scholarly journals The Influence of Inflation on the Real Value of Paid Out Dividends on the Warsaw Stock Exchange in the Years 2000–2012

2013 ◽  
Vol 60 (2) ◽  
pp. 134-147
Author(s):  
Bartłomiej Łukasz Jabłoński
Keyword(s):  
Capital Market ◽  
Stock Exchange ◽  
Point Of View ◽  
Real Rate ◽  
The Real ◽  
Future Earnings ◽  
Warsaw Stock Exchange ◽  
Stock Market Investors ◽  
The Impact ◽  
The Capital Market

Abstract The article describes the issue of inflation and its influence on the value of dividends received by investors. In addition, the topic of dividend policy in the conditions of high (double-digit) inflation is discussed. The impact of inflation on the real rate of return from investments should be taken into consideration by investors who invest both in bonds and in shares. Research shows that, whereas bond market investors understand the impact of inflation on discount rates, stock market investors do not account for the impact of inflation on future earnings growth (Chordia et al, 2005, p.554). On the basis of the conducted analyses the author concluded that in the 2000-2012 period, investors generally suffered a loss on the received dividend, if we quantified their size and attractiveness by means of a dividend rate. The objective of the article is the presentation of the issue of inflation from the point of view of dividends paid out by companies (Hazlitt, 2007, p.90, Rutkowski, 2007, p. 245, Sayek, 2009, p. 441) and an investor allocating financial means on the capital market (in shares of companies listed on the capital market and not in bonds. (Laatsch, 2013, pp. 54-59)). The following hypothesis was accepted in the article: H1: in the period 2000-2012 an effective real dividend rate for companies quoted on Warsaw Stock Exchange had a negative value.

scholarly journals A Statistical Analysis of Dividend in Chosen Companies Listed on the Warsaw Stock Exchange

2007 ◽  
Vol 6 (1) ◽  
pp. 75-85
Author(s):  
Małgorzata Łuniewska
Keyword(s):  
Statistical Analysis ◽  
Capital Market ◽  
Stock Exchange ◽  
Point Of View ◽  
Rate Of Return ◽  
Fundamental Analysis ◽  
Statistical Parameters ◽  
Stock Analysis ◽  
Warsaw Stock Exchange ◽  
The Capital Market

A Statistical Analysis of Dividend in Chosen Companies Listed on the Warsaw Stock Exchange The capital market appeared in Poland relatively not far ago, so it is the young market and is not shaped well. Although, the development rate does not satisfy all the believers of the capital market, it should be emphasized that this market is functioning and is developing. Market indicators are a significant element of the market analysis performed by means of fundamental analysis. The aim of this article is to study the statistic regularity in the scope of indicators connected with a dividend. In Poland dividend is not discussed often and indicators connected with dividend are practically not used in stock analysis. This study will show the usefulness of these measures in the analysis connected with investment on the stock exchange market. The analyses are conducted for some dividend variables on the Warsaw Stock Exchange (dividend rate of return and pay indicators, stopping and re-investment). The analyses concern data in the period of 2000÷2006. Some statistical parameters to detect statistical regularity for dividend rate of return and pay indicators, stopping and re-investment on the Warsaw Stock Exchange are used in the paper. The author tried to analyse the relation between selected variables too. The study should make it possible to decide if measures such as dividend rate of return and pay indicators, stopping and re-investment are unquestionably important and useful in stock analysis. It is particularly important from the point of view of long-term investment, as well as the fundamental analysis. They should be included in the group of market indicators in case of statistically significant influence of measures connected with a dividend on investment profitability. This leads to the possibility of significant growth of an investment that can turn out profitable on the capital market.

scholarly journals Application of The Leading Sector Identification Method in The Portfolio Analysis

2017 ◽  
Vol 2 (328) ◽  
Author(s):  
Waldemar Stafan Tarczyński ◽  
Małgorzata Ludmiła Tarczyńska-Łuniewska
Keyword(s):  
Capital Market ◽  
Stock Exchange ◽  
Portfolio Analysis ◽  
Simple Method ◽  
Identification Method ◽  
Warsaw Stock Exchange ◽  
Level Of Economic Development ◽  
The Impact ◽  
Selection Of ◽  
The Capital Market

