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Beta Stability Over Bull and Bear Market on the Warsaw Stock Exchange

Abstract

Beta parameter is one of the commonly used measures of the investment risk of individual stock or portfolio. It plays a crucial role in modern portfolio theory particularly in management of financial investment portfolios. In the field of beta parameter, numerous studies have been conducted, especially beta properties stability in the context of the stock market cycle phases, measuring frequency of rate of return, and the length of a sample period. There are much fewer studies concerned beta parameter in the countries of Central and Eastern Europe which have undergone systemic transformation at the end of the previous century. From a scientific point of view, it is interesting to know how the beta parameter behaves in these countries.

The main goal of this article is to examine the beta parameter stability over bull and bear market conditions on the Warsaw Stock Exchange. The paper presents an analysis of beta stability for 134 stocks of the largest companies listed at the WSE during years 2005–2013. To verify statistically the hypothesis of beta parameter stability, we used monthly returns in the Sharpe’s single-index model. In the first part of the article, we present a brief review of the literature and methodology of the study, while in the second part, the obtained results and conclusions are shown.

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Eurasianism and the Far Right in Central and Southeast Europe

Abstract

This article focuses on Eurasianism as an ideological trend with a political appeal beyond the post-Soviet space. It demonstrates that the roles envisioned for the ‘Trojan horses’ of Eurasianism among the far right in Central/Southeast Europe and for Eurasianism’s sympathizers in Western Europe bear a qualitative difference. In the former case, the emphasis is on systemic transformation whereas, in the latter case, on a gradualist strategy.

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Spatial differences in the level of population and settlement development in Wielkopolskie voivodship (1)

References Bagdziński, S.L., Maik, W. and Potoczek, A., editors, 1995: Polityka rozwoju regionalnego i lokalnego w okresie transformacji systemowej (Regional and local development policy in the age of systemic transformation - in Polish), Toruń: Uniwersytet Mikołaja Kopernika. Chojnicki, Z. and Czyż, T., 2005: Rozwój społecznogospodarczy w ujęciu regionalnym (Socio-economic development in a regional approach - in Polish). In: Biuletyn KPZK PAN 219, pp. 8-23. Chojnicki, Z., 1999: Podstawy metodologiczne i

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