Marcin Kalinowski - Academia.edu (original) (raw)
Papers by Marcin Kalinowski
Problemy Zarzadzania, 2012
Global Stock Market Development, 2021
2 Stock market development evaluation 45 2.1. Concept of stock market development 45 2.2. Determi... more 2 Stock market development evaluation 45 2.1. Concept of stock market development 45 2.2. Determinants of stock market development 46 2.3. Evaluation methods of stock market development-theoretical approach 69 2.4. Evaluation methods of stock market development-a practical approach 82 2.5. Selection of characteristics for the evaluation of stock market development 86 3 Complex stock market development measure 92 3.1. Indicators of stock market development evaluation 93 3.2. Procedures of indicator regulation and standardisation 101 3.3. Construction of stock market development indices 103 3.4. Procedures concerning the presentation of results 105 vi Contents 4 Global stock market development 1997-2019 4.1. Variables that characterise the stock market 107 4.2. Analysis of stock market development-a global approach 113 4.3. Analysis of stock market development-a regional approach 131 4.4. Analysis of stock exchange development 143 4.5. Directions of implementing stock market development index in business practice 153 Conclusions Bibliography Index 3.1. Linear regression of the relationship between the rate of return (n + 1) and P/E (n) 3.2. Linear regression of the relation of the rate of return (n + 1) and the dividend ratio D (n) 4.1. Index of quantitative stock market development (the QDI) for the global stock market in 1996-2019 4.2. Index of behavioural stock market development (the BDI) for the global stock market in 1997-2019 4.3a. Maps of global stock market development in 1997-2002 4.3b. Maps of global stock market development in 2003-2008 4.3c. Maps of global stock market development in 2009-2014 4.3d. Maps of global stock market development in 2015-2019 4.4. Coefficients of the central values presented in the maps of global stock market development in the period of 1997-2019 4.5. Annual changes in the coefficients of central values presented in the maps of global stock market development in the period of 1997-2019 (in %) 4.6. The regional SMDI in the period of 1997-2019 4.7. Index of quantitative stock market development (the QDI) by region in the period of 1997-2019 4.8. Index of behavioural stock market development (BDI) by region in the period of 1997-2019 4.9. Indices of stock market development in the East Asia region 4.10. Indices of stock market development in the South Asia region 4.11. Indices of stock market development in the European and Central Asia region 4.12. Indices of stock market development in the Latin America region 4.13. Indices of stock market development in the North American region 4.14. Indices of stock market development in the Middle East and North Africa region 4.15. Indices of stock market development in the sub-Saharan Africa region viii Figures 4.16. Stock market development indices of the London Stock Exchange in 1997-2019 4.17. Stock market development indices of the New York Stock Exchange in 1997-2019 4.18. Stock market development indices of the Shanghai Stock Exchange in 1997-2019 Tables 2.1. Financing sources of small and medium enterprises 2.2. Stock market characteristics applied in expert literature 2.3. Characteristics of stock markets applied by international institutions connected with the financial market 2.4. Systematics of stock market characteristics in light of the literature and practice of financial market institutions 2.5. Characteristics of stock market development that support the performance of fundamental stock market functions 3.1. Selected characteristics of stock market development that support the realisation of the fundamental functions performed by this market 3.2. Variables of QDI 3.3. Variables of BDI 3.4. Ranking of stock market development determined on the basis of the QDI and BDI 4.1. Global division into regions 4.2. Data sources used in the analysis of stock market development 4.3. Coefficients of the central values in the development maps of the global stock market and their annual changes in the period of 1997-2019 4.4. Ranking of global stock market development in 2019 4.5. Ranking QDI in 2019 (top ten) 4.6. Ranking BDI in 2019 (top ten)
Problemy Zarzadzania, 2012
Klasyczne teorie finansów zak adaj racjonalno zachowa uczestników rynku. Niniejszy artyku odnosi ... more Klasyczne teorie finansów zak adaj racjonalno zachowa uczestników rynku. Niniejszy artyku odnosi si do rynku akcji i zachowa na nim inwestorów indywidualnych. Zatem celem niniejszego artyku u jest przeprowadzenie analizy zachowa inwestorów indywidualnych na rynkach kapita owych i ocena racjonalno ci tych dzia a. W pracy podj ta zostanie próba odpowiedzi na nast puj ce pytania: Czy inwestorzy indywidualni podejmuj racjonalne decyzje inwestycyjne na rynku akcji? Czy udzia inwestorów indywidualnych w rynku determinuje rodzaj podejmowanych decyzji inwestycyjnych przez pozosta ych uczestników rynku? Autorzy artyku u stawiaj nast puj c tez badawcz : inwestorzy indywidualni nie zachowuj si w pe ni racjonalnie przy podejmowaniu decyzji inwestycyjnych, a to przek ada si na decyzje inwestycyjne pozosta ych uczestników rynku akcji. Badanie opiera si na nast puj cych danych pochodz cych z rynku kapitaowego: struktura inwestorów, warto indeksu WIG, warto obrotów na GPW, saldo wp at i wyp at do funduszy inwestycyjnych. Dane pochodz z lat 2002-2009. Wyniki przeprowadzonych w pracy bada nie s jednoznaczne co do oceny racjonalno ci decyzji inwestycyjnych inwestorów indywidualnych. Wyniki niektórych bada uzna mo na za dowód nieracjonalno ci decyzji inwestycyjnych inwestorów indywidualnych.
