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Autor
Kisielewska Magdalena
Tytuł
Czy efektywność znajduje odzwierciedlenie w wycenie rynkowej banków w Polsce?
Bank and Bank Branch Performance in Dea Models
Źródło
Zeszyty Naukowe Uniwersytetu Szczecińskiego. Prace Instytutu Ekonomiki i Organizacji Przedsiębiorstw, 2007, nr 50, t. 1, s. 553-569, tab., rys., bibliogr. 53 poz. Załącznik
Słowa kluczowe
Banki komercyjne, Usługi bankowe, Efektywność banków, Wycena przedsiębiorstwa, Stopa zwrotu akcji, Programowanie liniowe, Przegląd literatury
Commercial banks, Banking services, Banks` effectiveness, Enterprise valuation, Stock rate of returns, Linear programming, Literature review
Uwagi
summ.
Abstrakt
Zbadano siłę i charakter relacji pomiędzy efektywnością a wyceną rynkową banków w Polsce. Do pomiaru efektywności wykorzystano podejście bazujące na granicznej analizie efektywności. Podejście to pozwala na określenie, czy firma (bank) jest podmiotem maksymalizującym efekty przy danych nakładach (kosztach), czy miniamlizujacym koszty dla osiągnięcia określonych efektów.

This paper aims to examine relationship between efficiency and stock returns for ten biggest polish commercial banks: Bank Gospodarki Żywnościowej, Bank Przemysłowo-Handlowy, Bank Rozwoju Eksportu, Bank Zachodni WBK, Bank Handlowy w Warszawie, ING Bank Śląski, Kredyt Bank, Bank Millennium, Bank Polska Kasa Opieki oraz Powszechna Kasa Oszczędności Bank Polski. The study horizon spans over 9 years: 1995-2003. Efficiency measures have been based on one of frontier efficiency methods, namely Data Envelopment Analysis (DEA). Then using means of Malmquist Index efficiency changes have been calculated between adjacent periods and compared to stock returns for those banks from the sample which were listed on Warsaw Stock Exchange. Results do not indicate any clear relationship between efficiency and stock returns which would be stable for the whole time period under investigation. However it should be emphasised that for some of the periods analysed separately (1996, 1997, 1999, 2000, 2001) the correlation is very strong. This seems to suggest that efficient banks are recognized by investors and thus valued higher than their inefficient counterparts. (original abstract)
Dostępne w
Biblioteka Główna Uniwersytetu Ekonomicznego w Krakowie
Biblioteka Główna Uniwersytetu Ekonomicznego w Katowicach
Biblioteka Główna Uniwersytetu Ekonomicznego w Poznaniu
Biblioteka Główna Uniwersytetu Ekonomicznego we Wrocławiu
Bibliografia
Pokaż
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Cytowane przez
Pokaż
ISSN
1640-6818
1232-5821
Język
pol
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