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Wyświetlanie 1-15 z 234
Tytuł:
Направления решения проблемы конфликта интересов на фондовом рынке Украины
Direction for Solving the Problem of Conflict Interests in the Stock Market of Ukraine
Sposoby rozwiązania problemu konfliktu interesów na rynku finansowym Ukrainy
Autorzy:
Болдуева, Оксана
Powiązania:
https://bibliotekanauki.pl/articles/547596.pdf
Data publikacji:
2012
Wydawca:
Uniwersytet Rzeszowski. Wydawnictwo Uniwersytetu Rzeszowskiego
Tematy:
stock market
Ukraine
Opis:
he article presents research trends in the stock market of Ukraine, identified the need to strengthen anti-corruption and, consequently, developed a number of proposals aimed at easing the manifestation of a conflict of interest of market participants
W niniejszej pracy zbadano trendy na ukraińskim rynku funduszy inwestycyjnych, wskazując na potrzebę wzmocnienia walki z korupcją. Zaproponowano szereg rozwiązań mających na celu ograniczenie przejawów konfliktu interesów uczestników rynku.
Źródło:
Nierówności Społeczne a Wzrost Gospodarczy; 2012, 26; 147-155
1898-5084
2658-0780
Pojawia się w:
Nierówności Społeczne a Wzrost Gospodarczy
Dostawca treści:
Biblioteka Nauki
Artykuł
Tytuł:
Analiza zależności zachodzących między wielkością obrotów a indeksami Giełdy Papierów Wartościowych w Warszawie
The Analysis of Relationship between Volume and Stocks Indexes of Stock Exchange in Warsaw
Autorzy:
Gluzicka, Agata
Powiązania:
https://bibliotekanauki.pl/articles/591696.pdf
Data publikacji:
2013
Wydawca:
Uniwersytet Ekonomiczny w Katowicach
Tematy:
Giełda papierów wartościowych
Indeks giełdowy
Stock market
Stock market indexes
Opis:
To describe the situation on the stock's market we can use the stock's prices and volume. Using the relations between these two characteristics we can assess the functioning of the financial markets or we can conduct reactions of markets to the new information. In this paper will be present results of the research of dependency between stock's prices or stick's return and volume for selected indexes from Stock Exchange in Warsaw. All dependencies will be analyze in periods when we can observe the long-term decreasing or increasing of quotations. In analyze we use selected econometrical and statistical tools.
Źródło:
Studia Ekonomiczne; 2013, 163; 13-28
2083-8611
Pojawia się w:
Studia Ekonomiczne
Dostawca treści:
Biblioteka Nauki
Artykuł
Tytuł:
Klasyfikacja indeksów na rynku sztuki
Autorzy:
Bernaś, Paweł
Powiązania:
https://bibliotekanauki.pl/articles/630335.pdf
Data publikacji:
2016
Wydawca:
Szkoła Główna Handlowa w Warszawie
Tematy:
Art market, Stock market indexes
Opis:
The article is classifying and presenting the art market indexes, thus supplementing the knowledge about indexes and considering different measuring methods of return of investment on this market. It is also organising the knowledge about methods of measurement, such as indexes, which can be regarded as benchmarks. Due to the universal usage of indexes the benefits could be used both by individual and institutional investors, as well as the art collectors or analysts. Thanks to the provided ranking and indexes, conclusions on the advantages and disadvantages of each benchmark are presented and so are questions constituting the basis for future empirical research. Indexes are determined as one of the key measurement tools for testing investments, risks, volume of trade and market trends on the new, but still little known art market in Poland.
