ANALYSIS OF TRENDS OF CHANGES OF SHARE PRICES OF LISTED COMPANIES ON THE WARSAW STOCK EXCHANGE AFTER BEAR MARKET IN 2011

Professionals and individuals who invest in equity markets rely on financial analysts’ recommendations and reports to decide on what to invest in and when to trade. This study examines the role of two groups of communication strategies, evaluation markers and mitigators, in establishing analysts’ credibility. The sample consists of 80 reports written in Polish for companies listed on the Warsaw Stock Exchange in Poland. In this emerging market setting, where credibility is challenged by uncertainty, analysts deploy various strategies depending on the recommendation they make: “buy,” “hold,” or “sell” shares. The findings point toward a specific group of mitigators, namely subjectivization, as a means of communicating expert opinion. Regression results reveal that investors’ reaction to the publication of a recommendation to “hold” or “sell” shares, measured based on the changes in share prices, is stronger when subjectivization is used in a report. The findings carry implications for research into analyst behavior and for the development of professional writing skills.

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Beta Stability Over Bull and Bear Market on the Warsaw Stock Exchange

Folia Oeconomica Stetinensia ◽

10.1515/foli-2016-0006 ◽

2016 ◽

Vol 16 (1) ◽

pp. 75-92 ◽

Cited By ~ 1

Author(s):

Wiesław Dębski ◽

Ewa Feder-Sempach ◽

Bartosz Świderski

Keyword(s):

Stock Exchange ◽

Point Of View ◽

Financial Investment ◽

Bear Market ◽

Index Model ◽

Parameter Stability ◽

Single Index Model ◽

Warsaw Stock Exchange ◽

Measuring Frequency ◽

Investment Portfolios

Abstract Beta parameter is one of the commonly used measures of the investment risk of individual stock or portfolio. It plays a crucial role in modern portfolio theory particularly in management of financial investment portfolios. In the field of beta parameter, numerous studies have been conducted, especially beta properties stability in the context of the stock market cycle phases, measuring frequency of rate of return, and the length of a sample period. There are much fewer studies concerned beta parameter in the countries of Central and Eastern Europe which have undergone systemic transformation at the end of the previous century. From a scientific point of view, it is interesting to know how the beta parameter behaves in these countries. The main goal of this article is to examine the beta parameter stability over bull and bear market conditions on the Warsaw Stock Exchange. The paper presents an analysis of beta stability for 134 stocks of the largest companies listed at the WSE during years 2005–2013. To verify statistically the hypothesis of beta parameter stability, we used monthly returns in the Sharpe’s single-index model. In the first part of the article, we present a brief review of the literature and methodology of the study, while in the second part, the obtained results and conclusions are shown.

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Pyramidal Ownership and Company Value: Evidence from Polish Listed Companies

Contemporary Economics ◽

10.5709/ce.1897-9254.462 ◽

2021 ◽

Vol 15 (4) ◽

pp. 479-498

Author(s):

Maria Aluchna ◽

Tomasz Kuszewski

Keyword(s):

Firm Value ◽

Stock Exchange ◽

Listed Companies ◽

Ownership Concentration ◽

Company Value ◽

Warsaw Stock Exchange ◽

Pyramidal Ownership ◽

Dual Class Shares ◽

Dual Class ◽

Majority Shareholder

This paper examines the effects of pyramidal ownership. Using the sample of 162 non-financial companies listed on the Warsaw Stock Exchange during the period 2010-2014, we verify the relation between the adoption of a pyramidal structure and company value. Specifically, we show that the link between pyramidal ownership and company value is more complex than previously thought addressing the aspect of ownership concentration and dual class shares. Our results indicate that the use of pyramids is associated with a higher value measured by Tobin’s Q, supporting the efficient monitoring hypothesis. Contrary to our expectations the combination of pyramidal ownership and dual class shares is correlated with lower Q. Finally, while the adoption of a pyramid by a majority shareholder does not impact firm value, the combination of a pyramid, ownership concentration and dual class shares is associated with higher Q. This finding suggests that the blockholder ownership outweighs the possible cost of excessive disproportionate ownership and that pyramids and dual class shares have different effects on company value.

