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Détails du magazine
Format
Magazine
eISSN
2719-3454
Première publication
30 Mar 2015
Période de publication
4 fois par an
Langues
Anglais

Chercher

Volume 13 (2017): Edition 1 (November 2017)

Détails du magazine
Format
Magazine
eISSN
2719-3454
Première publication
30 Mar 2015
Période de publication
4 fois par an
Langues
Anglais

Chercher

4 Articles
Accès libre

Control Premium and Minority Discounts in Polish Business Valuation Practices – Evidence from Research

Publié en ligne: 16 Feb 2018
Pages: 1 - 14

Résumé

Abstract

The paper presents the results of a survey of business valuation practice in Poland. The aim of this study was to assess the premium for control as well as discounts for minority interests by practitioners involved in the valuation of companies in Poland. The survey was conducted on a sample of 191 respondents between February and April 2011. The population of entities under survey consists of: authorized NewConnect3 / Catalyst advisers, brokers, valuation analysts working for leading consulting firms, and experts appointed by the court. The evidence from the research demonstrates that most of respondents do not know how to apply premium control and minority discounts in business valuation. Incorrect approaches to the application of control premiums or minority discounts reflect that this area of valuation lacks thorough analysis in the Polish market. As a consequence, particularly in the case of lawsuits it may cause unjustified transfers of value between the parties.

Mots clés

  • business valuation
  • control premium
  • minority discounts
  • ownership structure
  • valuation practice

JEL Classification

  • G32
  • G34
  • G12
Accès libre

Monetary Policy in Poland – How the Financial Crisis Changed the Central Bank’s Preferences

Publié en ligne: 16 Feb 2018
Pages: 15 - 24

Résumé

Abstract

The aim of the study is to analyze the preferences of the Polish central bank concerning inflation and output gap stabilization and verification, and whether these preferences changed after the beginning of the global financial crisis. For this purpose Taylor rules are estimated by the means of GMM (linear Taylor rule) and LS with breakpoints (nonlinear Taylor rule) estimation methods. We find that the smoothing parameter decreased, the weight of the output gap increased and the weight of inflation decreased after the outburst of the crisis. Moreover, we calculate ex-post interest rate simulations to compare the actual interest rates set by the NBP with a hypothetical situation of no change in the central bank’s preferences. The results suggest that the interest rates set by the NBP were significantly lower in comparison with the no-change scenario, in particular in the first quarters after the beginning of the crisis.

Mots clés

  • monetary policy
  • linear and nonlinear Taylor rule
  • interest rates simulations
  • financial crisis

JEL Classification

  • E52
  • E58
  • C54
Accès libre

The Color of Government Money. Do Investors Differently Value the Investment of Sovereign Wealth Funds?

Publié en ligne: 16 Feb 2018
Pages: 25 - 34

Résumé

Abstract

The article aims at pointing out the differences in market reactions regarding the announcement of an investment of selected Sovereign Wealth Funds in companies listed on the London Stock Exchange. The research sample consists of 796 market transactions made by four selected Sovereign Wealth Funds. The author employed event study methodology to calculate the average abnormal returns and cumulative abnormal returns for each fund in subsamples. The empirical findings suggest that investors react differently to the information about a fund’s investment. To the best of the author’s knowledge, the literature does not provide any answer as to how the market reacts to information disclosure of individual funds. Therefore, this paper bridges the gap in the literature within this field.

Mots clés

  • sovereign wealth funds
  • event study
  • London Stock Exchange
  • investment

JEL Classification

  • F21
  • G14
  • G23
Accès libre

Public Issue of Bank Bonds Case Study of Bank Pocztowy S.A.

Publié en ligne: 16 Feb 2018
Pages: 35 - 46

Résumé

Abstract

This article concerns the financing of banking in Poland through public bond issues addressed to individual investors. It is a case study of Bank Pocztowy, which, as one of three banks in Poland, decided to raise capital through the public issue of bonds, the buyers of which were to be individual investors. This article uses the research methodology of case study analysis. In addition, a questionnaire with open questions was used. The purpose of the article is to examine the role of bonds in the public issue process in the financing of private banks in Poland. The results of the research show that it is possible to say that individual investors are interested in diversifying their savings by acquiring bank bonds.