Global Stock Market Development
EUROPEAN RESEARCH STUDIES JOURNAL
Purpose: The research problem of this article is to determine the existence of a direct relations... more Purpose: The research problem of this article is to determine the existence of a direct relationship between the EU funds spent and the volume of bank lending in the corporate sector in the Czech Republic, Slovakia and Poland. Design/Methodology/Approach: The statistical analysis aimed to achieve the objective of this study consisted in revealing some interesting associations between the variables: EU funding to individual countries and lending to non-financial companies in the category of short and long-term loans. A linear regression analysis procedure was carried out, and an additional tool to support the course of the study was a relationship analysis measured by the Pearson's product moment correlation coefficient of the individual variables. Findings: The research hypothesis adopted was that EU funds significantly modify the market for credit services offered by banks and, therefore, EU funds have an impact on the volume of bank lending in the corporate sector. The absorption of EU funds, based on the observation of their disbursements in the countries concerned which are members of the Community, demonstrates basically a similar regularity. This is consistent with the process of the implementation of programmes under particular EU perspectives. However, EU funding for the Czech Republic and Slovakia has a similar structure, and it can be seen that an increase in funding is in line with a decrease in lending (short-term loans) while this phenomenon does not occur in Poland. Practical Implications: The research results can be used by EU funds disposers as well as by banks authorities to create their future policy. Originality/Value: Original research.
EUROPEAN RESEARCH STUDIES JOURNAL, Apr 1, 2020
Purpose: The research problem of this article is to determine the existence of a direct relations... more Purpose: The research problem of this article is to determine the existence of a direct relationship between the EU funds spent and the volume of bank lending in the corporate sector in the Czech Republic, Slovakia and Poland. Design/Methodology/Approach: The statistical analysis aimed to achieve the objective of this study consisted in revealing some interesting associations between the variables: EU funding to individual countries and lending to non-financial companies in the category of short and long-term loans. A linear regression analysis procedure was carried out, and an additional tool to support the course of the study was a relationship analysis measured by the Pearson's product moment correlation coefficient of the individual variables. Findings: The research hypothesis adopted was that EU funds significantly modify the market for credit services offered by banks and, therefore, EU funds have an impact on the volume of bank lending in the corporate sector. The absorption of EU funds, based on the observation of their disbursements in the countries concerned which are members of the Community, demonstrates basically a similar regularity. This is consistent with the process of the implementation of programmes under particular EU perspectives. However, EU funding for the Czech Republic and Slovakia has a similar structure, and it can be seen that an increase in funding is in line with a decrease in lending (short-term loans) while this phenomenon does not occur in Poland. Practical Implications: The research results can be used by EU funds disposers as well as by banks authorities to create their future policy. Originality/Value: Original research.
Abstract: Financial markets can play a role in sustaiability development. They can sup-port susta... more Abstract: Financial markets can play a role in sustaiability development. They can sup-port sustainability by making ESG disclosure, launching sustainability related indices or offering sustainability guidance for listing companies. All of these activities helps in developing sustainability. This article is an attempt to analyze sustainability sup-port level in stock exchanges in the world. It is based on a survey conducted in 27 stock exchanges. The aim of this article is to assess the level of stock exchanges sustainability support and examine the relationship between the stock market size and sustainabili-ty support level. To acheve the aim the assessment tool has been created. Sustainability Support Index is a synthetic stock markets sustainability support measure. It helps to compare stock exchange sustainability support levels. In the article statistical tools are used to compare the phenomena, mainly regression analysis and Pearson’s correlation. The conclusion presented in t...
