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Foundations of Capital Market Analysis
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Foundations of Capital Market Analysis
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Foundations of Capital Markets Analysis 2022
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Spectral Analysis of Capital Markets
PublicationIn this paper the problem of cycles existence in capital markets is addressed. A spectral analysis algorithm, which reduces signal-to-noise ratio, is proposed to derive cycle periodograms for the yield function of DJIA, WIG~20, and NIKKEI 225 indices. Peaks of the the periodograms provide premises to postulate the existence of some possible cycles. The 3.5 year periodicity in all 3 indices, which can be related to Kitchin cycle...
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Overview of problems in mathematics related analysis of capital markets
PublicationCelem pracy jest przegląd zjawisk i problemów w analizie rynków kapitałowych metodami matematyki. Zdefiniowano główny cel analiz rynkowych. Przedstawiono stosowane podejście w analizie rynków. Przedyskutowano podejście stochastyczne i deterministyczne. Kolejno przedstawiono zjawiska sprężeń zwrotnych w rynkach. Na koniec przedstawiono, specyficzne dla rynków zjawiska, które mają duży wpływ na zniekształcenie wyników analizy.
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Overview of problems in mathematics related analysis of capital markets
PublicationCelem pracy jest przedstawienie niektórych zjawisk w rynkach kapitałowych i problemów z ich analizą przy użyciu metod matematyki i nauk od niej pochodnych. Na wstępie określono cel analizy rynków. Kolejno przedstawiono historyczne podejścia do problemu ich analizy. Pokrótce przedyskutowano zagadnienie postrzegania rynków w kategoriach deterministycznych jak i stochastycznych. Następnie wskazano na istnienie sprzężeń zwrotnych w...
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Analysis of latency between quotations and capital flow in capital markets.
PublicationThe aim of this paper is to prove that the derivative of the log of capital flow understood as price times volume advances the derivative of log of the price. A certain concept of signal processing using linear filtering has been proposed to conduct the research.
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The Response of Selected Domestic Capital Markets on the Development of COVID-19 Pandemic – a Broader View
PublicationObjective: The study examines how the record of the first, hundredth, thousandth, ten-thousandth, one-hundred-thousandth, and millionth cases of COVID-19 affected investor behaviour in capital markets. It also looks at whether the month in which the first case was recorded in a given market affected the direction and strength of investor reactions. Lastly, it verifies whether the two announcements made by the WHO related to COVID-19...
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Non-causal final impulse response filters for the maximum return from capital markets
PublicationW artykule rozważa się strategię operacji na rynkach kapitałowych, która polega na kupowaniu lub sprzedawaniu instrumentu finansowego, kiedy sygnał wyjściowy nie-przyczynowego filtru o skończonej odpowiedzi impulsowej osiąga odpowiednio minimum lub maksimum. Celem artykułu jest wyznaczenie "najlepszego" nie-przyczynowego filtru o skończonej odpowiedzi impulsowej (FIR), który zapewnia maksymalną stopę zwrotu z rynku przy użyciu...
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Short-term Shocks and Long-term Relationships of Interdependencies Among Central European Capital Markets
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Indonesian Capital Market Review
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Journal of Capital Market and Behavioral Finance
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Credit and Capital Markets
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Capital Markets Law Journal
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Number of commercial banks at the end of the year, excluding banks that are not operating, bankrupt or liquidated, and banks in organization in 1993-2004
Open Research DataPolish banks were gradually transformed from enterprises with a predominance of Polish private capital into banks with a majority share of private foreign capital. In 1993, there were 48 banks with a majority of Polish private capital, and in 2006 there were 7 of them. In 1993, the shares of 10 banks in Poland were owned by private foreign capital,...
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Małgorzata Gawrycka dr hab.
PeopleMałgorzata Gawrycka, a graduate of the Faculty of Management at the University of Gdańsk, PhD in economics. From 2012-2020, deputy dean for teaching at the Faculty of Management and Economics of the Gdańsk University of Technology. Currently Dean of the Faculty. Scientific interests focus on issues related to the macroeconomic policy of the state. In particular, the problems of the situation on the labour market, demographic changes,...
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Does migration lead to economic convergence in an enlarged European market?
PublicationThis paper examines the relationship between migration and convergence for the enlarged internal market of the European Union (EU27) for the period 1990-2007. The impact of migration on growth is estimated in two ways: by including the migration rate in a growth regression and examining its impact on the convergence coefficient; and from the actual coefficient on migration, which can be interpreted as the effect of migration on...
