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Tytuł:
Wpływ dywidendy na ceny akcji spółek notowanych na Giełdzie Papierów Wartościowych w Warszawie
Impact of Dividend in Prices of Shares of Companies Listed on the Stock Exchange in Warsaw
Autorzy:
Celej, Marta
Powiązania:
https://bibliotekanauki.pl/articles/589553.pdf
Data publikacji:
2014
Wydawca:
Uniwersytet Ekonomiczny w Katowicach
Tematy:
Akcje
Dywidenda
Dividend
Shares
Opis:
The article is dedicated to the issue of the payment of dividends by the Polish listed companies. Author makes an attempt to determine the impact of dividends on stock prices, and consequently - relation to them all investors. The analysis was based on the daily quotation of stock prices of companies paying an annual dividend. The survey includes periods were mainly from the General Meeting of Shareholders of the last day of quotations of shares with dividend and cut-off period from the date of the stock dividend to the date on which the stock price reaches the price before that date. The purpose of the empirical analysis was to verify whether the behavior of stock prices during the past occurred in connection with the regularity of dividend and whether it is possible to determine on this basis, the optimal strategy to invest in these values based on the above-average price changes.
Źródło:
Studia Ekonomiczne; 2014, 177; 40-52
2083-8611
Pojawia się w:
Studia Ekonomiczne
Dostawca treści:
Biblioteka Nauki
Artykuł
Tytuł:
Nabywanie akcji własnych przez prostą spółkę akcyjną
Acquisition of own shares by a simple joint-stock company
Autorzy:
Dąbrowski, Daniel
Powiązania:
https://bibliotekanauki.pl/articles/2031352.pdf
Data publikacji:
2021-07-31
Wydawca:
Polskie Wydawnictwo Ekonomiczne
Tematy:
prosta spółka akcyjna
nabywanie akcji własnych
akcje własne
akcje
simple joint-stock company
acquisition of own shares
own shares
shares
Opis:
Prosta spółka akcyjna to nowy typ spółki kapitałowej w prawie polskim, który ma stanowić alternatywę głównie dla spółki z ograniczoną odpowiedzialnością. Przepisy dotyczące tej spółki przewidują m.in. zakaz nabywania przez nią akcji własnych oraz określone wyjątki od tego zakazu. Celem artykułu jest analiza nowego unormowania dotyczącego nabywania akcji własnych. Generalna ocena przepisów dotyczących nabywania akcji własnych przez prostą spółkę akcyjną jest co do zasady pozytywna, mimo kilku drobnych uchybień. Autor stawia jednak tezę, że niewłaściwe jest utrzymanie jako reguły zakazu nabywania akcji własnych. Zasadne byłoby pominięcie tego zakazu i poprzestanie na wskazaniu przesłanek dopuszczalnego nabycia akcji własnych.
A simple joint-stock company is a new type of capital company under Polish law, which is to be an alternative mainly to a limited liability company. The regulations concerning this company provide, among others, for a prohibition of the acquisition of its own shares and certain exceptions from this prohibition. The aim of the article is to analyse the new regulation concerning the acquisition of own shares. The general assessment of the regulations concerning the acquisition of own shares by a simple joint-stock company is in principle positive, despite a few minor defects. However, the author argues that it is inappropriate to maintain as a rule the prohibition on the acquisition of own shares. It would be reasonable to omit this prohibition and simply indicate the prerequisites for permissible acquisitions of own shares.
Źródło:
Przegląd Ustawodawstwa Gospodarczego; 2021, 7; 53-59
0137-5490
Pojawia się w:
Przegląd Ustawodawstwa Gospodarczego
Dostawca treści:
Biblioteka Nauki
Artykuł
Tytuł:
Efektywność informacyjna a zachowanie cen akcji tworzących indeks WIG20
Behavior of WIG20 Index Components Prices from Efficient Capital Markets Theorist Viewpoint
Autorzy:
Buła, Rafał
Powiązania:
https://bibliotekanauki.pl/articles/589621.pdf
Data publikacji:
2014
Wydawca:
Uniwersytet Ekonomiczny w Katowicach
Tematy:
Akcje
Ceny akcji
Warszawski Indeks Giełdowy (WIG)
Shares
Shares prices
Warsaw Stock Exchange Index
Opis:
This article deals with problem of informational efficiency of capital markets. In the first part theory of efficient capital markets created by Eugene Fama is described. The evolution of efficient capital market definition is presented and a new one is introduced. In the next part of the article proper null hypothesis is constructed and methods used to verify it are discussed. Author presents three groups of verification techniques: tests of autocorrelation, tests of randomness and unit root tests. In the third part of the text results of these statistical tests applied to prices of shares included in WIG20 index and values of this index as well are described. In the last part of article economic consequences for investors are presented.
