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Tytuł:
Does the change in the company’s name affect the share price? The case study of the Polish capital market
Autorzy:
Asyngier, Roman
Powiązania:
https://bibliotekanauki.pl/articles/522186.pdf
Data publikacji:
2018
Wydawca:
Uniwersytet Ekonomiczny w Katowicach
Tematy:
Abnormal returns
Name changes
Warsaw Stock Exchange
Opis:
Aim/purpose – The paper was aimed to find out if abnormal returns occur before and after changes in the names of companies listed on the Warsaw Stock Exchange. Design/methodology/approach – Due to the fact that this was an early stage of the research, an appropriate methodology was used in the research which took into account indexes of relative force of quotations of some selected companies in relation to the wide Warsaw Stock Exchange WIG index. Findings – The research findings proved the existence of positive abnormal returns before the name changes and negative trends after the name changes in companies in the long term. Comparing the average volume of share trading before and after the name changes in companies, no positive effect was noticed in this scope. Research implications/limitations – The clear and unambiguous results appear to be significant for investors while taking investment decisions. Therefore, the conclusions from the findings of the pilot research need to be confirmed and verified in further studies on the problem, with the use of a more advanced methods. Originality/value/contribution – The paper represents one of the few empirical studies on the impact of the name changes of listed companies on the share prices in relation to the emerging markets, and the first ones concerning the Polish share market. The findings of the study may give grounds to discuss and identify practical causes of market behaviors as a result of changes in companies’ names.
Źródło:
Journal of Economics and Management; 2018, 32; 18-29
1732-1948
Pojawia się w:
Journal of Economics and Management
Dostawca treści:
Biblioteka Nauki
Artykuł
Tytuł:
The review of the financial strategies of Polish wood-industry companies listed on the Warsaw Stock Exchange
Autorzy:
Biernacka, Justyna
Powiązania:
https://bibliotekanauki.pl/articles/2154061.pdf
Data publikacji:
2021
Wydawca:
Szkoła Główna Gospodarstwa Wiejskiego w Warszawie. Wydawnictwo Szkoły Głównej Gospodarstwa Wiejskiego w Warszawie
Tematy:
wood industry
financial strategy
Warsaw Stock Exchange
Opis:
The review of the financial strategies of Polish wood-industry companies listed on the Warsaw Stock Exchange. The paper focuses on the analysis of the financing strategies of wood industry enterprises listed on Warsaw Stock Exchange in 2018 - 2020. This paper examines three main values characterising company's financing strategy: equity capital share in total capital, equity capital share in fixed assets and long-term debt share in total debt. The data for calculations was taken from publicly available quarterly financial statements of analysed entities from 1st quarter of 2018 to 3rd quarter of 2020. The analysis showed that moderate financing strategy was used by Biofactory and KLON companies and an aggressive strategy was used by Standrew. KPPD financing strategy was not possible to clearly define due to the high volatility of values of examined ratios and depend on the considered period. The highest variability in the structure of foreign capital was observed in KLON - in this company the highest level of long-term debt was observed (above 70% of total debt).
Przegląd strategii finansowych polskich spółek branży drzewnej notowanych na Giełdzie Papierów Wartościowych w Warszawie. Artykuł koncentruje się na analizie strategii finansowania przedsiębiorstw przemysłu drzewnego notowanych na Giełdzie Papierów Wartościowych w Warszawie w latach 2018-2020. W artykule przeanalizowano trzy główne wartości charakteryzujące strategię finansowania spółki: udział kapitału własnego w kapitale ogółem, udział kapitału własnego w majątku trwałym jednostki oraz udział długoterminowego zadłużenia w całkowitej kwocie zobowiązań jednostki. Dane do wyliczeń zaczerpnięto ze sprawozdań finansowych analizowanych spółek z okresu od 1 kwartału 2018 roku do 3 kwartału 2020r. Analiza wykazała, że spółki Biofactory oraz KLON stosowały umiarkowaną strategię finansowania działalności, spółka Standrew – strategię agresywną. W KPPD strategia finansowania była zmienna ze względu na dużą zmienność wartości badanych mierników i zależała od badanego okresu. Największą zmienność struktury kapitału zaobserwowano w przypadku spółki KLON – w jednostce tej odnotowano najwyższy poziom zadłużenia długoterminowego w stosunku do zadłużenia ogólnego (powyżej 70% wartości kapitałów jednostki).
