http://hdl.handle.net/11089/33629 2026-04-08T11:59:03Z 2026-04-08T11:59:03Z Zimny, Artur http://hdl.handle.net/11089/36082 2021-07-30T07:41:01Z 2020-12-31T00:00:00Z

The Impact of Financial Leverage on A Company’s Market Valuation Zimny, Artur The purpose of the article is to examine the impact of leverage on the market valuation of companies. The article verifies two hypotheses: 1. the degree of leverage is an important factor that impacts the market valuation of companies; 2. for companies with a high level of leverage, the impact of this leverage on their valuation is negative, and for companies with a low level of leverage, the impact is positive.The methodology of the study includes a critical literature review and empirical research based on correlation and regression analysis, including univariate and multivariate regression. The analysis covered quarterly data of ten energy companies listed on the Warsaw Stock Exchange. An important component of the research was classifying those companies into several groups, depending on their level of debt ratio in relation to the industry median debt ratio.The results of the research: The literature review did not provide an unequivocal conclusion to the problem. The empirical analysis did not give grounds to reject the first hypothesis; however, the second one was rejected. The research showed positive correlation and regression coefficients between the debt ratio and the price to book value ratio for highly leveraged companies and negative ones for companies with a low level of debt. The results are surprisingly contrary to the expectations based on theoretical premises.

2020-12-31T00:00:00Z Grzesiak, Lena Krykwiński, Patryk Pakuła, Zuzanna Zimny, Artur http://hdl.handle.net/11089/36083 2021-07-30T07:37:32Z 2020-12-31T00:00:00Z

Dodatek kwartalny Grzesiak, Lena; Krykwiński, Patryk; Pakuła, Zuzanna; Zimny, Artur

2020-12-31T00:00:00Z Trembiński, Marek Stawska, Joanna http://hdl.handle.net/11089/36081 2021-06-08T01:15:18Z 2020-12-31T00:00:00Z

The Effectiveness of the Transaction Systems on the Dax Index Trembiński, Marek; Stawska, Joanna The purpose of the article/hypothesis: The aim of this article is to examine the effectiveness of trading systems built on the basis of technical analysis tools in 2015–2020 on the DAX stock exchange index. Efficiency is understood as generating positive rates of return, taking into account the risk incurred by the investor, as well as achieving better results than passive strategies. Presenting empirical evidence implying the value of technical analysis is a difficult task not only because of a huge number of instruments used on a daily basis, but also due to their almost unlimited possibility to modify parameters and often subjective evaluation.Methodology: The effectiveness of technical analysis tools was tested using selected investment strategies based on oscillators and indicators following the trend. All transactions were carried out on the Meta Trader 4 platform. The analyzed strategies were comprehensively assessed using the portfolio management quality measures, such as the Sharpe measure or the MAR ratio (Managed Account Ratio).Results of the research: The test results confirmed that the application of described investment strategies contributes to the achievement of effective results and, above all, protects the portfolio against a significant loss in the period of strong turmoil on the stock exchange. During the research period, only two strategies (Ichimoku and ETF- Exchange traded fund) would produce negative returns at the worst possible end of the investment. At the best moment, however, the „passive” investment achieved the lowest result. Looking at the final balance at the end of 2019, as many as four systems based on technical analysis were more effective than the „buy and hold” strategy, and at the end of the first quarter of 2020 – all of them. When analyzing the management quality measures, it turned out that taking into account the 21 quarters, the passive strategy had the lowest MAR index. The Sharpe’s measure is also relatively weak compared to the four leading strategies.

2020-12-31T00:00:00Z Socha, Paweł Szynkaruk, Paulina http://hdl.handle.net/11089/36080 2021-06-08T01:15:21Z 2020-12-31T00:00:00Z

Ocena zmian dochodów oraz wydatków polskich gospodarstw domowych w latach 2008–2018 Socha, Paweł; Szynkaruk, Paulina In recent years, the economic situation in Poland has undergone dynamic changes. These changes had an impact on the standard of living of Poles, by affecting their financial situation. The article presents and analyzes the characteristics of changes in the structure of polish household budgets in 2008-2018. Issues such as income and expenditure, expenditure structure, tendency and dynamics of changes, including demographic and economic factors, has been discused in this article. In addition to analyzing the data on the structure of household budgets, the causes responsible for such and not other directions of changes has been also identified.; W ostatnich latach sytuacja gospodarcza w Polsce podlegała dynamicznym zmianom. Zmiany te oddziaływały na poziom życia Polaków poprzez wpływ na ich sytuację finansową. Artykuł przedstawia oraz analizuje charakterystykę zmian w strukturze budżetów gospodarstw domowych w latach 2008–2018. Omówione zostały zagadnienia, takie jak poziom dochodów i wydatków, struktura wydatków, tendencja oraz dynamika zmian z uwzględnieniem czynników demograficznych i ekonomicznych. Oprócz przeanalizowania danych dotyczących struktury budżetów gospodarstw domowych, zidentyfikowane zostały również przyczyny odpowiadające za takie, a nie inne kierunki zmian.

2020-12-31T00:00:00Z