Źródło:
Kwartalnik Kolegium Ekonomiczno-Społecznego Studia i Prace; 2016, 2; 157-178
2082-0976
Pojawia się w:
Kwartalnik Kolegium Ekonomiczno-Społecznego Studia i Prace
Dostawca treści:
Biblioteka Nauki
Artykuł
Tytuł:
Proposal of Indicators Measuring the Development of Companies Qualified to the NewConnect Focus Segment
Wskaźniki pomiaru stopnia rozwoju spółek kwalifikowanych do segmentu NewConnect Focus
Autorzy:
Zygmanowski, Piotr
Śliwiński, Paweł
Powiązania:
https://bibliotekanauki.pl/articles/1922368.pdf
Data publikacji:
2019-07-10
Wydawca:
Uniwersytet Warszawski. Wydawnictwo Naukowe Wydziału Zarządzania
Tematy:
NewConnect
alternative stock exchange
NC Focus
stock market indicator
stock market index
wskaźnik
indeks giełdowy
Opis:
It is common opinion among the financial media and a wide range of investors in Poland that the NewConnect (NC) market is not an attractive place for investments. The NC market is dominated by penny companies with low liquidity of shares that encounter significant problems with fulfilling information obligations. This paper disputes this view by referring to companies from the NewConnect market. The authors aim at identifying new solutions, to improve the perception of the NewConnect market among all groups of its participants. These include the construction of new NC indicators: i) an indicator designed to measure the development level of companies from the NC Focus segment (NCGI-Focus) and ii) an indicator measuring the degree of changes in the market value of issuers from the same segment (NCFocusValue). This is supplemented by empirical results.
Wśród mediów finansowych oraz szerokiego grona inwestorów można się spotkać ze stwierdzeniem, że rynek NewConnect (NC) nie jest atrakcyjnym miejscem do dokonywania inwestycji, że na NC dominują spółki groszowe o niskiej płynności akcji, że indeks obrazujący zachowanie kursów akcji emitentów notowanych na tym rynku znajduje się w wieloletnim trendzie spadkowym. W niniejszym artykule podjęta została próba polemiki z powyższym poglądem, a autorzy postawili sobie za cel wskazanie nowych rozwiązań, których wprowadzenie mogłoby w istotnym stopniu poprawić odbiór rynku NewConnect wśród wszystkich grup uczestników tego rynku. Rozwiązania te to wskaźnik mający za zadanie dokonywanie pomiaru stopnia rozwoju spółek z segmentu NC Focus (NCGI-Focus) oraz wskaźnik mierzący stopień zmian wartości rynkowej emitentów z tego samego segmentu (NCFocusValue). Autorzy referatu przedstawili nie tylko zarys metodologiczny, lecz także poparli zasadność wprowadzenia obu miar wynikami empirycznymi odnoszącymi się do okresu funkcjonowania segmentu NC Focus.
Źródło:
Problemy Zarządzania; 2019, 3/2019 (83); 197-211
1644-9584
Pojawia się w:
Problemy Zarządzania
Dostawca treści:
Biblioteka Nauki
Artykuł
Tytuł:
KORELACJA INDEKSÓW CEN AKCJI NA GLOBALNYCH RYNKACH FINANSOWYCH
Correlation on the global financial markets
Autorzy:
Hołubowicz, Krzysztof
Powiązania:
https://bibliotekanauki.pl/articles/950801.pdf
Data publikacji:
2014
Wydawca:
Wydawnictwo Uniwersytetu Ekonomicznego we Wrocławiu
Tematy:
correlation
stock market
financial crisis
Opis:
The main objective of the paper was to study connections between the financial markets including the Polish stock exchange market. The author wanted to respond to the following questions: • How strong are correlations among the main stock exchanges in the world? • What is the time (bear market or bull market) with stronger interdependencies among global financial markets? • What markets are most related to Polish WIG 20 Index? The author gathered data from 1999 till 2011. Correlation is calculated for the main global stock exchanges but it also contains Polish market. We can see that the longer period of calculation the weaker connections among stocks all over the world. Furthermore in crisis time interdependencies are stronger what leads us to support a hypothesis that diversification among stock markets does not work properly because of global economy. Next research in this area should focus on the fundamental determinants of international correlation across equity markets. Studies have to take into consideration industry specifications of each national market as well as the correlation of the countries’ business cycles.
Źródło:
Financial Sciences. Nauki o Finansach; 2014, 2(19); 71-81
2080-5993
2449-9811
Pojawia się w:
Financial Sciences. Nauki o Finansach
Dostawca treści:
Biblioteka Nauki
Artykuł
Tytuł:
Herding behavior: intensification and flow in the Indonesian Stock Market
Zachowania stadne: nasilenie i przepływ na Indonezyjskiej Giełdzie Papierów Wartościowych
Autorzy:
Hidayati, L.N.
Alteza, M.
Winarno, W.