Źródło:
Annals of Warsaw University of Life Sciences - SGGW. Forestry and Wood Technology; 2021, 115; 37--44
1898-5912
Pojawia się w:
Annals of Warsaw University of Life Sciences - SGGW. Forestry and Wood Technology
Dostawca treści:
Biblioteka Nauki
Artykuł
Tytuł:
The Market Reaction to Stock Splits - Evidence from the Warsaw Stock Exchange
Autorzy:
Sekuła, Paweł
Powiązania:
https://bibliotekanauki.pl/articles/16729033.pdf
Data publikacji:
2023
Wydawca:
Uniwersytet Marii Curie-Skłodowskiej. Wydawnictwo Uniwersytetu Marii Curie-Skłodowskiej
Tematy:
split
Warsaw Stock Exchange
event study methodology
Opis:
Theoretical background: A share split is an operation that increases the total number of shares. The split is a technical operation and should not affect the market value of the company. The shareholding structure of the company remains unchanged when the shares are split. However, split studies around the world show the occurrence of abnormal returns. Purpose of the article: The article analyses splits based on market data from 2009 to 2021. The aim of the study is to analyse the cumulative average abnormal returns (CAARs) in the periods preceding stock splits on the Warsaw Stock Exchange (WSE). CAARs are analysed in different research variants. The influence of the stock market situation and the frequency of splits on the amount of abnormal returns is examined. Research methods: The research was carried out using event study analysis. The Market-Adjusted Return Model was used to determine abnormal returns. CAARs were calculated for each analysed event window. The statistical significance of abnormal returns was verified by the parametric t test and the non-parametric Corrado rank test. Main findings: The study showed statistically significant positive abnormal returns in the 30-day period preceding the split. The hypothesis that multiple splits cause particularly high increases in the market value of companies has not been confirmed. Research on the reaction to splits depending on the state of the stock market situation did not allow unambiguous conclusions in the case of the periods when the WSE Index (WIG) increased. Weaker reaction to planned splits in the period of worse market conditions was confirmed.
Źródło:
Annales Universitatis Mariae Curie-Skłodowska, sectio H – Oeconomia; 2023, 57, 1; 181-195
0459-9586
2449-8513
Pojawia się w:
Annales Universitatis Mariae Curie-Skłodowska, sectio H – Oeconomia
Dostawca treści:
Biblioteka Nauki
Artykuł
Tytuł:
Determinants of audit fees: Evidence from Poland
Autorzy:
Rewczuk, Karol
Modzelewski, Piotr
Powiązania:
https://bibliotekanauki.pl/articles/1356608.pdf
Data publikacji:
2020-08-26
Wydawca:
Uniwersytet Warszawski. Wydział Nauk Ekonomicznych
Tematy:
audit fee
statutory auditor
accounting
Warsaw Stock Exchange
Opis:
Unlike many studies concerning audit fees in Western Europe or the United States, literature concerning this kind of research is very limited in Central and Eastern Europe. This study aimed to show what factors shape audit fees in Poland. It was conducted based on data collected from the financial statements of 111 companies listed on the Warsaw Stock Exchange in 2018. The study used a linear regression model to verify the determinants of audit fees. The research results indicate a positive relationship between audit fees and company size, measures of complexity (in addition to the ratio of inventories and receivables to total assets) and the fact that a company is audited by the ‘Big Four’ accounting firms.
