Identification of the Factors Affecting the Return Rates of the Banks Listed on the Warsaw Stock Exchange

2020 ◽  
pp. 45-54
Author(s):  
Ewa Majerowska
Keyword(s):  
Stock Exchange ◽  
Factors Affecting ◽  
Return Rates ◽  
Warsaw Stock Exchange

scholarly journals Application of Generalized Student’s T-Distribution In Modeling The Distribution of Empirical Return Rates on Selected Stock Exchange Indexes

2014 ◽  
Vol 13 (2) ◽  
pp. 37-48
Author(s):  
Jan Purczyńskiz ◽  
Kamila Bednarz-Okrzyńska
Keyword(s):  
Stock Exchange ◽  
Likelihood Method ◽  
Return Rates ◽  
Student’S T Distribution ◽  
Warsaw Stock Exchange ◽  
Distribution Parameters ◽  
Student’S T ◽  
Logarithmic Moments ◽  
Student's T Distribution ◽  
T Distribution

Abstract This paper examines the application of the so called generalized Student’s t-distribution in modeling the distribution of empirical return rates on selected Warsaw stock exchange indexes. It deals with distribution parameters by means of the method of logarithmic moments, the maximum likelihood method and the method of moments. Generalized Student’s t-distribution ensures better fitting to empirical data than the classical Student’s t-distribution.

scholarly journals The Determinants of Corporate Dividend Policy in Poland

Ekonomika ◽  
2019 ◽  
Vol 98 (1) ◽  
pp. 96-110
Author(s):  
Justyna Rój
Keyword(s):  
Dividend Policy ◽  
Stock Exchange ◽  
Empirical Studies ◽  
Data Availability ◽  
Tobit Regression ◽  
Factors Affecting ◽  
Financial Firms ◽  
Investment Opportunities ◽  
Warsaw Stock Exchange ◽  
The Impact

[full article and abstract in English] The purpose of this research is to examine the factors that determine the dividend policy of non-financial firms listed on the Warsaw Stock Exchange (WSE) in Poland and that of the annually paid dividends. Up to now, many empirical studies related to dividend policy were carried out, showing the differentiation of factors affecting the dividend policy and their interaction. Thus, with this study, it would be possible to give a view on the dividend policy of corporations listed on the WSE for the period from 2008 to 2016. The study covers non-financial companies listed on the WSE in Poland. The Tobit regression is used to identify the impact of factors influencing the companies’ distribution of dividends. The variables that may explain a firm’s dividend decision and that were used in this study are selected based on the theory and available empirical researches and then also determined by data availability. These are profitability, investment opportunities, measures of size, leverage, and liquidity. As a result of this study, the factors that determine the dividend policy of companies were verified in the context of the companies listed on the WSE. Moreover, it indicates which of the existing theories on dividend policy could be applied to the capital markets of Poland. Thus, it provides new insights into the theory of dividend policy.

scholarly journals ROZKŁAD NORMALNY STÓP ZWROTU Z AKCJI WCHODZĄCYCH W SKŁAD NASTĘPUJĄCYCH INDEKSÓW GIEŁDOWYCH: WIG20, MWIG40 I SWIG80

2017 ◽  
Vol 18 (4) ◽  
pp. 541-560
Author(s):  
Krzysztof Borowski
Keyword(s):  
Normal Distribution ◽  
Stock Exchange ◽  
Return Rates ◽  
Stock Indices ◽  
Warsaw Stock Exchange

The article verified the hypothesis regarding normal distribution of returns of shares - components of the following Warsaw Stock Exchange indexes Keywords: normal distribution, return rates, stock indices, ranking of companies

scholarly journals The Momentum Effect Exemplifies The Influence of Investors’ Irrational Behaviour on Changing Prices of Shares and Stocks: An Analysis of The Momentum Effect on The Warsaw Stock Exchange

e-Finanse ◽  
2015 ◽  
Vol 11 (1) ◽  
pp. 56-64 ◽  
Author(s):  
Paweł Merło ◽  
Patryk Konarzewski
Keyword(s):  
Capital Markets ◽  
Stock Exchange ◽  
January Effect ◽  
Strong Impact ◽  
Investment Strategies ◽  
Momentum Effect ◽  
Return Rates ◽  
Time Period ◽  
New Information ◽  
Warsaw Stock Exchange

Abstract An efficient market should not show any anomalies. When new information reaches a market which is efficient, it should automatically translate into prices of assets, which ought to eliminate the possibility of gaining an advantage over other investors, thus preventing excess profits. However, studies on capital markets indicate that in reality it is possible to earn unusually high profits by taking advantage of certain anomalies which occur on a given market. Among such anomalies there is the momentum effect. This study performed on the Stock Exchange in Warsaw has shown that the momentum effect occurred throughout the entire analyzed time period. Positive returns demonstrated for investment strategies based on the momentum effect were unexplainable by the classical theory of finances. A correlation was found between the economic situation on the stock exchange and portfolio return rates, but it was too weak to attribute the effect to a single decisive factor. In addition, the returns from investments based on the momentum effect were statistically higher in January than in the other months, which was caused by the January effect, stimulating the occurrence of statistically higher returns at the beginning of a year rather than later on during the analyzed period of time. Research in this field carried out in other countries justifies the claim that there are many irrational factors which together create the momentum effect on the stock exchange. Thus, it is possible to conclude that irrational decisions may have strong impact on the pricing of stocks on the capital market. The momentum effect persisted throughout the entire analyzed period, although its power changed cyclically, which coincides with results of research carried out in other countries. The fact that the momentum effect did not disappear may suggest that the factors involved in its creation are an indispensable part of the market, and this seems to undermine the commonly accepted hypothesis about the efficiency of capital markets.

