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Inwestycje w auta kolekcjonerskie jako przykład inwestycji emocjonalnych

Author(s): Jakub Czerniak,Karolina Fijałek / Language(s): Polish Issue: 3/2016

The article presents the specificity of passion investments as a kind of alternative investments. In particular, investments in collectible cars are discussed: the characteristics of potentially collectible cars, as well as basic indices for the collectible car market. Presented comparison between hagerty indices and the New York Stock Exchange indices (Dow Jones and S&P500) between January 2006 and March 2016 indicates a higher return on investment in the collectible cars. With an exception of the 2008–2009 recession, investments in collectible cars allowed to achieve a higher rate of return compared to gold, too. However, further analysis shows that there are significant differences in the profitability of nvestments depending on the specific car model.

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Identyfikacja i analiza uwarunkowań finansowych polityki dywidend spółek notowanych na GPW w latach 2002-2013

Author(s): Bartłomiej Jabłoński,Jacek Kuczowic / Language(s): English Issue: 3/2016

The article presents the results of research aiming at the identification of financial determinants of the dividend policy of companies. The analysis covered financial reports of companies quoted on Warsaw Stock Exchange in 2002–2013. The study focused on the relations between the amounts of the paid-out dividend and the share of the dividend in the profit to be distributed on one hand, and the selected financial parameters describing the company’s operations in the year for which the dividend was paid-out and in the year of the dividend payout. The results of the study were confronted with the theory and conclusions from research carried out in other research centres.

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Wykorzystanie drzew trójmianowych i teorii cyklu życia produktu do wyceny piłkarzy

Author(s): Sebastian Majewski,Agnieszka Majewska / Language(s): English Issue: 3/2016

Nowadays, football is not just only an amateur sport, but also a big and a very interesting branch of industry for investors and gamblers. Football clubs start to act like an ordinary company on the market. One of the most important assets in a club’s balance are footballers’ performance rights. Every year thousands of players are the subject of football club transfers (in 2013 there were over 12.000 of such transfers with a total value of over USD 37 billion). It means that the monitoring of a footballer’s value could protect a club before the risk of a sudden disadvantageous change.This article indicates the possibilities of using quantitative methods in players’ performance rights value monitoring. Authors have raised the hypothesis that joins methods of the trinomial tree and the product life cycle that could give the managers of clubs more powerful tools in managing a football club company. The trinomial tree is usually used to value the option price giving three paths of price movement. In this approach, the method was used to determine the future hypothetical value of footballers’ performance rights. Using the product life cycle we could observe and analyse the moment in the life cycle of a football player. In this part of the research, non-linear models were used to approximate the best-fitting function of the market value of a player. Such information indicates the direction of movement on the trinomial tree.In this article, we use the historical data of the market values of chosen football players from the web site http://transfermarkt.de. To make a proper analysis, we chose three kinds of players: in the phase of growth, in the phase of stabilization and the phase of dropping down in value. Such an assumption causes the necessity of choosing players with adequate features, for example: age, skills and the team played for. Therefore, the length of the time series depends on the years and the performances of the footballer. The opportunities and threats of such an attempt are shown in this article.

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Nieruchomość mieszkaniowa jako instrument inwestycyjny

Author(s): Agnieszka Wójcik / Language(s): Polish Issue: 3/2016

The idea of an article is to verify hypothesis that residential real estate is the investment instrument with characteristics as follows: stable and high return and quite low investment risk. Residential real estate is an instrument that acts like long-term bond because of its ability to generate regular in-flows from rent (direct investment) or from dividend (REIT). According to previous research (Allen) the non-specific risk of this kind of instrument is quite low, and specific risks decreased in last years, inter alia as result of legal changes. Moreover, the profitability of this instrument is higher than profitability of instruments with comparable level of non-specific risk. The residential real estate is also effective instrument of protection of capital, as its ability to create residual value increases.

