CEEOL - Browse Subjects Result

We kindly inform you that, as long as the subject affiliation of our 300.000+ articles is in progress, you might get unsufficient or no results on your third level or second level search. In this case, please broaden your search criteria.

Zastosowanie metod diagramowych i hierarchicznych procedur aglomeracyjnych w analizie ryzyka funduszy inwes

Author(s): Magdalena Homa,Monika Mościbrodzka / Language(s): English Issue: 4 (29)/2016

The issue of the article focuses on the need for the selection of investment funds of the Warsaw Stock Exchange with a certain similarity in terms of investment risk. For this purpose, the selected hierarchical agglomeration procedures and the diagrams methods that allowed creating a map of the funds, describing their diversity and diversity of the market, were applied. In addition, the compatibility of the obtained results were verified in terms of the measures of the investment risks designated by the fund managers.

More...

Polityka dywidend spółek na europejskich i amerykańskich rynkach kapitałowych – analiza porównawcza

Author(s): Bartłomiej Jabłoński,Jacek Kuczowic / Language(s): English Issue: 4 (29)/2016

This paper discusses the issue of the dividend distribution from the perspective of capital market investors and dividend distributing companies, listed on the largest stock exchanges. The goal of the study is to demonstrate the specificity of the dividend policy of companies functioning on the world’s most developed capital markets – the USA and Western Europe. The study covers 150 companies, their dividend policy, as well as the regularity and dynamics of dividend distribution in the period 2011-2015. The results of the study indicate that in companies listed on the developed capital markets, systematic dividend distribution constitutes a stable element of remunerating investors. The analysis also pointed to the considerable differences between the dividend policy adopted by companies listed on the Warsaw Stock Exchange and the dividend policy of companies which are components of the S&P500, FTSE100, DAX, and CAC40 indices.

More...

Ocena porównawcza efektywności udziału kapitału zagranicznego w kapitale sektora bankowego na Ukrainie

Author(s): Vira Hirnyak / Language(s): English Issue: 2 (31)/2017

Characteristic features of the manifestation of globalization and international integration in financial relations is the creation of international financial institutions, the entry of foreign capital into the national financial markets and strengthening its influence on the development of national financial systems. In Ukraine, the result of globalization and the international financial integration was the entry of foreign banks into the domestic financial markets by buying absorption of Ukrainian banks establishment by new banks with foreign capital. Among the main advantages of globalization environment is the liberalization of financial markets, the opening of national borders to the international movement of funds in global financial integration space and so on. Along with this in the context of globalization and openness of the national economy in a short period of time has been an increase of foreign capital in the capital of banks in Ukraine, which requires an assessment of the efficiency of capital in the total capital of the bank system and the new trends of the national banking system, introduced by the presence of foreign capital. On the basis of analysis of the indicators the assessment of the effectiveness of foreign capital in the capital of domestic banks was analyzed and positive and negative trends in their participation in the banking system of Ukraine were found. The main goal is comparative evaluation of the effectiveness of foreign capital in the capital of banks in Ukraine and the object are foreign banks in Ukraine. The main methods that are used in this article are statistics and calculations.

More...

Współzależność wskaźników sentymentu na przykładzie polskiego rynku pozagiełdowego

Author(s): Piotr Jaworski,Piotr Mielus / Language(s): English Issue: 2 (31)/2017

Prices observed on emerging markets are affected by market sentiment changes. The article presents an interdependence analysis of a chosen set of sentiment indicators observed on the Polish OTC market. The set contains both interest rate market (basis swap, asset swap, convergence swap, overnight index swap), foreign exchange market (ATM volatility, risk reversal) and equity market (WIG20). The analysis is focused on cointegration and Granger causality approach in order to present forecasting power of elaborated models. Evidence from the market reveals economic link between the time series that comes from the strong influence of the cross-border trading between non-residents and local market makers. High responsiveness of daily prices of OTC instruments to the changes of the market sentiment and a level of the risk aversion can be proven. Moreover, error correction model using foreign exchange options has practical forecasting power generating adequate trading decisions taken by market makers.

More...

