Skuteczność wezwań do sprzedaży akcji na polskim rynku kapitałowym

The purpose of this article was to examine the efficiency of public tender offer for shares on the Polish capital market issued in 2006–2016. The subject of the study was the effectiveness of tender offer from the point of view of the buyer, the average of bid premium and the relationship between a successful takeover and a bid premium for the shareholders. To distinguish the possible most homogeneous research group, the paper considers tender offer for shares meant to achieve 100% of votes at the Issuer’s General Shareholders Meeting, announced by companies which were not shareholders or which had small share packets. The analysis did not show that the success of the tender offer was dependent on offered a bid premium for the takeover, which was more than 20% on average.Celem artykułu było zbadanie skuteczności publicznych wezwań do sprzedaży akcji ogłaszanych w latach 2006–2016 na polskim rynku kapitałowym. Analizie została poddana skuteczność wezwań z punktu widzenia wzywającego, średnia wysokość premii oferowanej akcjonariuszom oraz zależność między powodzeniem wezwania a premią za przejęcie. W celu wyodrębnienia możliwie najbardziej jednolitej grupy badawczej brano pod uwagę wezwania zmierzające do osiągnięcia 100% głosów na WZA spółek, ogłaszane przez podmioty niebędące akcjonariuszami lub posiadające niewielkie pakiety akcji spółek. Dokonane analizy nie wykazały, że powodzenie wezwania było uzależnione od oferowanej premii za przejęcie, która wyniosła średnio ponad 20%

Wprowadzanie akcji do obrotu na rynku NewConnect na tle głównych alternatywnych systemów obrotu w Europie

The article presents an analysis of statistical data which shows the position of the NewConnect market in comparison with other multilateral trading facilities in Europe. The goal of the article is to compare conditions which must be met by issuers who float shares in selected European multilateral trading facilities (MTFs). On the basis of experiences of those markets solutions have been indicated which could be implied by the NewConnect market organizer in order to eliminate its functioning problems which inhibit its further development. The article is continuation of studies whose aim is to emphasize imperfections in the functioning of the Polish capital market, particularly the NewConnect market.Artykuł nie zawiera abstraktu w języku polski

Analiza oddziaływania operacji odwrotnych splitów na notowania akcji na Giełdzie Papierów Wartościowych w Warszawie

Reverse stock split is the technical operation, which brings no additional value to the company or shareholders. In theory, its influence on the stock quotation should be indifferent. However, the few studies conducted in the world are showing the negative impact of the reverse split process on stock prices. The Polish market hasn't been the subject of analysis in this respect so far. The goal of the article are the literature studies about the reverse split effect as well as the initiation of research about the influence of re-split on the courses and volume of shares on the Warsaw Stock Exchange. The analysis undertaken in this article will be continued at different levels in the future. The article is a part of more extensive research concerning the irregularities of the functioning of the Polish capital market.Artykuł nie zaweira abstraktu w języku polski

NewConnect na tle alternatywnych systemów obrotu w Europie. Nieprawidłowości funkcjonowania polskiego rynku ASO

This paper presents an analysis of statistical data showing the development of the NewConnect market and its position in comparison with the other multilateral trading facilities in Europe. It will help to achieve the goal of the article that is defining activity areas of the NewConnect market which inhibit its development. On the basis of organizational and legal solutions used by selected European markets, some actions will be indicated which could be implied by an organizer of the NewConnect market in order to eliminate its functioning problems.Artykuł prezentuje analizę danych statystycznych pokazującą rozwój rynku NewConnect oraz jego pozycję na tle innych alternatywnych systemów obrotu w Europie. Ma to posłużyć realizacji celu artykułu, jakim jest zdefiniowanie obszarów działalności rynku NewConnect, które hamują jego rozwój. Na bazie rozwiązań organizacyjnych i prawnych stosowanych przez wybrane rynki europejskie zostaną wskazane działania, które mogłyby zostać przez organizatora rynku NewConnect implementowane w celu wyeliminowania problemów jego funkcjonowania

Wprowadzanie akcji do obrotu na rynku NewConnect na tle głównych alternatywnych systemów obrotu w Europie

The article presents an analysis of statistical data which shows the position of the NewConnect market in comparison with other multilateral trading facilities in Europe. The goal of the article is to compare conditions which must be met by issuers who float shares in selected European multilateral trading facilities (MTFs). On the basis of experiences of those markets solutions have been indicated which could be implied by the NewConnect market organizer in order to eliminate its functioning problems which inhibit its further development. The article is continuation of studies whose aim is to emphasize imperfections in the functioning of the Polish capital market, particularly the NewConnect market.Artykuł nie zawiera abstraktu w języku polski