Źródło:
Studia Ekonomiczne; 2014, 177; 152-167
2083-8611
Pojawia się w:
Studia Ekonomiczne
Dostawca treści:
Biblioteka Nauki
Artykuł
Tytuł:
Wpływ popytu na akcje notowane na Giełdzie Papierów Wartościowych w Warszawie na płynność rynku
The Influence of the Demand for Warsaw Stock Exchange-Listed Shares on the Market’s Liquidity
Autorzy:
Nawrot, Wioletta
Powiązania:
https://bibliotekanauki.pl/articles/575659.pdf
Data publikacji:
2006-08-31
Wydawca:
Szkoła Główna Handlowa w Warszawie. Kolegium Analiz Ekonomicznych
Tematy:
shares
demand
stock exchange
liquidity
market
Opis:
The author analyzes the demand for shares and attempts to determine its influence on the liquidity of the Warsaw Stock Exchange. The analysis was conducted by calculating and bringing together values of key importance to the liquidity of the market and investment activity on the Polish stock market. The analysis showed that the liquidity of the Polish stock market decreased in the analyzed period (1995-2005). First, there was a drop in the value of stock trades in relation to the market’s capitalization. Subsequently, there was a problem involving the substantial concentration of trade on the exchange. On the basis of this situation, attempts were made to check the demand side of the stock market, especially in the institutional investor segment. Analyses conducted by the author indicate that, as a result of a dynamic increase in pension and investment fund assets in 2000-2005, these institutions substantially increased the value of shares in their possession, withdrawing some of the stock from “active” turnover. Over the next few years, more than 40% of the assets invested by these institutions in stock were tied up in the portfolios of open-ended pension funds. However, in the years that followed, assets held by institutional investors were subject to decreased turnover. This seems to indicate that institutional investors could pose a threat to the market’s liquidity by channeling substantial assets to the domestic stock market in a situation in which the supply of shares was insufficient. However, a supplementary examination of the average turnover in WSE-listed shares, particularly those making up the market’s free float, revealed that the activity of institutional investors, though decreasing with each passing year, was several times higher than average investment activity on the stock market. In other words, transactions made by institutional investors were the key driving force behind the market’s liquidity in the analyzed period. Unfortunately, the positive influence of institutional investors decreased in 2003-2005, a period that saw a major increase in pension and investment fund assets. The insufficient-and continually decreasing-liquidity of the stock market, coupled with the dynamic development of the institutional investor segment, particularly pension funds, justifies worries over the liquidity and stable development of the Polish stock market.
Źródło:
Gospodarka Narodowa. The Polish Journal of Economics; 2006, 209, 7-8; 59-81
2300-5238
Pojawia się w:
Gospodarka Narodowa. The Polish Journal of Economics
Dostawca treści:
Biblioteka Nauki
Artykuł
Tytuł:
Oczekiwanie zmiany nastawienia credit ratings banków a kursy akcji przy uwzględnieniu poziomu rozwoju gospodarczego kraju
Autorzy:
Chodnicka-Jaworska, Patrycja
Powiązania:
https://bibliotekanauki.pl/articles/630261.pdf
Data publikacji:
2017
Wydawca:
Szkoła Główna Handlowa w Warszawie
Tematy:
Credit risk, Credit rating, Shares prices, Banks
Opis:
The aim of the paper is verification of the following hypothesis the share prices of banks have stronger reaction to bank credit rating announcements changes for a downgrade, both in developed and developing economies. The analysis(event study method) has been based on data from Thomson Reuters for the years 1980-2015 for 24 countries. Outlooks and watch lists proposed by all credit rating agencies have been used as an independent variable. Daily differences between the logarithmized rates of return of banks' shares have been used as dependent variable.
