| | |

Archive search


Fulltext search
Advanced filter

SOCIO-ECONOMIC FACTORS INFLUENCING THE DEVELOPMENT OF RENEWABLE ENERGY PRODUCTION SECTOR IN POLAND

Tadeusz A. Grzeszczyk, Waldemar Izdebski, Michał Izdebski, Tadeusz Waściński

The EU policy is largely shaped by the idea of sustainable development, which is based on the assumption of satisfying the developmental aspirations of the present generation in such a way as to enable the next generations to achieve the same aspirations (Brundtland, 1987). For economists, the suitable way to sharpen this idea is to consider the various resources (including renewable and nonrenewable natural resources) that communities hold at any particular time. Resources passed to future generations should be comparable (in terms of the ability to provide an adequate standard of living) with the stocks inherited by their ancestors (Streimikiene & Mikalauskiene, 2016).
more

INSTITUTIONAL OWNERSHIP AND SIMULTANEITY OF STRATEGIC FINANCIAL DECISIONS: AN EMPIRICAL ANALYSIS IN THE CASE OF PAKISTAN STOCK EXCHANGE

Rabeea Sadaf, Judit Oláh, József Popp, Domicián Máté

The traditional interpretation of corporate finance is characterized by ownership. Although, their rights are widely distributed among individual stockholders, but can be managed by few managers. Hence, conflict of interest is arisen among managers and shareholders and this results in an agency problem (Fama, 1980; Fama & Jensen, 1983). A number of empirical studies also confirmed the ownership concentration of firms, especially those dominated by few large owners or block-holders (La Porta et al., 1999). The concentrated structure of ownership also contributes towards agency conflict between block-holders and minority shareholders. From another perspective, the block-holders can benefit minority shareholders by their role in monitoring managers and also can be hazardous if they strive to achieve their own private goals (Shleifer & Vishny, 1997).
more

THE IMPACT OF SOVEREIGN WEALTH FUND OWNERSHIP ON THE FINANCIAL PERFORMANCE OF FIRMS: THE EVIDENCE FROM EMERGING MARKETS

Dariusz Urban

Sovereign Wealth Funds (SWFs) are still considered to be new-born institutional investors, in international financial markets, as well as innovative investment vehicles, despite their relatively long history. Several funds have been operating at a global level for more than fifty years, however the number of those created after the year 2000 represents the majority of the total in existence. For many years, these state-run funds have been almost anonymous investors, existing in the shadows, maintaining a low profile in the public eye. SWFs have been regarded as investment vehicles established in order to manage, in a rational and profitoriented way, pools of national wealth for future generations.
more

WAVELET ANALYSIS OF STOCK RETURN ENERGY DECOMPOSITION AND RETURN COMOVEMENT – A CASE OF SOME CENTRAL EUROPEAN AND DEVELOPED EUROPEAN STOCK MARKETS

Silvo Dajčman, Alenka Kavkler

Stock market integration, stock market comovement and return spillovers between developed and developing stock markets,particularly CEE markets, are of great importance for international investors making financial decisions. Increased comovement of stock markets returns may diminish the advantage of internationally diversified investment portfolios.
more

Zdroje a meze racionality opčního obchodování

Jan Vlachý

Blackův-Scholesův model se stal záhy po své publikaci v roce 1973 synonymem racionální vědecké metody ve financích. Figuruje v učebnicích, byla za něj udělena Nobelova cena a patří mezi nejcitovanější články v ekonomii vůbec. Od té doby vzniklo obrovské množství různých analytických vzorců, z nichž většina se odkazuje na tento jediný.
more

Concordance Measures and Second Order Stochastic Dominance - Portfolio Efficiency Analysis

Miloš Kopa, Tomáš Tichý

The portfolio selection problem is one of the most important issues of financial risk management. In order to determine the optimal composition for a particular portfolio it is crucial to estimate the dependency among the evolution of particular risk factors, i.e., the joint distribution of log-returns of particular assets. However, in order to formulate the joint distribution, there is a need for a suitable measure of dependency. A standard assumption is that the (joint) distribution of large portfolios is multivariate normal and that the dependency can be described well by a linear measure of correlation (Pearson coefficient of correlation). Unfortunately, from real applications it is clear that the Pearson correlation is not sufficiently robust to describe the dependency of market returns.
more

Momentum Effect and Market States: Emerging Market Evidence

Chandrapala Pathirawasam, Milos Kral

Capital Assets Pricing Model (CAPM) of Sharpe [23], Lintner [16] and Mossin [17] states that expected returns on securities have a positive linear relation with their betas thus beta is the sole factor that explains the cross-section of expected returns. Though early studies by Black, Jensen and Scholes [5] and Fama and MacBeth [11] provided evidence in favour of CAPM, subsequent empirical studies found evidence against the CAPM (see for example, Basu [3] and Banz [2]).
more

?
NAPOVEDA
reguired
Language