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Obligacje w walucie obcej. Struktura i funkcjonowanie instrumentu

Author(s): Henryk Mamcarz / Language(s): Polish Issue: 2/2015

In the debt securities markets there are bonds that differ in their structure from straight bonds. They are an answer to changing economic conditions, the underlying cause of which are changes in interest rates and exchange rates. In the other case these are foreign currency bonds. These bonds, despite their unquestionable advantages in capital acquisition and investment, are characterized by high investment risk because, in comparison with straight bonds, there is an additional risk of changes in exchange rates. In order to cover such risk, investors have a number of instruments at their disposal; however, its reduction, with the retained advantages of classical foreign currency bonds, can also be achieved through another kind of bonds – dual currency bonds, including currency option ones. Pricing of these bonds is complicated because differences in yield curves in the countries of specific currencies as well as exchange rates should be taken into account. The importance of the bonds in question during particular periods of economic development will certainly be a function of exchange rate variability.

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Obligacje o zmiennym oprocentowaniu. Struktura i funkcjonowanie instrumentu

Author(s): Henryk Mamcarz / Language(s): Polish Issue: 1/2015

The floating rate notes appear in capital markets during inflation. They make it possible for their issuers to gain capital because they largely reduce severe price risk resulting from an increase in interest rates. However, the largely eliminated price risk transforms into interest risk resulting from changes in reference interest rates. A protection against this risk is capfloaters in the case of issuers, and floorfloaters in the case of investors. Specific conditions of the capital market, in which issuers and investors operate, are in turn the reason why different variants of floating rate notes are issued, which have the characteristics of speculative instruments. Examples of such bonds are reverse floaters and leveraged floaters.

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Czarny PR na polskim rynku kapitałowym

Author(s): Elzbieta Kubińska / Language(s): Polish Issue: 4/2015

Classic example of negative campaigning on the Polish capital market is a case of Broker FM. The mechanisms of negative campaigning are similar, they share a similar reaction of investors to the negative information. An important element of the campaign is to act recency effect, the contrast model of similarity. Another characteristic of negative campaigning is that asset prices react more intensely to negative information than positive one and that investors react too strongly to unconfirmed messages, and exhibit conservatism in relation to precise and clear signals. In the case of initial public offering of Broker FM shares, an important element is the fact that the primary market is more risky than the secondary market.

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Struktura oszczędności finansowych gospodarstw domowych w Polsce w latach 2000–2014

Author(s): Paweł Kulpaka / Language(s): Polish Issue: 4/2015

The paper analyzed the size and structure of the households financial savings in Poland in the years 2000–2014. Throughout the entire analysis period the value of saving increased significantly. Bank deposits were the basic category in which the personal financial surpluses were invested. The share of alternative investments which were based on the securities markets rose rapidly in the whole structure of households financial savings before the middle of 2007 at the expense of the fraction of bank deposits. After the outbreak of the financial crisis in the summer of 2007 the share of bank deposits temporary increased while the percentage of the alternative investments diminished. During the entire analysis period the importance of pension products increased gradually.

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Rola regulacji ostrożnościowych sektora bankowego w świetle kulturowego postrzegania prawa w Polsce

Author(s): Lech Kurklinski / Language(s): Polish Issue: 4/2015

The article presents the cultural conditions of regulation and compliance with prudential regulations in the banking sector and the consequences for bank development. The focus is on the references to the Polish market. It is crucial to analyze the national culture (e.g. uncertainty avoidance index of G. Hofstede) in front of the Polish legal culture and the banking industry. The author underlines the role of cultural differences with respect to the regulation. It is done for banks controlled by foreign and national capital, based on the analysis of publicly available information and the survey among members of management boards of banks in Poland.

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Wykorzystanie instrumentów planowania inwestycyjnego i finansowego przez gminy z województwa lubelskiego

Author(s): Wojciech Misterek / Language(s): Polish Issue: 4/2015

The aim of this publication is the analysis of using instruments of financial and investment planning among local government’s entities and the verification of changes which took place in this area in 2004–2013. Additionally, the subject of this article is the evaluation of using these instruments in long term management of entity’s development and effective influence on its finance condition. The reason of this analysis were researches carried out among municipalities of the Lubelskie Province in 2013 among 114 entities of basic level of local government.