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The measurement of intellectual capital by market capitalization method: Empirical study of Polish listed companies

Online Journal of Applied Knowledge Management ◽

10.36965/ojakm.2017.5(2)106-115 ◽

2017 ◽

Vol 5 (2) ◽

pp. 106-115

Author(s):

Salome Svanadze ◽

Magdalena Kowalewska

Keyword(s):

Stock Market ◽

Empirical Study ◽

Intellectual Capital ◽

Stock Exchange ◽

Market Value ◽

Financial Statements ◽

Listed Companies ◽

Future Research ◽

Book Value ◽

Warsaw Stock Exchange

Intellectual capital has become a fundamental source for enterprises, but its measurement and reporting remain a major challenge for managers and researchers. The purpose of this paper is to examine and report the differences in the Intellectual Capital (IC) Market Value (MV) to Book Value (BV) of the Polish WIG 20 indexed companies from Warsaw Stock Exchange. The data necessary to perform the calculations in accordance with the MV/PV method came from the financial statements for the period 2010-2014 of 20 Polish companies. The MV/BV method provides the means to measure intellectual capital in a precise and timely calculation and is particularly useful for the companies that are listed on the stock market. Results are presented and followed by discussion and implication for future research.

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Modelling the Employment Structure in Public Companies for a Small Sample

Folia Oeconomica Stetinensia ◽

10.2478/v10031-008-0010-2 ◽

2008 ◽

Vol 7 (1) ◽

pp. 33-44

Author(s):

Waldemar Tarczyński ◽

Mirosława Gazińska

Keyword(s):

Stock Exchange ◽

Labour Productivity ◽

Listed Companies ◽

Small Sample ◽

Public Companies ◽

Employment Structure ◽

Interesting Issue ◽

Financial Condition ◽

Warsaw Stock Exchange ◽

Statistical Regularities

Modelling the Employment Structure in Public Companies for a Small SampleThe analysis of employment structure is a very important issue in the companies and it is connected with many factors in the company and on the market. An interesting issue is whether labour efficiency affects economic and financial performance of the company and the whole market. In the case of any statistical regularities concerning this issue it is necessary to allow for the variables related to employment, e.g. in the analyses of listed companies. It is a particularly important matter in Poland where the ownership transformations and transition to market economy have resulted in major changes in employment in individual companies. The main goal of the paper is an analysis of the structure of companies by their group labour productivity in homogenous groups of listed companies, the so called megasectors, in relation to their economic and financial condition. The study refers to the period of 2000-2003 and includes 73 companies listed on the Warsaw Stock Exchange.

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Going concern in the financial reports of listed companies during the COVID-19 pandemic – the results of an empirical study

Zeszyty Teoretyczne Rachunkowości ◽

10.5604/01.3001.0015.2342 ◽

2021 ◽

Vol 45 (3) ◽

pp. 9-28

Author(s):

Ewa Chrostowska ◽

Katarzyna Koleśnik

Keyword(s):

Stock Exchange ◽

Financial Statements ◽

Listed Companies ◽

Research Approach ◽

Financial Reports ◽

Going Concern ◽

Warsaw Stock Exchange ◽

Sector Analysis ◽

The Subject ◽

The Impact

Purpose: The objective of this article is to assess how many entities have faced going concern problems and to identify what uncertainties may affect a going concern, especially during the COVID-19 pandemic. Methodology/research approach: The subject of the research was financial reports of com-panies listed on the main market of the Warsaw Stock Exchange in the following sectors: clothing and cosmetics, recreation and leisure, and transport and logistics. Thirty-three (out of 37) reports for the first half of 2020 were examined. We analysed the content of full ver-sions of the descriptive parts of financial statements, reports on the auditor’s review and management comment letters. Results: Nearly half of the surveyed entities that declared they were a going concern dis-closed going concern uncertainties. The pandemic affected the scope of disclosures present-ed in the reports. The variety of presentation styles and the selectivity of the place of the disclosure may hinder stakeholders when drawing conclusions. Research limitations/implications: Only three sectors were examined, and the sector analysis was conducted only in listed companies with complete and available reports. We analysed half-yearly reports that were reviewed by statutory auditors. The reports were analysed early in the pandemic. The article may be an inspiration for further research, including comparative research, in companies from the same and other sectors. The issue is vital, all the more so as the impact of the pandemic may change over time. Originality/Value: The article is a practical study of going concern disclosures during the pandemic. The study reveals the multifaceted nature and complexity of the issues related to continuation assessment.