Wirtualna rzeczywistość jako wyznacznik nowoczesnej bankowości

Author(s): Monika Kołodziej / Language(s): English Issue: 2 (31)/2017

The dynamism of changes occurring in the social-economic space determines need for the systematic development, understood as seeking innovative solutions. Given that 46% of the world population uses the Internet and the 31% declares that they are active users of social media, no rationally formulated corporate strategy can omit the potential of computer technologies. One of the advanced solutions which are successively adapted in the sector of banking services is virtual reality. It seems that every industry from video games developers to healthcare is looking for innovative ways to integrate some sort of virtual reality platform into their day-to-day systems. The aim of the article is the presentation of the concept of virtual reality in the context of banking. The article proves the implementation of VR in banking generates competitive advantage. Additionally, it presents various aspects of applications, market trends and forecasts of the subsequent development of this phenomenon. Moreover, there is an attempt to answer a question, whether virtual reality improves the effectiveness of the banking activity.

More...

Wpływ ewidencji pozabilansowej na wybrane wskaźniki oceny sytuacji finansowej banku spółdzielczego.

Author(s): Arkadiusz Kurasz / Language(s): English Issue: 2 (31)/2017

Financial crisis, regardless of the geographical coverage, subjective or sector, can be assessed from the perspective of two most important elements initiated: damage (eg. the collapse of Lehman Brothers) and changes (regulating the balance of power in the financial markets). The analysis of indicators used in assessing the financial situation of the cooperative bank on the basis of the selected documents shows that there are areas in need of renovation. The purpose of this article is to propose changes to the design rate of effectiveness of the cooperative bank, expressed as the ratio of operating costs to income from banking operations (KDB/WNB). The developed solution will provide information about the real revenues and expenses related to the core business of cooperative banks and will enable the same objective assessment of the effectiveness in this area of activity. The research methods adopted in the article are based on studies of literature, review of legislation, analysis of financial statements of the cooperative bank and conclusions.

More...

Bankowy model biznesowy jako perspektywa nadzorcza – uwarunkowania i oddziaływania

Author(s): Adam Nosowski / Language(s): English Issue: 2 (31)/2017

Analysing the banking business model as a supervisory perspective is a new way of monitoring the actions of supervised institutions, which significantly increases control. An additional analysis of banking business models can supply useful tools for understanding the nature of risks related to a given banking business model, and its influence on systemic risk. These tools are useful to market participants and regulation and supervisory institutions. The main goal of this article is an identification of contexts and conditions of the banking business model as a supervisory perspective. This approach allows to perceive its characteristics, aims, and methodology requirements. The supervisory perspective on business models was also compared to other practical and theoretical approaches, creating analytical context. An analysis of European guidelines for business models as a supplementary supervision practice, and their implementation in Poland was performed as well.

More...

Wpływ sektora bankowego na rynek funduszy inwestycyjnych na Ukrainie

Author(s): Artur A. Trzebiński / Language(s): English Issue: 2 (31)/2017

This study is an attempt at evaluating the impact of the banking sector crisis of 2014-2016 upon the Ukrainian market of investment funds. The analyses cover a period between 2004 and the 2nd quarter of 2016, to illustrate the trend of changes observed on the market under study. The main focus of research was placed on platforms shared between the banking sector and the investment fund sector, such as the investment of free fund assets in bonds and shares issued by banking institutions or the use of financial instruments targeted to specific investor groups). Based on the findings, it may be concluded that the force of the systemic crisis’ impact upon the market of investment funds was related to the type of investment funds under examination. The effects of the sector’s decline were clearly reflected in the operation of open-end funds and interval funds, as evidenced by sizeable reductions of both their net assets and rates of return. For other types of investment funds, the researchers found no evidence of any impact in this respect.

More...

Wpływ determinant na credit rating ubezpieczycieli – zobowiązania wyrażone w walucie krajowej i zagranicznej

Author(s): Patrycja Chodnicka-Jaworska / Language(s): Polish Issue: 3 (32)/2017

The aim of the paper is to examine the impact of financial indicators and macroeconomic conditions on the insurers’ credit ratings, taking into account the currency in which liabilities were expressed. Literature research was carried out and based on them, two hypotheses were put out: 1) The insurance companies’ credit ratings are conditioned by statistically significant impact of capital adequacy ratios, asset quality, management quality, profitability and liquidity ratios; 2) The country’s credit ratings and macroeconomic conditions have a significant impact on the insurance companies’ credit ratings of liabilities expressed in foreign currency, and are irrelevant in the assessment of credit ratings related to liabilities denominated in the national currency. The ordered logit panel data models were used. Data were collected from the Thomson Reuters database for the years 1995–2016. The long-term foreign and domestic issuer’s credit ratings were used as the dependent variable.

