Journals UITM University of Information Technology and Management
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ADAPTIVE MARKET HYPOTHESIS: INSIGHTS FROM BRIC-T COUNTRIES\' STOCK MARKETS
Get PDFComparing the Efficient Market Hypothesis and Behavioral Finance, the Adaptive Markets Hypothesis (AMH), which identifies the extremes of these two hypotheses and adapts them to each other, argues that calendar anomalies can coexist, but also focuses on how investor behavior reacts to changing market conditions. This study aims to investigate whether the stock markets of BRIC-T countries are consistent with the AMH, including crisis periods, using daily data for the period 01.01.2000-31.12.2023. To this end, daily index return series of each country were constructed and analyzed with the help of Wild-bootstrap Variance ratio test, BDS test and Ljung and Box Q Portmanteau tests. According to the Wild-bootstrap Variance ratio test, both EMH and AMH are not valid in the equity markets of BRIC-T countries; according to the BDS test results, AMH is valid and according to the Ljung and Box Q Portmanteau test results, AMH is valid. Therefore, it is concluded that AMH is more successful than EMH in explaining the equity markets of BRIC-T countries
PAKISTAN AND MALAYSIA BILATERAL TRADE AGREEMENT (BTA): A CASE OF THE PAKISTAN STOCK EXCHANGE (PSX) REACTION
Get PDFThe goal of this investigation is to establish a connection between the attributes of listed companies and the effects of the Pakistan-Malaysia Bilateral Trade Agreement (BTA) on Pakistan\'s stock markets. For that purpose, this research is to look at how the Pakistan Stock Exchange (PSX) was affected by the Bilateral Trade Agreement between Pakistan and Malaysia. The abnormal returns have been computed before and after the announcement using an event study methodology. The results demonstrate that the announcement of the Pakistan-Malaysia (BTA) elicited an immediate response from chosen sectors of Pakistan, with mixed responses, negative as well as positive. Given that the textile industry is one of Pakistan\'s top export industries, its response was encouraging. The study concludes that the PSX was vulnerable to this event as well as that this paper has important ramifications for investors and trade policy makers
JOINT IMPACT OF STOCK MARKET DEVELOPMENT AND ENERGY CONSUMPTION ON CARBON DIOXIDE EMISSIONS IN NIGERIA: 1990 TO 2021
Get PDFEnvironmental degradation and global warming are two of the most pressing concerns facing the world today. This study examines the joint effects of stock market development and energy consumption on environmental degradation in Nigeria from 1990 to 2021. Utilizing the ARDL cointegration framework, the analysis reveals a long-run cointegration relationship among the variables at the speed of 124% towards long-run equilibrium. Carbon dioxide emission is positively and significantly influenced by stock market growth and energy consumption but negatively and insignificantly by the interaction of stock market and energy use. The control variables of foreign direct investment and trade openness have a negative impact on emissions while economic growth has positive impact on emission. The findings suggest that the adverse impacts of stock market growth and energy consumption on the environment require effective regulations, sustainable practices, and environmental protection with the use of renewable energy prioritized through the stock market and energy consumption agencies and policy makers. In the same vein, the Nigerian government should also prioritize policies aimed at reducing carbon dioxide emissions through the expansion of the trade sector and foreign direct investment because they play a crucial role in mitigating environmental degradation while it should promote sustainable economic growth that will encourage reduced carbon emission
DO MERGERS ENHANCE FINANCIAL PERFORMANCE? EMPIRICAL EVIDENCE FROM THE CZECH REPUBLIC
