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Przymusowy wykup akcji na Giełdzie Papierów Wartościowych w Warszawie

Author(s): Katarzyna Królik-Kołtunik / Language(s): Polish Issue: 4/2015

The provisions concerning the squeeze-out are rather an untypical example of regulations governing functioning of the capital market. The majority of them is aimed at protecting non-professional trading participants, whereas the provisions concerning the squeeze-out are supposed to protect majority shareholders. The aim of this paper is to discuss the squeeze-out in public companies and to examine appearing of this phenomenon on the Warsaw Stock Exchange.

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Wpływ ustanowienia G-SIIs na funkcjonowanie sektora ubezpieczeniowego – wybrane aspekty

Author(s): Robert Kurek / Language(s): Polish Issue: 4/2015

The study characterizes the initiative providing for the special supervision mode over the insurance firms creating systemic risk – G-SIIs and the selected aspects of this initiative potential impact on the insurance market. The discussed potential impact was presented in the system of positive and negative influence on supervision institutions and insurance firms. The conclusion emphasizes that the solutions dedicated to a small number of insurance companies can have an indirect impact on the global insurance market functioning.

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Zmiany w kanale agencyjnym na rynku ubezpieczeniowym w Polsce

Author(s): Marta Zieniewicz,Jacek Lisowski / Language(s): Polish Issue: 4/2015

The purpose of this article is to answer the question: what are the major changes in the agency channel on the Polish insurance market and the factors shaping it? The agency channel in Poland awaits a number of important changes that will influence its development. In legal terms, the most important change will be the new EU directive IDD (IMD2) and changes in Polish law that will be implemented under its influence. Among the socio-economic factors, insurance awareness and low confidence in the insurance sector, and to the agent itself are particulary important. New technologies but will require expenditures adaptive agents and agents will force the use of the new facilities available in contact with clients and insurance companies. A significant impact on the activities of insurance agents in Poland will also have the situation in the insurance industry in Poland and in the world, because the agent’s commission depends on the contribution paid by the customer. There are also anticipated the changes in terms of the agent skill profile.

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Style aktywnego zarządzania portfelem inwestycyjnym otwartych funduszy emerytalnych

Author(s): Tomasz Miziołek / Language(s): Polish Issue: 4/2015

Research of styles of active investment portfolio management of open pension funds in Poland showed that they are closet indexers (closet trackers). This is evidenced by very low values of active share (20,5–30,8%) and tracking error (0,48–0,56%). The consequence of such method of portfolio management may be net underperformance and relatively high management costs, inadequate to realized investment strategy.

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Efektywność wybranych funduszy akcji małych i średnich spółek w latach 2010–2014

Author(s): Agnieszka Moskal,Danuta Zawadzka / Language(s): Polish Issue: 4/2015

The aim of this article is to estimate funds of small and medium-sized enterprises’s performances over the period 2010–2014. The analysis uses the following indicators and risk measures: the return rate, standard deviation, beta ratio and also risk-adjusted measure – Treynor ratio. A thesis was postulated that funds of small and medium-sized enterprises were not effectively managed. In the curse of the study, the above statement was partly proved correct. The efficiency of funds as well as investment’s risk were diversified among individual fund and analyzed years.

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Heterogeniczność preferencji czasowych a skłonność do oszczędzania, zadłużania się oraz inwestowania: analiza zależności na poziomie krajowym

Author(s): Paweł Niszczota / Language(s): Polish Issue: 4/2015

The purpose of the study is to test whether the existence of differences in mean time preferences between countries is a significant determinant of the level of savings, indebtedness, and the size of capital markets across countries. Results show only limited support for the link between time preference and the propensity to save. The paper contains a discussion on the possible reasons for the general lack of support for the hypothesized effects of cross-country time preference heterogeneity.

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Ograniczanie złożoności banków – analiza wybranych tendencji

Author(s): Adam Nosowski / Language(s): Polish Issue: 4/2015

Banks as organizations have a natural tendency to complexity and as such they need to monitor and reduce it. The complexity of the bank manifests itself at the level of the business model and strategy, structural and organizational solutions, business processes, organizational culture and product and service offer. It generates challenges in the domain of management – in terms of organizational, financial or risk management, as well as operation transparency, among others. Despite over 20 years of experience of banks with initiatives of reorganization, problematic issues in the broadest sense of complexity and irrationality still remain, and in addition the new ones arises. Simplification initiatives to reduce complexity should be a continuous process resulting from the adopted concept of complexity management.