More...

Analiza sytuacji konkurencyjnej na rynku zakładów ubezpieczeń za pomocą zmodyfikowanej macierzy opłacalności biznesu

Author(s): Adam Kopiński,Dariusz Porębski / Language(s): Polish Issue: 3 (32)/2017

Various organizations can be seen as potentially interested in the financial conditions of insurance companies. One of the key measures used to evaluate their financial status is return on equity (ROE), which in conjunction with gross written premiums allows to determine the market situation and competition among insurers. Research methodology: presentation of the return on equity of insurers along with gross written premiums using a tool of modified matrix of business profitability drawing on the classical portfolio method and strategic controlling known as BCG. Results: article based on Polish Insurance Association data presents calculations of dynamic measures of ROE for insurers operating in Poland. Then, market share measured by gross written premiums of insurance companies is juxtaposed with ROE dynamic on the modified matrix of business profitability. Originality: ROE presentation for insurers along with gross written premiums using a tool of modified matrix of business profitability may be useful in analysis of the financial situation of insurance firms and competition in the insurance sector.

More...

Znaczenie i zróżnicowanie inwestorów instytucjonalnych na rynku finansowym w Polsce

Author(s): Alina Szewc-Rogalska / Language(s): Polish Issue: 3 (32)/2017

This study aims at determining the significance and differentiation of institutional investors in the financial market in Poland in 2007–2015. The study focused on the following: investment funds, pension funds, insurance institutions and commercial banks. The dynamics of the asset value and the analysis of the investment portfolio structure were applied. Investment funds featured the highest dynamics of the growth of assets and a high diversification of the investment portfolio. The share of bonds and T-bills considerably decreased in the structure of pension funds portfolios. In 2014–2015, the shares of companies dominated in the structure of this portfolio. The investment activity of insurance institutions and banks has been distinctly lower compared to investment funds and pension funds. The share of financial instruments in the structure of assets of insurance companies was 57–72%, whereas in case of banks, it accounted for only 17–20%.

More...

STRUCTURAL ANALYSIS OF LIFE INSURANCE: A COMPARATIVE STUDY BETWEEN THE REPUBLIC OF MACEDONIA AND REPUBLIC OF SERBIA

Author(s): Cvetko Andreeski / Language(s): English Issue: 02/2016

The development of life insurance is socially and financially the most important type of insurance for every country, because of the long-term coverage of the risks and savings components of this type of insurance. There are many research papers about the influence of determinants on the development of life insurance. In this paper we have done research on data related to life insurance offerings in the Republic of Serbia and the Republic of Macedonia. The research is comparative for the same determinants in each country context and their respective influences on life insurance.

More...