The development of the stock market requires taking into account the impact of many factors. Knowledge of the entire market is a result of research at different levels of aggregation. Referring to sectors, it should be stated that the level of economic development and financial sector shapes the picture of economic and market conditions being a derivative of development level of the entities forming the market. Therefore, the possibility of identification of leading sectors or companies that have the greatest impact on the market becomes significant. This approach is important due to several reasons. One of them is the process of investing in the capital market. Thus, the main objective of the study is to provide methods of identifying the leading sector in the capital market and the use of this information in the procedure of building a portfolio of securities. The study was carried out for the Warsaw Stock Exchange in 2006–2010. Certain information in the field of fundamental factors was utilized in the analysis. Selected factors were used for the construction of the dynamic fundamental power index FPI. This paper proposes a simple method of determining the leading sector. The method takes into account information about the fundamental strengths of companies forming a sector and the number of companies comprising a given sector. Based on this information, a procedure of building a portfolio of securities was proposed. At the beginning of 2011 two types of portfolios were constructed and their effectiveness for 2011–2016 (26 IX) was verified. As a result of the research the hypothesis that selection of securities to portfolio using the leading sector identification method is better than the classical methods of portfolio analysis was proven.

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.

Growth of Capital Market in Nepal: Impact on Capitalization, GDP and NEPSE Index

2020 ◽  
Vol 11 ◽  
pp. 66-83
Author(s):  
Dhan Raj Chalise
Keyword(s):  
Capital Market ◽  
Significant Contribution ◽  
Positive Impact ◽  
Stock Exchange ◽  
Secondary Data ◽  
Secondary Market ◽  
Financial Resources ◽  
Descriptive Research ◽  
The Impact ◽  
The Capital Market

The capital market plays an importance role in an economy and provides the opportunity to the investor for the mobilization and channelization of funds. Nepalese capital market is in growing and improving phase. The objective of this study is to analyze the evaluation of the existing status of the capital market in term of its composition of types of the capital market and to examine the impact of capital mobilization in Gross Domestic Product (GDP) and to examine the contribution of capital market in financial resources and GDP. Besides, the study examines the share transaction in Nepal Stock Exchange (NEPSE) and its impact on NEPSE Index. The study period of 2000/01 to 2018/19 has been used for study purposes. Through the use of descriptive research design, the trends of capital market development track after 2000/01 to present status has been presented. Secondary data are analyzed through the use of regression and other descriptive statists to convert the information into data. The result indicates that the ordinary shares in the primary capital market and market capitalization in the secondary market has significant contribution for the capital market in Nepal. Also, the study reveals that there is a significant and positive impact of capital mobilization on GDP and the number of share transactions on the NEPSE Index in the Nepalese capital market. Hence there is a significant contribution of the capital market for financial resources mobilization and GDP of Nepal. The study reports for modernization and systematization of the capital market need more optimal efforts from concerned stakeholders.

FOREIGN INVESTMENT AND THE POLITICAL ECONOMY OF INDONESIAN CAPITAL MARKET IN 2015-2016

2019 ◽  
Vol 7 (6) ◽  
pp. 340-348
Author(s):  
Faris Al-Fadhat ◽  
Mohammad Raihan Nadhir
Keyword(s):  
Political Economy ◽  
Interest Rates ◽  
Foreign Investment ◽  
Capital Market ◽  
International Political Economy ◽  
Stock Exchange ◽  
Economic Stability ◽  
Foreign Investors ◽  
The Impact ◽  
The Capital Market

Purpose of the study: This article examines the impact of foreign investment—especially through the capital market—towards the economic stability and strategic policy in Indonesia. Despite being a member of G20, a group of states with the world’s highest Gross Domestic Products, Indonesia is still a developing state whose need for investment to support economic growth is high. On the other side, Indonesia has a low capital accumulation rate due to low people’s savings which inhibits the development projects. Therefore, the government prioritizes the incoming flow of foreign investment. Methodology: This study applies the international political economy approach to provide critical analysis of Indonesian contemporary foreign investment, especially in the capital market. The data used is the investment activities through the Indonesia Stock Exchange during 2015-2016. Main Findings: It argues that Indonesia’s considerable dependence on investment has enabled foreign investors to play the capital flow to influence the national economic stability for their interests. Such influence was a result of two strategies: (i) the transaction domination in the capital market through the Indonesia Stock Exchange, and (ii) the alliance with financial actors in accessing inside information—which is not commonly owned by domestic investors. Implications/Applications: This study suggests that the politics of foreign investors has contributed towards the changes of government policies in the financial sectors to facilitate the process and to ensure the flow of foreign investment to Indonesia. Such policies include the government’s control of interest rates, fiscal policy, as well as currency stability through macroprudential regulation. Novelty/Originality: Essentially, the capital market is not politically neutral. It has been used by foreign investors to augment their interests by dominating transactions and building political alliances at the domestic level.

