scholarly journals CRYPTOCURRENCIES OR CAPITAL MARKETS. COMPARATIVE ANALYSIS OF INVESTMENT EFFICIENCY IN 2011-2020

2022 ◽  
Author(s):  
Sylwester Kozak ◽  
Seweryn Gajdek
Keyword(s):  
Comparative Analysis ◽  
Interest Rates ◽  
Capital Markets ◽  
The Other ◽  
Investment Efficiency ◽  
Rates Of Return ◽  
Global Capital ◽  
Low Interest Rates ◽  
Investment Tool ◽  
Global Financial System

Cryptocurrencies have become an important element of the global financial system and a frequent investment tool in the last decade. The aim of this paper is to compare the efficiency of investments in the cryptocurrency market with investments in global capital markets. The study used the quotations of the analyzed instruments in the years 2011-2020. The investment efficiency was estimated using Sharpe and Sortino ratios. Research has shown that investments in cryptocurrencies were the most effective. They brought, on average, the highest daily rates of return, but on the other hand, they were characterized by the highest risk. Such a result could have been significantly influenced by the widespread persistence of ultra-low interest rates and a decline in the attractiveness of debt securities. The best results were obtained for investments in bitcoin and ethereum, which have the largest share of cryptocurrency market capitalization.

scholarly journals Investments in the cryptocurrency market or the commodity exchange. Which is more efficient?

2021 ◽  
Vol 51 (3) ◽  
pp. 61-71
Author(s):  
Sylwester Kozak ◽  
Seweryn Gajdek
Keyword(s):  
Interest Rates ◽  
Essential Element ◽  
Entire Period ◽  
Investment Efficiency ◽  
Rates Of Return ◽  
Gold Silver ◽  
Low Interest Rates ◽  
Investment Tool ◽  
Global Financial System

Cryptocurrencies have become an essential element of the global financial system, and in recent years also a frequent investment tool. The aim of the study is to check whether investments in cryptocurrencies are more effective than in commodities on commodity exchanges. The study was conducted based on the daily quotations of the analyzed instruments in 2011–2020. The investment efficiency level was estimated using Sharpe’s and Sortino’s indicators. The research results showed that, on average, over the entire period under study, investments in cryptocurrencies were burdened with the highest risk, but at the same time achieved the highest daily rates of return. As a result, they were much more effective investment tools than gold, silver and WTI. The advantage of cryptocurrencies could be due to the long-term persistence of ultra-low interest rates and the reduced attractiveness of investment in debt securities. Bitcoin and etherum with the largest shares in cryptocurrency market capitalization have proven to be the most effective investment tools.

scholarly journals Risk of Investment in Cryptocurrencies

2021 ◽  
Vol 14 (3) ◽  
pp. 294-304
Author(s):  
Sylwester Kozak ◽  
Seweryn Gajdek
Keyword(s):  
Standard Deviation ◽  
Capital Markets ◽  
Risk Measures ◽  
Rates Of Return ◽  
Global Capital ◽  
The World ◽  
Investment Tool ◽  
Level Of Risk ◽  
International Companies

Abstract Subject and purpose of work: Cryptocurrencies are a phenomenon that has been strengthening its place in the world of finance for over ten years and which is becoming a frequent investment tool. The aim of this study is to compare the level of risk measures of investments in the cryptocurrency market with investments in global capital markets in 2011-2020. Materials and methods: The study used the quotations of the analysed instruments. The level of risk was estimated using standard deviation and semi-standard deviation of daily logarithmic rates of return. Results: Investment in cryptocurrencies is more risky than in shares of the largest international companies. The level of risk decreases with the duration of the cryptocurrency presence on the market. Conclusions: Achieving extraordinary rates of return generates an increased demand and volatility of cryptocurrencies’ quotations. The level of risk of investing in cryptocurrencies is much higher than in the indexes of global capital exchanges.

scholarly journals Insider Trading Crime in Turkish Criminal Law

2018 ◽  
Author(s):  
Çetin Arslan ◽  
Didar Özdemir
Keyword(s):  
Comparative Analysis ◽  
Insider Trading ◽  
Criminal Law ◽  
Capital Markets ◽  
Capital Market ◽  
Good Faith ◽  
The Other ◽  
Public Disclosure ◽  
Crime Type ◽  
The Capital Market

Insider trading act is penalised ultima ratio with the aim of fighting against manmade market actions which outrage the principle of public disclosure and the element of trust in order to establish equality and good faith in capital markets. Insider trading is first disposed as a crime among the other capital market crimes (art.47/1-A-1) in the Capital Market Code no.2499 dated 28.07.1981 with the Amendment to the law no.3794 dated 29.04.1992 and at the present time it is rearranged as a self-contained crime type in article 106 of the Capital Market Code no.6362 dated 06.12.2012. In this study, the crime of insider trading is examined –in particular through the controversial points- as a comparative analysis between abrogated and current dispositions in Turkish Law.