Powiązania:
https://bibliotekanauki.pl/articles/2148656.pdf
Data publikacji:
2022
Wydawca:
Akademia Bialska Nauk Stosowanych im. Jana Pawła II w Białej Podlaskiej
Tematy:
herding behavior
investor
stock market
Opis:
Subject and purpose of work: This paper explores whether herding behavior is formed according to the type of investor, how long the transmission of herding behavior occurs, and identifies how big the reaction of herding behavior is and how the flow of herding behavior connects between investors. Materials and methods: The population in this study are companies whose shares are listed in the LQ45 index list for the period January 2015 to December 2017 on the Indonesia Stock Exchange. To find out further about herding behavior, a VAR test will be conducted in this study. Results: The results of herding behavior analysis, based on the type of investor on the Indonesia Stock Exchange, show that there is herding behavior in each type of similar investor. Moreover, there is a certain period for the spread of herding behavior by type of shareholder. Conclusions: The most influential variables on the four types of successive investors are domestic institutional investors, individual foreigners, domestic individuals, and foreign institutions. The four types of investors respond differently to herding behavior.
Źródło:
Economic and Regional Studies; 2022, 15, 3; 350-366
2083-3725
2451-182X
Pojawia się w:
Economic and Regional Studies
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 Impact of Monetary Policy Announcements on Stock Market Index in Poland
Autorzy:
Kołodziejczyk, Hanna Zofia
Powiązania:
https://bibliotekanauki.pl/articles/692565.pdf
Data publikacji:
2016
Wydawca:
Uniwersytet Ekonomiczny w Poznaniu
Tematy:
monetary policy
news effect
stock market
Opis:
Financial market participants are influenced by the news reaching them from all manner of sources, including the country’s central bank. In this paper we model daily returns of WIG20 index with respect to announcements made by the National Bank of Poland (NBP) regarding the changes of the official interest rate of open market operations (the so-called reference rate) during the period of 2004-2016. The goal is to examine whether the NBP’s announcements have an impact on either stock returns or volatility and whether the content of such communiqué (either interest rate cut or raise) matters. The FIGARCH model is found to be an appropriate specification for the data. Moreover, the results suggest that, in fact, interest rate changes do have a significant impact on both returns and volatility. However, the reactions to news are different with respect to the type of announcement.
Źródło:
Research Papers in Economics and Finance; 2016, 1, 1; 7-16
2543-6430
Pojawia się w:
Research Papers in Economics and Finance
Dostawca treści:
Biblioteka Nauki
Artykuł
Tytuł:
Crisis Periods, Contagion and Integration Effects in the Major African Equity Markets During the 2007-2009 Global Financial Crisis
Autorzy:
Labuschagne, Coenraad
Majewska, Elżbieta
Olbryś, Joanna
Powiązania:
https://bibliotekanauki.pl/articles/955428.pdf
Data publikacji:
2016
Wydawca:
Uniwersytet w Białymstoku. Wydawnictwo Uniwersytetu w Białymstoku
Tematy:
stock market
crisis
cross-market correlations
contagion
integration
Opis:
A number of studies assert that during critical events cross-market correlations change substantially. The main focus of this paper is to explicitly test two research hypotheses concerning the effect of increasing cross-market correlations in the 2007-2009 Global Financial Crisis (GFC) compared to the pre-crisis period. These hypotheses state that there was no contagion and no integration effects among the U.S., the U.K., and selected African stock markets (South Africa, Namibia, Egypt, Nigeria, Morocco and Kenya) during the GFC. The crisis periods are formally detected using a statistical method of dividing market states into bullish and bearish markets. The sample period begins in January 2003 and ends in December 2013, and it includes the 2007 U.S. subprime crisis. Obtained results indicate that there is no reason to reject both research hypotheses. Moreover, the results confirm a heterogeneity of the African equity markets in the context of the influence of the recent global crisis.