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 Microscale Evaluation of The Diagnosis Stability

2014 ◽  
Vol 13 (2) ◽  
pp. 109-119
Author(s):  
Katarzyna Wawrzyniak
Keyword(s):  
Stock Exchange ◽  
Point Of View ◽  
Diagnostic Process ◽  
Construction Sector ◽  
The Real ◽  
Warsaw Stock Exchange ◽  
The Stability ◽  
Diagnosis Stability ◽  
Financial Indices

Abstract In the paper the author makes a classification of the Construction Sector companies that are listed on the Warsaw Stock Exchange. The classification is made with a view to identify those companies whose financial standing in the years of study (2007, 2009 and 2011) was good or bad from the point of view of several selected ratios. The classification is based on the inquiry into the stability of final diagnoses of the companies’ financial standing. The final diagnoses were founded on the median from partial diagnoses which had been created in the course of a two-element diagnostic process where the real values of the companies’ financial indices were compared with theoretical and empirical norms.

scholarly journals Individual and Overall Analysis on Indonesian Stock Funds Market Timing and Selectivity

2018 ◽  
Vol 2 (1) ◽  
Author(s):  
Amsal Irmalis ◽  
Muzakir Muzakir
Keyword(s):  
Capital Market ◽  
Stock Exchange ◽  
Market Timing ◽  
Point Of View ◽  
Treasury Bill ◽  
Individual Analysis ◽  
Asset Value ◽  
Net Asset Value ◽  
Almost All ◽  
The Capital Market

This study investigates Timing and Selection ability of managers in Indonesia Funds Industry.The one month stock funds net asset value, Indonesian Treasury-Bill (3-Months) and Market rerturn of Indonesia Stock Exchange covering from 2010-2014 is used on this research. We apply Treynor-Mazuy Equation to test the hypothesis. This investigation exhibit the timing the capital market ability as well as selectivity possess by managers both individuall as well as overall point of view. The reult shows that, individual analysis on the funds proves that the almost all of the managers only have slight of ability. Only three of the assets exhibit affirmative and statistically substantial alpha and none of them display confident timing skill. Breakdown of overall funds endorses that managers show a weak selectivity and timing expertise. Keywords: Treynor-Mazuy, |Stock Funds, Timing and Selectivity Skill

scholarly journals THE IMPACT OF DIVIDEND PAYOUT ON FUTURE EARNINGS GROWTH IN NON-FINANCIAL COMPANY LISTED IN INDONESIA STOCK MARKET (IDX)

2019 ◽  
Vol 9 (2) ◽  
Author(s):  
Bernardus Yuliarto Nugroho
Keyword(s):  
Stock Exchange ◽  
Point Of View ◽  
Dividend Payout ◽  
Earnings Growth ◽  
Future Earnings ◽  
Financial Firms ◽  
Result Show ◽  
Annual Earnings ◽  
Financial Company ◽  
The Impact

The purpose of this paper is  to examine the relation between Dividend Payout, Firm Size, ROA, Leverage, Earnings yield, Past Earnings Growth and Annual Growth in Total Assets towards Future Earnings Growth when the periode in one, three, and five years ahead. The study sample was taken from non-financial firms that listed on the Indonesia Stock Exchange in the period 2002-2016. The research method used in this research was multivariate regression. The proxy used for  variable dividend payout is dividend payout ratio and proxy used for variable earnings growth is compounded annual earnings per share. The result show that high dividends signal high earnings growth, so that the study weakens the point of view of previous market observers who argue that dividend has negative relations to future earnings growth. The results of this study can help investors in considering options in choosing companies to invest by choosing companies who have high dividends. Keywords - Dividend Payout; Size; Future Earnings Growth; Past Earnings Growth

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