Źródło:
Kwartalnik Kolegium Ekonomiczno-Społecznego Studia i Prace; 2017, 1; 105-120
2082-0976
Pojawia się w:
Kwartalnik Kolegium Ekonomiczno-Społecznego Studia i Prace
Dostawca treści:
Biblioteka Nauki
Artykuł
Tytuł:
Zastosowanie modeli dyskryminacyjnych jako narzędzia umożliwiającego wspomaganie procesu dywersyfikacji ryzyka inwestycyjnego w akcje
Autorzy:
Zygmunt, Aleksandra
Szewczyk, Mirosława
Powiązania:
https://bibliotekanauki.pl/articles/951152.pdf
Data publikacji:
2013
Wydawca:
Wydawnictwo Uniwersytetu Ekonomicznego we Wrocławiu
Tematy:
discriminant analysis models
shares investment
risk diversification
Opis:
This paper discusses the possibility of usage of discriminant models in basic analysis. At first, the issue of basic analysis is shown as a tool which enables shares’ investment risk diversification. In this area the significance of enterprise financial analysis and importance of financial ratios were emphasized. Next the significance of discriminant models in the assessment of enterprise bankruptcy prediction was stressed. Particular attention was put on studying the opportunity of its usage in the area of financial analysis. In that case the examination of financial conditions of quoted enterprises belonging to metal processing industry using discriminant models and financial ratios was made. The study used data from the Official Journal of the Republic of Poland “Monitor Polski B”.
Źródło:
Financial Sciences. Nauki o Finansach; 2013, 1 (14); 115-127
2080-5993
2449-9811
Pojawia się w:
Financial Sciences. Nauki o Finansach
Dostawca treści:
Biblioteka Nauki
Artykuł
Tytuł:
CHARAKTERYSTYKA, KLASYFIKACJA I FUNKCJE INSTRUMENTÓW FINANSOWYCH
CHARACTERISTICS, CLASSIFICATION AND FUNCTIONS OF FINANCIAL INSTRUMENTS
Autorzy:
Skolimowska, Anna
Powiązania:
https://bibliotekanauki.pl/articles/546368.pdf
Data publikacji:
2019
Wydawca:
Uniwersytet Warmińsko-Mazurski w Olsztynie
Tematy:
financial instruments,
securities,
derivative financial instruments,
bonds,
shares,
option
Opis:
The aim of this paper was to present main information about financial instruments. Financial instruments are very important for law and as well for economy; for this reason studies in this field are very broad and affects of many aspects. This article present a general characteristic, classification and main functions of financial instruments. The most important is the division of financial instruments on securities and derivative financial instruments. The derivatives market reallocates risk from the people who prefer risk aversion to the people who have an appetite for risk. Debt instruments are assets that require a fixed payment to the holder, usually with interest. The equity market (often referred to as the stock market) is the market for trading equity instrument.
Źródło:
Civitas et Lex; 2019, 2(22); 23-37
2392-0300
Pojawia się w:
Civitas et Lex
Dostawca treści:
Biblioteka Nauki
Artykuł
Tytuł:
Spółki handlowe a znowelizowana ustawa o kształtowaniu ustroju rolnego – uwagi z praktyki notarialnej
Commercial companies and the amended act on the structuring of the agricultural system – comments from notarial practic
Autorzy:
Muszalska, Małgorzata
Powiązania:
https://bibliotekanauki.pl/articles/908793.pdf
Data publikacji:
2020-12-15
Wydawca:
Uniwersytet im. Adama Mickiewicza w Poznaniu
Tematy:
right of pre-emption of shares
right to acquire shares
National Support Centre for Agriculture
commercial companies
acquisition of agricultural property
Opis:
The article deals with the problems encountered by commercial companies and their partners related to applying the provisions of the Act of 11 April 2003 on the structuring of the agricultural system following the amendment to this Act, which came into force on 26 June 2019. These problems concern the acquisition of agricultural real estate by commercial companies and the disposal of shares and stocks in capital companies already owning such real estate. In the latter case, issues relating to the State Treasury’s (the National Agricultural Support Centre) pre-emptive right and the right to acquire shares and stakes are analysed. The problems here relate mainly to the new procedure introduced by the amendment in question, including new obligations for the company’s management board. Furthermore, there is a discussion of the right of the State Treasury to acquire real estate of partnerships in the event of a change of partner or the accession of a new partner to such a company, as well as the new right to acquire the real estate of a company whose shares are permitted for organised trading. The study advances the thesis that while several facilitating measures have been introduced regarding the acquisition of agricultural real estate by commercial companies, the procedure related to the sale of shares of these companies has been complicated and prolonged to a significant degree. An obligation has been imposed on the management board of a company to collect numerous written documents and send them to the National Centre when the latter has the pre-emptive right or the right to purchase shares or stocks. This impacts negatively on the legal situation of the shareholder whose rights are transferred due to the lack of a deadline by which the company’s management board should submit the agreement to the National Centre. At the same time, the new procedure significantly lengthens the proceedings, generates costs and, above all, is completely unnecessary, as most documents are available in an electronic form. The National Centre also has access to the remaining documents. The new regulations have equipped it with the authority to inspect the books and documents of the company whose shares are being sold.
