Search results for query: Van Horne

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Liquidity Risk and Hedge Fund Performance Evaluation

Author: Richard Van Horne

See Issue Contents: fins.2021.2
Abstract:
In this article I use two models, a lagged-effects model and a serial correlation model, that identify potential liquidity risk in hedge fund portfolios. From the serial correlation model I develop a liquidity risk factor that I add to a multi-factor equilibrium model in order to re-estimate Alpha across a universe of hedge funds. I find that much of what passes for fund Alpha in a multi-factor risk model lacking a liquidity risk factor is actually a compensation for bearing liquidity risk in the context of a model that includes the innovative liquidity risk factor. This result has implications for both a pre-investment due diligence and a manager selection as well as the post-investment fund performance evaluation and risk management.
The measurement of costs and results in supply chain management: the case of Poland

Author: Justyna Dobroszek

See Issue Contents: fins.2018.3
Abstract:
Supply chain management (SCM) is a modern phenomenon in business practice and an important area of scientific discussions. In the literature it is not easy to find only one explanation of this subject because some scientists treat SCM as a separate concept, others as an expansion of the logistics function. The supply chain is a kind of modern business model that needs accurate management. To support the management process an the effective way, management accounting tools and methods may be applied. The aim of the article is to present the methods and tools of management accounting used for the measurement of costs and results in SCM. For this purpose, a survey was conducted among 40 selected enterprises in Poland. The findings indicate that on the one hand the studied organizations already use advanced management accounting tools and the methods providing information for SCM needs, on the other hand, they rarely apply them. This approach does not contribute to effective and holistic measurement of supply chain and its management
The evolution of the importance of the true and fair view (TFV) principle. The case of Poland

Author: Agnieszka Piechocka-Kałużna

See Issue Contents: fins.2018.4
Abstract:
The aim of this paper is to analyse matters of truth, which is inherent issue of accounting (and therefore in reporting, as its part), which is reflected in the true and fair principle (TFV). The paper demonstrates the essence of the TFV principle and the evolution of its role and place among the set of qualitative characteristics of financial statements. After examining the changes in the development of the perception of TFV the paper makes an appraisal, gives the author’s comments and contribution by providing direct implications for regulators and the setters of standards. With respect to typical limitations regarding behavioural studies, the paper provides practical as well as social implications about understanding of the TFV concept and its effect on both the preparers and users of financial statement
European Milestones in Protection of Workers’ Claims in Case of Insolvency

Author: Yury Karaleu

See Issue Contents: fins.2021.1
Abstract:
The employer’s insolvency entails, in addition to potentially devastating economic consequences of output reduction and disruption of economic relations, adverse social costs for employees – the loss of jobs and earnings. It is not only the employee and his or her family who suffered a great loss but the whole society. The society faces a serious question: how to ensure the payment of wages to employees in case of insolvency and provide a solid framework with which the countries can find durable solutions, effectively organise and manage the protection of workers’ claims. This paper analyses achievement in developing the European and national systems of protection of workers’ claims in case of insolvency and shows the progress that has been made by EU countries in having a balance of interests between employers, employees and society in the protection of outstanding claims of employees in the event of their employer’s insolvency.
Explanatory Theories of Stock Returns in the Long Run After IPO – Literature Review

Author: Martyna Żyła

See Issue Contents: fins.2022.2
Abstract:
Negative returns of shares in the long run after initial public offerings have been confirmed on many markets however, the explanation for the cause of this phenomenon is ambiguous. Investigating underperformance is important because it allows a better understanding of the role of the stock markets in the financial system. Such market anomaly influence the behaviour of investors in the long run. Underperformance is featured in an extensive body of empirical literature and has been confirmed in most cases. However, it is inconclusive what affects such phenomenon on the markets. The purpose of this paper is to present the explanatory theories which are based on the behaviour of market participants and to summarize the explanatory variables of underperformance that stem from the theory.
A comperative study on managers’ assessment of the selected properties of internal reports

