus Risk Preference among Future Financial Market Participants – A Pilot Study

100%

Radke M., Ślaśko K.

Finanse i Prawo Finansowe

|

2024

|

vol. 3

|

issue 43

7-21

PL

Cel artykułu. Celem niniejszego badania była ocena poziomu ryzyka mierzonego kwestionariuszem ryzyka SIRI oraz testem psychologicznym z sekcji ‘Ludzie cenią zmiany, a nie stany’ z artykułu ‘Aspects of Investor Psychology’ autorstwa Kahnemana i Riepe, a także ocena związku pomiędzy poziomem uzyskanym z testów a nastawieniem do ryzyka uczestników rynku. Metodyka. Badanie zostało przeprowadzone w okresie od lutego do czerwca 2023 roku. Do weryfikacji hipotezy wykorzystano metodę ilościową. Wykorzystano narzędzie ankietowe i przebadano 36 studentów kierunku Finanse i Rachunkowość. Ankieta składała się z kwestionariusza ryzyka SIRI, testu psychologicznego Kahnemana i Riepe oraz metryczki, która zawierała pytania dotyczące cech społeczno-demograficznych próby, takich jak płeć i rok studiów. Wyniki/Rezultaty badania. W badaniu stwierdzono ujemną umiarkowaną korelację między ryzykiem stymulacyjnym a ryzykiem instrumentalnym oraz ujemną umiarkowaną korelację między ryzykiem instrumentalnym a awersją do ryzyka i skłonnością do hazardu.

EN

The purpose of the article. The purpose of this pilot study was to assess the level of risk measured by the SIRI risk questionnaire and the psychological test from the section ‘People Value Changes, not States’ from the article ‘Aspects of Investor Psychology' by Kahneman and Riepe. Another objective was to evaluate the relationship between the level derived from the tests and the risk attitude of market participants. Methodology. The pilot study was conducted between February and June 2023. A quantitative method was used to verify the hypothesis. A survey tool was used and 36 students of Finance and Accounting major were surveyed. The survey consisted of the SIRI risk questionnaire, the Kahneman and Riepe psychological test, and a metric, which included questions on the socio-demographic characteristics of the sample such as gender, and a year of study. Results of the research. The pilot study found a negative moderate correlation between stimulus risk and instrumental risk, and a negative moderate correlation between instrumental risk, risk aversion and gambling propensity.

5

Did the Crisis in the Interbank Market Run Parallel to the Crisis in the Capital Market? : Cospectral Analysis

80%

Burzała M.

Bezpieczny Bank

|

2015

|

issue 2 (59)

96-112

EN

For analysts of the crisis it is important to find out whether financial market disturbances occurred simultaneously for different segments of this market. If certain lags are identified, this might form a basis to establish the direction of capital flows. The research hypothesis about the simultaneous occurrence of capital and interbank market disturbances was verified by using cospectral analysis. The results of empirical research that are presented in this article indicate that the covariance of the studied segments of the financial market in the U.S. was very low. This means that the capital market only showed a delayed reaction to single impulses coming from the interbank market in relation to certain crisis events.

6

Comments on the criminal protection of the capital market in Poland

80%

Płońska A.

Nowa kodyfikacja prawa karnego

|

2014

|

vol. 34

29 - 43

EN

The development of the capital market in Poland in recent years is also associated with various types of prohibited acts that threaten both individual and general public legal interests. The importance of criminal protection of the capital market is essential when other means of legal responses are not effective. The author indicates the protective function of criminal law as the most significant. Then the author presents an overview of the Polish capital market and criminal liability for the majority of capital market offences.

7

Dłużne papiery wartościowe w finansowaniu jednostek samorządu terytorialnego w Polsce

80%

Wiśniewski M.

Studia BAS

|

2021

|

issue 4(68)

131-146

EN

The aim of the paper is to show the importance of the capital market for local government units. These entities often use repayable financing of their tasks, including capital market instruments, bonds in particular. First, the article reviews the legislation on the use of debt instruments by local government units in Poland. Second, on the basis of a quantitative study of data characterising the local government bond market, an assessment of the importance of bonds for the financing of local governments is presented.

8

Operations of Deutsche Börse and the role of the German stock exchange in relation to several European stock exchanges

80%

Czupryn R.