Źródło:
Studia Prawa Publicznego; 2020, 4, 32; 63-86
2300-3936
Pojawia się w:
Studia Prawa Publicznego
Dostawca treści:
Biblioteka Nauki
Artykuł
Tytuł:
Publicznoprawne aspekty nabywania znacznych pakietów akcji krajowych zakładów ubezpieczeń
Acquisition of Significant Portfolio of Shares in Domestic Insurance Companies – Legal Characteristics and Analyses
Autorzy:
Kozłowska-Chyła, Beata
Wajda, Paweł
Powiązania:
https://bibliotekanauki.pl/articles/519187.pdf
Data publikacji:
2020
Wydawca:
Uniwersytet Jagielloński. Fundacja Utriusque Iuris
Tematy:
shares
supervision
Polish Financial Supervision Authority
qualifying holding
opposition
Opis:
This paper is an attempt to solve problems which may arise – and in practice they do – in the course of proceedings conducted by the Polish Financial Supervision Authority (KNF) concerning the expression of its position on the acquisition of a qualifying holding in a domestic insurance company (i.e. in fact, the analysis of the institution objecting to the acquisition of a qualifying holding in a domestic insurance company, referred to in Articles 82–98 of the Act of 15 September 2015 on insurance and reinsurance activities).
Źródło:
Forum Prawnicze; 2020, 5 (61); 20-40
2081-688X
Pojawia się w:
Forum Prawnicze
Dostawca treści:
Biblioteka Nauki
Artykuł
Tytuł:
Kontrowersje wokół modelu spłat z gospodarstwa rolnego
Controversies on the model of repayment of farm shares
Autorzy:
Mikołajczyk, Joanna
Powiązania:
https://bibliotekanauki.pl/articles/953016.pdf
Data publikacji:
2014
Wydawca:
Uniwersytet w Białymstoku. Wydawnictwo Temida 2
Tematy:
model of repayment of farm shares
family farm
co–owners
Opis:
Legal solutions of the model of repayment of farm shares emphasise the significance of the financial function of family farms. The present wording of Article 216 § 1 of the Civil Code is a strong expression of such an approach. Repayment has become a general institution, in terms of its admissibility; repayment can be obtained by co–owners independent of fulfilling any subjective conditions. The provisions of Article 216 § 1 of the Civil Code, in its present wording, lead to a conclusion that this solution was aimed more for the protection of ownership than for the development of farms as agricultural production units. No doubt that the need for the protection of a family farm cannot have the same meaning in different situations. The priority of the financial function is not expressed in all cases by the hierarchy of objectives. In some situations, the priority is the protection of production interests. This results from the content of Article 216 § 2 of the Civil Code, stipulating the possibility of the reduction of repayment of farm shares. Obviously, Article 216 § 2 of the Civil Code is based on economic arguments. Such an approach is correct; yet, if the protection of a family farm is the basis of the agricultural system the role of a farm as a production unit must not be exposed. The interests of co–owners deprived of their ownership rights by the reduction of the repayment of farm shares must also be taken into consideration. I find the solution of Article 216 § 2 of the Civil Code preferential for that co–owner who takes over the farm. It must be accented once again, however, that co–owners are not treated as equal subjects. I find this fact positive from the economic point of view, doubts arise if you analyse the position of co–owners from the point of view of the guarantee of ownership.