Źródło:
Optimum. Economic Studies; 2016, 5(83); 31-52
1506-7637
Pojawia się w:
Optimum. Economic Studies
Dostawca treści:
Biblioteka Nauki
Artykuł
Tytuł:
CONSTRUCTION AND PROPERTIES OF VOLATILITY INDEX FOR WARSAW STOCK EXCHANGE
Autorzy:
Wiśniewski, Tomasz
Powiązania:
https://bibliotekanauki.pl/articles/453914.pdf
Data publikacji:
2014
Wydawca:
Szkoła Główna Gospodarstwa Wiejskiego w Warszawie. Katedra Ekonometrii i Statystyki
Tematy:
option
capital market
stock market index
volatility index
Opis:
Volatility indices became a important factors on capital markets and are considered as fear factors. First volatility index VIX, was defined for Chicago Board of Trade in 1993, and was developed in 2003. In next years we observed growing numbers of volatility indices on main capital market around of the world. There were more than 20 volatility indices on capital markets at the end of 2012. The aim of this study is construction of the volatility index considering to Warsaw Stock Exchange trading rules and market participants. We also test the “fear factor” properties of this index.
Źródło:
Metody Ilościowe w Badaniach Ekonomicznych; 2014, 15, 1; 218-223
2082-792X
Pojawia się w:
Metody Ilościowe w Badaniach Ekonomicznych
Dostawca treści:
Biblioteka Nauki
Artykuł
Tytuł:
Causality analysis between stock market indices
Autorzy:
Sekuła, Paweł
Powiązania:
https://bibliotekanauki.pl/articles/947589.pdf
Data publikacji:
2020
Wydawca:
Wydawnictwo Uniwersytetu Ekonomicznego we Wrocławiu
Tematy:
stock market
cointegration
Granger causality
financial crisis
Opis:
The paper examines relationships between selected stock market indices in Western Europe, Central Europe, and the United States. The study focuses on two periods, from January 1998 to August 2006 and from September 2006 to December 2016. The first one includes stock quotes from before the financial crisis while the second one covers the crisis and changes in the economic situation in post-crisis years. Relationships between stock market indices in developed economies were more frequent and durable than in Central Europe, although they were subject to changes. In our investigation into Granger causality relationships we observed changes in these relationships and in their direction for stock markets in Central Europe, while bidirectional relationships between indices in developed economies remained stable over time. Changes in relationships between indices, in particular long- -term interdependences, may result from the impact of the 2008 financial crisis. The increased number of causality relationships for the markets in Central Europe may testify to the advancing integration of the EU common market.
Źródło:
Financial Sciences. Nauki o Finansach; 2019, 24, 1; 74-93
2080-5993
2449-9811
Pojawia się w:
Financial Sciences. Nauki o Finansach
Dostawca treści:
Biblioteka Nauki
Artykuł
Tytuł:
Properties of returns and variance and the implications for time series modelling: Evidence from South Africa
Autorzy:
Szczygielski, Jan Jakub
Chipeta, Chimwemwe
Powiązania:
https://bibliotekanauki.pl/articles/23942749.pdf
Data publikacji:
2023-08-11
Wydawca:
Fundacja Naukowa Instytut Współczesnych Finansów
Tematy:
Johannesburg Stock Exchange
leverage effect
stock market returns
variance
Opis:
This paper investigates the properties of South African stock returns and the underlying variance. The investigation into the properties of stock returns and the behaviour of the variance underlying returns is undertaken using model-free approaches and through the application of ARCH/GARCH models. The results indicate that, as with other stock markets, returns on the South African stock market depart from normality and that variance displays evidence of heteroscedasticity, long memory, persistence, and asymmetry. Applying the EGARCH(p,q,m) and IGARCH(p,q) specifications confirms these findings and the application of these models suggests differing characteristics for variance structures underlying the South African stock market. In light of the findings relating to the properties of stock returns and the characteristics of variance and its structure, implications are outlined, and recommendations on how time-series specifications may be estimated are made.
Źródło:
Modern Finance; 2023, 1, 1; 35-55
2956-7742
Pojawia się w:
Modern Finance
Dostawca treści:
Biblioteka Nauki
Artykuł
Tytuł:
THE MISINFORMATION EFFECT IN FINANCIAL MARKETS – AN EMERGING ISSUE IN BEHAVIOURAL FINANCE
Autorzy:
Polak, Mateusz
Powiązania:
https://bibliotekanauki.pl/articles/599535.pdf
Data publikacji:
2012
Wydawca:
Wyższa Szkoła Informatyki i Zarządzania z siedzibą w Rzeszowie
Tematy:
behavioural finance
stock market psychology
misinformation effect
Opis:
The following paper is a theoretical introduction of the misinformation effect to behavioural finance. The misinformation effect causes a memory report regarding an event or particular knowledge to become contaminated with misleading information from another source. The paper aims to describe possible impact of the aforementioned phenomenon on the interpretation of stock market data, as well as the consequences of misinformation on investment-related decisions and the effective market hypothesis.
