Henryk Gurgul, Paweł Majdasz Wpływ podziału akcji na ceny na

Henryk Gurgul, Paweł Majdasz Wpływ podziału akcji na ceny na

Henryk Gurgul, Paweł Majdasz
Wpływ podziału akcji na ceny na przykładzie Giełdy Papierów Wartościowych
w Warszawie
The impact of stock splits on stock prices listed on the Warsaw Stock
Exchange
In this paper the empirical results concerning the informational content of stock
split announcements are presented. The stock split announcements of interest took
place on the Warsaw Stock Exchange between January 1995 and June 2005. By
means of event study methodology we find that the shareholders of firms which
disclosed a plan to split their stocks earned a statistically significant abnormal
return of 2.7% on two days before the announcement release. On the other hand, no
market response was occurred on the stock split day (execution day) as well as in
the neighbouring days. A robust of our findings was confirmed by using a nonparametric test and bootstrap.
Leszek Kałkowski
Nieruchomości w Krakowie. Zasób i obroty
Real estates in Krakow. Stock and turnover
As far 8 major economic parameters are concerned, the Malopolskie Region
occupies the fifth position in Poland, and the share of the city of Krak6w in the
Region amounts to 22-50%. Krak6w, with the surface area of 32.7 thousand
hectares constitutes 441 M2 per I resident. The rate of demographic event
occurrences in Krakow amounts annually to ca. 33,000, which places the city in the
second position among the country's Regions. The assessment of real estate stock
value in Krakow yields the amount of ca. 62 billion Polish zlotys, that is ca. 83,000
Polish zlotys/resident, or 90 million Polish zlotys/km2 of tile city surface area. The
real estate turnover in Kraków amounted to ca. 20,000 transactions in 2003,
totaling at 1.7 billion Polish zlotys (5% of the nationwide turnover value). That
amount constituted ca. 40% of the Malopolskie Region market. There were 26.4
transactions/1,000 residents of Kraków.
Barbara Klimek, Małgorzata Terlikowska
Społeczne budownictwo czynszowe w Krakowie
Social housing associations in Cracow
The basic aim of this article is to analyze and evaluate the operations of the
subsector of Social Housing Associations in Cracow. The article describes the upto-date situation of Social Housing. Associations as well as government policies
in this respect. The article is divided into four parts. The first part presents ideas and
basic rules according to which Social Housing Associations operate. The second
part concentrates on a short characteristic of the housing situation in Cracow. The
third part focuses on the operations of Social Housing Associations in Cracow. The
fourth part presents conclusions and forecasts regarding the growth of Social
Housing Associations.
Robert Knapczyk
Wycena opcji przy kosztach transakcji
Option proving under transaction costs
In this paper we derive pricing and optimal hedging of derivative assets in binomial
CRR model of financial market. It is known that under assumption of no transaction
costs the only one optimal solution is to construct replicating portfolio. Cost of this
replicating portfolio is also price of derivative asset. When we consider transaction
costs this is not more valid and replication is not one right strategy. One proposition
is to superreplicate derivative asset. First we present elements of financial
mathematics, contingent claims and binomial CRR model of financial market and
show that under assumption of transaction costs replication is more expensive than
some other strategies.
Andrzej Kosecki
Umowy o realizację serii obiektów budowlanych
Serial contracting in building
The idea of serial contracting in building may be put into practice in a situation:
which, at a given time and in a given area, arises the necessity to build (to renovate,
to modernize) a number of similar buildings. The article highlights the issues that must
be considered in the serial contracting in building. The issues in question
concern both the pre-contract policy and the contracts per se. The advantages and
disadvantages discussed may help in reaching decisions about the practical
applicability of this approach to building projects.
Aleksander Kowalski
Niektóre teoretyczne i praktyczne aspekty deficytu budŜetowego w Polsce
Some theoretical and practical aspects of a budget deficit in Poland
The article deals with problems of a budget balance in the period of the economic
transformation. The first part focuses on theoretical aspects of a state and size of
a public sector. These issues have been a starting point of the discussions
concerning the directions of changes in a political system as well as in
institutions. The idea of a transformation deficit has been characterized as a form
of a budget deficit brought about by the reforms of the political system. The result
of this theoretical examination is an empirical analysis of a range and structure
of a budget redistribution of GDP in Poland.