Get PDFThis study investigates whether the post-merger performance of companies in the Czech Republic exceeds their pre-merger performance. Employing the Czech-specific IN05 model and internationally recognized composite financial performance indicators (Altman Z-score, Taffler model, and Kralicek Quick Test), the research utilizes a comprehensive dataset of 1,077 companies involved in mergers. The analysis spans a decade, covering five years before and after the mergers conducted in 2016. Results indicate that while the financial condition of merging companies shows stagnation, successor companies demonstrate statistically significant improvements in key financial indicators, especially during the period from 2017 to 2021. This highlights the positive impact of mergers on financial performance, even amid external disruptions such as the COVID-19 pandemic. These findings contribute to understanding M&A dynamics in medium-sized, open economies within the EU, offering valuable insights for both academic research and practical applications in corporate strategy
THE FINANCIAL SITUATION OF PENSIONERS IN POLAND IN THE PERSPECTIVE OF ACHIEVING SUSTAINABLE DEVELOPMENT GOAL NUMBER 1: NO POVERTY
Get PDFThe paper will discuss the problem of pensioner poverty in Poland, its elimination, as well as the question of the impact of social policy measures on the Sustainable Development Goals (SDGs) called ‘no poverty’. The purpose of the article is to assess the financial situation of pensioners in Poland, taking into account the impact of supplementary pension benefits (understood in the study as the thirteenth and fourteenth pensions) on the level of poverty among pensioners in the context of achieving the Sustainable Development Goals in Poland. The topic of pensioner poverty and its consequences is one of the aspects often overlooked in the discussion of sustainable development, where ‘poverty’ is simplified exclusively to a social issue, while it is an important aspect of economic development. To achieve the purpose of the study, the authors used statistical data describing the problem of poverty and changes in this area in the period 2010-2024 (where possible, a wider range of data has been provided to provide a more complete picture of the phenomenon), based on data from the Statistics Poland and the Social Insurance Institution (ZUS). The analyses carried out indicate a short-term positive impact on the proportion of poor pensioners in Poland, but at the same time little effectiveness of the benefits known as 13th and 14th pensions
CZEGO MOŻEMY SIĘ NAUCZYĆ Z DOŚWIADCZEŃ POLITYKI GOSPODARCZEJ I SPOŁECZNEJ WŁADYSŁAWA GRABSKIEGO?
Get PDFWARTOŚCI NIEMATERIALNE I ICH WYCENA W ŚWIETLE STANDARDÓW RACHUNKOWOŚCI AMERYKAŃSKIEJ (US GAAP) ORAZ MIĘDZYNARODOWYCH STANDARDÓW SPRAWOZDAWCZOŚCI FINANSOWEJ (MSSF)
Get PDFSTOPA ZWROTU Z KAPITAŁU PRZEDSIĘBIORSTWA: WYBRANE ZAGADNIENIA
Get PDFW ocenie wyników działalności każdego przedsiębiorstwa szczególną rolę odgrywa jego rentowność, czyli zdolność do generowania zysków (dochodowość). Działalność biznesowa jest przecież podejmowana i prowadzona ze względu na jej potencjał zarobkowy. To, czy przedsiębiorstwo jest rentowne czy też nie, jest swoistym kryterium podsumowującym wszystkie działania podjęte wcześniej w jego ramach. Nie bez przyczyny na szczycie piramidy DuPonta znajduje się właśnie miernik rentowności i nie bez przyczyny jest to miernik korzyści, jakie przedsiębiorstwo przynosi swoim właścicielom (ROE). Przedsiębiorstwa działają przecież przede wszystkim po to, by to im przynosić maksymalnie wysokie (finansowe) korzyści. Ze struktury modelu DuPonta wyraźnie wynika, że rentowność właścicielskiego kapitału zainwestowanego w przedsiębiorstwo jest „zbiorczym” wynikiem, na który wpływ mają zarówno poziom zadłużenia przedsiębiorstwa, jak i jego aktywność oraz płynność
WYKORZYSTANIE OPCJI W ZARZĄDZANIU RYZYKIEM FINANSOWYM
Get PDFRyzyko finansowe rozumiane jest na ogół jako zjawisko rozmijania się oczekiwanych i rzeczywistych wyników działalności gospodarczej, co przejawia się w postaci zmienności osiągniętych wyników i ich oscylacji wokół wartości oczekiwanej. Oscylacje te podlegają pewnym prawidłowościom i przy założonym poziomie prawdopodobieństwa (poziomie ufności) można określić zakres wahań wyniku
LEKCJE Z HISTORII, WYZWANIA DLA EKONOMII
Get PDFLekcje z historii, wyzwania dla ekonomii Dlaczego niektóre biedniejsze kraje odnoszą sukcesy w nadrabianiu dystansu wobec krajów bogatych, a inne, przeciwnie, dystans ów zwiększają? Co tłumaczy stałą utratę dystansu przez całe grupy państw? Co odróżnia kraje, które nadrabiają gospodarczy dystans od krajów, które go tracą? To fundamentalne pytania i starszej, i nowszej ekonomii. Doświadczenia ekonomistów i dorobek badawczy historii gospodarczej pozwalają na analizę przyczyn zróżnicowanego tempa rozwoju