Źródło:
Finansowy Kwartalnik Internetowy e-Finanse; 2012, 8, 3; 55-61
1734-039X
Pojawia się w:
Finansowy Kwartalnik Internetowy e-Finanse
Dostawca treści:
Biblioteka Nauki
Artykuł
Tytuł:
THE LOW PRICE EFFECT ON THE POLISH MARKET
Autorzy:
Zaremba, Adam
Żmudziński, Radosław
Powiązania:
https://bibliotekanauki.pl/articles/599706.pdf
Data publikacji:
2014-06-05
Wydawca:
Wyższa Szkoła Informatyki i Zarządzania z siedzibą w Rzeszowie
Tematy:
low price effect
Warsaw Stock Exchange
Polish market
stock market anomaly
Opis:
In this paper we investigate the characteristics of the low price anomaly, which implies higher returns to stocks with a low nominal price. The research aims to broaden academic knowledge in a few ways. Firstly, we deliver some fresh evidence on the low price effect from the Polish market. Secondly, we analyze the interdependence between the low price effect and other return factors: value, size and liquidity. Thirdly, we investigate whether the low price effect is present after accounting for liquidity. Fourthly, we check to see whether the low price effect is robust to transaction costs. The paper is composed of three main sections. In the beginning, we review the existing literature. Next, we present the data sources and research methods employed. Finally, we discuss our research findings. Our computations are based on all the stocks listed on the Warsaw Stock Exchange (WSE) in the years 2003-2013. We have concluded that the low price effect is present on the Polish market, although the statistical significance is very weak and it disappears entirely after accounting for transaction costs and liquidity.
Źródło:
Finansowy Kwartalnik Internetowy e-Finanse; 2014, 10, 1; 69-85
1734-039X
Pojawia się w:
Finansowy Kwartalnik Internetowy e-Finanse
Dostawca treści:
Biblioteka Nauki
Artykuł
Tytuł:
Impact of changes in composition of exchange price index shares of listed Polish companies
Autorzy:
Wańczyk, Krzysztof
Powiązania:
https://bibliotekanauki.pl/articles/949101.pdf
Data publikacji:
2018
Wydawca:
Wydawnictwo Uniwersytetu Ekonomicznego we Wrocławiu
Tematy:
stock market index
Stock Exchange in Warsaw
capital market
investment strategy
Opis:
The aim of the article is to analyse the change in the quotations of Polish listed companies, which change the stock exchange index as part of the periodic change in the composition of the WIG20, mWIG40 and sWIG80 stock market indices. The research methodology uses abnormal return (AR) based on daily logarithmic rates of return of Polish listed companies and daily logarithmic rates of return on the stock market indices (WIG20, mWIG40, sWIG80). In this way, they defined the relative strength of listed shares in relation to the stock indices revision a month before the composition of the stock index, when the drawn up list of companies is changing the composition of the index. In addition, the relative strength of quoted shares in relation to stock exchange indices after the revision of the composition of the stock exchange index in the short-term (one month) and medium-term perspective (six months) was examined. The research was based on quarterly changes in the composition of stock exchange indices in the years 2010-2015. The analyses carried out indicate the existence of positive surplus stock returns a month before the change in the stock index. The average number of quotes of these companies above the stock market index at the time amounted to +0.52 percentage points. In turn, the average increase in the prices of the debuting companies in the new stock exchange index within 6 months after their flotation it amounted to +0.97 percentage points over the benchmark (WIG20, mWIG40, sWIG80).
Źródło:
Financial Sciences. Nauki o Finansach; 2018, 23, 3; 111-121
2080-5993
2449-9811
Pojawia się w:
Financial Sciences. Nauki o Finansach
Dostawca treści:
Biblioteka Nauki
Artykuł
Wyświetlanie 1-15 z 234

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