Aleksander Kowalski, Andrzej Zyguła
Fuzje i przejęcia w procesie prywatyzacji przedsiębiorstw państwowych w Polsce
Mergers and take-overs in the privatization process of state enterprises
in Poland
This article is art attempt of Polish state enterprises privatization in the
context of mergers and take-over transactions within the control market.
Privatization dependent upon the change of ownership from public to private
means both the transfer of control and changes of the owner oversight mechanism,
which are the essence of mergers and take-overs. Classic cases of take-overs in
capital privatization have been discussed. The whole period of privatization
transformation have been taken into consideration, with a more detailed analysis
of privatization take-overs in the year 2004.
Janusz Nesterak, Janusz śmuda
Statyczna a dynamiczna ocena płynności finansowej przedsiębiorstwa
Static approach and dynamic approach to enterprise's liquidity
The traditional—static —liquidity’s analysis is based on a balance sheet. However,
the modern approach — also known as the dynamic approach— to the enterprise’s
liquidity related to a cash flow account has conquered the more and more followers
during the last few years. That kind of the analysis allows not only to evaluate the
enterprise's liquidity, but it also allows to verify, the whole financial standing of the
given company. The authors of the present report have shown the differences between
the static approach and the dynamic approach to liquidity, with reference to the
particular companies listed on Warsaw Stock Exchange.
Anna Olszewska
Przedsiębiorstwa pracy chronionej w kontekście przystąpienia Polski do Unii
Europejskiej
Sheltered work companies in context of the accession of Poland to the
European Union
The article presents the situation of sheltered work institutions, the tendency on the
market and employees rights, according to the law changes as well as profits
of entrepreneurs choosing this form of business activity. Also the changes of number
of the sheltered work companies, structure of employment concerning the level
of handicap in these companies in previous years, as well as their results
for handicapped people are shown. Also the system of support for the protected labor
market and the changes of this system are presented. The legal situation of sheltered
work institutions before the accession of Poland to the European Union was
compared to the situation after the accession
Władysław Rydzik
Transakcje mieszkaniowe na krakowskim rynku nieruchomości w latach 1999-2000
Housing transactions on Krakow property market in 1999-2000
The article presents results of complete Krakow housing market research following
10 years of system transformation. The research comprised collecting and
reviewing all notarial deeds related to housing transactions, split into a substantive
(types and sizes of flats), time division (months in examined years), territorial
division (in accordance to jurisdiction areas of 7 treasury offices in Krakow), and
entity division (the selling entities). Complete examination of notarial deeds
concerning housing transactions made it possible to identify their quantity and value
structures in any, unit price ranges (e.g. at every 300 Polish zlotys per sq.m.). In
addition, it was possible to obtain comprehensive information on value of housing
transactions in Krakow in the examined years, as split into selected districts and
selling entities. The article confirmed the suitability of research based
on documentation filed by treasury offices for the evaluation of housing demand
in cities. Also highlighted were the possibilities of research on tendencies and issues
on local housing market in relation to population revenues and to the social and
economic development of the city and region.
Marcin Suder, Tomasz Wójtowicz
Rozkłady dziennych stop zwrotu wybranych indeksów GPW w Warszawie
Distributions of daily stock returns on the Warsaw stock exchange
In this paper we investigate distributions of daily returns of main indices of Warsaw
Stock Exchange: WIG, WIG20, AJIDUG, WIRR. /VIF TechWIG, WIG-BANKI, WIGBUDOW, VICIVO and WIG-SPOZYWCZY. We use chi-square and Kolmogorov
goodnes-of-fit tests to examine If daily, returns follow logistic, scaled-t, exponential
power, mixtures of two normal, hyperbolic, normal inverse Gaussian, a-stable
distribution.
Malwina Szczepkowska
Udział pracowników w zarządzaniu przedsiębiorstwem w dobie integracji z Unią
Europejską
The labor participation in company's management of the Polish
integration with the European Union
This paper presents the role of labor participation in Polish Market
Transformations. It handles basic sorts of managing and financial
participations, which are shown with special stress period of State controlled
economy, and structural transformation process in Poland. The considerations are
crowned by suggestions, which would be taken for the future evolutions of Polish
labor participation.