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Capital Structure and Firm Performance Global Financing Decisions among Listed Companies
PublicationIn the complex world of finance, understanding the relationship between a company's capital structure and its overall performance is crucial. This book offers a comprehensive exploration of the interdependence between capital structure decisions and business performance, with a specific focus on German-listed companies. It provides valuable insights into the intricate dynamics of corporate finance. Through a blend of theoretical...
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Russian companies on foreign stock markets: alternative to domestic market?
PublicationFirst aim of this study is to present the main aspects of the Russian stock market, including obstacles for local companies and investors. Second aim is presentation of the Russian companies listed on foreign stock exchanges. In order to perform such analysis, descriptive statistics and information about qualitative features were used. Assessment of the Russian stock market’s development level covered 2003-2012 time period. According...
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Difficulties in financing innovation - research results
Open Research DataThe SME sector determines the strength of the Polish economy, still faces many barriers in running a business, they can be social and market barriers, for example: financial barriers, low employee mobility, or limited access to financing sources: legal barriers that result from economic policy difficult for the sector, or conservative economic policy.
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Anna Rzeczycka dr hab.
PeopleAnna Rzeczycka is the deputy head of the Department of Finance at the Faculty of Economics and Management of the Gdańsk University of Technology. Publications are situated in the field of social sciences in the discipline of economics and finance. They include books, monographs, articles, publications and scientific editions of monographs and scientific journals. In terms of numbers, it includes the following items: 12 monographs...
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Michał Bernard Pietrzak dr hab.
PeopleMichal Pietrzak is head of the Department of Statistics and Econometrics at the Faculty of Economics and Management, Gdańsk University of Technology, and Deputy Editor-in-Chief for Statistical Reviewing of the journals: Oeconomia Copernicana and Equilibrium. Quarterly Journal of Economics and Economic Policy. Until October 2021, he worked as an associate professor at the Faculty of Economic Sciences and Management, Nicolaus...
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A Concept of Using Knowledge Models to Secure Intellectual Capital in Enterprise
PublicationWithout a doubt, knowledge has become the most important resource for all companies in the world. Knowledge extended of our own observations and practice is being called experience. With the increase of knowledge and gained experience, the individual becomes more and more valuable employee in terms of business. The above mentioned knowledge can be gained only by self-improvement, which requires time and other necessary elements...
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Stock markets in BRIC: development levels and macroeconomic implications
PublicationThe main purpose of the article is the presentation of changes in the stock market development level and their implications for the real economy in BRIC, i.e. Brazil, Russia, India and China. Research method was case studies based on qualitative and quantitative data. First part of the text is devoted to presenting main concepts regarding theoretical linkages between the stock market and real economy. Empirical part begins with...
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Individual Resources and Intercultural Interactions
PublicationThe work environment in multinational corporations (MNCs) is specific and demanding including intercultural interactions with co-workers and clients and using a foreign language. Some individual resources can help in dealing with these circumstances. Individual resources refer to personal dispositions, competencies and prior experiences. With regard to previous studies, a caravan of personal resources, namely Psychological Capital...
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Łukasz Sienkiewicz dr hab.
PeopleGraduate of the Warsaw School of Economics, habilitated doctor in the field of social sciences in the discipline of management and quality science. University Associate professor at the Department of Entrepreneurship of the Faculty of Management and Economics of the Gdańsk University of Technology and coordinator of the Center for Economic, Social and Technological Transformation (C-TEST). Chairman of the Board of the Institute...
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Exploring the approaches towards support of academic entrepreneurship: evidence from an emerging market
PublicationOver the past three decades, an exponentially growing body on elements and actors of the concept of an entrepreneurial university has emerged. Compared to its western European counterparts, however, the idea of the third role of the university has only recently been implemented in Central and Eastern European countries, and thus both research and entrepreneurial practice grapple with empirical results. In this paper, we attempt...
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SPECYFIKA OBLIGACJI ZAMIENNYCH EMITOWANYCH PRZEZ SPÓŁKI PUBLICZNE
PublicationUpublicznienie rynku instrumentów dłużnych przedsiębiorstw w Polsce umożliwiło spółkom bardziej efektywne pozyskiwanie środków finansowych poprzez zaciąganie długu u wierzycieli detalicznych, równolegle z istniejącą już możliwością pozyskiwania kapitałów własnych. Rynek ten otworzył także spółkom publicznym drogę do emisji obligacji zamiennych, które z kolei bez obecności instrumentów udziałowych emitenta na rynku publicznym, stają...
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GSADF test results for national art market (G-7 group) + selected investments
Open Research DataThe dataset contains data illustrating the results of detecting and data-stamping price explosivity periods in national art markets in G-7 countries with additional investments from a second group (MSCI, S&P 500, crude oil, gold and silver). The files contain:• 01_diagnostics_gsadf – summary of results for analysed time series.• 02_st_value...
