1,720,969 research outputs found
Economic Growth, Corporate Earnings and Equity Returns: Evidence from Central and Eastern European Countries
Get PDFThis paper discusses the links between economic growth, corporate earnings and stock returns. Cross-country correlation studies do not confirm the intuitive assumption that higher returns on equities are more likely in the faster-growing countries. The problem can be analysed more deeply by analysing stock returns with respect to the growth of earnings per share (EPS) and changes in valuation (P/E ratio). Within this framework, two types of factors explaining the lack of correlation between GDP growth and stock returns are distinguished. The empirical research on developed and emerging market countries reveals that in the long run stock price returns are driven by companies’ earnings, and that the lack of correlation between GDP growth and equity returns is almost fully explained by the divergence between GDP growth and EPS growth. In this article the results of an investigation into this area, based on a sample of post-communist Central and Eastern European countries, are presented and discussed. It was found that in these countries changes in valuation (P/E ratio) appear to play an important role, cancelling the impact of EPS growth on stock returns
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No full textMicroeconomic fundamentals of the aggregate production function with constant returns to scale
No full textProblem agregacji odniesiony do produkcji jest bardzo ważny dla współczesnej makroekonomii głównego nurtu ze względu na powszechne wykorzystywanie koncepcji agregatowej funkcji produkcji (AFP) tak w modelach teoretycznych, jak i w badaniach empirycznych. Celem artykułu jest teoretyczna rekonstrukcja mikroekonomicznych założeń leżących u podstaw AFP o stałych przychodach względem skali. Artykuł ma głównie charakter krytyczno-przeglądowy, systematyzuje rozproszone w różnych pracach ustalenia oraz uzupełnia je wynikami własnymi. Wyjaśniono związek koncepcji AFP z koncepcją równowagi ogólnej w gospodarce. Pokazano, że logicznie spójny obraz działalności produkcyjnej na poziomie pojedynczych firm w warunkach konkurencji doskonałej, w ramach którego da się skonstruować AFP o stałych przychodach względem skali, możliwy jest przy założeniu, że firmy funkcjonują na poziomie minimum swoich U-kształtnych krzywych kosztów przeciętnych, osiągając zerowe zyski czyste. Uogólniając rozważania na gospodarkę wielosektorową, rozpatrzono problemy, jakie dla kwestii istnienia AFP stwarza konieczność agregowania produkcji różnych dóbr.In the paper the aggregation problem regarding production functions is considered. This issue is of fundamental importance for the mainstream of contemporary macroeconomics due to the common usage of the aggregate production function (APF) both in theoretical models and empirical research. The aim of the paper is theoretical reconstruction of microeconomic assumptions underlying the APF with constant returns to scale (linearly homogenous). The paper is mainly the critical review that systematises the results scattered in the literaturę and supplements them with the results of the author. Following the literature, the relationship between the concept of the APF and general equilibrium in the economy was explained. It was shown that consistent view of economic activity on the level of individual firms operating in perfectly competitive one-sector economy, which enables to construct the APF with constant returns to scale, is possible under the assumption that firms reaches the minimum of its U-shaped average cost curves, achieving zero subnormal profits. Generalizing considerations about the existence of the APF over multi-sector economy, new problems raised by the need to aggregate different products were considered
Company growth and growth opportunities on the example of some EU stock exchanges in the light of market characteristics
Get PDFThis paper analyzes the relationship between growth opportunity measures and the future growth of companies. If there is a correlation between a company’s growth potential and its real growth, then the markets are more predictable and effective. The survey was conducted on the example of the following European markets: Austria, the Baltic Countries, Hungary, France, Poland, and Germany. The goal of this paper is to assess the relationship between growth opportunity measures and the future growth of companies listed on the stock exchanges of some markets in the European Union. The countries considered can be classified according to the size of the state, market liquidity, and the maturity of the exchange. Those external factors were expected to influence the strength of the growth and its opportunity relationship. It was found that growth opportunity measures based on market prices have predicting power for the future growth of companies. They are also strongly related to companies’ future growth in large countries and weakly related to future growth in small countries. This paper adds to the literature on the application of growth opportunity measures regarding market characteristics. These results are in line with the view that market liquidity should increase its efficiency in revealing the value of stocks and the Comprehensive Advantage of Large Countries hypothesis
Going Beyond Counting First Authors in Author Co-citation Analysis
Get PDFThe present study examines one of the fundamental aspects of author co-citation analysis (ACA) - the way co-citation
counts are defined. Co-citation counting provides the data on which all subsequent statistical analyses and mappings
are based, and we compare ACA results based on two different types of co-citation counting - the traditional type that
only counts the first one among a cited work's authors on the one hand and a non-traditional type that takes into
account the first 5 authors of a cited work on the other hand. Results indicate that the picture produced through this non-traditional author co-citation counting contains more coherent author groups and is therefore considerably clearer. However, this picture represents fewer specialties in the research field being studied than that produced through the traditional first-author co-citation counting when the same number of top-ranked authors is selected and analyzed. Reasons for these effects are discussed