Źródło:
Central European Economic Journal; 2019, 6, 53; 323 - 336
2543-6821
Pojawia się w:
Central European Economic Journal
Dostawca treści:
Biblioteka Nauki
Artykuł
Tytuł:
Family Firms as a potential source of growth for the Warsaw Stock Exchange
Autorzy:
Filipczak, Szymon
Powiązania:
https://bibliotekanauki.pl/articles/692529.pdf
Data publikacji:
2017
Wydawca:
Uniwersytet Ekonomiczny w Poznaniu
Tematy:
Family Firms
Capital Market
Warsaw Stock Exchange
IPO
Opis:
The Warsaw Stock Exchange  has been growing rapidly since its establishment. Privatization program undergone via the public market was one of the crucial factors that contributed to this growth. Currently, very few State-owned companies that might go public have left. The main goal of this article is to discuss the possibility that family firms will step into the State’s shoes and become a more meaningful source of new issuers for the WSE. This paper identifies reasons for possible increase in family firms listings on the WSE as well as key elements for that to happen.
Źródło:
Research Papers in Economics and Finance; 2017, 2, 2; 21-28
2543-6430
Pojawia się w:
Research Papers in Economics and Finance
Dostawca treści:
Biblioteka Nauki
Artykuł
Tytuł:
THE PROFITABILITY OF FOLLOWING ANALYST RECOMMENDATIONS ON THE POLISH STOCK MARKET
Autorzy:
Zaremba, Adam
Konieczka, Przemysław
Powiązania:
https://bibliotekanauki.pl/articles/599640.pdf
Data publikacji:
2015
Wydawca:
Wyższa Szkoła Informatyki i Zarządzania z siedzibą w Rzeszowie
Tematy:
stock market
stock recommendations
analysts
Warsaw Stock Exchange
Opis:
The profitability of analysts’ recommendations is documented in numerous studies from all over the world. However, the evidence from the Polish market is relatively modest. The primary aim of this study is to fill this gap. The paper contributes to the economic literature in four ways. First, it provides fresh out-of-sample evidence on return patterns following analysts’ recommendations from Poland. Second, it examines the relations between these patterns and the size of the rated companies. Finally, it investigates whether it is possible to design profitable strategies based on the discovered patterns. We use monthly stock level data from Poland and the sample period is 2004-2013. In order to examine the profitability of analysts’ reports, we build market-neutral portfolios and test their performance against CAPM, Fama-French three-factor and Carhart fourfactor models. The principal findings can be summarized as follows. First, we document that the top rated companies deliver better returns than the bottom rated companies. Second, we find that the profitability is particularly impressive among the small companies. Third, the abnormal returns are partially explained by momentum and value based factors. Finally, we provide evidence that strategies based on information in recommendations deliver statistically significant positive abnormal rates of return.
Źródło:
Finansowy Kwartalnik Internetowy e-Finanse; 2015, 11, 1; 22-31
1734-039X
Pojawia się w:
Finansowy Kwartalnik Internetowy e-Finanse
Dostawca treści:
Biblioteka Nauki
Artykuł
Tytuł:
The Warsaw Stock Exchange Index WIG: Modeling and Forecasting
Modelowanie i prognozowanie indeksu WIG
Autorzy:
Wdowiński, Piotr
Zglińska-Pietrzak, Aneta
Powiązania:
https://bibliotekanauki.pl/articles/907597.pdf
Data publikacji:
2005
Wydawca:
Uniwersytet Łódzki. Wydawnictwo Uniwersytetu Łódzkiego
Tematy:
Warsaw Stock Exchange
stock index
GARCH model
forecasting
Opis:
In this paper we have assessed an influence of the NYSE Stock Exchange indexes (DJIA and NASDAQ) and European Stock indexes (DAX and FTSE) on the Warsaw Stock Exchange index WIG within a framework of a GARCH model. By applying a procedure of checking predictive quality of econometric models as proposed by Fair and Shiller (1990), we have found that the NYSE market has relatively more power than European market in explaining the WSE index WIG.