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CROWDFUNDING OF RESEARCH PROJECTS IN POLAND
PublicationCrowdfunding recently became a very popular way of funding, which allows funding almost everything, from minor personal projects to expensive commercial ones, as long as we can find investors. It may also be a new opportunity for entrepreneurial researchers, who may attract capital investment in companies that are promised to own developed technologies. Social financing of science is well suited to reduce some of the biggest problems...
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Maria Jastrzębska dr hab.
PeopleMaria Jastrzębska is an employee of the Department of Finance. She is the author of over 170 publications, including 8 monographs - Financial Management of Municipalities. Theoretical aspects; Budgetary policy of local government units; Debt management of local government units; Finances of local government units; Risk management in the activity of local government units with special consideration of catastrophic risk (co-author...
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Essays on China's international trade - focus on One-Belt One-Road initiative
PublicationThis thesis explores China's international trade from trade, global value chains (GVCs) and export diversity, focusing on the "One-Belt One-Road" (OBOR) initiative proposed at the end of 2013. Specifically, I verify the potential association of OBOR with bilateral imports and exports in the first chapter. Then the relationship between OBOR and GVCs has been explored in Chapter 2. And I have extended the research in GVCs to China's...
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Analiza skuteczności wybranych strategii kontrariańskich na warszawskiej GPW w latach 2014–2018
PublicationCapital multiplication is the main goal of investors and for many years they have been looking for methods and strategies that would enable them to achieve it to the greatest possible extent. Due to the fact that the expectations and characteristics of investors, including those concerning the investment period, are diverse, multiple strategies have emerged. One of such strategies, mainly long-term in nature, is the so-called...
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The investment process in the power supply industry
PublicationThe basis for power supply industry programming in a market economy should be the principle of sustainable development, which must take into account maintaining an adequate level of energy security on the one hand, and the aim to preserve the maximum degree of non-renewable resources on the other hand. Therefore, the overriding aim should be a strive to meet the current and prospective demand for energy and fuel, in conjugation...
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CSR – A FASHION OR REAL COMMITMENT? THE CASE OF POLISH LISTED COMPANIES
PublicationThis article, without claiming to be the ultimate reference, aims at assessing the social commitment of the large and solid financially, listed on the Warsaw Stock Exchange (WSE), Polish companies, on the eve of the implementation of the EU directive on disclosure of non-financial and diversity information (2014/95/EU). The selected companies seem perfect to form a vanguard of CSR in Poland, but the results of the analysis indicate...
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Knowledge management in SMEs – selected issues.
PublicationThe success of a small or medium-size enterprise might be dependent on the way in which this company manages its knowledge. With limited access to other resources like land, capital or labor force, the access to knowledge and its effective application might become a source of competitive advantage for an SME. It is confirmed that organizations, which successfully implement the concept of knowledge management might achieve better...
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Być czy mieć? Hierarchia kapitałów w wybranych przedsiębiorstwach ICT na Pomorzu
PublicationPrezentowany artykuł stanowi podsumowanie pierwszej, początkowej fazy konstruowania koncepcji wykorzystującej przekształconą teorię kapitałów Pierre’a Bourdieu w analizie działań przedsiębiorstw. Jej sednem jest podział dostępnych przedsiębiorstwom zasobów na cztery podstawowe typy odpowiadające wyróżnionym typom kapitału, a więc: kapitałowi ekonomicznemu, społecznemu, kulturowemu i symbolicznemu oraz założenie, zgodnie z którym...
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Ewelina Sokołowska dr hab.
PeopleEwelina Sokołowska, Ph.D. DSc in Economics, Professor of Economics, and Head of the Division of Digital Economy and Finance at the Faculty of Management and Economics at the Gdańsk University of Technology.She holds a master's degree in economics with a specialisation in financial management. She completed her studies at the Faculty of Economic Sciences and Management at the Nicolaus Copernicus University in Toruń, where she defended...
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Markowitz’s portfolio theory – optimal length of estimation window for gold and the biggests companies on the Warsaw Stock Exchange
PublicationThe following article is dedicated to the construction of an investment portfolio consisting of 3 investments from the Polish capital market found in the WIG20 index and from investment in gold. The purpose of the study was to determine the optimal length of the estimation window for building a portfolio with minimal risk and maximum efficiency. The length of the estimation window was also assessed in terms of the rate of return...
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The potential of web awareness as a determinant of dually defined customer value
PublicationIn the conditions of increasing demand barrier, the enterprise’s basic capital is customers. From an enterprise point of view, this means the need to create a dual perceived and defined customer value which remains related to market value (income and development potential) and customer resource value (reference, information and cooperative potential). The progressing digitisation process transfers business processes, and thus relationships, into...