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Application of the Divisia Index with Interconnected Factors in the Warsaw Stock Exchange Index (WIG) fluctuation analysis

Acta Universitatis Lodziensis Folia oeconomica ◽

10.18778/0208-6018.330.09 ◽

2017 ◽

Vol 4 (330) ◽

Author(s):

Jacek Białek ◽

Radosław Pietrzyk

Keyword(s):

Financial Market ◽

Market Research ◽

Stock Exchange ◽

Fluctuation Analysis ◽

Gdp Growth ◽

Time Interval ◽

Divisia Index ◽

Bear Market ◽

Warsaw Stock Exchange ◽

Main Factors

This paper presents a method of economic factorial analysis based on the Divisia index extended to interconnected factors. We verify the applicability of the presented method to financial market research by examining fluctuations of the Warsaw Stock Exchange WIG Index (WIG). We consider four main factors of WIG changes: the GDP growth, the PLN/EUR rate, the S&P500 and the unemployment rate. Due to computational reasons we apply the transformation that produces variables in the bigger the better form. We use quarterly data from the time interval between 2003 and 2014 divided into periods of bull and bear market. All considered variables are assumed to change linearly between quarters. The main conclusion is that during market prosperity, GDP and S&P500 changes exhibit the strongest influence on WIG changes.

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The disclosure of events after the reporting period. The example of listed companies from selected European countries

Zeszyty Teoretyczne Rachunkowości ◽

10.5604/01.3001.0014.4345 ◽

2020 ◽

Vol 109 (165) ◽

pp. 139-156

Author(s):

Małgorzata Szulc ◽

Paweł Zieniuk

Keyword(s):

Empirical Research ◽

Financial Reporting ◽

Stock Exchange ◽

Financial Statements ◽

Listed Companies ◽

European Countries ◽

Stock Exchanges ◽

Financial Reports ◽

Financial Reporting Standards ◽

Warsaw Stock Exchange

Purpose: The aim of this article is to present a practical study of disclosures of events after the reporting period in the financial reports of listed companies from selected European countries. The paper presents the results of empirical research based on the source material in the form of financial statements for the year 2018 of listed companies included on the following stock exchange indices: DAX, PSI-20, OMX25, BUX, WIG20, which comprise companies listed on the stock exchanges in Germany, Portugal, Denmark, Hungary and Poland. Methodology/approach: The research sample includes 110 companies. Content analysis of full versions of individual financial statements was performed. Findings: The results show that listed companies comply with the International Financial Reporting Standards regarding the disclo-sure of events after the reporting period. The occurrence of such events in the business practice of com-panies listed on the Warsaw Stock Exchange is much more frequent than in other European countries. The results of the study also present the diversity of events disclosed by respective companies included in the sample after the reporting period. Originality/value: The research allowed us to compare the scope of financial reporting disclosures of events after the reporting period in companies listed on the Warsaw Stock Exchange and in other European companies. Comparisons of this kind have not yet been carried out in international empirical research, which makes this article all the more valuable.

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Are Beta Parameters Stable on the Warsaw Stock Exchange?

Kwartalnik Kolegium Ekonomiczno-Społecznego Studia i Prace ◽

10.33119/kkessip.2015.3.3.5 ◽

2015 ◽

Vol 3 (3) ◽

pp. 65-74 ◽

Cited By ~ 1

Author(s):

Wiesław Dębski ◽

Ewa Feder-Sempach ◽

Bartosz Świderski

Keyword(s):

Central And Eastern Europe ◽

Stock Exchange ◽

Rate Of Return ◽

Investment Risk ◽

Portfolio Investment ◽

Financial Investment ◽

Bear Market ◽

Warsaw Stock Exchange ◽

Measuring Frequency ◽

Investment Portfolios

Beta parameter is one of the commonly used measurements of individual stockor portfolio investment risk and plays a crucial role in modern portfolio theoryparticularly in management of financial investment portfolios. Many studieshave been done in this field, particularly on its properties such as stability in thecontext of the stock market cycle phases, measuring frequency of rate of return,length of sample period. However, the number of studies concerning beta parameterin the counties of Central and Eastern Europe that have undergone systemictransformation at the end of the previous century is much lower. Therefore wedecided to study the changes of behavior of the beta parameter in those countries.The main aim of this article is to examine the beta parameter stability over bulland bear market conditions on the Warsaw Stock Exchange. The paper presentsan analysis of betas stability for 134 stocks of the largest companies listed at theWSE during years 2005–2013.

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