W artykule podjęliśmy próbę oceny wpływu indeksów rynku amerykańskiego DJIA i NASDAQ oraz indeksów rynku europejskiego DAX i FTSE na indeks WIG z giełdy w Warszawie. Do modelowania tego wpływu wykorzystaliśmy metodologię GARCH. Stosując metodologię łączenia prognoz oraz metodologię oceny jakości prognostycznej modeli ekonometrycznych, zaproponowane w pracy Fair i Shiller (1990), pokazaliśmy, że rynek NYSE ma względną przewagę nad rynkiem europejskim w wyjaśnieniu zmian indeksu WIG.
Źródło:
Acta Universitatis Lodziensis. Folia Oeconomica; 2005, 192
0208-6018
2353-7663
Pojawia się w:
Acta Universitatis Lodziensis. Folia Oeconomica
Dostawca treści:
Biblioteka Nauki
Artykuł
Tytuł:
Assessment of investment attractiveness in shares of socially responsible companies based on the RESPECT index in 2009–2017
Autorzy:
Gołaszewska-Kaczan, Urszula
Marcinkiewicz, Jacek
Kilon, Jarosław
Powiązania:
https://bibliotekanauki.pl/articles/653209.pdf
Data publikacji:
2018
Wydawca:
Uniwersytet Łódzki. Wydawnictwo Uniwersytetu Łódzkiego
Tematy:
Corporate Social Responsibility
RESPECT index
Warsaw Stock Exchange
Opis:
Both in theory and practice, it is emphasised that engaging in CSR actions brings many benefits to companies. One of the commonly listed advantages is more trust from investors, which enables the achievement of superior returns from securities issued by socially responsible firms. The paper endeavours to investigate whether this benefit can be also noticed among businesses in the Polish index of socially responsible companies RESPECT. The study involves firms included in the RESPECT index from its inception (November 2011) to the end of 2017. The authors compared the RESPECT index with selected Polish market indices between 2009 and 2017. Empirical studies, based on an analysis of returns, risk, dividend yields, and shareholder structure, facilitated the assessment of the attractiveness of investments in the shares of socially responsible businesses against the background of other firms quoted on the Warsaw Stock Exchange.
Źródło:
Annales. Etyka w Życiu Gospodarczym; 2018, 21, 7; 141-152
1899-2226
2353-4869
Pojawia się w:
Annales. Etyka w Życiu Gospodarczym
Dostawca treści:
Biblioteka Nauki
Artykuł
Tytuł:
Stabilność parametrów modelu rynkowego szacowanego w oparciu o stopy zwrotu WIG
Stability of market model parameters estimated using daily returns of Warsaw stock exchange index
Autorzy:
Szymański, Marek
Powiązania:
https://bibliotekanauki.pl/articles/453373.pdf
Data publikacji:
2012
Wydawca:
Szkoła Główna Gospodarstwa Wiejskiego w Warszawie. Katedra Ekonometrii i Statystyki
Tematy:
skumulowana nadzwyczajna stopa zwrotu
Giełda Papierów Wartościowych w Warszawie
WIG
cumulative abnormal return
Warsaw Stock Exchange
Warsaw Stock Exchange Indem
Opis:
Celem artykułu jest przedstawienie problemów, z jakimi można się spotkać stosując metodę skumulowanej nadzwyczajnej stopy zwrotu, gdy pomiędzy oknem estymacji i oknem obserwacji dojdzie do zmiany koniunktury na giełdzie. Wyniki badań sugerują, że zachodzi silny związek między średnią stopą zwrotu z WIG-u w oknie estymacji i parametrami modelu rynkowego. W wyniku zmiany średniej stopy zwrotu z indeksu między oknem estymacji i oknem obserwacji oszacowany model rynkowy może okazać się nieprzydatny dla określenia wpływu badanego zdarzenia na notowania określonych akcji.
The aim of this paper is describing problems one can face using the CAR method, when the market direction change occurs between the estimation window and the event window. Such situation can cause the market model is inappriopriate to market conditions in the event window. Consequently calculated cumulative abnormal return becomes useless as a measure of market reaction to the event.