Źródło:
Studia Iuridica Agraria; 2014, 12; 77-95
1642-0438
Pojawia się w:
Studia Iuridica Agraria
Dostawca treści:
Biblioteka Nauki
Artykuł
Tytuł:
Zakaz posiadania udziałów w spółkach handlowych – prowadzenie działalności gospodarczej przez osoby publiczne
Ban on Shares in Commercial Companies – Businesses Conducted by Public Persons
Autorzy:
Zięty, Jakub Jan
Powiązania:
https://bibliotekanauki.pl/articles/417196.pdf
Data publikacji:
2015-04
Wydawca:
Najwyższa Izba Kontroli
Tematy:
Shares
anti-corruption provisions
stocks
seed capital
termination of employment
Opis:
The regulations of the Act of 21 August 1997 on limitations related to conducting businesses by persons who perform public functions, comprise a set or anti-corruption provisions. One of them sets out that it is forbidden to own more than 10 per cent of stocks or a share that represents more than 10 per cent of the seed capital in commercial companies. A breach of this ban can result in termination of the mandate or termination of employment without notice, with consequences set out in Article 52 of the Labour Code. The article presents the scope of the said ban, as well as the application of sanctions for breaching this ban. Although ratio legis of the legal solutions is to prevent situations that might tempt to abuse public functions, the analysis made shows that this aim has not been achieved. Moreover, it seems that the regulation currently in force does not provide for too many situations in which a conflict of interest may appear (understood as financial interest in the company performance). The bans introduced have been analysed as for their compliance with the Constitution of Poland. Although they are compliant with the Constitution, some court rulings modify, on the basis of concrete situations, sanctions applied for breaches of anti-corruption acts.
Źródło:
Kontrola Państwowa; 2015, 60, 2 (361); 87-100
0452-5027
Pojawia się w:
Kontrola Państwowa
Dostawca treści:
Biblioteka Nauki
Artykuł
Tytuł:
Akcje polskich spółek akcyjnych w XVIII wieku – analiza historyczno-prawna, cześć I
Autorzy:
Suski, Piotr
Powiązania:
https://bibliotekanauki.pl/articles/923537.pdf
Data publikacji:
2012
Wydawca:
Uniwersytet Jagielloński. Wydawnictwo Uniwersytetu Jagiellońskiego
Tematy:
history of Polish law
joint stock company
shares
trading company
securities
Opis:
The paper analyses the legal construction of the shares of Polish public companies in the 18th century. The analysis relied on the statutes and documents referring to the shares. The Woolen Products Manufacturing Company founded in 1766 should be considered the first Polish public company. Before 1795, i.e. after Poland lost her independence due to the third partition of the country, there had been established as many as seven companies of that type. The surviving projects of statutes show that the founding of several other companies was planned. The period in which the first Polish companies functioned was short and most of them were dissolved within a few years after they had been founded. This was due inter alia to the difficulties in collecting the capital fund. The preserved source materials allow for the analysis of the legal nature and function performed by the shares in the construction of these companies. The author believes that – in the light of statutory provisions and the documents referring to the shares - it is possible to regard the shares connected with the companies as a part of joint stock capital and the entirety of the rights of the shareholders and also disposable securities. In particular, the shares of the first Polish public companies may be attributed the nature of the part of joint stock capital of the value determined in the statute. This capital, collected through contributions made by the partners in return for obtaining a specified number of shares, was the basis on which there functioned each of the companies subjected to the analysis.