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Rola zysku całkowitego w ocenie rentowności przedsiębiorstwa

Author(s): Artur Sajnóg / Language(s): Polish Issue: 4/2015

The main purpose of this study was to examine the role and importance of the comprehensive income in the forming of the profitability of listed companies. The major subject of the theoretical-empirical study was to test of the general research hypothesis that stipulated that the comprehensive income of joint stock companies, presented in the statement of comprehensive income, may be more reliable measure used in assessment of profitability of enterprise. The research comprised joint-stock companies listed on the Warsaw Stock Exchange and included in WIG-30 Index (qualified on 01.05.2015). Empirical data for the study was obtained from the quarterly financial statements (the period from 2009 to 2014).

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Struktura firm rodzinnych a jakość portfela kredytowego na przykładzie wybranych banków spółdzielczych

Author(s): Artur Stefański / Language(s): Polish Issue: 4/2015

The main objective of the article is to assess the quality of credit portfolios of family-owned companies, taking into account the structure of those companies, in selected cooperative banks according to the data from the third quarter of 2014. The analysis was based on primary data which were provided by two cooperative banks. A credit portfolio offered to family businesses is better than the entire portfolio of economic credits, however, in recent years, its quality which depends on the age of a business entity, succession and the relation between the number of family members engaged in running the company and the total number of employees, has been deteriorating regularly.

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Wpływ zjawiska przywództwa rynkowego na proces wyznaczania cen przez przedsiębiorstwa

Author(s): Agnieszka Ścianowska / Language(s): Polish Issue: 4/2015

The paper analyzes the phenomenon of market leadership pointing out the role of the endogenous timing in the selection process of the most efficient company and in all participants’ results optimization. The evolution of the process in different models, and comparison of its effectiveness in the framework of the mechanism of voting and bidding were presented.

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Wzmocnienie ochrony konsumentów niewypłacalnych touroperatorów w Polsce a koncepcja utworzenia Turystycznego Funduszu Gwarancyjnego

Author(s): Elżbieta Wanat-Połeć,Grażyna Sordyl / Language(s): Polish Issue: 4/2015

In the paper the analysis of the solutions existing in Poland regarding clients’ protection of insolvent tour-operators has been carried out. Furthermore, the need to create the touristic guarantee fund as a crucial element to strengthen the rights of clients using services of touristic operators has been presented. Polish system of protection of tourist services consumers is not significantly different to the modes adopted in other EU countries: it guarantees covering costs of return trips from tourist events and compensates prepaid payments corresponding to not realized part of the tourist event in case of a tour-operator’s insolvency. The only one, however significant, difference is the lack of a tour-operator’s insolvency compensation provided by a guarantee institution in a form of the touristic guarantee fund. The authors of this paper assumed that allocation of tasks dedicated to a touristic guarantee fund in the Insurance Guarantee Fund (IGF) could effectively strenghten financial security system and trust to the tourist market in Poland in general. IGF’s twenty-five years experience in dealing with insolvencies on insurance market may constitute an appropriate basis to create effective supplementary mechanism of the tourist services consumer protection. Moreover, it will allow Poland to complete implementation of the 90/314/EEC directive of 1990 concerning organized travels, vacation and trips as well as to meet EU requirements in this field. Activities in this scope are all the more justified as the European Union Council adopted a general agreement on new directive regarding tourist events and arranged tourist services in December 2014.