Małgorzata Terlikowska
Podmioty i instytucje obsługujące krakowski rynek nieruchomości
Entities and institutions servicing Cracow real estate market
The article describes a network ofselected entities and institutions that service the
real estate market in Cracow. The article presents the number of professional
services on the researched market and the ratio between services and Cracow
real estate market resources. It has been noticed that the network of entities and
institutions on Cracow real estate market is well developed. The number
of professionals that specialize in servicing real estate transactions is growing
steadily. One can also observe that there has been a growing interest
in professions connected with servicing the real estate market in the recent years.
Such a tendency is a good prediction for bettering the quality of services on
Cracow real estate market.
Krystyna Wietrzyk-Szczepkowska
Restrukturyzacja przedsiębiorstw państwowych poprzez upadłość oraz likwidację ze
wzglądów ekonomicznych
Restructurisation of state owned enterprises by bankruptcy and liquidation due
to economic reasons
The Polish privatization model includes several different privatization paths. The
number of these paths results from the number of different goals set for the
privatization process, the various concepts of privatization and the variety of stateowned enterprises functioning in the economy. Against this background the paper
presents the basic differences between the various privatization paths. Bankruptcy
and liquidation due to economic reasons – these are complement procedures.
Designed for enterprises whose economic condition is poor, it aims to eliminate front
the market loss-making entities which do not have prospects for a change for the
better.
Joanna Więcław-Michniewska
Migracje wewnątrzmiejskie na przykładzie migracji mieszkańców krakowskich osiedli
suburbialnych
Migration within the city area – the Cracow suburb populaton example
The results of the investigation realised in Cracow suburban settlements show hat
their population considerably differs from the rest of Cracow inhabitants (and from
the urban population of Poland as a whole). Its demographical and social
structures are similar to those of Western suburbs. Different are also dwelling
preferences, due to perception of various Cracow zones by the potential migrants –
and due to their income level. The present population of Cracow suburbs come
mostly from the multifamilial housing zones and from the city-centre fringe. The
basic factors of their decision of moving to the suburbs were dwelling motives, i.e.
the will to raise the housing conditions, mostly the higher standard of the
unfamiliar buildings in compare with multifamilial “blocks" and tenement hoses.
The family structure of the suburbs population (the domination of full families) is
in accordance with respective family life cycles.
Andrzej Zyguła
Model polskiego rynku kontroli przedsiębiorstw — anglosaski czy kontynentalny?
The Polish model of market for corporate control –Anglo-Saxon or
Continental?
All activities connected with mergers and acquisitions transactions are often defined
as the market for corporate control. The article presents the nature of such market,
it discusses markets for corporate control functioning in fully developed countries
and, in particular, shows differences characterizing two extreme models i.e. AngloSaxon and Continental. In the final part of the article I attempted to answer, as the
title suggests, the question: What is Polish model of market for corporate control
like?
Agnieszka śak
Koncepcja łańcucha wartości Portera a przewaga konkurencyjna przedsiębiorstwa
The Porter's value chain and the competitive advantage of the company
The company will become successful on the international market if it manages to
distinguish from its opponents in a respected and recognised way. The
permanent competitive superiority, is a superiority maintained long enough by,
the company to be able to use to the fill potential advantages resulting from
competitors in the form of financial gains and in the form of founding and
maintaining sources allowing to build new competitive advantages. One of the
concepts regarding the process of shaping competitive advantage of the
companies is H.E. Porter's concept, which sees the company, as a chain
of various activities (primary and support) that create added value. The value
chain is a systematic approach to examining the development of competitive
advantage. Creating values in a company is a process of interconnected and
increasing functions, of which each creates in its own way and adds certain
value.
Ruprecht von Heusinger
The Portfolio Construction Process
Proces budowy portfela inwestycyjnego
W artykule podjęto próbę oceny metod zarządzania portfelem inwestycyjnym. Autor
analizuje proces inwestycyjny pod kątem następujących problemów:
zdefiniowania celów klienta oraz ograniczeń wynikających ze specyfiki rynku,
wyboru punktu odniesienia dla oceny polityki inwestycyjnej oraz okre4ślenia metody
zarządzania portfelem: aktywnej bądź pasywnej. Przytoczone badania wskazują
jednoznacznie, iŜ niespełna 10% statystycznej zmienności stopy zwrotu portfela
inwestycyjnego jest zaleŜna od akcji w nim zawartych. W konkluzjach autor
rekomenduje jednak wykorzystanie obu metod: pasywnej – w zakresie wyboru
aktywów, aktywnej natomiast – natomiast zakresie ich alokowania.