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Author: Dagmara Loposzynska
Publisher:
ISBN:
Category :
Languages : en
Pages : 71
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Author: Dagmara Loposzynska
Publisher:
ISBN:
Category :
Languages : en
Pages : 71
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Author: Katarzyna Kopczewska
Publisher: GRIN Verlag
ISBN: 3638484475
Category : Business & Economics
Languages : en
Pages : 46
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Research Paper (postgraduate) from the year 2003 in the subject Business economics - Banking, Stock Exchanges, Insurance, Accounting, grade: advanced, Warsaw University (Faculty of Economic Sciences), language: English, abstract: European integration will have a real influence on the shape of the financial market in Poland and in other former socialistic countries which undergone the transformation. To stop the tendency of weakening of Polish stock exchange it is important to recognize mechanisms influencing the decisions of companies about the public sale of shares. Decision of companies about the entry on the stock exchange is driven with the expectation that it will help them in the realization of the particular goals. There are many primary reasons for issuing shares, among other to gain the capital on investments, to acquire prestige, to increase sale etc. In Poland till now the entry on the stock exchange of some companies was a method of the privatization, however this process extinguishes. Going public companies will be owned by private businessmen. Hence, very important is to recognize the original mechanisms of initial public offering (IPO). The analysis of IPO effects, enforced with the use of panel models points, that thanks to funds from going public the company realize investment projects and use resources in compliance with declared destination, i.e. on investments, and not on the debts repayment. Public companies do not change their previous capital structure, the debts after the entry on the stock exchange grow to the level from before IPO. Listing on the stock exchange raises the size of the company, but lowers the rate of its growth and decreases the profitability. Findings from research confirm hypotheses that companies go public from the opportunistic motives and then by the way they realize investment programmes.
Author: Marek Dietl
Publisher: Taylor & Francis
ISBN: 100081775X
Category : Business & Economics
Languages : en
Pages : 371
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The first stock exchange in Warsaw – capital city of the Kingdom of Poland– was established in 1817. Over the past 205 years, the fortunes of the capital market have been closely linked to the "bumpy road" of Polish history. The establishment of the GPW Warsaw Stock Exchange in 1991 was a landmark for transformation from a centrally planned communist economy to a market-driven capitalist one. Since the doors of the exchange reopened, Polish GDP per capita (current USD) increased eight times, translating into an average yearly growth rate of over 7%. The capital market has played a pivotal role in the economic success of Poland over the last three decades. It is not easy to precisely quantify the impact, as it was rather a spill-over effect. Economic growth has fostered the development of a capital market, and more efficient conversion of savings to investments via the capital market. The excellence of capital market institutions can be gauged with reference to various parameters. A synthetic measure is so-called market status. According to FTSE Russell (global index provider), Polish capital attained developed market status in 2018, being the first and only post-communist state to do so. It is fair to say that transformation has been completed and developed market status indicates clearly that the institutions and regulations are world class. The current challenge is competing with other developed markets for the best issuers and offering the most demanding investors an excellent trading experience. This book offers scientific insight into the Polish capital market story. Authored by a group of renowned scholars, with contributions aspiring to the highest academic standards for theoretical considerations and empirical research. The book covers various topics, including links between monetary policy and capital markets, micro and macro market structures, and investors and issuers' behaviour and strategies. All chapters are rooted in contemporary finance theory, supported by various econometric models based on the most recently available data. The book aims to provide academics and practitioners insight into the Polish capital market, appealing especially to those interested in gaining a deeper understanding of emerging markets' successful transformation into developed ones. It can also be used as supplementary reading for doctoral and master’s students in finance, particularly relating to capital markets and economics – predominantly development economics and economic policy.
Author: Maciej W. T. Dworniak
Publisher:
ISBN:
Category : Going public (Securities)
Languages : en
Pages : 78
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Author: Tadeusz Dudycz
Publisher:
ISBN:
Category :
Languages : en
Pages : 29
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This paper examines the impact of market timing and legal changes in 2005, aimed at aligning Polish regulations on financial markets with the UE standards, on the amount of capital raised at initial public offerings (IPOs) on the Warsaw Stock Exchange. We find that although during IPOs firms sell, on average, quite the same fraction of firm ownership regardless of the year of the IPO, they raise much more capital in hot- rather than in cold-market conditions. We also find that firms going public in hot and cold markets as well as before and after the legal changes in 2005 do not differ significantly with regard to their profitability, leverage, or liquidity ratios. The amount of money raised in hot- and cold-market conditions is, however, determined by different factors. In cold-market conditions, only the terms of share issue determine the amount of money raised at IPO. In hot-issue markets, the size of the company is the most important factor and the financial situation of companies and investor optimism also have a significant impact on the amount of money raised at IPO. On the other hand, contrary to the cold-market conditions, the terms of share issue are almost insignificant. The changes in the law did not affect the market timing phenomenon, but after the year 2005 there was observed an increasing role of profitability and investor optimism in the investors' evaluation of new share issues.
Author: Wolfgang Aussenegg
Publisher:
ISBN:
Category :
Languages : en
Pages : 48
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Author: Wolfgang Aussenegg
Publisher:
ISBN:
Category :
Languages : en
Pages : 31
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This article compares the characteristics and the price behavior of case-by-case privatization initial public offerings and private sector initial public offerings in Poland over the first nine years after the reopening of the Warsaw Stock Exchange in April 1991. There is evidence that the Polish government is market-oriented, trying to build up reputation for its privatization policy over time by underpricing, selling a high fraction at the initial offer and underpricing more when selling to domestic retail investors. In the long run privatization initial public offerings experience neither an under- nor an over-performance. A lower political influence has no effect on the long-run performance of privatized companies.
Author: Thomas L. Riesenberg
Publisher:
ISBN:
Category : Capital market
Languages : en
Pages : 76
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Author: Tomáš Meluzín
Publisher:
ISBN: 9788362049158
Category : Capital market
Languages : en
Pages : 179
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Author: Wojciwech Wadolowski
Publisher:
ISBN:
Category : Capital market
Languages : en
Pages : 9
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