Journals UITM University of Information Technology and Management
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CAUSES OF THE OUTBREAK OF THE EUROZONE CRISES: THE ROLE OF THE USA AND THE EUROPEAN CENTRAL BANK MONETARY POLICY
Get PDFThis paper argues that the loose monetary policy of two of the world’s most important financial institutions—the U.S. Federal Reserve Board and the European Central Bank—were ultimately responsible for the outburst of global financial crisis of 2008-09. Unusually low interest rates in 2001- 05 compelled investors to engage in high risk endeavors. It also encouraged some governments to finance excessive domestic consumption with foreign loans. Emerging financial bubbles burst first in mortgage markets in the U.S. and subsequently spread to other countries. The paper also reviews other causes of the crisis as discussed in literature. Some of them relate directly to weaknesses inherent in the institutional design of the European Monetary Union (EMU) while others are unique to members of the EMU. It is rather striking that recommended remedies tend not to take into account the policies of the European Central Bank
PAPER PROFITS FROM VALUE, SIZE AND MOMENTUM: EVIDENCE FROM THE POLISH MARKET
Get PDFIn this paper we investigate sources and characteristics of value, size and momentum profits on the Polish stock market. The research aims to broaden the academic knowledge in a few ways. First, we deliver fresh out-of-sample evidence on value, momentum, and size premiums. Second, we analyzemthe interdependences among the factors. Third, we investigate whether the factor premiums are present after accounting for liquidity constraints. Fourth, we check whether the factor premiums are robust to transaction costs. Our research is based on all the stocks listed on the WSE in years 2001-2013. We find, that the value, momentum, and size premiums are to some extent present on the Polish market. Furthermore, they strengthen each other, but they disappear after accounting for transaction costs and liquidity
DAY-OF-THE-WEEK EFFECT AMONG THE SMALLEST ENTERPRISES LISTED ON WSE
Get PDFThe text touches on the subject of the fi nancial markets in the context of behavioral theories. The author att empts to verify the occurrence of one of the popular calendar eff ects, the day-of-the- -week eff ect, on the Polish stock market. Another limitati on of the study area of the research is to include in the analysis only small companies. Many voices from the mainstream of behavioral fi nance say that the presence of anomalies listed is more evident in the case of small companies, which are not the focus of the majority of investors. In the proposed study, the data used contained companies in the Stock Exchange in Warsaw, with a maximum capitalizati on of 10 million PLN. Research sample includes quotati ons of these companies during the period January 2010-April 2014. In order to verify the hypothesis of the occurrence of the day-of-the-week eff ect among these companies the author used ARCH modeling. In the course of the analysis the author verifi ed negati vely the occurrence of the eff ect of weekdays in the proposed research sample
HIGH PROPENSITY TO PAY DIVIDENDS BY STATE-CONTROLLED COMPANIES IN POLAND.: TUNNELING OR MATURITY EFFECT?
Get PDFUsage of a random effects panel logit model have shown in this paper that the high propensity to pay dividends by the state-controlled companies quoted on the Warsaw Stock Exchange over the last years was not a result of the tunneling effect but was the maturity effect. The state-controlled companies which pay dividends fulfil the maturity effect criteria as they are big, profitable, have low investment opportunities and financial leverage, and are characterised by low risk associated with investing in their shares. The additional evidence of a reasonable and stable dividend policy pursued by the state-controlled companies are: payout ratio on the level of slightly more than 50% and lower by almost 8 percentage points than in the other companies; and relatively rare use of the reserve capital for dividends. However, state-controlled companies listed on the WSE are mostly commercial and of a fi scal nature for the state, which may create a temptation for tunneling
HUMAN CAPITAL FINANCIAL RESULTS OF AN ENTERPRISE – RESEARCH ON THE BEST EMPLOYERS IN POLAND
Get PDFIn a modern economy human capital is the basic resource, directly influencing production and the financial results of the enterprise. Employee involvement determines their better job performance and the achievement of better financial results. The analysed companies – winners of the contest named Best Employer in Poland demonstrated increasing effectiveness and profitability of their activities which was shown by the calculated coefficients. The human capital coefficients based on the data from financial reports do not reflect the proper analysis of changes in return on investment and human capital productivity dependent on the level of employee involvement. A proper evaluation should concern not only financial results such as sales revenues, but also non-financial results