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Błażej Kochański dr
PeopleBłażej Kochański is an assistant professor at the Department of Statistics and Econometrics at the Faculty of Management and Economics of Gdańsk University of Technology, banking risk expert. He worked for banks in Poland and Europe, as a risk specialist, planning and analysis manager, chief risk officer, supervisory board member and management consultant. He built numerous credit risk management models, successfully managed credit...
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Functioning and legal regulations of perpetual usufruct right in Poland in relation to similar rights in other countries of the European Union
Publication1 May 2004, Poland became part of the European Union, which main aim is the political, economic and social integration of democratic European countries as well as the construction of a common market ensuring of persons, goods, services and capital move freely. The Accession Treaty provides some transitional periods for the adjustment of the right of Member States to the EU regulations. Next year, 12 years after joining the EU,...
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Labour share and income inequalities in the European Union, taking into account the level of development of economies
Publicationesearch background: The relationship between labour share and income inequality is a complex and multifaceted problem. Despite ongoing discussions among economists, there is still no consensus on the direction of the relationship between labour share and income ine-quality. Purpose of the article: The article aims to assess the impact of labour share on income inequal-ity, which is measured in three ways: the Gini index...
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Projekty NFT i bariery ich wejścia na rynek
PublicationNiniejsza praca traktuje o barierach wejścia na rynek dla projektów NFT. Porusza zagadnienia związane z kapitałochłonnością, regulacjami prawnymi, dostępem do wiedzy i patentów, a także ze zróżnicowaniem produktów i dostawców na rynku NFT. Celem pracy jest identyfikacja i opis barier wejścia, które napotykają nowe przedsiębiorstwa wchodzące na rynek. Autorzy przewidują, że wraz z rosnącym zainteresowaniem konsumentów wzrośnie zainteresowanie...
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Mobile Networks' Analysis in Terms of QoS Performance Assessment
PublicationQuality of service (QoS) assessment is one of the basic processes carried out by mobile network operators (MNOs) and regulators of the telecommunications market. Usually, professional companies carry out measurements for various country areas and use cases (scenarios). In this paper, we show exemplary measurement results carried out in drive tests in the vicinity of the Polish capital by a professional company. The measurement...
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Personal Brand Value and Social Media, the Top Football Players’ Case
PublicationPersonal branding valuation and social media usage are new and empirically unexplored areas of research. The aim of the presented study is to determine how social media performance and sentiment are related to the value of a personal brand. Based on an example of 100 most valuable football players, in reference to transfermarkt.com and the sentione.com (sentiment analysis), the author points out the strongest...
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How can HSR promote inter-city collaborative innovation across regional borders?
PublicationMany studies have shown that high-speed rail (HSR) can reshape the spatial pattern of economic geography. However, there needs to be more logical argumentation and rigorous empirical design on the paths and mechanisms involved. This paper considers the impact of the border effect on HSR links and innovation clusters from the perspective of inter-regional collaborative innovation. It provides a logical and compact theoretical...
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Determinanty bezpieczeństwa energetycznego Mołdawii: między Unią Europejską a Federacją Rosyjską
PublicationArtykuł ukazuje główne determinanty politycznego wymiaru bezpieczeństwa energetycznego Mołdawii wynikające ze stosunków z Unią Europejską i Federacją Rosyjską oraz ewolucji mołdawskiej sceny politycznej. Uwzględniając głównie rosnącą obecność rosyjskiego kapitału na mołdawskim rynku energetycznym od schyłku XX w., narastające zadłużenie za dostawy gazu wobec Gazpromu, rosyjskie szantaże energetyczne i handlowe, stopniowo wprowadzane...
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Branża IT – wyzwania związane z zarządzaniem kapitałem ludzkim
PublicationArtykuł dotyczy procesów zarządzania kapitałem ludzkim w firmach IT, w których największe wyzwania wiążą się z dwoma obszarami: zatrudniania i zatrzymywania specjalistów IT w organizacji. Działy HR prześcigają się w stosowaniu coraz to nowszych rozwiązań, aby pozyskać oraz motywować kompetentnych informatyków do pracy na rzecz firmy. Głównym celem artykułu jest prezentacja działań dotyczących rekrutacji oraz motywowania pracowników...
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Europe, between Mandatory and Voluntary Approach to CSR: Some New Evidence from the Polish Listed Companies
PublicationThis paper aims to explore the relationship between corporate governance rules and application of CSR practices into operations of the top 30 companies listed on the Warsaw Stock Exchange. Since in Poland, so far, there is no obligation to follow any specific CSR standards or to make disclosures of non-financial, social and environmental information, this is still a fully voluntary approach. At the moment, only some of the companies...