Central European Review of Economics & Finance

|

2021

|

vol. 34

|

issue 3

13-32

EN

This article analyzes the operation of the German stock exchange on the basis of applicable national regulations, directives of the European Parliament and the adopted manner of operation of the entity in accordance with the information contained on the official website of the stock exchange. The following part of the article presents a comparative analysis of fifteen European stock exchanges. The comparative criterion was the achieved results concerning the offered financial instruments. The study was conducted on the basis of data from the Federation of European Stock Exchanges covering the state at the end of January 2021.

9

Analysis of Selected Investment Fund Type Ranking Position – PROMETHEE Method Application

80%

Kucharski A.

Przedsiębiorczość i Zarządzanie

|

2014

|

vol. 15

|

issue 1

41-53

EN

We decided to use the PROMETHEE method to rank selected types of investment funds offered on the Polish market. In our deliberations, we took an interest in the investor with a certain aversion to risk who chooses from among treasury securities or stable growth funds. We took into consideration whole ranking lists made for half-yearly periods from 2010 to 2012 instead of the specific objects pointed by model. We decided to check whether, among investment products of interest to us, there are stable relationships over time arising from their ranking positions that allow to identify regular groups of leaders and outsiders. Moreover, we checked the influence of the fund size measured by the value of its assets on its ranking position.

10

The Estimation of the Influence of the Economy on the Capital Market in Poland During 2000-2006

80%

Tarczyński W., Gazińska M.

Folia Oeconomica Stetinensia

|

2007

|

vol. 6

|

issue 1

37-52

EN

The relation between the economy and the capital market is very interesting as far as analysis related to the capital market is concerned. The key statement is that the changes in the country economy have influence on the capital market. The aim of this article is to investigate if there are any essential connections between the values characterizing the capital market and the economy condition in Poland. Such values were taken into consideration as stock indices (WIG20, WIG), the rate of exchange, the level of unemployment, inflation, the GDP, Poland's economic growth. The analyses were made for some indices on the Warsaw Stock Exchange (WIG, WIG20) and for some economic variables (e.g. the level of unemployment, inflation, the GDP, the economic growth and other). Analyses were made for the data in the period of 2000-2006. Some statistical parameters were used to find statistical regularity for some indexes on the Warsaw Stock Exchange and for some economic variables observed in Poland. The authors analysed the relation between selected variables, too. Excel 2003 for Windows and Statistica 6.1 PL were used for all the calculations. The significant element of the fundamental analysis is the confirmation of a statistic regularity concerning the relation between the economy and the capital market. Stock analysis in the scope of fundamental analysis should be also made by the use of macroeconomic variables. It will considerably increase the safety of investment and also its profitability.

11

A Statistical Analysis of Dividend in Chosen Companies Listed on the Warsaw Stock Exchange

80%

Łuniewska M.

Folia Oeconomica Stetinensia

|

2007

|

vol. 6

|

issue 1

75-85

EN

The capital market appeared in Poland relatively not far ago, so it is the young market and is not shaped well. Although, the development rate does not satisfy all the believers of the capital market, it should be emphasized that this market is functioning and is developing. Market indicators are a significant element of the market analysis performed by means of fundamental analysis. The aim of this article is to study the statistic regularity in the scope of indicators connected with a dividend. In Poland dividend is not discussed often and indicators connected with dividend are practically not used in stock analysis. This study will show the usefulness of these measures in the analysis connected with investment on the stock exchange market. The analyses are conducted for some dividend variables on the Warsaw Stock Exchange (dividend rate of return and pay indicators, stopping and re-investment). The analyses concern data in the period of 2000÷2006. Some statistical parameters to detect statistical regularity for dividend rate of return and pay indicators, stopping and re-investment on the Warsaw Stock Exchange are used in the paper. The author tried to analyse the relation between selected variables too. The study should make it possible to decide if measures such as dividend rate of return and pay indicators, stopping and re-investment are unquestionably important and useful in stock analysis. It is particularly important from the point of view of long-term investment, as well as the fundamental analysis. They should be included in the group of market indicators in case of statistically significant influence of measures connected with a dividend on investment profitability. This leads to the possibility of significant growth of an investment that can turn out profitable on the capital market.

12

Wpływ wybranych czynników na aktywność inwestorów na Warszawskiej Giełdzie Papierów Wartościowych

80%

Madej Ł.

