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 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.

Avicenna’s Interpretation of Aristotle’s Metaphysics (Ε1, 1026a13-16)

2018 ◽  
pp. 137-143
Author(s):  
Silvia Gullino
Keyword(s):  
Modern Philosophy ◽  
Middle Ages ◽  
Natural Science ◽  
Arab World ◽  
Point Of View ◽  
The Real ◽  
First Time ◽  
First Philosophy ◽  
Aristotle's Metaphysics

During the 9th century Aristotle’s Metaphysics was translated for the first time from Greek into Arabic by Ustâth, at the request of al-Kindî and, afterwards, the interest of the Arab world in this oeuvre grew with the production of several translations, comments and paraphrases of the work. Among the books which compose the Metaphysics, one of the most studied was book Epsilon. In particular Arab philosophers focused their interest on the passage of Ε1, which contains a classification of the theoretical sciences (1026a13-1026a16), founded on the degree of immateriality and of separation from the matter of their object. Aristotle states: “Natural science deals with things which are inseparable from matter but not immovable, and some parts of mathematics deal with things which are immovable, but probably not separable, but are embodied in matter; while the first science deals with things which are both separable and immovable”. According to the Arab exegetes, Aristotle introduces here the doctrine of the three degrees of abstraction, on the base of which the object of first philosophy is the most abstract among the beings, both from the conceptual point of view and from the real one. This interpretation of the Aristotelian text – already present in Avicenna – had a huge influence on the Latin Middle Ages and on modern philosophy.

scholarly journals Earnings management to achieve positive earnings surprises in case of medium size companies listed in Poland

2015 ◽  
Vol 3 (2) ◽  
pp. 141 ◽  
Author(s):  
Piotr Wójtowicz
Keyword(s):  
Earnings Management ◽  
Stock Exchange ◽  
Medium Size ◽  
The Real ◽  
Earnings Surprise ◽  
Earnings Surprises ◽  
Warsaw Stock Exchange ◽  
Real Value ◽  
The Subject ◽  
Annual Earnings

<p>Earnings management in Polish listed companies was the subject of only several studies, mainly theoretical, but none of them is related to earnings management to meet analysts’ expectations. The aim of the paper is to detect any signals of earnings management to achieve zero or small positive earnings surprises. The sample comprises 609 observations from years 2012-2014 related to medium size companies listed at Warsaw Stock Exchange. Distribution of scaled annual earnings surprise (difference between realized and forecasted earnings scaled by beginning total assets) is analyzed. It contains unusually high frequency of small positive surprises. If the module of earnings surprise is small it is more probable that the real value was higher than the forecast - meeting or beating the forecast, so small positive earnings surprises are more probable than negative. If the module of earnings surprise is high it is more probable that the forecast of income was higher than the real value - neither meeting nor beating the forecast. Results are not sensitive to the choice of earnings surprise metric.</p>

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

2016 ◽  
Vol 16 (1) ◽  
pp. 75-92 ◽  
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.

scholarly journals THE IMPACT OF NORMALIZATION PROCEDURES ON THE CLASSIFICATION OF BUILDING MATERIALS COMPANIES LISTED ON THE WARSAW STOCK EXCHANGE

2017 ◽  
pp. 272-281
Author(s):  
Monika Zielińska-Sitkiewicz
Keyword(s):  
Building Materials ◽  
Stock Exchange ◽  
Warsaw Stock Exchange ◽  
The Impact

Jednym z etapów wielowymiarowej analizy porównawczej obiektów jest wybór procedury normalizacji zmiennych. W literaturze prezentowanych jest wiele metod transformacji normalizacyjnej. Wybór jednej z nich jest jednym z najważniejszych etapów badania, bowiem może mieć znaczny wpływ na wynik analizy. W artykule wykorzystano i porównano trzy procedury normalizacji zmiennych przy budowie rankingów w oparciu o TMAI dla 15 spółek przemysłu materiałów budowlanych notowanych na Warszawskiej Giełdzie Papierów Wartościowych dla lat 2013 i 2014. Przeprowadzone badania wskazują, że stosowanie różnych wzorców normalizacji zmiennych może powodować zmianę wyników klasyfikacji firm, która nie wynika ani ze zmiany struktury danych finansowych, ani z poprawy efektywności ich działania.

scholarly journals Classification of companies into stock exchange quotation markets using network metrics

2020 ◽  
Vol 2020 (2) ◽  
pp. 275-292
Author(s):  
Dariusz Siudak
Keyword(s):  
Stock Market ◽  
Market Efficiency ◽  
Stock Exchange ◽  
Interlocking Directorates ◽  
Stock Market Efficiency ◽  
Warsaw Stock Exchange ◽  
Board Directors ◽  
Network Metrics ◽  
A Company

The classification of a company into the relevant quotation market is an essential part of stock market efficiency. The aim of the article is to predict the classification of enterprises into the two types of quotation markets on the Warsaw Stock Exchange (i.e. the main one and NewConnect) by means of network measures of the company’s participation in interlocking directorates’ networks. The research was carried out on a network of enterprises established on the basis of their relationships through shared board directors. This network included 460 companies listed on the main exchange, and 442 companies in the NewConnect markets of the Warsaw Stock Exchange respectively (a total of 902 entities) at the end of 2014. The aim of the study is to classify the companies into the appropriate quotation market on the Warsaw Stock Exchange, i.e. the main market (WSE) or NewConnect (NC)

scholarly journals APPLICATION OF SYNTHETIC TAXONOMIC MEASURE TMAI FOR THE ASSESSMENT OF INVESTMENT ATTRACTIVENESS OF THE SELECTED FOOD INDUSTRY COMPANIES LISTED ON THE WARSAW STOCK EXCHANGE IN THE YEARS 2013 – 2016

