Search results for query: Van Horne

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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.
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.
The Customer as an Accounting Entity

Author: Magdalena Bochenek

See Issue Contents: fins.2022.1
Abstract:
The aim of the article is to present the customer as an accounting entity. The article presents the growing role of the customer in enterprise management. Businesses are increasingly customer-oriented. This also results in a customer orientation of management accounting methods. Management accounting methods can be used to measure customer costs and customer value. The results of research on customer orientation of enterprises are presented. The research was conducted among enterprises based in the Podkarpackie Province with more than 49 employees. The results of the research confirmed that the employees of the enterprises consider the customer to be important for them. Respondents identified customers as the people thanks to whom they generate the most revenue. In contrast, a relatively small number of respondents identified customers as the people through whom the enterprise incurs costs and achieves economic success. Most entrepreneurs perceive customers only from the revenue side. The research methods used in the article are a critical analysis of the literature and a quantitative method, which consisted of direct research using the questionnaire technique.
Other Comprehensive Income (OCI) Influenced by the Covid-19 Pandemic – Illustrated with the Example of Entities Listed on the Warsaw Stock Exchange (GPW)

Author: Piotr Prewysz-Kwinto

See Issue Contents: fins.2022.1
Abstract:
The Covid-19 pandemic is undoubtedly this event that has had the strongest impact on the economic activity of companies in the last two years and was reflected in their financial statements. The aim of the study is to verify whether the effects of the Covid-19 pandemic are visible in the area of other comprehensive income presented in the statement of comprehensive income. The study fits into a wider trend of researches concerning financial information presented in this element of a financial statement but in connection with the current subject of the Covid-19 pandemic. The study presents the results of the research on OCI value in the statements of comprehensive income of 91 largest entities listed on the Warsaw Stock Exchange. The comparative analysis covered data from the pandemic period (2020-2021) and the year before it (2019).
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.
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.
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.
Are religious believers irrational: a direct test from an efficient market hypothesis

Author: Chamil W. Senarathne

See Issue Contents: fins.2020.1
Abstract:
The current literature does not offer a quantitative test of the irrational behaviour of people, especially taking a proxy for irrationality with reference to an economic activity. This paper examines the role of religious believers in carrying out economic activities. The form of stock market efficiency has been taken as a proxy for testing the null hypothesis that religious believers are irrational on average. The findings suggest that equity markets in religious countries are inefficient at ‘weak form’ level. This provides prima facie evidence for the hypothesis that religious believers are irrational on average. As such, the equity price changes of these stock markets can be forecast on the basis of past patterns. Poor income level and education are the main causes for developing irrationality. As these irrationalities cost economies, the policymakers should design and implement more robust policies and guidelines for poverty alleviation and the enrichment of education at country level
Usefulness of comprehensive income statement – preliminary study on the example of companies from the WIG30 index

Author: Przemysław Czajor, Piotr Druszcz, Michał Hendryk

See Issue Contents: fins.2019.4
Abstract:
The financial result of a company is undoubtedly the most frequently analyzed category in making economic decisions. The changing needs of financial statements users resulted in the replacement of the classic financial result with the broader concept of comprehensive income, which was regulated in the International Accounting Standard 1 Presentation of financial statements. As a result a statement of the entity’s comprehensive income is created. An important element analyzed by the scientific community is the presentation of the mentioned comprehensive income and its usefulness. The purpose of the article is to determine the impact of introducing the obligation to prepare a statement of comprehensive income on the usefulness of the financial statement. The usefulness has been assessed from the perspective of the form of statement of comprehensive income and the relevance of other comprehensive income’s items as compared with net income
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

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