Problemy Zarzadzania, 2012
Global Stock Market Development, 2021
2 Stock market development evaluation 45 2.1. Concept of stock market development 45 2.2. Determi... more 2 Stock market development evaluation 45 2.1. Concept of stock market development 45 2.2. Determinants of stock market development 46 2.3. Evaluation methods of stock market development-theoretical approach 69 2.4. Evaluation methods of stock market development-a practical approach 82 2.5. Selection of characteristics for the evaluation of stock market development 86 3 Complex stock market development measure 92 3.1. Indicators of stock market development evaluation 93 3.2. Procedures of indicator regulation and standardisation 101 3.3. Construction of stock market development indices 103 3.4. Procedures concerning the presentation of results 105 vi Contents 4 Global stock market development 1997-2019 4.1. Variables that characterise the stock market 107 4.2. Analysis of stock market development-a global approach 113 4.3. Analysis of stock market development-a regional approach 131 4.4. Analysis of stock exchange development 143 4.5. Directions of implementing stock market development index in business practice 153 Conclusions Bibliography Index 3.1. Linear regression of the relationship between the rate of return (n + 1) and P/E (n) 3.2. Linear regression of the relation of the rate of return (n + 1) and the dividend ratio D (n) 4.1. Index of quantitative stock market development (the QDI) for the global stock market in 1996-2019 4.2. Index of behavioural stock market development (the BDI) for the global stock market in 1997-2019 4.3a. Maps of global stock market development in 1997-2002 4.3b. Maps of global stock market development in 2003-2008 4.3c. Maps of global stock market development in 2009-2014 4.3d. Maps of global stock market development in 2015-2019 4.4. Coefficients of the central values presented in the maps of global stock market development in the period of 1997-2019 4.5. Annual changes in the coefficients of central values presented in the maps of global stock market development in the period of 1997-2019 (in %) 4.6. The regional SMDI in the period of 1997-2019 4.7. Index of quantitative stock market development (the QDI) by region in the period of 1997-2019 4.8. Index of behavioural stock market development (BDI) by region in the period of 1997-2019 4.9. Indices of stock market development in the East Asia region 4.10. Indices of stock market development in the South Asia region 4.11. Indices of stock market development in the European and Central Asia region 4.12. Indices of stock market development in the Latin America region 4.13. Indices of stock market development in the North American region 4.14. Indices of stock market development in the Middle East and North Africa region 4.15. Indices of stock market development in the sub-Saharan Africa region viii Figures 4.16. Stock market development indices of the London Stock Exchange in 1997-2019 4.17. Stock market development indices of the New York Stock Exchange in 1997-2019 4.18. Stock market development indices of the Shanghai Stock Exchange in 1997-2019 Tables 2.1. Financing sources of small and medium enterprises 2.2. Stock market characteristics applied in expert literature 2.3. Characteristics of stock markets applied by international institutions connected with the financial market 2.4. Systematics of stock market characteristics in light of the literature and practice of financial market institutions 2.5. Characteristics of stock market development that support the performance of fundamental stock market functions 3.1. Selected characteristics of stock market development that support the realisation of the fundamental functions performed by this market 3.2. Variables of QDI 3.3. Variables of BDI 3.4. Ranking of stock market development determined on the basis of the QDI and BDI 4.1. Global division into regions 4.2. Data sources used in the analysis of stock market development 4.3. Coefficients of the central values in the development maps of the global stock market and their annual changes in the period of 1997-2019 4.4. Ranking of global stock market development in 2019 4.5. Ranking QDI in 2019 (top ten) 4.6. Ranking BDI in 2019 (top ten)
Problemy Zarzadzania, 2012
Klasyczne teorie finansów zak adaj racjonalno zachowa uczestników rynku. Niniejszy artyku odnosi ... more Klasyczne teorie finansów zak adaj racjonalno zachowa uczestników rynku. Niniejszy artyku odnosi si do rynku akcji i zachowa na nim inwestorów indywidualnych. Zatem celem niniejszego artyku u jest przeprowadzenie analizy zachowa inwestorów indywidualnych na rynkach kapita owych i ocena racjonalno ci tych dzia a. W pracy podj ta zostanie próba odpowiedzi na nast puj ce pytania: Czy inwestorzy indywidualni podejmuj racjonalne decyzje inwestycyjne na rynku akcji? Czy udzia inwestorów indywidualnych w rynku determinuje rodzaj podejmowanych decyzji inwestycyjnych przez pozosta ych uczestników rynku? Autorzy artyku u stawiaj nast puj c tez badawcz : inwestorzy indywidualni nie zachowuj si w pe ni racjonalnie przy podejmowaniu decyzji inwestycyjnych, a to przek ada si na decyzje inwestycyjne pozosta ych uczestników rynku akcji. Badanie opiera si na nast puj cych danych pochodz cych z rynku kapitaowego: struktura inwestorów, warto indeksu WIG, warto obrotów na GPW, saldo wp at i wyp at do funduszy inwestycyjnych. Dane pochodz z lat 2002-2009. Wyniki przeprowadzonych w pracy bada nie s jednoznaczne co do oceny racjonalno ci decyzji inwestycyjnych inwestorów indywidualnych. Wyniki niektórych bada uzna mo na za dowód nieracjonalno ci decyzji inwestycyjnych inwestorów indywidualnych.