Gospodarka Narodowa. The Polish Journal of Economics

|

2006

|

vol. 205

|

issue 1-2

63-76

EN

The article examines the influence of select factors on the attractiveness of a stock market and investor activity. The analysis covers the following factors: the number of new listings, the overall number of listed companies, market capitalization, the capitalization-to-GDP ratio, risk and rate of return. The author analyzes the linear relationship among individual factors, using the Pearson Correlation Coefficient. A Coefficient of Determination is also applied to establish how changes in one factor affect other factors. The analysis of the linear relationship reveals that factors influencing the qualitative and quantitative development of the exchange are more strongly correlated with the volume of trading done by individual groups of investors than factors influencing the profitability of investment. There is a strong interdependence-confirmed by a high Coefficient of Determination-between the capitalization-to-GDP ratio (which illustrates the role of the stock exchange in the economy) and the volume of trading done by stock investors. Similarly, there is a strong interdependence between market capitalization and the volume of trading done by these investors. Finally, there is a close relationship between the number of new listings and the volume of trading done by individual, institutional and foreign investors. This shows that the popularity of the WSE among investors may substantially increase with an increased range of investment opportunities offered by the market-expressed by the number and value of listed instruments. It seems that new listings, especially those involving large companies that hold major shares in their respective markets, play a major role on the WSE.

13

Reakcja rynku kapitałowego na ogłoszenie wezwania do sprzedaży akcji notowanych na Warszawskiej Giełdzie Papierów Wartościowych

80%

Michalewski M., Palica Z.

Gospodarka Narodowa. The Polish Journal of Economics

|

2006

|

vol. 205

|

issue 1-2

77-93

EN

The authors set out to examine the reactions of the Polish capital market to public bids for the sale of listed stock. The basic method for evaluating the results of public bids for shareholders was an analysis of the rates of return for investment in shares in relation to the date of the bid. In their research, the authors limited themselves to analyzing the reactions of the capital market to transactions involving public bids. The article discusses the results of research on a sample of 140 cases, with a specific date of the public bid and the behavior of stock quotations. The study shows that the bids substantially influenced rates of return for shares on the Polish capital market. Investments ranging from 30 days prior to the bid to 30 days after the bid usually yielded positive rates of return. Moreover, the first public bids on the Polish market, as a new trend, usually yielded higher rates of return than the next bids because the market quickly grew accustomed to them. The behavior of the Polish market-whereby relatively high rates of return continue for about two weeks after the bid-is in line with mature market standards.

14

Measurement of the Efficiency of Mutual Funds Operating on the Pan-European Market

80%

Witkowska D.

Folia Oeconomica Stetinensia

|

2012

|

vol. 12

|

issue 2

126-146

EN

In the paper the performance of 18 selected European mutual funds is evaluated. Analysis is conducted for 6 samples distinguished from the period 15.09.2006-20.01.2012. Ranking of funds is provided applying the aggregated measures that base on well known Sharpe, Treynor and Jensen ratios and four different markets indexes e.g. Euro STOXX 50, DAX, CAC 40 and FTSE 100. In the composite indicators construction we use 60 classifications of the mutual funds.

15

Dłużne papiery wartościowe w finansowaniu jednostek samorządu terytorialnego w Polsce

80%

Wiśniewski M.

Studia BAS

|

2021

|

issue 4(68)

131–146

EN

The aim of the paper is to show the importance of the capital market for local government units. These entities often use repayable financing of their tasks, including capital market instruments, bonds in particular. First, the article reviews the legislation on the use of debt instruments by local government units in Poland. Second, on the basis of a quantitative study of data characterising the local government bond market, an assessment of the importance of bonds for the financing of local governments is presented.

16

Hybrid Concepts of Long-Term Estimates for Value at Risk

80%

Mentel G.

Folia Oeconomica Stetinensia

|

2008

|

vol. 7

|

issue 1

1-12

EN

There is a growing demand for models which enable to measure and assess the risk in long-term horizons (sometimes more than 2 years). The practical demand for such models is required by the institutions which manage the investments and retirement funds. In the paper the theoretical aspects of risk assessment methodology with the use of Value at Risk (VaR) were presented. In this method in order to estimate the long-term VaR limits the hybrid model which is the optimum mixture of random walk and mean reversion was used. The application of the presented methodology was exemplified by the estimation of long-term predictions for VaR limits for stock prices.

17

Problematyka konfliktu interesów w funkcjonowaniu rynku kapitałowego

80%

Parkitna A., Górski A.