2018 ◽  
Author(s):  
Monika ZIELIŃSKA-SITKIEWICZ ◽  
Mariola CHRZANOWSKA
Keyword(s):  
Food Industry ◽  
Stock Exchange ◽  
Point Of View ◽  
Food Sector ◽  
Financial Condition ◽  
Beer Industry ◽  
Warsaw Stock Exchange ◽  
Polish Economy ◽  
Profitability Ratios ◽  
Agricultural Food

The food sector is one of the most important and fastest growing branches of the Polish economy. It employs almost 15% of all employees employed in the industry. Polish manufacturers are characterised by high competitiveness both in the EU and in the world. The macroeconomic environment in recent years has been relatively stable for the development of the food industry production in Poland, but the dynamics of agricultural-food products has experienced a slight slowdown. There were also fluctuations in profitability ratios in the sector, which may have been somewhat alarming for the investors. The article attempted to evaluate the investment attractiveness of 24 joint stock companies in the food sector, representing various industries, listed on the Warsaw Stock Exchange. The Taxonomic Measure of the Attractiveness of Investments (TMAI) and the company rankings were created for the years 2013 – 2016. The results showed that the Wawel and Astarta companies were at the top of the rankings in the studied years, representing the confectionery and the sugar sector, and the Żywiec company from the beer industry. The meat and fish processing companies were more or less centred on the scale. The companies KSG Argo, Milkiland, Wilbo, Pepees and Pamapol involved in the agricultural-food production and processing received the poorest evaluations of the investment attractiveness. The synthetic taxonomic TMAI measure makes it possible to build company rankings within the analyzed group, from the point of view of the assessment of the financial condition and investment attractiveness of the surveyed companies. It can provide additional help in assessing the company’s situation, e.g., for the investors.

scholarly journals Are polish healthcare stocks defensive?

2017 ◽  
Vol 6 (326) ◽  
Author(s):  
Bartłomiej Krzeczewski
Keyword(s):  
Stock Exchange ◽  
Point Of View ◽  
Healthcare Sector ◽  
Investment Strategies ◽  
Healthcare Industry ◽  
Daily Data ◽  
Warsaw Stock Exchange ◽  
Beta Coefficient ◽  
Stock Indexes ◽  
Risk Ratios

The main aim of this article is to verify whether the companies operating in Polish healthcare industry could be included into the group of so called defensive companies. The value of such companies during recession does not decline or the declines are significantly lower compared to the major stock indexes. The analysis carried out in the article is conducted amongst companies from healthcare sector listed on the Warsaw Stock Exchange (WSE). In the article an analysis is presented comparing risk ratios of defensive stocks and whole stock market such as beta coefficient (β). The analysis is based on daily data intervals from the period 2012–2014. The article is based on the assumption that Polish healthcare industry companies may be portrayed as defensive and the results of the study suggest to support this point of view. Therefore, the stocks of such companies can be considered by investors as interesting assets for building diversified portfolios and working on investment strategies.

Further Considerations of Classification-Oriented and Approximation-Oriented Rough Sets in Generalized Settings

2010 ◽  
Vol 4 (2) ◽  
pp. 12-34
Author(s):  
Masahiro Inuiguchi
Keyword(s):  
Real World ◽  
Rough Sets ◽  
Decision Rules ◽  
Point Of View ◽  
Inverse Relation ◽  
The Real ◽  
The Difference

Rough sets can be interpreted in two ways: classification of objects and approximation of a set. From this point of view, classification-oriented and approximation-oriented rough sets have been proposed. In this paper, the author reconsiders those two kinds of rough sets with reviewing their definitions, properties and relations. The author describes that rough sets based on positive and negative extensive relations are mathematically equivalent but it is important to consider both because they obtained positive and negative extensive relations are not always in inverse relation in the real world. The difference in size of granules between union-based and intersection-based approximations is emphasized. Moreover, the types of decision rules associated with those rough sets are shown.

Construction Scope: Quality, Budget and Timeline ‘Small’ Endeavours, Portuguese Context

2017 ◽  
Vol 864 ◽  
pp. 369-377
Author(s):  
Nuno Dinis Costa Areias Cortiços
Keyword(s):  
Real Estate ◽  
Production Process ◽  
Active Role ◽  
Point Of View ◽  
Construction Sector ◽  
Good Practices ◽  
The Real ◽  
Real Estate Developer ◽  
Construction Services ◽  
The Ideal

The trinomial of the scope, quality, budget and timeline, is an objective by excellence, pursued by those with an active role in the production process, to which the construction sector is no stranger. The ideal is to ensure the satisfaction of the three parameters/variables, by those who seek construction services: Project Owner. Why the Scope is not reached?! The causes are divided in two levels: insufficient training, rooted in the Sector, that favours informality; and, lack of data to understand the causes, resulting in no definition or application of corrective measures (good practices guides). The focus of this article is the 'small endeavours', managed by: (1) Real Estate Developer, in control of the different phases, from municipal licensing, through the project and construction license, the remaining will be undertaken by a Builder or Investor, for subsequent sale; or (future) Owner without control of the initial decisions; the concerns of the latter are bound by the binomial Timeline and Budget; or, (2) P.O., from the outset, take control of all phases, always faithful to his idea of the Scope; introduces adjustments and changes defending his point of view or interest without the perception of the real impact of those on the overall satisfaction, focused on the fulfilment of quality achieved.

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