Konstrukcja efektywnego portfela przy użyciu metod analizy skupień

Author(s): Jerzy Korzeniewski / Language(s): English Issue: 333/2018

When investors start to use statistical methods to optimise their stock market investmentdecisions, one of fundamental problems is constructing a well‑diversified portfolio consistingof a moderate number of positions. Among a multitude of methods applied to the task, thereis a group based on dividing all companies into a couple of homogeneous groups followed by pickingout a representative from each group to create the final portfolio. The division stage does nothave to coincide with the sector affiliation of companies. When the division is performed by meansof clustering of companies, a vital part of the process is to establish a good number of clusters. The aim of this article is to present a novel technique of portfolio construction based on establishing a number of portfolio positions as well as choosing cluster representatives. The grouping methods used in theclustering process are the classical k‑means and the PAM (Partitioning Around Medoids) algorithm.The technique is tested on data concerning the 85 biggest companies from the Warsaw Stock Exchangefor the years 2011–2016. The results are satisfactory with respect to the overall possibility of creatinga clustering‑based algorithm requiring almost no intervention on the part of the investor. // Stosując metody statystyczne do optymalizacji swoich decyzji inwestycyjnych, inwestorzy stają przed bardzo istotnym problemem skonstruowania dobrze zdywersyfikowanego portfela inwestycyjnego składającego się z niewielkiej liczby pozycji. Wśród wielu metod stosowanych do konstrukcji takiego portfela są metody wykorzystujące grupowanie wszystkich spółek w homogeniczne grupy spółek, po którym to etapie następuje wybieranie reprezentanta każdej grupy w celu utworzenia ostatecznej postaci portfela. Etap grupowania nie musi pokrywać się z przynależnością sektorową spółek. Grupowanie może być wykonywane za pomocą metod analizy skupień i w tym procesie bardzo istotne jest ustalanie właściwej liczby skupień. Celem niniejszego artykułu jest zaproponowanie nowej techniki konstrukcji portfela inwestycyjnego, odnoszącej się zarówno do ustalenia liczby pozycji w portfelu, jak również do wyboru reprezentantów skupień. Stosowane metody grupowania spółek to klasyczna metoda k‑średnich oraz algorytm PAM (Partitioning Around Medoids). Technika jest testowana na danych 85 największych spółek giełdowych z parkietu warszawskiego z lat 2011–2016.Wyniki są bardzo obiecujące w sensie możliwości opracowania algorytmu opartego na analizie skupień,który prawie nie wymagałby interwencji inwestora.

More...

Usage‑Based Insurance jako instrument przywracania równowagi na polskim rynku ubezpieczeń komunikacyjnych

Author(s): Łukasz Kuryłowicz / Language(s): Polish Issue: 333/2018

The paper shows that thanks to the Usage‑Based Insurance, the industry can minimise the negative effect information asymmetry has on the Polish motor insurance market. Through an economic analysis, the author gives the forecasts of the market models where three strategies for telematics implementation are used. His research proves that not every scenario leads to the desired equilibriumand only the right strategy adopted to introduce telematics solutions on to the market willmake it possible for the low‑risk individuals to receive the full coverage at an actuarially fair premium,which will constitute an improvement with regards to the Pareto efficiency, as opposed to their position where information asymmetry exists. This break through can be achieved by implementing products using data from the so‑called black boxes or dongles. // Celem artykułu jest weryfikacja możliwości redukcji negatywnego wpływu asymetrii informacji na rynek ubezpieczeń komunikacyjnych przez wdrożenie produktów typu Usage‑Based Insurance. Autor dokonuje analizy ekonomicznej, uzyskując przewidywania modeli rynku przy zastosowaniu trzech przykładowych strategii wdrożenia rozwiązań telematycznych. Wykazuje, że nie każdy ze scenariuszy doprowadzi do otrzymania pożądanego stanu równowagi i wyłącznie prawidłowy wybór strategii rynkowego wdrożenia rozwiązań telematycznych pozwoli ubezpieczonym z grupy niskiego ryzyka otrzymać pełną ochronę przy składce sprawiedliwej. Będzie to stanowić poprawę w sensie Pareto w porównaniu do ich położenia w warunkach występowania asymetrii informacjii może zostać osiągnięte przez wdrożenie produktów wykorzystujących dane z tzw. czarnych skrzynek lub urządzeń typu dongle.

More...

