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A Statistical Analysis of Dividend in Chosen Companies Listed on the Warsaw Stock Exchange

A Statistical Analysis of Dividend in Chosen Companies Listed on the Warsaw Stock Exchange

The capital market appeared in Poland relatively not far ago, so it is the young market and is not shaped well. Although, the development rate does not satisfy all the believers of the capital market, it should be emphasized that this market is functioning and is developing. Market indicators are a significant element of the market analysis performed by means of fundamental analysis. The aim of this article is to study the statistic regularity in the scope of indicators connected with a dividend. In Poland dividend is not discussed often and indicators connected with dividend are practically not used in stock analysis. This study will show the usefulness of these measures in the analysis connected with investment on the stock exchange market. The analyses are conducted for some dividend variables on the Warsaw Stock Exchange (dividend rate of return and pay indicators, stopping and re-investment). The analyses concern data in the period of 2000÷2006. Some statistical parameters to detect statistical regularity for dividend rate of return and pay indicators, stopping and re-investment on the Warsaw Stock Exchange are used in the paper. The author tried to analyse the relation between selected variables too. The study should make it possible to decide if measures such as dividend rate of return and pay indicators, stopping and re-investment are unquestionably important and useful in stock analysis. It is particularly important from the point of view of long-term investment, as well as the fundamental analysis. They should be included in the group of market indicators in case of statistically significant influence of measures connected with a dividend on investment profitability. This leads to the possibility of significant growth of an investment that can turn out profitable on the capital market.

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Financial impact analysis of going public at the Warsaw Stock Exchange: Using Fuzzy Set Theory to understand behaviours of mature companies

: empirical evidence from Polish IPOs. Equilibrium. Quarterly Journal of Economics and Economic Policy , 12 (4), 693-709. DOI: 10.24136/eq.v12i4.36. Sosnowski, T. (2018). Earnings Management in the Private Equity Divestment Process on Warsaw Stock Exchange. Equilibrium. Quarterly Journal of Economics and Economic Policy , 12(4). Ślusarczyk, B. (2018). Tax incentives as a main factor to attract foreign direct investments in Poland. Administratie si Management Public , 30, 67-81. DOI: 10.24818/amp/2018.30-05. You-Shyang Chen, Ching-Hsue Cheng. (2012). A

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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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The Determinants of Corporate Dividend Policy in Poland

). Catering Approach to the Dividend Payment Policy on the Warsaw Stock Exchange, Equilibrium, Vol. 10 No. 2, p. 185–206. https://doi.org/10.24136/eq.v12i4.35 Pieloch-Babiarz, A. (2017). Determinants of payout policy and investment attractiveness of companies listed on the Warsaw Stock Exchange. Equilibrium. Quarterly Journal of Economics and Economic Policy , 12(4), p. 675–691. Sander, P., Kariler J., Viikmaa K. (2014). Determinants of dividend policy in Estonian firms: an empirical analysis, International Multidisciplinary Scientific Conference on Social

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The Impact of Acquisition on Stock Value in Case of Warsaw Stock Exchange

przejęć na przykładzie Polski, Finanse, Rynki Finansowe, Ubezpieczenia , (1), 585–593. Blajer-Gołębiewska, A. (2010). Asymetria informacji w systemach nadzoru korporacyjnego na przykładzie polskich spółek giełdowych . In D. Kopycińska ed. 2010. Problemy gospodarowania w Polsce , Szczecin: Wydawnictwo Katedry Mikroekonomii Uniwersytetu Szczecińskiego. Byrka-Kita, K., Czerwiński, M. & Preś-Perepeczo, A. (2018) What Drives Shareholder Reaction and Wealth Effect in Block Trades? Evidence from the Warsaw Stock Exchange, Emerging Markets Finance & Trade , (54

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The Cost of Equity Capital in Stock Portfolios Listed on the Warsaw Stock Exchange Using the Classic CAPM

). Modelowanie równowagi na rynku kapitałowym – weryfikacja empiryczna na przykładzie akcji notowanych na Giełdzie Papierów Wartościowych w Warszawie. Katowice: Prace Naukowe Uniwersytetu Ekonomicznego w Katowicach. Urbański, S. (2012). Multifactor Explanations of Returns on the Warsaw Stock Exchange in Light of the ICAPM. Economic Systems, 36, 552-570. Urbański, S., Jawor, P., Urbański, K. (2014).The Impact of Penny Stocks on the Pricing of Companies Listed on The Warsaw Stock Exchange in Light of the CAPM. Folia Oeconomica Stetinensia, 14(2), 163

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The impact of the january effect on the IPO underpricing in Poland

Abstract

We examine the initial public offering (IPO) underpricing phenomenon in Poland using data from the Warsaw Stock Exchange (the main market). In the article we survey historical average IPO underpricing in Europe and outside Europe. We discuss the determinants of the IPO underpricing which is based on asymmetry of information, ownership and control, institutional explanations and behavioural explanations. We discuss the calendar effect and we examine the influence of the January effect on the IPO underpricing. On the Warsaw Stock Exchange in 2005-2011, the IPO underpricing was bigger for companies that debuted in January than for companies that debuted in other months. The empirical results are not statistically significant.

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Can Increasing Dividends be a Symptom of the Financialization of the Polish Economy?

Abstract

Because operationally financialization may be detected by the increase of interest, dividends, or capital gains, the paper tries to answer the question as to whether the increased dividend payments observed in Poland can be a symptom of financialization. Analysis of basic tendencies of changes in propensities to pay dividends, values, structures and payout ratios of companies quoted in the years 1992-2014 on the Warsaw Stock Exchange tend towards the conclusion that the increase of dividend payouts at this time is not a sign of financialization of the economy. But because most of the phenomena connected with the dividend policy of the companies quoted on the WSE show similar tendencies to those of the developed equity markets, this may be a symptom of the financialization of the Polish economy in the future.

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The Impact Of Penny Stocks On The Pricing Of Companies Listed On The Warsaw Stock Exchange In Light Of The CAPM

Uniwersytetu Szczecińskiego , 389, 307–317. Cochrane, J. (2001). Asset Pricing , New Jersey: Princeton University Press. Czapkiewicz, A. & Skalna, I. (2010). The CAPM and the Fama-French Models in Warsaw Stock Exchange. Przegląd Statystyczny , 57 (4), 128–141. De Bondt, W.F.M. & Thaler, R.H. (1985). Does the Stock Market Overreact? Journal of Finance , 40 (3), 793–805. DOI: 10.1111/j.1540-6261.1985.tb05004.x. Fama, E.F. & MacBeth, J.D. (1973). Risk, Return, and Equilibrium: Empirical Tests. Journal of Political Economy , 81 (3), 607

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The Profitability of Following Analyst Recommendations on The Polish Stock Market

-416. Biedrzyński, R. (2008). Wycena w rekomendacjach sporządzanych przez biura maklerskie a cena rynkowa spółek notowanych na Giełdzie Papierów Wartościowych w Warszawie (Valuation in the recommendation provided by brokerage houses and the market price of public companies listed on Warsaw Stock Exchange). MA Thesis. Szczecin: Szczecin University of Economics. Cambell, J. Y., Lo, A. W., MacKinlay, A. C. (1997). The Econometrics of Financial Markets. Princeton, New Jersey: Princeton University Press. Carhart, M. M. (1997). On Persistence in Mutual

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