Journals UITM University of Information Technology and Management
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THE INFLUENCE OF LIQUIDITY ON PROFITABILITY OF POLISH CONSTRUCTION SECTOR COMPANIES
Get PDFThe concept of financial liquidity is not very straight, as it has various aspects, although generally it refers to the current assets and liabilities management. Financial liquidity together with profitability are the core categories of enterprise activities which, in order to function efficiently, the company should treat as equally important. The growth of financial liquidity may negatively influence the company profitability. If the company is to liquid in the static sense than it will affect negatively the profitability since some capital will be frozen in current assets. In this article, the authors analyze theoretical aspects of the relation between liquidity and profitability, whereas the empirical part they examine this interdependence on a group of construction sector companies listed on Warsaw Stock Exchange
EU SINGLE FINANCIAL MARKET – PROSPECTS FOR CHANGES
Get PDFGlobal financial crisis has revealed the weaknesses of the European financial market, which triggered the European Union (EU) work on further integration of this market. The aim of this article is to present the direction of changes concerning the integration of the EU financial market. These changes are mainly related to the issue of supervising the EU financial market, regulating the institutions operating in this market, protecting customers, improving the effectiveness of the market, its transparency and liquidity, as well as improving management in crisis situations
REAL OPTIONS COMPARED TO TRADITIONAL COMPANY VALUATION METHODS: POSSIBILITIES AND CONSTRAINTS IN THEIR USE
Get PDFThe subject of the article is the presentation of an unconventional method of establishing the value of the company together with investment ventures – basing on the concept of real options (Real Option Valuation – ROV). The option calculation can be applied in many areas, such as: evaluation of investment effectiveness, valuation of the company and its separate parts, estimating the value of company assets and liabilities, credit risk assessment. The concept of real options is very popular all over the world. However, in Poland we rarely use option methods in the above areas, although the method is currently considered a revolutionary solution to the problem of underassessment of huge risk projects
SELECTED ISSUES OF PERSONAL INCOME TAXATION HARMONIZATION
Get PDFIn the process of furthering EU integration little attention was given to the role of income taxes. Multiple income tax systems exist across the Union and their differentiation negatively impacts the European labor market, investments and savings, inhibiting economic growth. Individual nations have little motivation to harmonize as they can engage in tax rate competition and income taxes are interwoven with social security systems that make any attempts at reform extremely complex and politically unpopular. Much of current harmonization is “silent”, paralegal, and occurs in response to market forces rather than following a formal plan and through intergovernmental cooperation.
 
BUSINESS VALUATION STANDARDS – A NEW APPROACH FOR POLAND
No full textMany of the generally accepted valuation principles and concepts are related to the classical valuation trio: income approach, asset approach, market approach. Professionals who (in the USA) are granted CBA, CVA or ASA titles have to follow prescribed rules and guidelines in preparing and distributing the appraisal reports. The standards created by some professional organizations must follow a uniform standard of practice consistent with the Uniform Standards of Professional Appraisal Practice. In Poland we lack such standards. All valuation professionals recognize many fundamental truths. All valuators agree on the basic definitions surrounding key concepts such as discount rate or FCF. Still, the valuations may lack consistency and integrity that can be imposed by a uniform valuation standard. The paper is an attempt to review existing valuation standards and suggest a new approach to building a code of practice for valuation professionals in Poland
EASTERN EUROPEAN EQUITY MARKETS AND THE SUBPRIME CRISIS. DOES EMERGING EUROPE STILL OFFER DIVERSIFICATION BENEFITS?
Get PDFThe stock markets in Eastern Europe went through a period of rapid growth. Those which joined the EU had to integrate with Western Europe on various levels, which had important implications for their equity price development during the subprime mortgage crisis. The aim of the paper is to analyze the developments in the stock markets of Eastern European countries before and during the subprime crisis and to evaluate the hypothesis of disappearing portfolio diversification opportunities in the region. Through the application of correlation analysis, Markowitz mean variance approach and portfolio optimisation strategy based on the Sharpe ratio, it is shown that diversification opportunities for a US investor in the Eastern European region have largely disappeared
EVALUATION OF THE IMPACT OF FINANCIAL CRISIS ON THE CONDITION OF PUBLIC FINANCES IN POLAND
No full textThe article is an attempt to diagnose the current condition of public finances in Poland. The authors have adopted the goal of analyzing the impact of financial crisis on the condition of domestic public finances, referring to the results of findings of indexes describing public finance in European Union countries. The article is a view of domestic comparisons of the current situation of public finances against the background of crisis that affected the economy of each of the EU countries. The article evaluates and examines the scale and the impact of the consequences of the crisis on the condition of public finances in Poland, pointing to threats that influence the stability of the financial system as an effect of abandonments to reform of public finances
ANALYSIS OF THE STRUCTURE OF INVESTORS ON THE WARSAW EXCHANGE CONSIDERING WIG20 FLUCTUATIONS
No full textThe aim of the article will be an attempt to assess the mood of different groups of investors, based on the dynamics of their market shares in the period of 2003-2009. The empirical research will be aimed at examining the structure of investors in the WIG20. The next step will be an extrapolation of the trend in order to determine the future path of investors interest in relation to forecast evolution of the WIG20 index. The trend of phenomenon development will be designated on the basis of data exchange presented in the form of time sequence. The extraction of the trend will be conducted with the analytical method involving the appointment of a mathematical function of a linear trend. Then, using the least squares method, the impact of seasonal and random factors will be estimated. After their assessment, based on the multiplicative model, the trend of the general structure of the investor on the Stock Exchange could be determined
ASSESSMENT OF PROFITABILITY AND RISK OF BANKS LISTED ON THE WARSAW STOCK EXCHANGE IN 2004-2009
Get PDFProper evaluation of banks’ activity requires an analysis of profitability and risks undertaken by these institutions. For the purposes of internal reporting banks use Risk Adjusted Performance Measures (RAPM). Brief review of those indicators is presented in the article. Author pointed out the difficulty in determining these indicators by external entities. In authors opinion simple approach based on ROE volatility analysis may be treated as complementary method. In this article the author using ROE volatility analysis assessed the profitability and risk for a group of banks listed on the Warsaw Stock Exchange in 2004-2009
WORKING CAPITAL AND THE FINANCIAL LIQUIDITY OF LAND POVIATS
No full textThe nature of working capital in the poviat - the unit of territorial self-government- is associated with responsibility for maintaining the short-term financial liquidity and long –term financial stability. The financial liquidity and financial stability are necessary for the poviats to fulfill their tasks continuously. The aim of the paper is to emphasize the role of working capital in poviats and to evaluate its value empirically in chosen poviats of the Wilkopolskie voivodship