INTEGRATION OF GLOBAL CAPITAL MARKETS: AN EMPIRICAL EXPLORATION

2004 ◽  
Vol 07 (04) ◽  
pp. 385-405 ◽  
Author(s):  
MALAY BHATTACHARYYA ◽  
ASHOK BANERJEE
Keyword(s):  
Capital Markets ◽  
Capital Market ◽  
Stock Markets ◽  
Cointegration Analysis ◽  
The Other ◽  
Causal Relationships ◽  
Global Capital ◽  
Fund Managers ◽  
Emerging Stock Markets ◽  
The Usa

It is generally argued that with lifting of barriers to the flow of capital across countries by respective governments, the capital markets have come closer and are now more integrated. This paper examines the existence (or absence) of integration among stock indices of 11 developed and emerging stock markets from three continents: Asia, Europe and America. Using synchronous weekly closing index values from November, 1990 through December, 2001, the study found that all the 11 stock markets are cointegrated. The cointegration analysis was carried out using an error correction vector autoregression (VECM) model. The study goes further to test whether there are any causal relationships among the indices and has used a hitherto empirically untested methodology to explore the causal relationships. Results show that capital market indices from European countries and the USA are not Granger caused by any index. On the other hand, causality effects are much pronounced in Asian capital markets. The capital market in Hong Kong "leads" the other markets in Asia. This learning would help fund managers in managing their exposure in Asian capital markets. The regulators may use the causality results to identify the markets driving movements in a country's capital market and take corrective measures.

scholarly journals Secular Stagnation in the Open Economy

2016 ◽  
Vol 106 (5) ◽  
pp. 503-507 ◽  
Author(s):  
Gauti B. Eggertsson ◽  
Neil R. Mehrotra ◽  
Lawrence H. Summers
Keyword(s):  
Interest Rates ◽  
Open Economy ◽  
Capital Markets ◽  
Capital Flows ◽  
Global Economy ◽  
Output Growth ◽  
Secular Stagnation ◽  
Positive Externalities ◽  
Neighbor Effects ◽  
Low Interest Rates

Conditions of secular stagnation--low interest rates, below target inflation, and sluggish output growth--now characterize much of the global economy. We consider a simple two-country textbook model to examine how capital markets transmit secular stagnation and to study policy externalities across countries. We find capital flows transmit recessions in a world with low interest rates and that policies that attempt to boost national saving are beggar-thy-neighbor. Monetary expansion cannot eliminate a secular stagnation and may have beggar-thy-neighbor effects, while sufficiently large fiscal interventions can eliminate a secular stagnation and carry positive externalities.

scholarly journals Rates of Return on Open-End Debt Investment Funds and Bank Deposits in Poland in the Years 1995–2015 – A Comparative Analysis

2016 ◽  
Vol 16 (1) ◽  
pp. 93-112
Author(s):  
Iwona Dittmann
Keyword(s):  
Comparative Analysis ◽  
Interest Rates ◽  
Bond Market ◽  
Investment Horizon ◽  
Moving Window ◽  
Rates Of Return ◽  
Investment Funds ◽  
Empirical Distributions ◽  
Bank Deposits ◽  
Very High

Abstract This paper presents the results of a comparison of the rates of return on specific open-end debt investment funds in Poland with the rates of return on bank deposits, in light of different time horizons. A comparative analysis was conducted based on the quartiles of the empirical distributions of the rates of return on selected funds and bank deposits. The empirical distributions were obtained using a moving window of observation. The results were largely influenced by very high interest rates on bank deposits in Poland in the years 1995–2001 (in the case of the oldest funds), and by the boom in the bond market in the years 2011–2012 (for the youngest funds). The investment horizon turned out to be significant. The best and worst funds were identified.

The Riksbank Endows a Nobel Prize

2019 ◽  
pp. 89-106
Author(s):  
Avner Offer ◽  
Gabriel Söderberg
Keyword(s):  
Interest Rates ◽  
Nobel Prize ◽  
Full Employment ◽  
The United States ◽  
Central Banks ◽  
The Other ◽  
Price Stability ◽  
Low Interest Rates ◽  
The One ◽  
Unintended Outcome

This chapter shows how the Swedish economy during the mid-twentieth century aided in the formation of a Nobel Prize in economics. During the 1950s, the forces of sound money in Sweden had become restive. When inflation began to rise, the choice appeared to be between full employment and housebuilding on the one side, or price stability on the other. The Nobel Prize was an indirect and unintended outcome of this dilemma. Unlike most central banks between the wars, the Riksbank was the bank of Parliament and belonged to the nation. After the war, low interest rates were imposed by government on the bank (as in the United States and Britain). In Sweden, the main reason was to keep housing credit cheap. The central bank was made to purchase government and mortgage bonds.

scholarly journals The Efficiency of a Supplementary Old-Age Pension System – the Case of Polish Voluntary Pension Funds

e-Finanse ◽  
2019 ◽  
Vol 15 (3) ◽  
pp. 76-87
Author(s):  
Joanna Rutecka-Góra
Keyword(s):  
Interest Rates ◽  
Pension System ◽  
Pension Funds ◽  
Investment Efficiency ◽  
Investment Strategies ◽  
Rates Of Return ◽  
Investment Policies ◽  
Bank Deposits ◽  
Pension Saving ◽  
Investment Portfolios

AbstractThe aim of this article is to evaluate the effectiveness of voluntary pension savings plans in Poland, based on the principles of operation and rates of return of voluntary pension funds (pol. Dobrowolne Fundusze Emerytalne, DFE). The selection of those funds from a whole range of solutions available in the 3rd pension pillar is due to the fact that only this type of voluntary pension saving plan provides complete and transparent information about the actual investment policy, the composition of pension investment portfolios, and the achieved rates of return. In order to evaluate the investment policies and the effectiveness of DFEs, the following research methods were used: a literature analysis, an analysis of financial data, and basic methods of investment efficiency assessment. The results of the evaluation lead to the conclusion that despite their adoption of similar investment strategies, the DFEs have achieved very different values of effectiveness. In the years 2013-2018, selected funds achieved higher than average rates of return, while others achieved returns that were no better than the interest rates of standard bank deposits.

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