Ekonomia. Wrocław Economic Review

|

2018

|

vol. 24

|

issue 2

73 - 91

EN

The study refers to the occurrence of conflicts of interest on the capital market, which negatively affects the functioning of the capital market, limits its development potential, and may even affect the outflow of investors, particularly those providing liquidity in the market. Today, the social responsibility of business entities becomes something important. It is a specific determinant of the company’s image and the basis of its operation. Word = Institution “brokerage house” should be associated with competence, honesty, or righteousness resulting from observance of the law and ethics principles of conducted business. The existence of a set of regulations (the Code of Good Practice for Brokerage Houses, the Act on Counteracting Unfair Market Practices) relating to the functioning of brokerage houses, there are situations in business practice that are not used to develop a capital market, based on a conflict of interest. Brokerage firms are obliged, on the one hand, to: sell shares and, on the other hand, recommend buying them. “Manipulation on the market” would mean entering into transactions that give false, misleading signals about supply, demand, and prices of equity instruments. To avoid conflicts of interest, there are special procedures in brokerage offices that prevent co-operation between competing departments: chinese walls. Each office additionally has rules governing the flow and control of confidential information. Such information may not be available, for example, between primary and secondary market forces, between sales departments and analysis departments. The indicated issues were brought together, focusing on the possible consequences of conflicts of interest. It emphasizes the difficulty of bringing justice through the necessity of showing the causal link between the conflict of interest and the possible loss of the investor. Then solutions were identified to protect against the negative aspects of the conflict of interest, and the proposals were presented in their conclusions.

18

10 years of the NewConnect market – success or failure?

80%

Asyngier R.

FINANSE Czasopismo Komitetu Nauk o Finansach PAN

|

2018

|

issue 1(11)

26-52

EN

The aim of the article to assess the functioning of the NewConnect market over 10 years from the organizer’s and participants’ perspective. This helps to diagnose the most important organizational advantages and problems of the Polish MTF, determine further development prospects and propose potential changes to neutralize the negative factors. To illustrate the problem, a comprehensive analysis will be made of aggregated statistical data from 2007–2017, which show the changes and trends on this market, and additionally include the data comparing the current state of the NewConnect market with other alternative markets organized by European stock exchanges. The conducted research does not allow to view the NewConnect market as an organizational success. The analysis identified a number of problems in the functioning of the Polish MTF, ranging from the inappropriate organization of the primary market, resulting in the admittance of too high a number of issuers of dubious credibility, to the consequences appearing on the secondary shares market. It does not give unambiguous grounds to expect positive prospects for the market development in the future. In order to stop unfavorable trends and to improve the issuers’ quality, a discussion on the regulations regarding issuers’ admission, i.e. the size of the minimum equity, IPO, capitalization and the issue price of the debuting company, should be initiated.

19

Synthetic measures of the European capital markets development

80%

Kompa K., Witkowska D.

Econometrics. Ekonometria. Advances in Applied Data Analytics

|

2015

|

issue 4 (50)

214-227

EN

The development of computer sciences and telecommunication together with legislation changes caused the globalization of capital markets and the increase of their role in the economy. To measure the level of the development of capital markets it is necessary to take into account several aspects that lead to providing multidimensional analysis. Therefore multivariate statistical methodology can be used for such a purpose. The aim of the paper is a comparison of the development of the capital markets, represented by the stock exchanges affiliated with the Federation of European Securities Exchanges (FESE). The development of selected equity markets is evaluated applying taxonomic measures calculated on the basis of FESE data concerning nineteen European stock exchanges in the years 2002-2011. Variables used for the synthetic indicators construction describe both the characteristics of the capital markets and the financial efficiency of the stock exchanges.

20

Segment ubezpieczeń rynków Advenced Emerging

80%

Winkler-Drews T.

Studia i Materiały

|

2021

|

issue 1(34)

134-149

EN

The present article analyses the evolution between 2000 and 2017 of the insurance segment of markets classified by FTSE Russell as Advanced Emerging. The considerations were carried out in two categories: the ratio of premium to GDP and the ratio of premium capitalization to the value of bank deposits.

PL

W artykule przeanalizowano w okresie 2000–2017 ewolucję segmentu ubezpieczeń rynków kapitałowych zaklasyfikowanych przez FTSE Russell jako Advanced Emerging. Rozważania prowadzono w dwóch kategoriach: relacji składki do PKB oraz relacji kapitalizacji składki do wartości depozytów bankowych.

Refine search results