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Credibility Versus Measurement of Value of a Financial Statement Constituents in the Context of Auditing Risk

Author(s): Wioletta Świeboda / Language(s): English Issue: 2/2017

Preparing financial statements is essential for each business entity in order to transmit information necessary for the intended user. The statements must reflect current financial situation of the company on the basis of which it will be possible to take appropriate decisions. Information is only reliable when it is useful. Preservation of credibility of financial statements in business practice raises doubts relating to the possibility, allowed by the International Accounting Standards, to present estimates. Another concern is connected with the increasing usage of fair value measurement instead of the principle of prudence . The aim of the paper is to define the notion of credibility with respect to elements of financial statement, auditing risk of these elements and application of estimates. The author also highlights the essence of fair value measurement and the impact of financial auditing on shaping the credibility of information in the financial statement. For the purposes of the paper the author researched the legal acts in force and used the case study method.

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Changes of the Economic Situation vs. the State of Public Finances in Poland in 2007-2015

Author(s): Mariusz Zieliński / Language(s): English Issue: 2/2017

The paper is devoted to the analysis of the impact of changes in the level of economic growth on the volumes deciding about the condition of public finances. The main hypothesis put forward in the paper is the assertion that the changes of the economic situation affect substantially the state of public finances, causing changes on the level of revenues and expenditures of public sector. The second hypothesis is the assertion that fiscal policy in Poland, in the analyzed period, was of a passive nature. The paper contains data analysis of the period between 2007 and 2015 provided by the Central Statistical Office with the use of correlation rates. Statistically significant negative dependence was observed between GDP growth and expenditures of the State budget, total public debt and government sub-sector debt. Such results indicate the dominance of passive fiscal policy during the analyzed period.

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Scurte considerații referitoare la guvernarea corporativă a entităților reglementate pe piața de capital din perspectiva Regulamentului Autorităţii de Supraveghere Financiară nr. 2/2016

Author(s): Manole Ciprian Popa / Language(s): Romanian Issue: 1/2016

This paper analyses a series of new provisions, especially those concerning the groups of companies as adopted by Regulation No. 2 of March 15, 2016 on the application of corporate governance principles by entities authorized, regulated and supervised by the Financial Supervisory Authority.

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Evaluări privind dinamica performanțelor în industria fondurilor deschise de investiții din România

Author(s): Ioan-Ovidiu Spătăcean,Andreea Oana Oprea / Language(s): Romanian Issue: 10/2016

Considering that an open-end fund enables anyone with cash to invest with a minimum knowledge on the matter and with relatively low costs, to which is added a management of these resources by qualified persons and with experience in this field, the authors consider that an investment in such a fund, which provides a high yield relative to bank interests (the interest rate is below 2% for deposits) is and will be in the future one of the most attractive investing tool, the study aiming to analyze the evolution of this industry in terms of total number of the funds, of the investors, total net assets, and the performance of the main funds.

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A Challenge for the Financial Market

Author(s): Jacek Binda / Language(s): English Issue: 3/2017

The money is a widely accepted commodity, by means of which it is possible to determine the economic value of purchased goods and services and make payments.Over the centuries, "money" has evolved many times. Their constantly changing character, generates questions on their future aspect. In the reference to the cryptocurrencies questions are focused on their nature and compliance with the definition of money.

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FAİZ ORANI - DÖVİZ KURU VE BİST100 ETKİLEŞİMİ: MAKI EŞ - BÜTÜNLEŞME ANALİZİ

Author(s): Abdulkadir Barut,Sadık Karaoğlan,Mehmet Emin Karabayir / Language(s): Turkish Issue: 16/2017

In this study, the effects of interest rate and exchange rate on BİST100 National Index have been studied for 2004: M1-2016: M10 periods for Turkey. For the analyses used in the study; Multiple Structural Breaks Unit Root Test developed by Carrion-i-Silvestre et al. (2009) for unit root tests, Multiple Structural Breaks Co-integration Test of Maki (2012) for long-term relationships and Dynamic Ordinary Least Squares (DOLS) Method for long-term error corrections were used. According to the empirical findings of the survey, it was determined that increases in interest rate influence BİST100 National Index negatively, and this result is supported by literature. On the other hand, roll-ups in exchange rate affect BİST100 National Index positively in Turkey.

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