scholarly journals The weak form of informational efficiency of the Polish capital market during the privatization of the Warsaw Stock Exchange

2015 ◽  
Vol 2015 ◽  
pp. 589-597
Author(s):  
Dorota Żebrowska-Suchodolska
Keyword(s):  
Capital Market ◽  
Stock Exchange ◽  
Weak Form ◽  
Informational Efficiency ◽  
Warsaw Stock Exchange

scholarly journals The Stock Market between Classical and Behavioral Hypotheses: An Empirical Investigation of the Warsaw Stock Exchange

2019 ◽  
Vol 4 (2) ◽  
pp. 67-88
Author(s):  
Mostafa Raeisi Sarkandiz ◽  
Robabeh Bahlouli
Keyword(s):  
Empirical Investigation ◽  
Stock Exchange ◽  
Empirical Studies ◽  
Weak Form ◽  
Efficient Market Hypothesis ◽  
Informational Efficiency ◽  
Efficient Market ◽  
Warsaw Stock Exchange ◽  
Classic Approach ◽  
Alternative Theories

In empirical studies of the efficient market hypothesis using a classic approach, attention has generally been paid to the weak form of performance; other aspects of efficiency, such as informational efficiency, have not been addressed. Also, the study of alternative theories, such as behavioral hypotheses, is neglected. This article seeks to investigate not only the weak and informational forms of the efficient market hypothesis, but also to test the adaptive and fractal market hypotheses as two alternative theories by conducting an empirical study on the Warsaw Stock Exchange.

scholarly journals Western-style capital market reforms in Russia: Implications for market efficiency and firms’ financing decisions

2020 ◽  
Vol 10 (3) ◽  
pp. 62-74
Author(s):  
Oksana Kim
Keyword(s):  
Financial Reporting ◽  
Capital Market ◽  
Weak Form ◽  
Foreign Direct Investments ◽  
Informational Efficiency ◽  
Russian Government ◽  
Public Firms ◽  
Financing Decisions ◽  
Russian Stock Market ◽  
Over Time

Over the past decade, the Russian government implemented numerous reforms aimed at attracting investor capital and improving the capital market conditions. These reforms included adoption of stringent listing regulations and governance norms, revisions in the tax and ownership laws, restructuring of the major stock exchanges, and more importantly, adoption of International Financial Reporting Standards (IFRS) in 2011. We employ an adaptive market hypothesis (AMH) perspective formulated by Lo (2004, 2005) to examine whether the informational efficiency of the market changed over time as a result of these reforms. While we report that the Russian stock market is still not weak-form efficient, as it was before the reforms, we find the evidence of improvement in efficiency over time. Next, we find that financing decisions of Russian public firms changed following adoption of IFRS when financial statements became more transparent and better aligned with informational needs of local and foreign investors. Particularly, Russian companies that adopted IFRS were more likely to raise finance via issuance of equity rather than debt instruments, whereas for non-adopters there was no change in the firm capital structure. Finally, we report that there was an increase in the inflow of foreign direct investments (FDI) in the post-reform period, suggesting that the above noted reforms conferred significant benefits to the entire Russian economy.

scholarly journals ELEMENTS OF CONTROL THEORY APPLIED TO AN INVESTMENT PORTFOLIO IN THE CAPITAL MARKET. THE OPTIMAL TIME HORIZON FOR SELLING A PORTFOLIO

2015 ◽  
Vol 1 (310) ◽  
Author(s):  
Jerzy Tymiński
Keyword(s):  
Capital Market ◽  
Stock Exchange ◽  
Optimal Time ◽  
Dynamic Programming Method ◽  
Financial Instruments ◽  
Investment Portfolio ◽  
Warsaw Stock Exchange ◽  
Investment Portfolios ◽  
Rational Investment ◽  
The Capital Market

