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International transmission of liquidity shocks between parent banks and their affiliates: the host country perspective

Pawłowska, Małgorzata; Serwa, Dobromił; … - Narodowy Bank Polski - 2014

In this study we analyze how funding liquidity shocks affecting large international banks were transmitted to Polish subsidiaries and branches of these banks in recent years. We investigate differences in the effects of liquidity shocks on banks owned by both Polish and foreign institutions. All...

Persistent link: https://www.econbiz.de/10010752122

Does it pay to invest in IPOs? Evidence from the Warsaw Stock Exchange

Sieradzki, Rafał - Narodowy Bank Polski - 2013

In this paper we analyze IPO underpricing on the Warsaw Stock Exchange between 2003 and 2011. The average initial … NewConnect platform. This observation goes against information asymmetry theories of IPOs underpricing. Also the abnormal initial … return was the highest in case of the latter companies. Four determinants of IPOs underpricing proved to be significant at 0 …

Persistent link: https://www.econbiz.de/10010608053

Pension reform, institutional investors’ growth and stock market development in the developing countries: does it function?

Hryckiewicz, Aneta - Narodowy Bank Polski - 2009

In this paper, we evaluate an empirical link between recent institutional assets’ growth, institutional behaviour and stock market performance in the developing countries. Using the GMM technique on the panel of eight Central and Eastern European (CEE) developing countries over the period of...

Persistent link: https://www.econbiz.de/10010703414

The influence of regulatory and institutional framework and shareholder structure upon risk of financial institutions in Central Europe

Skała, Dorota - Narodowy Bank Polski - 2013

We study the effects of broadening the safety net on bank risk taking in Central Europe, using individual bank data and time-varying regulatory data. Further, we analyse the shareholder structure and its links with risk, as well as possible modifications it may introduce to the moral hazard...

Persistent link: https://www.econbiz.de/10010658624

Firms in the great global recession: The role of foreign ownership and financial dependence

Kolasa, Marcin; Rubaszek, Michał; Taglioni, Daria - Narodowy Bank Polski - 2010

This paper investigates the channels through which the global crisis of 2008- 2009 spread to economic activity of an emerging, fast growing economy with sound macroeconomic fundamentals. On the basis of Polish firm-level data we find that a number of individual f irm characteristics account for...

Persistent link: https://www.econbiz.de/10008802567