Źródło:
Metody Ilościowe w Badaniach Ekonomicznych; 2012, 13, 3; 222-231
2082-792X
Pojawia się w:
Metody Ilościowe w Badaniach Ekonomicznych
Dostawca treści:
Biblioteka Nauki
Artykuł
Tytuł:
The banking sector as the absorber of the COVID-19 crisis economic consequences: perception of WSE investors
Autorzy:
Bernardelli, Michał
Korzeb, Zbigniew
Niedziółka, Paweł
Powiązania:
https://bibliotekanauki.pl/articles/19233657.pdf
Data publikacji:
2021
Wydawca:
Instytut Badań Gospodarczych
Tematy:
banking sector
commercial banks
Warsaw Stock Exchange
COVID-19
Opis:
Research background: The paper focuses on the research of investors' decisions with regard to shares of all 12 banks listed on the Warsaw Stock Exchange during the first half of 2020. It examines the behavior of a subindex reflecting bank shares' prices against the main WIG index WIG and 14 sector subindices. The authors identify groups of banks with different investors? responses. They also classify banks into separate groups on the basis of changes in the fundamental indicators describing their economic and financial performance. The study concentrates mainly on the verification of the stability of this attribution, explaining reasons for its modifications over time.    Purpose of the article: To identify the characteristics of bank clusters determining different capital market responses to their listed shares and to explain the reasons for volatility in investors' behavior within the analyzed period. Methods: The methodology of the research can be described in three areas. The first is the statistical analysis with the emphasis on the use of a quarter range to capture changes in the volatility of share prices. The second area is the clustering k-means method based on the interpolated - from quarterly to daily - measures of the bank's financial condition. This mathematical approach is a novelty in finance and economics. The last, third, area is forecasting with the use of linear regression analysis, which is the key factor in determining the abnormal rates of return. The indicated areas are combined through a generally understood correlation analysis. Findings & value added: Large retail banks have been less affected compared to medium-sized ones with relatively rich corporate portfolios. The initial market reaction reflected concern about the resistance to the crisis of poorly capitalized banks with mean liquidity buffers. Upon the announcement of government support, investors' approach to the shares of banks of differentiated economic and financial performance conformed accordingly. These findings are valuable in the long term especially from the perspective of supervision authorities' policy during external shocks. The presented study suggests designing flexible and tailor-made regulatory approach aligned with the defined bank clusters. Its value added also consists in proposing a new method of analysis, combining interpolation and automatic clustering, which has proved to be adequate for the study of a bank's financial condition based on daily frequency data. Furthermore, assuming the same length of the estimation window, a close relationship is shown between the results of clustering and the forecasts based on different measures of rates of return.
Źródło:
Oeconomia Copernicana; 2021, 12, 2; 335-374
2083-1277
Pojawia się w:
Oeconomia Copernicana
Dostawca treści:
Biblioteka Nauki
Artykuł
Tytuł:
Applying the agglomerative method in hierarchical clustering for the medium-sized companies listed on the Warsaw Stock Exchange
Autorzy:
Sroka, Łukasz
Powiązania:
https://bibliotekanauki.pl/articles/22858344.pdf
Data publikacji:
2023-12-21
Wydawca:
Szkoła Główna Handlowa w Warszawie. Kolegium Zarządzania i Finansów
Tematy:
hierarchical clustering
segmentation
medium-sized companies
Warsaw Stock Exchange
Opis:
The purpose of this article is to use a hierarchical algorithm to reduce the number of companies in stock exchange portfolios, together with the identification of the most and least profitable groups of the companies. To prepare the research, the author decided to use a hierarchical clustering method to segment mWIG40 index entities. The conducted research contributed to the knowledge of the segments appearing on mWIG40 index and the profitability of the obtained clusters in the analyzed period. It was concluded that the hierarchical clustering method can divide the entities from mWIG40 index into six segments. The obtained groups differed from each other in terms of the analyzed features. Moreover, it was found that it was possible to identify more and less profitable segments in terms of the rate of return. What is more, only one segment was characterized by a higher rate of return than the benchmark. The findings can help investors to make better decisions during their investing process. In addition, the results can help companies to map their business in the market.
