Lesław Markowski

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• Dr at University of Warmia and Mazury in Olsztyn

The stock exchanges of CEE countries constitute a minor part of the capital of the entire Europe, but they are dynamically developing and cooperating capital markets. After 30 years of development, it seems reasonable whether the processes of asset pricing in them are aimed at the efficiency level of developed markets and are subject to the postula...

The economic emigration of young people from rural areas in Poland, and in particular the emigration of young medical personnel, is a relatively little-recognized phenomenon. What distinguishes this study from many works on related topics is that the subject of the study is the tendency or desire to migrate itself, and not the study of the migratio...

The stock exchanges of CEE countries constitute a minor part of the capital of the entire Europe, but they are dynamically developing and cooperating capital markets. After 30 years of development, it seems reasonable whether the processes of asset pricing in them are aimed at the efficiency level of developed markets and are subject to the postula...

Research background: Conventional CAPM is a well-known and tested theory on various capital markets. It was also repeatedly rejected as a model of capital pricing. This article proposes a different approach to both CAPM testing and the use of other risk measures. In addition, research is global, including emerging countries. Purpose of the article:...

Many studies on asset pricing have highlighted the importance of downside risk, in line with the actual losses of investors. In addition, the capital asset pricing model (CAPM), although presented as a universal theory, may provide significantly different rates of return in bull and bear markets. Using the CAPM under different conditions could be r...

The purpose of this article was to determine the macroeconomic and investment situation in 2018-2020 in the Member States of the European Union. The work also deals with the division of the European Union into three parts: the core, the periphery, and Central and Eastern Europe. A critical analysis of the scientific literature was used to present t...

Companies in the energy sector, due to their important role in the economy and the specificity of energy sources, are exposed to many types of risk, ranging from the risk associated with the company’s operations and the global economic and political situation in the world. Energy companies are usually large capital companies whose shares are listed...

In the context of the 2030 Agenda for Sustainable Development, by adopting the EU Renewable Energy Directive and the European Green Deal, the European Union aims at an extremely ambitious goal to become climate neutral by 2050. This goal involves a massive investment plan to support this initiative, but also to reduce disparities between Member Sta...

The aim of the study is to verify the pricing of assets in the Polish capital market using CAPM extended version. In the research, in addition to market risk in the form of a beta coefficient, the variables adopted for the model were the fundamental ratios used to analyse profitability, ROA and ROE. Market risk was considered in a variance and down...

p>Theoretical background: The variability of the company’s profitability is the result of the accompanying risk. To compare the profitability of many companies, relative profitability measures, which include profitability ratios, are more convenient. This article analyses market and accounting risk factors of CAPM. Risk was considered in variance a...

This study examined the cross-sectional relationships between realized returns and systematic risk measures using sub-sectoral indices quoted on Warsaw Stock Exchange. In addition to the classical beta, the aim of the study is also to check the impact of higher order co-moments on the sub-indices pricing. The unconditional risk-return relationships...

Aim/purpose – The purpose of the research is to verify the Capital Asset Pricing Model (CAPM) in the Polish capital market based on a conventional and downside risk approach. Design/methodology/approach – The author in this study, using individual securities and portfolios, compares the unconditional risk-return relationships with the conditional...

The purpose of the paper is to verify the functioning of the Capital Asset Pricing Model (CAPM) on the Polish capital market both in the classical and downside approaches to risk. The subject of the study are time series of returns of 14 sectoral sub-indices listed on the Warsaw Stock Exchange in 2011–2018. The use of risk measures in the conventio...

RATES OF RETURN DISTRIBUTIONS VARIATION – IMPLICATIONS FOR PORTFOLIO ANALYSIS Lesław Markowski, Anna Rutkowska-Ziarko Department of Quantitative Methods University of Warmia and Mazury in Olsztyn K e y w o r d s: portfolio analysis, semi-variance, time series stationarity. Abstract The paper presents the properties of the rates of return distributi...