The article presents a concept of capital management for assembling investment portfolios. Two optimization variants of a portfolio to be purchased are discussed. Portfolio I is structural, using the „traditional model”. To assemble Portfolio II, elements of reliability theory and the dynamic programming method were used. The article also analyses the sale of a portfolio with respect to the demand for financial instruments in the capital market. The presented concept dealing with rational investment decisions during transactions at the Warsaw Stock Exchange can also be used by managers to create an effective portfolio of financial instruments.

scholarly journals Alternative Securities Markets as Financing Sources for SMEs – Selected Aspects of AIM and NC

2017 ◽  
Author(s):  
Joanna Małecka
Keyword(s):  
Financial Market ◽  
Capital Market ◽  
Stock Exchange ◽  
Annual Reports ◽  
Stock Exchanges ◽  
Special Focus ◽  
Growing Stock ◽  
Warsaw Stock Exchange ◽  
Market Operation ◽  
The Uk

Small and medium-sized enterprises are the foundation for the development of each contemporary national economy. Their number affects macroeconomic indices of economies and directly translates into the labour market created by SMEs. This article aims to investigate the key conditionings behind the macroeconomic significance and legal factors of the financial market operation in Poland and the UK, with particular emphasis on the stock exchange as the fundamental element of the capital market. Both AIM and NewConnect are platforms dedicated to SMEs, which have been allowed easier access to this capital market segment by minimising mandatory legal conditions. This study analyses the number of listed companies and their capitalisation values in 1999–2015, covering: the rules of the financial market operation, with a special focus on the legal bases of the stock market operation in the economies investigated; legal conditions for the development of this economic segment; and a detailed analysis of the number of participants and capitalisation values achieved on the Warsaw and London Stock Exchanges, in particular AIM and NewConnect. This paper builds on source data from various annual reports and stock exchange publications drawn up and made available by stock exchanges and financial supervisors. The attempt to compare the indices and capacities of the WSE and the NC with the biggest European player is motivated by the fact that the Warsaw Stock Exchange is classified as the largest and most dynamically growing stock exchange in Central and Eastern Europe.

scholarly journals The Influence of Negative Beta Assets on the Empirical SML in the Polish Capital Market

2009 ◽  
Vol 8 (1) ◽  
pp. 140-153
Author(s):  
Rafał Wolski
Keyword(s):  
Capital Market ◽  
Empirical Data ◽  
Stock Exchange ◽  
Classical Approach ◽  
Research Hypothesis ◽  
Straight Line ◽  
Warsaw Stock Exchange

The Influence of Negative Beta Assets on the Empirical SML in the Polish Capital MarketThe classical approach to the SML assumes that it is a straight line, which means that an investor is willing to accept lower return on the negative beta assets than on the risk-free assets. However, Cloninger, Waller, Bendeck and Revere (2004) challenged this commonly accepted approach. The author of the paper decided to verify the approach using empirical data for years 1999-2006 obtained from the Warsaw Stock Exchange. Finance theoreticians believe that the SML is linear, which means that an investor buying negative beta assets is willing to accept lower return than in the case of a risk-free asset. Cloninger et al. (2004) formulated a hypothesis stating that the SML is V-shaped and that it is not a straight line. It was concluded that an investor had no reason to accept lower return of the negative beta assets; quite the contrary, the investor would expect the same return as on the positive beta ones. The author of this article performed an investigation for the Polish market, taking advantage of companies quoted at the Warsaw Stock Exchange. The investigation demonstrated that between 1999 and 2006, the SML had a V-like shape and thus the research hypothesis formulated in the article was positively verified.

scholarly journals ESG Transparency on the Polish Capital Market

2018 ◽  
Vol 21 (2) ◽  
pp. 55-72
Author(s):  
Robert Sroka
Keyword(s):  
Corporate Governance ◽  
Capital Market ◽  
Stock Exchange ◽  
Comprehensive Analysis ◽  
Financial Data ◽  
Related Data ◽  
Information Gap ◽  
Warsaw Stock Exchange ◽  
Research Show