Źródło:
Journal of Management and Financial Sciences; 2023, 48; 75-91
1899-8968
Pojawia się w:
Journal of Management and Financial Sciences
Dostawca treści:
Biblioteka Nauki
Artykuł
Tytuł:
Changes in the impact of US macroeconomic news on financial markets the example of the Warsaw Stock Exchange
Autorzy:
Gurgul, Henryk
Hastenteufel, Jessica
Wójtowicz, Tomasz
Powiązania:
https://bibliotekanauki.pl/articles/1917113.pdf
Data publikacji:
2021-12-08
Wydawca:
Główny Urząd Statystyczny
Tematy:
event study
macroeconomic announcements
intraday data
Warsaw Stock Exchange
Opis:
Due to the high importance of the American economy, in the past, announcements of US macroeconomic data were shown to have a significant impact on financial markets in general, and on European stock markets in particular. However, as this effect may vary in time, this paper examines the changes in the impact of US macroeconomic news on the WIG20, the main index of the Warsaw Stock Exchange. Based on intraday data from 2004- 2019 we study the changes in significance and in the strength of the reaction of WIG20 to announcements of unexpected values of 13 indicators describing the American economy. On the basis of the event study analysis, we describe the reaction of the WIG20 index in the first few minutes after these kinds of announcements.
Źródło:
Statistics in Transition new series; 2021, 22, 4; 41-58
1234-7655
Pojawia się w:
Statistics in Transition new series
Dostawca treści:
Biblioteka Nauki
Artykuł
Tytuł:
Day-of-the-week effect among the smallest enterprises listed on WSE
Autorzy:
Keller, Jakub
Powiązania:
https://bibliotekanauki.pl/articles/599447.pdf
Data publikacji:
2015
Wydawca:
Wyższa Szkoła Informatyki i Zarządzania z siedzibą w Rzeszowie
Tematy:
stock markets
stock anomalies
calendar anomalies
Warsaw Stock Exchange
Opis:
The text touches on the subject of the fi nancial markets in the context of behavioral theories. The author att empts to verify the occurrence of one of the popular calendar eff ects, the day-of-the- -week eff ect, on the Polish stock market. Another limitati on of the study area of the research is to include in the analysis only small companies. Many voices from the mainstream of behavioral fi nance say that the presence of anomalies listed is more evident in the case of small companies, which are not the focus of the majority of investors. In the proposed study, the data used contained companies in the Stock Exchange in Warsaw, with a maximum capitalizati on of 10 million PLN. Research sample includes quotati ons of these companies during the period January 2010-April 2014. In order to verify the hypothesis of the occurrence of the day-of-the-week eff ect among these companies the author used ARCH modeling. In the course of the analysis the author verifi ed negati vely the occurrence of the eff ect of weekdays in the proposed research sample.
Źródło:
Finansowy Kwartalnik Internetowy e-Finanse; 2015, 11, 3; 92-102
1734-039X
Pojawia się w:
Finansowy Kwartalnik Internetowy e-Finanse
Dostawca treści:
Biblioteka Nauki
Artykuł
Tytuł:
The Delisting of a Company from the Warsaw Stock Exchange as a Result of the Cancellation of the Dematerialisation of Shares – Tender Offer Price vs. IPO Price
Autorzy:
Frydrych, Sylwia
Powiązania:
https://bibliotekanauki.pl/articles/609922.pdf
Data publikacji:
2020
Wydawca:
Uniwersytet Marii Curie-Skłodowskiej. Wydawnictwo Uniwersytetu Marii Curie-Skłodowskiej
Tematy:
Warsaw Stock Exchange
dematerialisation of shares
public tender offer
Opis:
Theoretical background: The growth in the number of companies delisted from the Warsaw Stock Exchange (WSE), as a result of the cancellation of the dematerialisation of shares, has become a reason for considerations regarding the share price in tender offers addressed to shareholders who have held company securities since the Initial Public Offering (IPO).Purpose of the article: The goal of this study was to evaluate whether the price in tender offers of the shares of companies which had fially been excluded from trading on the WSE as a result of the cancellation of the dematerialisation of shares would ensure a positive rate of return for shareholders who have held the shares since this company’s debut on the regulated market of the WSE.Research methods: Public tender offers, announced between 2012 and 2018 on the regulated market of the WSE have been analysed. The analysis covered prices of shares of new listings on the WSE and share prices in the tender offers of 213 companies, out of which 55 companies have been excluded from trading on the regulated market of the WSE as a result of the cancellation of the dematerialisation of shares.Main findings: The results of the research indicate that more than a half of the shareholders who have held the securities of companies in their portfolio since their debut, have suffered losses after companies have been excluded from trading on the WSE as a result of the cancellation of the dematerialisation of shares. Only 11% of the examined companies have generated more than double profit for investors compared with the issue price during their IPO. This research is one of the few studies on the Polish stock market to the best of the author’s knowledge.