Global Stock Market Development
EUROPEAN RESEARCH STUDIES JOURNAL
Purpose: The research problem of this article is to determine the existence of a direct relations... more Purpose: The research problem of this article is to determine the existence of a direct relationship between the EU funds spent and the volume of bank lending in the corporate sector in the Czech Republic, Slovakia and Poland. Design/Methodology/Approach: The statistical analysis aimed to achieve the objective of this study consisted in revealing some interesting associations between the variables: EU funding to individual countries and lending to non-financial companies in the category of short and long-term loans. A linear regression analysis procedure was carried out, and an additional tool to support the course of the study was a relationship analysis measured by the Pearson's product moment correlation coefficient of the individual variables. Findings: The research hypothesis adopted was that EU funds significantly modify the market for credit services offered by banks and, therefore, EU funds have an impact on the volume of bank lending in the corporate sector. The absorption of EU funds, based on the observation of their disbursements in the countries concerned which are members of the Community, demonstrates basically a similar regularity. This is consistent with the process of the implementation of programmes under particular EU perspectives. However, EU funding for the Czech Republic and Slovakia has a similar structure, and it can be seen that an increase in funding is in line with a decrease in lending (short-term loans) while this phenomenon does not occur in Poland. Practical Implications: The research results can be used by EU funds disposers as well as by banks authorities to create their future policy. Originality/Value: Original research.
EUROPEAN RESEARCH STUDIES JOURNAL, Apr 1, 2020
Purpose: The research problem of this article is to determine the existence of a direct relations... more Purpose: The research problem of this article is to determine the existence of a direct relationship between the EU funds spent and the volume of bank lending in the corporate sector in the Czech Republic, Slovakia and Poland. Design/Methodology/Approach: The statistical analysis aimed to achieve the objective of this study consisted in revealing some interesting associations between the variables: EU funding to individual countries and lending to non-financial companies in the category of short and long-term loans. A linear regression analysis procedure was carried out, and an additional tool to support the course of the study was a relationship analysis measured by the Pearson's product moment correlation coefficient of the individual variables. Findings: The research hypothesis adopted was that EU funds significantly modify the market for credit services offered by banks and, therefore, EU funds have an impact on the volume of bank lending in the corporate sector. The absorption of EU funds, based on the observation of their disbursements in the countries concerned which are members of the Community, demonstrates basically a similar regularity. This is consistent with the process of the implementation of programmes under particular EU perspectives. However, EU funding for the Czech Republic and Slovakia has a similar structure, and it can be seen that an increase in funding is in line with a decrease in lending (short-term loans) while this phenomenon does not occur in Poland. Practical Implications: The research results can be used by EU funds disposers as well as by banks authorities to create their future policy. Originality/Value: Original research.
Abstract: Financial markets can play a role in sustaiability development. They can sup-port susta... more Abstract: Financial markets can play a role in sustaiability development. They can sup-port sustainability by making ESG disclosure, launching sustainability related indices or offering sustainability guidance for listing companies. All of these activities helps in developing sustainability. This article is an attempt to analyze sustainability sup-port level in stock exchanges in the world. It is based on a survey conducted in 27 stock exchanges. The aim of this article is to assess the level of stock exchanges sustainability support and examine the relationship between the stock market size and sustainabili-ty support level. To acheve the aim the assessment tool has been created. Sustainability Support Index is a synthetic stock markets sustainability support measure. It helps to compare stock exchange sustainability support levels. In the article statistical tools are used to compare the phenomena, mainly regression analysis and Pearson’s correlation. The conclusion presented in t...