scholarly journals Corporate Governance and the Time to Full Exit in the Private Equity Divestment Process on Warsaw Stock Exchange

2017 ◽  
Vol 2 (328) ◽  
Author(s):  
Tomasz Sosnowski
Keyword(s):  
Corporate Governance ◽  
Private Equity ◽  
Stock Exchange ◽  
General Meeting ◽  
Factors Affecting ◽  
Private Equity Fund ◽  
Equity Funds ◽  
Warsaw Stock Exchange ◽  
Private Equity Funds ◽  
Set Up

This paper investigates empirically the links between the specific solutions of corporate governance in portfolio companies of private equity funds and the duration of divestment process after the first listing of company’s shares on the stock market. Using a sample of 41 IPOs from Warsaw Stock Exchange between 2005 and 2015 I find that the pre‑IPO set up corporate governance significantly affects the time of the private equity funds’ full exits. I find evidence that the higher share of private equity funds in the total number of votes at the general meeting of the company’s shareholders before the IPO negatively impacts the chance of the full exit occurrence. However, the data reveal that the syndication and previous experience of private equity fund in IPO exits are important factors affecting the probability of the investment’s end.

International acquisitions by Polish MNEs. Value creation or destruction?

2017 ◽  
Vol 29 (2) ◽  
pp. 205-218 ◽  
Author(s):  
Witold Nowiński
Keyword(s):  
Emerging Markets ◽  
Event Study ◽  
Stock Exchange ◽  
Share Price ◽  
Hierarchical Regression ◽  
Content Type ◽  
Factors Affecting ◽  
Cross Border ◽  
Warsaw Stock Exchange ◽  
The Impact

Purpose The purpose of this paper is to determine the performance implications of cross-border acquisitions by Polish multinationals. Additionally, the study considers specific factors affecting acquisition performance, such as acquirer’s prior cross-border acquisition experience and the type of market (advanced versus emerging) in which the target is located. Design/methodology/approach This study is based on a sample of 104 cross-border acquisition events in which a Polish public company, quoted on the Warsaw Stock Exchange acted as an acquiring party. The event study method was applied to determine the impact of acquisition announcements on the share price of the acquiring companies for 3-, 4- and 5-day event windows. The proposed hypotheses were additionally verified through hierarchical regression. Findings The research shows that a typical cross-border acquisition carried out by a Polish multinational ends in creating value. While the impact of prior cross-border acquisition experience is only significant for the shortest event window, the choice of targets from emerging markets significantly improves acquisition outcomes for all of the event windows examined. Originality/value The study is the first project on such a scale to focus on cross-border acquisitions by multinationals from Central and Eastern Europe to have used event study methodology. It has shown that acquirers from mid-range emerging markets, such as Poland, tend to benefit more from leveraging their ability to function in underdeveloped and dynamic institutional settings if they acquire companies operating in other emerging markets rather than those based in more developed economies.

Companies' growth vs. growth opportunity: Evidence from the regular and alternative stock markets in Poland

2021 ◽  
Vol 71 (2) ◽  
pp. 279-307
Author(s):  
Monika Bolek ◽  
Piotr Pietraszewski ◽  
Rafał Wolski
Keyword(s):  
Stock Exchange ◽  
Growth Stages ◽  
Potential Growth ◽  
Factors Affecting ◽  
Share Prices ◽  
Growth Opportunity ◽  
The Future ◽  
Warsaw Stock Exchange ◽  
Company Growth ◽  
Future Growth

AbstractThe article discusses the ability of potential growth measures calculated basing on market share prices to predict the future growth of the companies listed on the primary and alternative exchange markets in Poland. Analysing the Polish exchange market and dividing the sample of companies due to the markets they are listed – the Warsaw Stock Exchange Main Market or the NewConnect Alternative Market – brought conclusive results. Company growth measured as the growth of total assets, equity, sales and, what is the most important, earnings per share, is related to the growth opportunity measures and other factors taken into account in the tested models. The differences between the results for the two separate markets are evident and the relationship between growth opportunity measures and the future growth seems to be stronger for larger companies listed on the main market, while the NewConnect smaller companies’ growth is less predictable. We add to the theory of the growth prediction a modified approach by sampling companies according to the exchange they are listed that helps to solve the companies’ “growth puzzle” and supplement the growth theory in the field of factors affecting this process in different growth stages. The originality of the paper is reflected in the modified approach to the problem and distinguishing the stages of development of the company taking into account the Polish stock market.

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