Theoretical background: The growth in the number of companies delisted from the Warsaw Stock Exchange (WSE), as a result of the cancellation of the dematerialisation of shares, has become a reason for considerations regarding the share price in tender offers addressed to shareholders who have held company securities since the Initial Public Offering (IPO).Purpose of the article: The goal of this study was to evaluate whether the price in tender offers of the shares of companies which had finally been excluded from trading on the WSE as a result of the cancellation of the dematerialisation of shares would ensure a positive rate of return for shareholders who have held the shares since this company’s debut on the regulated market of the WSE.Research methods: Public tender offers, announced between 2012 and 2018 on the regulated market of the WSE have been analysed. The analysis covered prices of shares of new listings on the WSE and share prices in the tender offers of 213 companies, out of which 55 companies have been excluded from trading on the regulated market of the WSE as a result of the cancellation of the dematerialisation of shares.Main findings: The results of the research indicate that more than a half of the shareholders who have held the securities of companies in their portfolio since their debut, have suffered losses after companies have been excluded from trading on the WSE as a result of the cancellation of the dematerialisation of shares. Only 11% of the examined companies have generated more than double profit for investors compared with the issue price during their IPO. This research is one of the few studies on the Polish stock market to the best of the author’s knowledge.
Źródło:
Annales Universitatis Mariae Curie-Skłodowska, sectio H – Oeconomia; 2020, 54, 1
0459-9586
Pojawia się w:
Annales Universitatis Mariae Curie-Skłodowska, sectio H – Oeconomia
Dostawca treści:
Biblioteka Nauki
Artykuł
Tytuł:
Application of the Beneish Model on the Warsaw Stock Exchange
Autorzy:
Sylwestrzak, Marek
Powiązania:
https://bibliotekanauki.pl/articles/2163460.pdf
Data publikacji:
2022-12-20
Wydawca:
Uniwersytet Warszawski. Wydawnictwo Naukowe Wydziału Zarządzania
Tematy:
Beneish model
Roxas model
Warsaw Stock Exchange
logistic regression
Opis:
This paper investigates irregularities in financial statements by applying the Beneish and Roxas models to Polish firms listed on the Warsaw Stock Exchange from 2015 to 2020. The total sample included 110 observations. The sample comprised companies that had received an adverse or disclaimer opinion by the auditors, but had not been fined by the Polish Financial Supervision Authority (KNF Board). The control firms were selected based on the industry as selected by the standard industrial classification code and on the financial year, with minimizing the difference in the size of total assets. The results indicate that the Roxas model revealed greater accuracy than the Beneish model on the tested sample. The use of logistic regression allowed a modification of the Beneish model to align it with the conditions of the Polish market. The modified Beneish model showed greater accuracy for the tested sample and companies fined by the KNF Board.
Źródło:
Journal of Banking and Financial Economics; 2022, 2(18); 5-16
2353-6845
Pojawia się w:
Journal of Banking and Financial Economics
Dostawca treści:
Biblioteka Nauki
Artykuł
Wyświetlanie 1-15 z 80

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