Źródło:
Krakowskie Studia z Historii Państwa i Prawa; 2012, 5, 2
2084-4115
2084-4131
Pojawia się w:
Krakowskie Studia z Historii Państwa i Prawa
Dostawca treści:
Biblioteka Nauki
Artykuł
Tytuł:
Do government interventions affect China’s stock market? Case study – analysis of the asset bubble in 2015–2016
Autorzy:
Bieliński, Tomasz
Markiewicz, Magdalena
Mosionek-Schweda, Magdalena
Powiązania:
https://bibliotekanauki.pl/articles/582919.pdf
Data publikacji:
2017
Wydawca:
Wydawnictwo Uniwersytetu Ekonomicznego we Wrocławiu
Tematy:
China
stock exchange
shares
market inefficiency
investment
capital control
Shanghai Composite
Opis:
The aim of the paper is to evaluate the effects of the intervention of the Chinese government undertaken during the 2015–2016 crisis on the Shanghai Stock Exchange (SSI). The following research hypothesis was set up: in the long run, both the initial efforts of the Chinese authorities to drive individual investors to invest in stock exchanges along with the interventions launched by the government to stop the market falls were not relevant to stock valuation. The study results have proven that in the analysed time monetary authorities, as well as government and regulatory bodies, generated many decisions and announcements which were expected to influence the behaviour of the stock exchange investors. In short term it created artificially market anomalies, observed between the Q4 2014 and Q1 2016. The interventions interfered with the long term growth trend of SSI index, however did not shift this trend and after interventions ended it was apparently ongoing and not disturbed until 2017.
Źródło:
Prace Naukowe Uniwersytetu Ekonomicznego we Wrocławiu; 2017, 486; 217-227
1899-3192
Pojawia się w:
Prace Naukowe Uniwersytetu Ekonomicznego we Wrocławiu
Dostawca treści:
Biblioteka Nauki
Artykuł
Tytuł:
Pomiar szybkości dostosowania ceny papieru wartościowego do zmian w zbiorze informacji rynkowych na przykładzie spółek z GPW w Warszawie S.A.
Measuring of Equity Prices Adjustment Delay to New Information in the Warsaw Stock Exchange
Autorzy:
Olbryś, Joanna
Powiązania:
https://bibliotekanauki.pl/articles/587882.pdf
Data publikacji:
2013
Wydawca:
Uniwersytet Ekonomiczny w Katowicach
Tematy:
Akcje
Giełda papierów wartościowych
Rynek kapitałowy
Capital market
Shares
Stock market
Opis:
In the literature, price adjustment delay is treated as one of the consequences of market frictions. The problem was probably first defined in (Fama, Fisher, Jensen, Roll, 1969), where the authors dealt with adjustment delay of asset prices to new information. Fama (1970) used the notion of price adjustment delay in the context of the semi-strong form of the Efficient Market Hypothesis (EMH). Chordia and Swaminathan (2000) proposed a measure of equity prices adjustment delay to information. To incorporate the nonsynchronous trading effect into the measure, they employed Dimson's (1979) beta regression procedure. The main goal of this paper is to investigate the problem of asset prices adjustment delay in the case of stocks from the Warsaw Stock Exchange, in the period Jan 2007-Dec 2012.
Źródło:
Studia Ekonomiczne; 2013, 163; 85-98
2083-8611
Pojawia się w:
Studia Ekonomiczne
Dostawca treści:
Biblioteka Nauki
Artykuł
Tytuł:
Ocena atrakcyjności inwestycyjnej akcji na podstawie czasu przebywania w obszarach ograniczonych krzywą wykładniczą
The Analysis of the Attractiveness Measure of Financial Instruments Based on the Occupation Time in the Areas Bounded by the Exponential Curve
Autorzy:
Czernik, Tadeusz
Iskra, Daniel
Powiązania:
https://bibliotekanauki.pl/articles/593646.pdf
Data publikacji:
2014
Wydawca:
Uniwersytet Ekonomiczny w Katowicach
Tematy:
Akcje
Atrakcyjność inwestycyjna
Instrumenty finansowe
Inwestycje
Financial instruments
Investing attractiveness
Investment
Shares
Opis:
Paper presents the construction and analysis of the attractiveness measure of financial instruments based on the occupation time of the price process. Analysis has been conducted under assumption that stock price is a geometric Brownian motion process. Asymptotic formulas and relation to classical risk measures has been shown.
Źródło:
Studia Ekonomiczne; 2014, 191; 15-23
2083-8611
Pojawia się w:
Studia Ekonomiczne
Dostawca treści:
Biblioteka Nauki
Artykuł

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