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Obligacje bankowe jako narzędzie wydłużania średniego terminu wymagalności pasywów banków w Polsce

Author(s): Renata Papież / Language(s): Polish Issue: 4/2015

This article aims to identify the role of banking bonds, as a potential tool for lengthening the average maturity banks’ liabilities in Poland. When using institutional analysis, which allowed the banking bonds classified as a typical institution of the continental financial system – it is seen as a helping tool in stabilizing the liquidity situation of commercial and cooperative banks. A potential loss of liquidity of stability by banks in Poland is a threat to stability arising mainly from the tendency of households to invest cash for short periods, when, at the same time, grows the volume of long-term mortgage loans. “Short” liabilities and “long” assets are simultaneously negative phenomenon funding gap in the Polish banking sector.

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Ryzyko finansowe inwestycji w sukuk

Author(s): Dariusz Piotrowski / Language(s): Polish Issue: 4/2015

Sukuk form the basis for the development of the Islamic capital market. These instruments are also increasingly used in the financial markets outside the Muslim world. Sukuk lack an equivalent among traditional financial instruments. They may exhibit the characteristics of both debt and equity instruments. Sukuk, as a new category of financial assets, require a closer study and understanding of the nature of their functioning. The work aims at indicating areas creating financial risk of sukuk investments. The determination of the elements of the sukuk construction and the presentation of sukuk trading rules helped learn the sources of market, credit and trading liquidity risk related with these instruments. The work adopts a hypothesis: The most important source of financial risk in sukuk investments is credit risk. Research was conducted using critical analysis of Polish and English books, scientific articles and reports of Islamic financial market institutions. The results of the research conducted helps confirm the adopted hypothesis. The materiality and growing significance of credit risk in investments in the sukuk market where determined. The primary source of that risk is the complicated nature of the sukuk construction, creating problems with an adequate assessment of risks related with the financed project and the manner of securing the interests of investors in the case of bankruptcy of the sukuk issuer.

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Kwity depozytowe jako instrument finansowania przedsiębiorstw krajów Next 11

Author(s): Blandyna Puszer / Language(s): Polish Issue: 4/2015

Next 11 countries: Bangladesh, Egypt, Indonesia, Iran, Pakistan, Philippines, Mexico, Nigeria, South Korea, Turkey and Vietnam – are considered as a group of countries that will begin the next cycle of growth in emerging markets. The economic development of these countries would not be possible without ensuring sufficient funding companies through the banking system and capital markets. Next 11 countries are characterized by a variety of financing structures, with different proportions of the share of equity and foreign. Many companies from these countries decide to raise capital in the market depositary receipts. Most of the countries depositary receipts Next 11 is issued in the United States (NYSE, NASDAQ) and Europe (London, Luxemburg). Issuers from Next 11 countries have a significant share on the global depositary receipt markets, accouting for the majority of trading value and trading volume.

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Finansowanie innowacji w przedsiębiorstwach regionu łódzkiego

Author(s): Jerzy Różański / Language(s): Polish Issue: 4/2015

The purpose of this article is to present the results of empirical studies on the financing of innovation in production and service companies in the region of Łódź. The results of empirical studies were confronted and compared with the results of earlier studies carried out by K. Janasz. It appears that that the main capital source for companies are still the equity, especially retained earnings and contributed capital. Only minority of companies uses alternative sources of capital (venture capital, business angels), funds from capital market (share and bond issue). The main source of debt funds are still bank loan and, to a lesser extent, leasing.

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Zwiększanie odporności finansowej gospodarstw domowych jako warunek trwałej inkluzji finansowej

Author(s): Małgorzata Solarz / Language(s): Polish Issue: 4/2015

Financial resilience means household capacity to survive financial shocks. The purpose of the article is to identify and present methods for increasing financial resilience as the condition for long-lasting inclusion of households. The following research methods were used: critical analysis of the subject literature, basic statistical methods and the diagnostic survey method. Based on the author’s own research results the areas were identified where due actions should be taken in order to increase financial resilience. They are as follows: emergency fund increase, relation optimization of debt against income, taking advantage of adequate insurance, financial competencies improvement, relational capital formation.

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Czas realizacji pełnego wyjścia z inwestycji funduszy private equity na GPW w Warszawie

Author(s): Tomasz Sosnowski / Language(s): Polish Issue: 4/2015

This paper presents the results of research work on the assessment of the relationship between the time to the full exit from the investment by the initial public offering on the Warsaw Stock Exchange and the ownership structure of the private equity funds’ portfolio companies. Empirical studies indicate that the pre-IPO level of private equity funds’ ownership and the pre-IPO level of ownership concentration in this group of shareholders can be considered as factors influencing the probability of full disinvestment by IPO. The empirical studies have been carried out on a sample of 43 private equity funds portfolio companies whose shares were introduced to public trading on the main market of the Warsaw Stock Exchange for the first time between 2002 and 2014.

