scholarly journals The incremental informativeness of sell-side earnings forecasts. Evidence for the Warsaw Stock Exchange

2019 ◽  
Vol 2019 (105 (161)) ◽  
pp. 77-94
Author(s):  
Stephen Jakubowski ◽  
Piotr Wójtowicz
Keyword(s):  
Firm Size ◽  
Capital Market ◽  
Stock Exchange ◽  
Earnings Forecasts ◽  
Market Return ◽  
Warsaw Stock Exchange ◽  
The Mean

We investigate whether earnings forecasts issued by sell-side analysts are incrementally informative about the returns of firms listed on the Warsaw Stock Exchange (WSE), a moderately-developed, postcommunist capital market. Our sample covers the fiscal years 2008-2016. The informativeness of earn- ings (and earnings forecasts) is defined as the association between earnings (earnings forecasts) and returns. Our findings indicate that the mean earnings forecasts issued by sell-side analysts are incremen- tally informative about firm returns beyond the earnings reported. This result does not depend on firm size, profitability, or market return. The findings indicate that such forecasts incorporate useful incremen- tal valuation information and that the incremental informativeness of these forecasts serves to protect the interests of analysts’ clients.

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.

DETERMINAN PENGUNGKAPAN MODAL INTELEKTUAL DAN DAMPAKNYA TERHADAP NILAI PERUSAHAAN

2017 ◽  
Vol 15 (2) ◽  
pp. 53
Author(s):  
N Nurabiah ◽  
Lukman Effendy ◽  
Zuhrotul Isnaini
Keyword(s):  
Linear Regression ◽  
Multiple Linear Regression ◽  
Firm Size ◽  
Significant Influence ◽  
Intellectual Capital ◽  
Capital Market ◽  
Stock Exchange ◽  
Firm Age ◽  
Total Observation ◽  
Age Independent

The objective of this study is to examine the influence of firm size, leverage,  firm age, independent commissioners, and type of industry toward influence of intellectual capital disclosure. The study also aimed to examine the intellectual capital disclosure toward the firm’s value. The sample of this study is consisted of companies listed in the Kompas 100 index during the period of 2013- 2015, so that this study obtained a total observation of 156 units. This research was conducted based on documentation, while data is acquired through the Indonesian Capital Market Directory (ICMD) and Indonesia Stock Exchange (IDX) Fact. Data were analyzed based on  multiple linear regression, t-test and  F-test. The results of the analysis in this study indicate that the leverage,  independent commissioners, and type of industry have significant influence on the intellectual capital disclosure while firm size and firm age does not have significant influence on the intellectual capital disclosure. The results also showed that the intellectual capital disclosure has no significant influence on the firm’s value. Keywords: firm size, leverage, firm age, independent commissioners, type of industry, intellectual capital disclosure, firms value

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 Nilai, Size, Profitabilitas Perusahaan dan Praktik Perataan Laba

2021 ◽  
Vol 31 (3) ◽  
pp. 562
Author(s):  
I Ketut Winanda ◽  
Ida Bagus Putra Astika
Keyword(s):  
Logistic Regression ◽  
Regression Analysis ◽  
Firm Size ◽  
Capital Market ◽  
Firm Value ◽  
Sampling Method ◽  
Stock Exchange ◽  
Income Smoothing ◽  
Analysis Technique ◽  
Positive Effect

The capital market in Indonesia is currently growing, so that competition between companies is increasing. The company will try to increase the value of the company in order to attract investors to invest in the company. Management realizes that attention investors tend to only focus on profit, so managers are encouraged to practice income smoothing. This study aims to obtain empirical evidence of the influence of firm value, firm size and profitability on income smoothing practices in banking companies listed on the Indonesia Stock Exchange for the 2016-2018 periode. The number of samples selected in banking companies is as many as 31 companies, using the purposive sampling method. The data analysis technique used is a logistic regression analysis and the results showed that the firm value and firm size had a positive effect on income smoothing practices, while the profitability did not effect the income smoothing practice. Keywords: Income Smoothing; Firm Value; Firm Size; Profitability.

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.

KEBIJAKAN PEMBAYARAN DIVIDEN BERDASARKAN EPS, LEVERAGE DAN SIZE

2013 ◽  
Author(s):  
Yuhelmi Yuhelmi
Keyword(s):  
Firm Size ◽  
Capital Market ◽  
Stock Exchange ◽  
Secondary Data ◽  
Test Method ◽  
Test Results ◽  
Dividend Payout ◽  
Significant Difference ◽  
Sample Data ◽  
The Difference

This study aims to determine the difference in value Dividend Payout Ratio is based on EPS, leverage and firm size at the company listed in Indonesia Stock Exchange. The population is the company paying the dividends consistently over the period 2007-2009 and all taken as sample. Data used in this study is secondary data obtained from the Indonesian Capital Market of Directory (ICMD). Data processing is done by using the Kruskal-Wallis H test method because the data are not normally distributed. Based on the test results found a significant difference between the Dividend Payout Ratio companies that have high EPS with low EPS. Companies that have high EPS paying high dividend payout ratio than companies that have low EPS. The results also found no significant difference between the payment of Dividend Payout Ratio companies that have high leverage with companies that have low leverage, so also there is no difference between large-sized companies with a smaller company.

scholarly journals Type of Traders’ Effect on Risk and Return: The Case of Egyptian Stock Exchange

2016 ◽  
Vol 8 (2) ◽  
pp. 256
Author(s):  
Aly Saad Mohamed Dawood ◽  
Khairy El-Giziry
Keyword(s):  
Stock Market ◽  
Capital Market ◽  
Trading Volume ◽  
Stock Exchange ◽  
Garch Model ◽  
Market Returns ◽  
Market Values ◽  
Market Return ◽  
Lag Structure ◽  
Egyptian Stock Exchange

<p>This research paper aims to estimate the effect of investor categories (Foreigners, Arab, Egyptian institutions and individuals) trading volume, value and number of transactions on capital market returns and volatility.  </p><p>We depend on data Foreigners, Arabian and Egyptian trading volume, values and number of transaction of buying and selling for institutions and individuals and capital market values for the period from January 1st 2009 to December 31 2013.</p><p>We used descriptive statistics to identify normal distribution of data. Then, performing lead lag structure approach to obtain the optimum lag for the independent variable which has the maximum correlation with the dependent variable. Next, Garch model utilized to estimate the effect of trading volume, value, number of transactions on capital market return and volatility. Finally, the same model utilized to estimate the effect of investor categories on capital market return and volatility for the six periods starting from January 1<sup>st</sup> 2009 to December 31 2013 which represents the whole period and five yearly periods for the same period.</p><p>We found that institutions are the main source of volatility in the Egyptian stock market. Garch models showed weak effect on volatility for all periods. In the light of this study Foreigners and trading value items are the main source of effect on volatility. Finally, consistent with Chou (1988), the findings of GARCH model indicated that volatility persistence is less than unity which revealed that the Egyptian stock market could absorb shocks across time.</p>

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