Czynniki wpływające na ceny papierów wartościowych na światowych rynkach finansowych

The purpose of his article is to present elements which determine asset valuation at world financial markets. This paper offers some implications for investors who want to take part in international assets allocation. The article consists of seven parts: the first, introduction briefly summarizes the problem, the second presents intrinsic value model, the third short and long positions, fourth the price and value relation, fifth Paul Samuelson's theory, sixth active and passive management and the final section concludes the paper.