Istotność wskaźników finansowych a credit rating banku w czasie kryzysu

Author(s): Patrycja Chodnicka‑Jaworska / Language(s): Polish Issue: 333/2018

The main aim of the paper is analysis of behaviour of banks’ credit ratings during the boom and economic downturns by taking account the financial indicators. It has been made a literature review, and there have been put the following hypotheses: During the financial crisis it has been observed the stronger impact of the financial indicators. Banks’ notes during the economic downturns are lower than during boom period. To the analysis there have been used quarterly data for 1998–2016 period of time for European banks. To the analysis there have been used quarterly data from 1998–2016. Hypotheses were verified by using the ordered panel probit models for long term issuer credit ratings. The studies show that, during the crisis, Fitch and Moody’s banks’ credit ratings are lower than during the boom. Furthermore, it was noted that S&P’s notes are insensitive to the analysed changes. // Głównym celem artykułu jest analiza zachowania credit ratingu banku w czasie koniunktury i dekoniunktury gospodarczej, przy uwzględnieniu wskaźników finansowych. Na podstawie przeglądu literaturowego postawiono następujące hipotezy badawcze: „Podczas kryzysu w sektorze bankowym występuje silniejszy wpływ wskaźników adekwatności kapitałowej” oraz „Noty ratingowe banków podczas dekoniunktury są niższe niż w okresie prosperity”. Do badania wykorzystano dane kwartalne z lat 1998–2016 dla europejskich banków. Postawione hipotezy zostały zweryfikowane przy użyciu panelowych uporządkowanych modeli probitowych dla długoterminowych credit ratingów banków. Przeprowadzone badania dowodzą, że w momencie kryzysu rating nadawany przez Fitch i Moody bankom jest niższy niż w okresie koniunktury w sektorze bankowym. Ponadto zauważono, iż noty S&P są niewrażliwe na analizowane zmiany.

More...

Wpływ korupcji na przedsiębiorczość

Author(s): Anna Maria Pluskota / Language(s): Polish Issue: 334/2018

The purpose of this article is to analyze the impact of corruption on entrepreneurship. The relationship between corruption and entrepreneurship is undoubtedly observed, but its characterization in literature (mainly foreign) is poor. The following article is an attempt to describe the most important correlations between corruption and entrepreneurship and the functioning of companies under the conditions of corrupt officials. The study was carried out by analyzing available literature as well as the available data to construct econometric models verifying the hypothesis of a nonlinear (concave) relationship between corruption and entrepreneurship. The study was conducted on data collected for 28 European countries. On the basis of the analysis of literature and econometric studies it was found that the relationship between corruption and entrepreneurship is nonlinear (concave). The best result was obtained for a model with logarithm of the corruption index, which was characterized by better values of selected statistics. An interesting description of the analysis made is a structured description of the relationship between corruption and entrepreneurship, which was assessed in each case. On the basis of literature analysis, the characteristics of the concave relationship between corruption and entrepreneurship are described, which points to the diminishing benefits of combating corruption for economic development. // Celem artykułu jest analiza wpływu korupcji na wybraną miarę przedsiębiorczości. Relacja między korupcją a przedsiębiorczością jest bezsprzeczna, lecz jej charakterystyka w literaturze (głównie zagranicznej) jest uboga. Poniższy artykuł stanowi próbę opisania najważniejszych zależności między korupcją a przedsiębiorczością i funkcjonowaniem przedsiębiorstw w warunkach skorumpowania urzędników. Badanie przeprowadzono za pomocą analizy dostępnej literatury, wykorzystano również dostępne dane do zbudowania modeli ekonometrycznych weryfikujących postawioną hipotezę badawczą o nieliniowej zależności między korupcją a przedsiębiorczością. Badanie przeprowadzono na danych zebranych dla 28 państw europejskich. Na podstawie przeprowadzonej analizy literatury i badań ekonometrycznych stwierdzono, że zależność między miernikami korupcji a przedsiębiorczością jest nieliniowa. Najlepsze wyniki uzyskano dla modelu z logarytmem wskaźnika korupcji, który cechował się lepszymi wartościami wybranych statystyk. Wartość przeprowadzonych analiz stanowi uporządkowany opis zależności między korupcją a przedsiębiorczością, który każdorazowo był oceniany. Na podstawie analizy literatury opisano charakterystykę wklęsłej relacji między korupcją a przedsiębiorczością, która wskazuje na malejące korzyści wynikające ze zwalczania korupcji dla rozwoju gospodarczego.

More...