Does the Change in the Company's Name Affect the Share Price? The Case Study of the Polish Capital Market

Aim/purpose - The paper was aimed to find out if abnormal returns occur before and after changes in the names of companies listed on the Warsaw Stock Exchange. Design/methodology/approach - Due to the fact that this was an early stage of the research, an appropriate methodology was used in the research which took into account indexes of relative force of quotations of some selected companies in relation to the wide Warsaw Stock Exchange WIG index. Findings - The research findings proved the existence of positive abnormal returns before the name changes and negative trends after the name changes in companies in the long term. Comparing the average volume of share trading before and after the name changes in companies, no positive effect was noticed in this scope. Research implications/limitations - The clear and unambiguous results appear to be significant for investors while taking investment decisions. Therefore, the conclusions from the findings of the pilot research need to be confirmed and verified in further studies on the problem, with the use of a more advanced methods. Originality/value/contribution - The paper represents one of the few empirical studies on the impact of the name changes of listed companies on the share prices in relation to the emerging markets, and the first ones concerning the Polish share market. The findings of the study may give grounds to discuss and identify practical causes of market behaviors as a result of changes in companies' names.(original abstract

10 years of the NewConnect market – success or failure?

The aim of the article to assess the functioning of the NewConnect market over 10 years from the organizer’s and participants’ perspective. This helps to diagnose the most important organizational advantages and problems of the Polish MTF, determine further development prospects and propose potential changes to neutralize the negative factors. To illustrate the problem, a comprehensive analysis will be made of aggregated statistical data from 2007–2017, which show the changes and trends on this market, and additionally include the data comparing the current state of the NewConnect market with other alternative markets organized by European stock exchanges. The conducted research does not allow to view the NewConnect market as an organizational success. The analysis identified a number of problems in the functioning of the Polish MTF, ranging from the inappropriate organization of the primary market, resulting in the admittance of too high a number of issuers of dubious credibility, to the consequences appearing on the secondary shares market. It does not give unambiguous grounds to expect positive prospects for the market development in the future. In order to stop unfavorable trends and to improve the issuers’ quality, a discussion on the regulations regarding issuers’ admission, i.e. the size of the minimum equity, IPO, capitalization and the issue price of the debuting company, should be initiated

Impact of Fund Managers Changes on Polish Equity Funds Performance

Purpose - the aim of the article was an analysis of the returns of universal Polish equity investment funds before and after the change of portfolio managers. The article deals with the following research problem: how the replacement of investment fund managers impacts the results of Polish equity funds. Methodology - the research methodology which used the indexes of relative strength allows determining the abnormal returns of funds in relation to the WIG Index before and after the change of managers. Findings - the analyses showed negative abnormal returns before changing managers and ambiguous tendencies after the change of managers. Originality - this kind of study has not been conducted for the Polish capital market so far

Renewable Energy, Urbanization, and CO2 Emissions: A Global Test

A fixed effects regression and two-step system generalized method of moments (GMM) is used to analyze secondary data from the World Bank, covering 163 countries over the period from 2000 to 2016. The study tests the relationship between renewable energy, urbanization, and CO2 emissions. The empirical results show that urbanization has an inverted U-shaped relationship with CO2 emissions, while renewable energy consumption mitigates CO2 emissions. If causal, a 1% increase in renewable energy use leads to a 1.2% decrease in CO2 emissions. The results also show that the GDP per capita has an inverted U-shaped relationship with CO2 emissions, confirming the environmental Kuznets curve (EKC). We also found that innovation, proxied by residents’ patents, has a non-linear effect on CO2 emissions. As a policy implication, developing countries should increase the share of renewable energy in their total energy use, and promote innovative activities by increasing government spending on R&D

Renewable Energy, Urbanization, and CO₂ Emissions: A Global Test

A fixed effects regression and two-step system generalized method of moments (GMM) is used to analyze secondary data from the World Bank, covering 163 countries over the period from 2000 to 2016. The study tests the relationship between renewable energy, urbanization, and CO2 emissions. The empirical results show that urbanization has an inverted U-shaped relationship with CO2 emissions, while renewable energy consumption mitigates CO2 emissions. If causal, a 1% increase in renewable energy use leads to a 1.2% decrease in CO2 emissions. The results also show that the GDP per capita has an inverted U-shaped relationship with CO2 emissions, confirming the environmental Kuznets curve (EKC). We also found that innovation, proxied by residents’ patents, has a non-linear effect on CO2 emissions. As a policy implication, developing countries should increase the share of renewable energy in their total energy use, and promote innovative activities by increasing government spending on R&D