Mots clés

  • bonds
  • Catalyst
  • subordinated bonds

JEL Classification

  • G10
4 Articles
Accès libre

Control Premium and Minority Discounts in Polish Business Valuation Practices – Evidence from Research

Publié en ligne: 16 Feb 2018
Pages: 1 - 14

Résumé

Abstract

The paper presents the results of a survey of business valuation practice in Poland. The aim of this study was to assess the premium for control as well as discounts for minority interests by practitioners involved in the valuation of companies in Poland. The survey was conducted on a sample of 191 respondents between February and April 2011. The population of entities under survey consists of: authorized NewConnect3 / Catalyst advisers, brokers, valuation analysts working for leading consulting firms, and experts appointed by the court. The evidence from the research demonstrates that most of respondents do not know how to apply premium control and minority discounts in business valuation. Incorrect approaches to the application of control premiums or minority discounts reflect that this area of valuation lacks thorough analysis in the Polish market. As a consequence, particularly in the case of lawsuits it may cause unjustified transfers of value between the parties.

Mots clés

  • business valuation
  • control premium
  • minority discounts
  • ownership structure
  • valuation practice

JEL Classification

  • G32
  • G34
  • G12
Accès libre

Monetary Policy in Poland – How the Financial Crisis Changed the Central Bank’s Preferences

Publié en ligne: 16 Feb 2018
Pages: 15 - 24

Résumé

Abstract

The aim of the study is to analyze the preferences of the Polish central bank concerning inflation and output gap stabilization and verification, and whether these preferences changed after the beginning of the global financial crisis. For this purpose Taylor rules are estimated by the means of GMM (linear Taylor rule) and LS with breakpoints (nonlinear Taylor rule) estimation methods. We find that the smoothing parameter decreased, the weight of the output gap increased and the weight of inflation decreased after the outburst of the crisis. Moreover, we calculate ex-post interest rate simulations to compare the actual interest rates set by the NBP with a hypothetical situation of no change in the central bank’s preferences. The results suggest that the interest rates set by the NBP were significantly lower in comparison with the no-change scenario, in particular in the first quarters after the beginning of the crisis.

Mots clés

  • monetary policy
  • linear and nonlinear Taylor rule
  • interest rates simulations
  • financial crisis

JEL Classification

  • E52
  • E58
  • C54
Accès libre

The Color of Government Money. Do Investors Differently Value the Investment of Sovereign Wealth Funds?

Publié en ligne: 16 Feb 2018
Pages: 25 - 34

Résumé

Abstract

The article aims at pointing out the differences in market reactions regarding the announcement of an investment of selected Sovereign Wealth Funds in companies listed on the London Stock Exchange. The research sample consists of 796 market transactions made by four selected Sovereign Wealth Funds. The author employed event study methodology to calculate the average abnormal returns and cumulative abnormal returns for each fund in subsamples. The empirical findings suggest that investors react differently to the information about a fund’s investment. To the best of the author’s knowledge, the literature does not provide any answer as to how the market reacts to information disclosure of individual funds. Therefore, this paper bridges the gap in the literature within this field.

Mots clés

  • sovereign wealth funds
  • event study
  • London Stock Exchange
  • investment

JEL Classification

  • F21
  • G14
  • G23
Accès libre

Public Issue of Bank Bonds Case Study of Bank Pocztowy S.A.

Publié en ligne: 16 Feb 2018
Pages: 35 - 46

Résumé

Abstract

This article concerns the financing of banking in Poland through public bond issues addressed to individual investors. It is a case study of Bank Pocztowy, which, as one of three banks in Poland, decided to raise capital through the public issue of bonds, the buyers of which were to be individual investors. This article uses the research methodology of case study analysis. In addition, a questionnaire with open questions was used. The purpose of the article is to examine the role of bonds in the public issue process in the financing of private banks in Poland. The results of the research show that it is possible to say that individual investors are interested in diversifying their savings by acquiring bank bonds.

Mots clés

  • bonds
  • Catalyst
  • subordinated bonds

JEL Classification

  • G10

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