Znaczenie wybranych czynników ekonomiczno‑społecznych dla kształtowania stabilności fiskalnej gmin miejskich w Polsce

Author(s): Katarzyna Wójtowicz / Language(s): Polish Issue: 334/2018

The article attempts to assess the impact of selected economic and social factors on the fiscal sustainability of cities in Poland. The research sample covered 241 such local government units, and the time range was 2004–2016. The article uses the econometric modeling of panel data. The analysis revealed that the extent of the relationship between the economic and social development of local governments and their financial health proved to be significantly lower than could be expected. The possible cause of this situation seems to be the dependence of local budgets on external grants and the high share of fixed expenditure, as well as the existence of “soft budget constraints”, which guarantee the aid form central budget in case of insolvency. // Celem artykułu jest ocena wagi wybranych czynników ekonomiczno‑społecznych w kształtowaniu stabilność fiskalnej gmin miejskich w Polsce. Próba badawcza objęła 241 takich gmin, a zakres czasowy badania dotyczył lat 2004–2016. W artykule wykorzystano metodę ekonometrycznego modelowania danych panelowych. Przeprowadzona analiza wykazała, że zakres związku między potencjałem społeczno‑gospodarczym badanych JST a ich sytuacją finansową okazał się zdecydowanie mniejszy, niż można byłoby oczekiwać. Wpływ na ten stan rzeczy wydaje się mieć uzależnienie budżetów samorządowych od transferów zewnętrznych oraz wysoki udział wydatków sztywnych, jak również istnienie tzw. miękkich ograniczeń budżetowych, które gwarantują otrzymanie pomocy finansowej z budżetu centralnego w przypadku zagrożenia niewypłacalnością.

More...

Bank prudential and bank stability– how far do they go

Author(s): Gerti Shijaku / Language(s): English Issue: 2/2017

This paper investigates how bank prudential behaviour affects bank stability, focusing only in the period after the global financial crisis. For this reason, we construct a new composite proxy as a measure for bank stability condition and another one for bank prudential behaviour. Then, we make use of a sample with a set of data for 16 banks operating in the Albanian financial sector over the period 2008 – 2015. The main results provide strong supportive evidence that there exist a strong positive relationship in the prudential – stability nexus, which confirms that prudential behaviour is a key fundamental contributor for bank stability. We also used a quadratic term of the prudential indicator to capture a possible non-linear relationship between bank prudential behaviour and stability, but found no supportive evidence. Finally, macroeconomic conditions are also found to be crucial for bank stability. Similarly, improving operational efficiency and capital structure boost bank stability.

More...

Strengthening of the Regulatory Framework Aimed at Financial Stability and Prevention of Big Banking Scandals

Author(s): Ljiljana Bonić,Milorad Stojiljković / Language(s): Serbian Issue: 4/2017

Numerous big banking scandals in the period from 1980 to the collapse of financial markets in the US in September 2008 indicate that the Global economic crisis was inevitable. This is because the basic causes of the crisis are built into the foundations of the US neoliberal model of speculative financial capitalism. The previous anti-crisis policies in the United States, which decisively shape global regulation as well, have not yielded the desired results because the ruling political, economic and military elite of the US is not ready to adopt and implement fundamental social and economic reforms. For this reason, the big banking scandals which marked the past five-year period (2010 - 2015) are not a big surprise. Bailed out by taxpayers' money, global banks continue to behave in the same way they behaved until the collapse of financial markets in September 2008, which brought the whole world to a crisis of unprecedented proportions. New big banking scandals imply a new wave of crisis with incalculable economic and social consequences of global proportions. In this regard, the main objective of this paper is to point to the necessity of global, regional and national institutions to redesign the existing and build a comprehensive and effective regulatory and supervisory framework, in order to prevent the deepening of the crisis so that the third decade of the 21st century can be entered with a stable, socially responsible and sustainable banking system.

More...

The Impact of Crisis Trends in Banking on Expanding Financial Safety Net

Author(s): Mirjana Jemović,Borko Krstić / Language(s): English Issue: 4/2017

Stable and efficient functioning of financial institutions, especially banking institutions, requires the existence of an adequate regulatory framework. The differences in the character and functioning of financial institutions caused differences in the regulatory approaches for maintaining stability and efficiency, whereby one should bear in mind that even within a concrete financial system, the regulatory framework evolves in order to be able to respond to new trends in the financial services sector. A growing homogenization of activities and a less noticeable difference among financial institutions caused the financial safety net to expand to non-bank financial institutions in order to maintain financial stability. The aim of this paper is to consider the justification and implications of such an expansion. Considering the fact that financial safety net „expansion“ stimulates riskier behaviour of protected institutions, this paper offers suggestions for dealing with this problem in order to reduce it as much as possible.

More...