The article presents the results of five years of research on transparency levels regarding the disclosure non‑financial data by companies listed on the Warsaw Stock Exchange (WSE). The research was conducted as part of a project entitled “ESG analysis of companies in Poland”. The goal of the project is to provide credible knowledge about the quality of environmental, social and corporate governance (ESG) data on the Polish capital market. The article mainly contains the results of a comprehensive analysis of how well the listed companies reported ESG related data in 2016. The five years of analysis enable us to show a change in the level of non‑financial data disclosure between 2012 and 2016.1 The results of the research show that, from an investor’s perspective, there is still a huge information gap on the Polish capital market, especially in the reporting of environmental and social data.

scholarly journals Initial Public Offering (IPO) as a Potential Source of Capital for the Development of the Wood-based Industry Enterprises in Poland

2019 ◽  
Vol 1 (1) ◽  
pp. 117-123
Author(s):  
Leszek Wanat ◽  
Łukasz Sarniak ◽  
Elżbieta Mikołajczak
Keyword(s):  
Initial Public Offering ◽  
Capital Market ◽  
Stock Exchange ◽  
Descriptive Analysis ◽  
Green Economy ◽  
Development Level ◽  
Warsaw Stock Exchange ◽  
Order Preference ◽  
Public Offering ◽  
The Capital Market

Abstract The quest for new sources of financing for the development of green economy sectors and enterprises is one of the challenges to effective management. This study verifies whether a relationship exists between the activity of selected companies who access the capital market in search for new financing sources, their development level and their competitive edge. The sample used in this study was composed of companies from the forestry and wood-based sector (a major part of the Polish economy) listed on the Warsaw Stock Exchange. The Technique for Order Preference by Similarity to an Ideal Solution (TOPSIS) was used to assess the development level of selected enterprises. The main recommendations were formulated based on the findings from the analysis of performance ratios and from the comparative and descriptive analysis of data on stock exchange transactions in the wood-based sector. This is because the assumption was made that by becoming more active in the capital market and, as a consequence, by strengthening their competitive position, the enterprises covered by this study may contribute to adding value in the circular economy.

scholarly journals The Profitability of the Strategy Linking Fundamental, Portfolio and Technical Analysis on the Polish Capital Market

2016 ◽  
Vol 16 (1) ◽  
pp. 113-146 ◽  
Author(s):  
Marcin Flotyński
Keyword(s):  
Regression Model ◽  
Capital Market ◽  
Quantitative Methods ◽  
Financial Analysis ◽  
Stock Exchange ◽  
Moving Average ◽  
Technical Analysis ◽  
Relative Strength ◽  
Concurrent Use ◽  
Warsaw Stock Exchange

Abstract In the article, several methods of taking investment decisions are described: a fundamental, portfolio, and technical analysis. They constitute different approaches which are convenient for different types of investors with various expectations and time horizons of their investments. The simultaneous combination of these three analyses is not popular. The aim of this study is to test the effectiveness of simultaneous use of a fundamental analysis, portfolio analysis, and technical analysis for shares quoted on the Warsaw Stock Exchange (WSE) in 2000–2007. The research hypothesis is advanced that the concurrent-linked application of a fundamental, portfolio, and technical analysis brings better results than the separate use of these analyses. Models of capital market, such as CAPM and APT, have been used, as well as P/E ratio, Return on Equity (RoE), Relative Strength Index (RSI), and Exponential Moving Average (EMA). The combination of a financial analysis, technical indicators, and models of the capital market in order to invest on the stock exchange is author’s own method. In general, the survey has been carried out on the grounds of quantitative methods (financial analysis, regression model, and multi regression model) and a comparative analysis. The results of the research have been used to create diversified portfolios on the WSE. It occurs that the concurrent use of the three analyses brings the highest rate of return of a portfolio.

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