ARE THERE TWO TYPES OF BUSINESS CYCLES? A NOTE ON CRISIS DETECTION
Get PDFBusiness cycles are highly irregular fluctuations in economic activity. This article attempts to determine whether there are some properties of business cycles that can make them look more regular. This is done by analysing business cycle dynamics, especially by employing and adjusting to contemporary business cycle analysis the theories of growth cycles and classical cycles. The non-homogeneity of business cycles is surveyed in theory and practice with use of ad hoc filtering, spectral analysis and unobserved components models. With their use business cycles are extracted. Several macroeconomic indicators for 32 economies are analysed to draw up additional characteristics of contemporary business cycles. The author proposes that fluctuations in economic activity lasting 8-19 quarters should be called \"growth cycles\" and those lasting 20-40 quarters – \"classical cycles\". The value added of this article is the consideration of the two different type of cycles in light of the same methods of extraction, while to date they have been thought of as the ones that can be analysed with use of different methods of extraction. Another innovation is comparison of the cyclicality of different macroeconomic indicators from the point of view of the two types of cycles, while to date they have been analysed in the light of a single business cycle
FREE MOVEMENT OF MONEY IN THE EUROPEAN UNION – THE ROLE OF EUROPEAN COURT OF JUSTICE IN THE FORMATION OF THE FREE MOVEMENT OF CAPITAL AND PAYMENTS
Get PDFFree movement of capital and payments is one of four fundamental principles, whose undisturbed operation is vital for proper functioning of the Common Market. In the first stage of the European Community, this freedom served a rather ancillary function, facilitating the full use of the freedom of movement of goods, people and services. It was as late as at the beginning of the 1990s that this principle was considerably liberalized. The treaty regulations concerning free movement of capital and payments changed. These regulations obtained the status of direct effectiveness, which means that natural and legal persons may invoke them in courts and domestic institutions. However, the most essential role in forming the principle of free movement of capital and payments was played by European Court of Justice, whose judgments contributed to its present shape and allowed practically full liberalization of free movement of cash. The aim of this article is to show the evolution of the free movement of capital and payments flow under the influence of changing treaty regulations and the judgments of European Court of Justice
THE USE OF BEHAVIORAL FINANCEIN THE WEALTH MANAGEMENT PROCESS
Get PDFThe economic theories taking into consideration human behavior and based on the achievements of psychology, sociology, anthropology have been evolving at a blistering pace over the last decade. Owing to that, the behavioral finance has become one of the fastest developing academic areas focused on the analysis of financial markets’ behavior. The following presentation of the most common mistakes made by investors will allow the readers of this publication to develop more effective investment strategies and establish control of the customer service in the cooperation between advisors and clients of the Wealth Management services
R&D DISAPPEARANCE IN THE PERIOD OF ECONOMIC TRANSFORMATION IN POLAND
Get PDFBasing on official statistical data, the article presents changes in R&D taking place in Poland in 1975-2009. In 1975 the Polish centrally-planned economy held a strong position in Europe, especially if we measure it by the number of scientific and technical staff employed in research and development. After transition to a market economy, the level of employment in R&D continually decreased and in 2009 reached 40% of the level from 1975. At the same time, the European Union experienced growth of employment in R&D; for example in Spain R&D employment grew 17-fold (by 1688%).Poland will need to increase its innovativeness in order to effectively compete in the global economy
COMPARATIVE ANALYSIS OF THE TERM STRUCTURE OF INTEREST RATES
No full textThe term structure of interest rates is one of the basic and the most important areas of interest to financial markets and the economies. Theories of interest-rate structure describe the factors determining the variation in interest rates and explain the mechanisms of their formation. The structure of the interest rate gives all information required to forecast term interest. This paper is an attempt to systematize and organize the knowledge. The first section of this article describes theories of the term structure of interest rates, determinants of the relationship between the interest rate and the time to maturity, and mechanisms shaping the level of interest rates. The article is focused on basic assumption of the theories. The next section shows the main methods of estimation of the yield curve. All concepts presented in the article have been compiled together and compared