Variations on the Author
Get PDF“Variations on the Author” discusses two of Eduardo Coutinho’s recent films (Um Dia na Vida, from 2010, and Últimas Conversas, posthumously released in 2015) and their contribution to the general question of documentary authorship. The director’s filmography is characterized by a consistent yet self-effacing form of authorial self-inscription: Coutinho often features as an interviewer that rather than express opinions propels discourses; an interviewer that is good at listening. This mode of self-inscription characterizes him as an author who is not expressive but who is nonetheless markedly present on the screen. In Um Dia na Vida, however, Coutinho is completely absent form the image, while Últimas Conversas, on the contrary, includes a confessional prologue that moves the director from the margins to the center of his films. This article examines the ways in which these works stand out in the filmography of a director who offers new insights into the notion of cinematic authorship
Appropriate Similarity Measures for Author Cocitation Analysis
Get PDFWe provide a number of new insights into the methodological discussion about author cocitation analysis. We first argue that the use of the Pearson correlation for measuring the similarity between authors’ cocitation profiles is not very satisfactory. We then discuss what kind of similarity measures may be used as an alternative to the Pearson correlation. We consider three similarity measures in particular. One is the well-known cosine. The other two similarity measures have not been used before in the bibliometric literature. Finally, we show by means of an example that our findings have a high practical relevance.information science;Pearson correlation;cosine;similarity measure;author cocitation analysis
Badanie współzależności pomiędzy rynkiem akcji a poziomem aktywności gospodarczej w Polsce z wykorzystaniem metodologii VAR‑VECM
No full textThe paper discusses the links between stock market performance and real economic activity and presents results of an empirical inquiry into dynamic relationships between the main stock index quoted on the Warsaw Stock Exchange (WIG) and GDP in Poland over the years 1995–2019. In many empirical studies for highly developed countries not only short‑run dynamic interactions but also a long‑run cointegrating relationship between the stock index and output have been found. Previous studies for Poland reported mainly short‑run linkages between stock returns and changes of economic activity whereas the evidence for a long‑run cointegrating relationship is still quite scarce. In this paper, the VAR‑VECM methodology with the Johansen tests for cointegration is used to study a substantially longer quarterly data interval than has been investigated so far. Research results show that stock returns Granger‑cause GDP growth with up to three‑quarters lead. The evidence for the existence of a long‑term cointegrating relationship has also been found.W artykule omówiono związki pomiędzy koniunkturą giełdową a realną aktywnością gospodarczą oraz przedstawiono wyniki badania współzależności pomiędzy zmianami głównego indeksu akcji na GPW w Warszawie (WIG) oraz PKB w Polsce w latach 1995–2019. W wielu studiach empirycznych dla krajów wysoko rozwiniętych wykazano istnienie nie tylko dynamicznych interakcji krótkookresowych, ale również długoterminowej relacji kointegrującej pomiędzy poziomami indeksu i produktu. Dotychczasowe badania dla Polski wskazywały głównie na związki krótkookresowe pomiędzy stopami zwrotu z akcji a zmianami aktywności gospodarczej, podczas gdy dowody na istnienie długookresowej relacji kointegrującej są jak dotąd nieliczne. W artykule zastosowano metodologię VAR‑VECM oraz procedurę Johansena do badania kointegracji dla znacznie dłuższego szeregu danych kwartalnych niż w prowadzonych do tej pory badaniach. Badanie wykazało, że stopy zwrotu z akcji są przyczyną w sensie Grangera dla zmian PKB, przy czym wyprzedzenie w czasie sięga do trzech kwartałów. Znaleziono również dowody na istnienie długoterminowej relacji kointegrującej
ANALYSIS OF THE POSSIBILITY OF GOVERNMENT INFLUENCE ON THE ECONOMIC GROWTH IN THE CONTEXT OF THE MAXIMALISATION OF WELFARE
No full textThe subject of this paper is an analysis of the possibility of a government to influence the
economic growth through a fiscal policy, in the extended framework o f a neoclassical model of
economic growth (with the accumulation of human capital). This model implies no relation between
social rates of investments in real and human capital and a long-term growth rate. It limits the
possibility of potential stimulating of the rate of growth by economic authorities only to the transitory
period, during which the economy moves from one balanced growth path to another. However, since
the positive influence of the accelerated accumulation of capital on the level of the long-term growth
path of the per capita product does not have to entail the increase of social welfare (measured by the
level of social per capita consumption), we raise a question about the optimal structure of budget
expenses in the division into public investments in real and human capital and consumption,
corresponding to a given structure of private sector expenses. Next we reject the assumption about the
exogenously given structure of expenses of private agents which means, inter alia, the absence of
reaction of these agents to changes in the fiscal policy of the government. The endogenous derivation
of the division of private incomes for investments and consumption from explicitly described
preferences of agents over (per capita) consumption streams may lead to the conclusion suggesting
total neutrality of the fiscal policy with regards to its influence on economic growth. At the last stage
of the analysis we demonstrate that this conclusion is becoming relativised, depending on the extent
to which private agents take into account the level of public consumption in their optimising decisions
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