Author: Justyna Dobroszek, Ewelina Zarzycka, Alina Almasan, Cristina Circa

See Issue Contents: fins.2018.3
Abstract:
An important role in an organization is played by the management information system that enables managers to perform management tasks. The pillar of this system is financial and non-financial data provided by the management accounting system. The effect of the application of specific management accounting tools are various types of studies and analyses, defined in internal reports, which are the basis for management, and thus making decisions by managers. Internal reports, in order to fulfil their functions effectively, must have appropriate features as to its structure, content and other properties. In connection with this, the authors studied and presented an assessment of managers from Poland and Romania in the context of such properties of internal reports as quality, content, presentation and comments. The survey method was used as the research method, while the analysis of collected research material was based on cluster analysis and descriptive statistics. The sample consisted of 154 questionnaires. The findings are similar in both countries, although in the case of Romania, managers who assessed highly the quality and content of internal reports, and evaluated slightly lower the presentations and comments
Performance metrics in public venture capital funds

Author: Marcin Bielicki

See Issue Contents: fins.2021.2
Abstract:
Public venture capital funds are a unique type of financial intermediary. They pursue the goals, often conflicting, of public and private investors. This makes measuring their effectiveness a complex research challenge. This study aims to analyse the performance measurement methods used in public venture capital funds in Poland. For this purpose, in-depth interviews and a survey among managers of these entities were conducted. The study results show that the most significant emphasis is placed on financial efficiency, while non-financial determinants are mostly ignored. Considering the short history and lack of experience of many managers of public venture capital funds, this may further delay the process of development of this market.
Investments and Nimby Syndrome in the Waste Management – Analysis on the Example of the Lesser Poland Voivodship

Author: Aleksandra Kultys

See Issue Contents: fins.2022.1
Abstract:
The aim of the article was to determine to what extent the NIMBY syndrome may hinder the implementation of investments in waste management in the Lesser Poland Voivodeship. The background of the analysis was the premises of the European Green Deal, including the need to implement a circular economy. The article consists of: an analysis of investment outlays in waste management in Lesser Poland, defining the NIMBY syndrome, and analysis of the results of a survey conducted among respondents in Lesser Poland. As a result of the conducted analysis, it was found that potential investments in waste management should not encounter financing problems. In terms of social resistance, social protests can be triggered by investments in the form of landfills and waste incineration plants. Investments related to waste recycling arouse less public objection. Social opposition grew also when the more pejorative name of the facility was used.
A comparability of information in the financial statements of gaming companies

Author: Małgorzata Czerny, Zuzanna Firkowska-Jakobsze, Stanisław Hońko

See Issue Contents: fins.2019.4
Abstract:
The purpose of this article is to assess a comparability in the financial statements of entities from the Polish gaming industry. The article uses an unconventional approach to the analysis of comparability of financial statements, with particular emphasis on the business model of the entity. The overall conclusion is that Polish companies used similar accounting policies during the period under review regarding the methods of valuation of assets and liabilities. The scope of disclosures regarding impairment of assets does not allow for a full assessment of the premises underlying them. It is difficult to find out the criteria for qualifying costs for research and development, which are an important asset item. Deficiencies in disclosures are a common feature of the analyzed reports, which can be interpreted as a symptom of their comparability. The analyzed reports, despite the differences diagnosed, make possible to compare the financial situation and achievements of gaming companies
Risks in the investment activity of Polish regions

Author: Beata Zofia Filipiak, Marek Dylewski

See Issue Contents: fins.2018.4
Abstract:
Investment activities executed by regional authorities are exposed to high risk. The risk results from the very essence of investment projects implemented by regions in Poland and can be associated with the failure to meet the regional budget. The purpose of this study is to assess the size of the existing discrepancies between the planned and actually incurred investment expenditure and to find out if there are systematic changes in the level of these discrepancies i subsequent years. This goal was achieved through the presentation of the specific approach to risk measurement in the investment activities of local government units. The research was undertaken by regional self-government units. Empirical research has allowed us to answer three research questions: how great were the disparities between the planned and the actually incurred investment costs in the Polish regions in 2011-2015? Did systematic changes in the level of inconsistency between the planned and the actually incurred costs take place in the observed period? Was the rate of failure to meet investment plans correlated with the rate of failure to meet operational financial plans?

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