Journals UITM University of Information Technology and Management
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NEW CONNECT MARKET IN POLAND AGAINST OTHER EUROPEAN ALTERNATIVE MARKETS
No full textThe aim of the article is to present and discuss the offer of Polish alternative market NewConnect and compare it to other European alternative markets. The selected markets include: British Alternative Investment Market (AIM) and European Alternext. For all markets: NewConnect, AIM and Alternext the characteristics of rules, the comparison with main market and calculation of entry costs was done
THE POST-CRISIS WORLD: THE WORLD ECONOMY IN THE AFTERMATH OF THE GREAT FINANCIAL DOWNTURN
Get PDFThe great financial crisis of 2008/2009 precipitated substantial changes in the world economy, national economies and the world balance of power. Economists coined the term “the new normal” to describe the post crisis world. The new world order will be characterized by increased state intervention, a recession generation, the disconnect between the fate of big companies and labor, the end of upward social mobility, increased state capitalism, changes to the process of globalization and the growing influence of international capital on national economies. Advanced economies will undergo a period of economic stagnation whereas emerging economies will grow at a much faster pace. As a result, the world balance of power will change. Western countries will lose their influence as their share of the world economy will diminish. A new multi-polar world will be created in which Western economic rules and values will no longer be emulated. Free market capitalism, human rights and democracy will be weakened.  
DYNAMIC FINANCIAL ANALYSIS IN THE INSURANCE COMPANY - CONCEPTION, PROCESS AND APPLICATION
No full textDynamic Financial Analysis has become the irreplaceable and comprehensively used tool used by insurance companies. The process of Dynamic Financial Analysis is not accidental, it involves the stochastic scenario generator, input and output. It integrates various models and techniques from finance and actuarial science into one “multivariate” dynamic simulation model. That modern approach to risk management and decision making provides for the integrated and holistic quantitative analysis of all significant risk factors affecting the insurer, helping management improve the business strategy
THE PROBLEM OF INFORMATIVE USEFULNESS OF RESIDUAL INCOME. RI(BV) RADAR CONCEPT
Get PDFRIBV is one of the possible variants of residual income calculation based on unadjusted book values. The usefulness of residual income should always be evaluated separately from the point of view of its motivational function and informational function. From the first perspective, RIBV is weak goal-congruent (in a decisional sense), although more goal-congruent than traditional accounting metrics. Problems implied by weak goal-congruence of RIBV can be solved by utilization of a tool allowing for reduction in managerial myopia (e.g. a bonus bank). However, such tools do not resolve the problem of the low informative usefulness of RIBV, that was confirmed by the empirical research presented in the article. The problem manifests itself in the fact that RIBV can signal value creation (destruction) when it is not created (destroyed), it can also exhibit value created (destroyed) sums that are not true. Thus, periodic performance measurement, evaluation and a compensation system that is to be based on RIBV must include not only a tool resolving problems resulting from the low motivational usefulness of the residual income version, but also a tool resolving problems resulting from the low informational usefulness of RIBV. Multidimensional evaluation of RIBV performance, utilizing RIBV radar presented in the article, can serve as such a tool
POLSKI RYNEK KAPITAŁOWY VS HIPOTEZA RYNKÓW EFEKTYWNYCH – WERYFIKACJA PARADYGMATU
Get PDFOur study examines the present status and the attacks on the semi-strong efficient-market hypothesis as well as the relationship between predictability and efficiency. We conclude that our Polish stock market is more efficient and less predictable than many recent academic papers would have us believe. In addition, we measure the level of market efficiency on the Warsaw Stock Exchange and describe its implications. We find that proofs from behavioral finance help us to understand the EMH. The future challenge for economists is to make behavioral reality a better part of their models. We conclude that stock markets are efficient because they stop investors from getting above-average returns (in a general way). Markets might also be efficient even if active market players are irrational or when stock prices show unpredictability greater than that which may be explained by fundamentals such as earnings and dividends
ANALYSIS OF THE PROFITABILITY OF ECONOMIC ENTITIES BASED ON THE UNIVERSAL
No full textThe aim of his work is a presentation of DuPont’s finance analysis method of enterprise profitability. The author undertakes the problem of model adaptation to analyze the enterprises from different sectors of the economy such as banks, insurance and other companies, whose construction of financial reporting varies according to the Polish Law of Accountancy dated 29th of September 1994. The Holding – a company from the financial sector was examined as an example of a practical adaptation of DuPont’s model - a straightforward and complex tool to examine the profitability of any company if its financial reports are accurate (audited). The DuPont model is a comprehensive method of examining the profitability of the financial holding company what in detail was presented in this article
REVIEW OF BEST INTERNATIONAL PRACTICE IN OPERATIONAL RISK MANAGEMENT
Get PDFThe aim of this paper is to analyze standards of good practice relating to operational risk management. Huge losses incurred by renowned companies (e.g. Barings Bank, Enron) as well as local authorities (e.g. Orange County) (Baldassare, 1998 )as a result of errors in operational risk management caused growing interest in this area of science. New strategies of operational risk management implemented in companies and institutions should function within the framework created by legal and corporate regulations valid in a given country. In this paper the author presents various definitions of corporate governance standards and proposes his own definition related directly to the issues discussed here. Then he presents basic systems of risk management consistent with discussed standards. In conclusion, Polish equivalents of normative regulations discussed here were presented, on the basis of which one could construct a system of operational risk management