Pokaż uproszczony rekord

dc.contributor.authorŠimáková, Jana
dc.contributor.authorRusková, Nikola
dc.date.accessioned2019-11-22T15:25:41Z
dc.date.available2019-11-22T15:25:41Z
dc.date.issued2019
dc.identifier.issn1508-2008
dc.identifier.urihttp://hdl.handle.net/11089/30942
dc.description.abstractThe aim of the paper is to evaluate the effect of exchange rates on the stock prices of companies in the chemical industry listed on the stock exchanges in the Visegrad Four countries. The empirical analysis was performed from September 2003 to June 2016 on companies from the petrochemical and pharmaceutical industry. The effect of the exchange rate on stock prices is analyzed using Jorion’s approach on monthly data. In contrast to the selected petrochemical companies, the pharmaceutical companies did not use any hedging instruments in the tested period. The effect of the exchange rate on the stock price was proved only in the case of companies from the pharmaceutical industry. This suggests that exchange rate risk could be eliminated by using hedging instruments.en_GB
dc.description.abstractCelem artykułu jest ocena wpływu kursów walut na ceny akcji spółek z branży chemicznej notowanych na giełdach w krajach Grupy Wyszehradzkiej. Analiza empiryczna obejmowała okres od września 2003 r. do czerwca 2016 r. W oparciu o dane miesięczne pochcodzące z firm z branży petrochemicznej i farmaceutycznej dokonano analizy wpływu kursu wymiany na ceny akcji za pomocą modelu Joriona. W przeciwieństwie do wybranych spółek petrochemicznych, firmy farmaceutyczne nie stosowały żadnych instrumentów zabezpieczających w badanym okresie. Wpływ kursu walutowego na cenę akcji został udowodniony tylko w przypadku firm z branży farmaceutycznej. Sugeruje to, że ryzyko kursowe można wyeliminować za pomocą instrumentów zabezpieczających.pl_PL
dc.description.sponsorshipThe publication of this paper was supported by the Student Grant System of the Silesian University [project SGS/23/2016] and by the Ministry of Education, Youth and Sports within the Institutional Support for Long‑term Development of a Research Organization in 2019. The support is gratefully acknowledged.en_GB
dc.language.isoenen_GB
dc.publisherWydawnictwo Uniwersytetu Łódzkiegoen_GB
dc.relation.ispartofseriesComparative Economic Research. Central and Eastern Europe; 3
dc.rightsThis work is licensed under the Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 License.en_GB
dc.rights.urihttp://creativecommons.org/licenses/by-nc-nd/4.0en_GB
dc.subjectexchange rateen_GB
dc.subjectfirm valueen_GB
dc.subjectexchange rate exposureen_GB
dc.subjectJorion’s modelen_GB
dc.subjectchemical industryen_GB
dc.subjectkurs walutowypl_PL
dc.subjectwartość firmypl_PL
dc.subjectekspozycja na ryzyko walutowepl_PL
dc.subjectmodel Jorionapl_PL
dc.subjectprzemysł chemicznypl_PL
dc.titleThe Role of Exchange Rates in the Stock Price Development of Chemical Companies in the Visegrad Four Countriesen_GB
dc.title.alternativeRola kursów wymiany w rozwoju cen akcji spółek chemicznych w państwach Grupy Wyszehradzkiejpl_PL
dc.typeArticleen_GB
dc.page.number117-129
dc.contributor.authorAffiliationSilesian University in Opava, School of Business Administration in Karviná, Department of Finance and Accounting, Karviná Czech Republic
dc.contributor.authorAffiliationSilesian University in Opava, School of Business Administration in Karviná Department of Finance and Accounting, Karviná, Czech Republic
dc.identifier.eissn2082-6737
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dc.contributor.authorEmailsimakova@opf.slu.cz
dc.contributor.authorEmailnikola.ruskova@seznam.cz
dc.identifier.doi10.2478/cer-2019-0026
dc.relation.volume22en_GB
dc.subject.jelF31en_GB
dc.subject.jelG12en_GB


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