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Wielokryteriowy model oceny ofert w świetle nowelizacji Prawa zamówień publicznych na przykładzie usług ochrony

Author(s): Mateusz Hałka,Wacława Starzyńska / Language(s): Polish Issue: 4/2015

In the paper, the role of a model of the most economically advantageous offer as an active tool of decision making by public entities is presented. Special attention is paid to the amendment of the Law of public procurement in this area. The work analyzes the legal framework for public procurement in relation to methods of awarding contracts on the example of persons and property services. The exploratory study intended to explain how the last changes in public procurement system influenced structure of public contracts. Analysis is based on the findings of the other authors, reports of Public Procurement Office, legal regulations and own study which used data coming from the Bulletin of Public Procurement.

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Problem niecierpliwości jednostek w kontekście zachowań oszczędnościowych

Author(s): Magdalena Swacha-Lech / Language(s): Polish Issue: 4/2015

In the recent years, excessive consumption is presented more and more often as one of the main changes in Polish society affecting significantly financial behaviours. Paying too much attention to present time, preferring current consumption make negative influence on savings. While concentrating on felt “losses” resulting from consumption postponement in time, the individuals underestimate benefits connected with saving. Facing the observed changes in financial behaviours, the aim of the contribution is to show the impatience as the essential feature influencing negatively the saving process

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Wpływ banku centralnego na oczekiwania inflacyjne gospodarstw domowych

Author(s): Magdalena Szyszko / Language(s): Polish Issue: 4/2015

The article analyzes the central bank’s impact on inflation expectations. Its starting point is the predominant role of expectations in the monetary policy – implied by the monetary theory. After that it presents main points of inflation targeting – focusing on the aspects that support expectations formation. Main body of the research is the analysis of the central banks’ of the Czech Republic, Poland and Hungary solutions in shaping expectations. Empirical part of the research covers quantitative research on the interdependences of consumers’ expectations (derived from surveys) and inflation forecasts of the central banks. The results confirm that the forecast of inflation is correlated with inflation expectations of consumers. The strength of interdependences is at most moderate. No direct relation between the strength of interdependences and monetary framework was found.

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Finansjalizacja a zmiany strukturalne na rynku towarów rolnych w pierwszych latach XXI w.

Author(s): Jacek Tomaszewski / Language(s): Polish Issue: 4/2015

The main goal of the study is a critical review of the literature on the implications of financialization of agricultural commodity markets during the first decade of the XXIst century. Early studies suggest that inflow of speculative portfolio investments was the key driver of agricultural price increases and also contributed to the sharp increase in the co-movements of prices between agricultural sector and equity markets as well as oil market. Access to the more detailed investors data, available since 2010, as well as observations from post-crisis world economy, point to a much broader range of factors contributing to price formulation in agricommodity markets and to a much smaller influence of financial investors.

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Problemy rynku usług płatniczych w Polsce po zmianach regulacyjnych

Author(s): Grażyna Woźniewska / Language(s): Polish Issue: 4/2015

In Poland, the market of payment services users and providers is young and dynamic. For ten years there were no coherent regulation on payment services market. In 2011, there was passed the first Act on payment services in the Polish market. That legal framework should ensure the coordination of national provisions on prudential requirements, the access of new payment service providers to the market, information requirements, and the respective rights and obligations of payment services users and providers. The main aim of this paper is to characterize of payment service providers market and to present the principles of new regulation on payment services market in Poland.

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Jednoczesne obniżenie i podwyższenie kapitału zakładowego – przyczyny i skutki

Author(s): Elżbieta Wrońska-Bukalska / Language(s): Polish Issue: 4/2015

Share capital is the basis of corporation. It can be increased in the time of development and decreased in the time of activity contracting. But the simultaneous decrease and increase of the share capital serves different aims and allows to meet different needs. The aim of this paper is to identify the reasons and the results of simultaneous decrease and increase of the share capital. The sample contains 20 companies. The analysis covers the period 2010–2014. The most common ways of simultaneous decrease and increase of share capital are the following: a) the decrease in the face value of the share and issuance new shares and b) redemption of shares and issuance new shares. These ways allow to allocate the resources among the companies in the capital group, allow to change the ownership structure initiated by both owners and company, and allow to improve the financial standing of the company at the expense of the shareholders. Because the simultaneous decrease and increase of the share capital includes different results for the company (capital structure and the pool of assets) and for the shareholders (the pool of shares and the stake in the company), it is a flexible tool of achieving aims at the specific moments of running the corporation.

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Inwestycje zagraniczne w Polsce w warunkach destabilizacji makroekonomicznej

Author(s): Mirosław Wypych / Language(s): Polish Issue: 4/2015

The purpose of the submitted paper is to assess changes in the level and structure of foreign investments in Poland during the years 2008–2013, so in the period of destabilization of the business environment, which was a consequence of the global financial crisis. The analysis, based on National Bank of Poland’s data showed that investment attractiveness of Poland has not been significantly reduced; however, the transfer of capital and profits has been observed. It can be concluded that in times of crisis, foreign investors prefer the stability of the financial system of the country in which the parent companies are residing to the financial system’s safety of the country that hosts subsidiary companies.

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