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Byrka-Kita Katarzyna
Metody szacowania kosztu kapitału własnego : teoria a praktyka
Methods of Cost of Equity Estimation - Theory Versus Common Practice
Rozprawy i Studia / Uniwersytet Szczeciński, 2008, nr 689, 255 s., tab., wykr., bibliogr. 144 poz.
Słowa kluczowe
Kapitał własny, Rynki wschodzące, Szacowanie kosztów
Ownership capital, Emerging markets, Costs estimation
Podstawowa hipoteza pracy sprowadza się do stwierdzena, iż na rynkach wschodzących nie można stosować metod szacowania kosztu kapitału własnego stosowanych na rynkach rozwiniętych bez wcześniejszego dostosowania ich do potrzeb oraz specyfiki rynków słabiej rozwiniętych. Głównym celem książki jest więc przedstawienie - w warunkach rynków wschodzących na przykładzie Polski - weryfikacji użyteczności metod szacowania kosztu kapitału własnego stosowanych na rynkach rozwiniętych. Rezultatem będzie wskazanie metody, która - uwzględniając specyfikę polskiego rynku - zracjonalizuje i ułatwi proces szacowania kosztu kapitału w Polsce i na innych rynkach wschodzących.(fragment tekstu)

The object of this dissertation was to verify on the emerging markets the methods of estimating cost of equity capital which are applied on the mature markets. The research concentrated on the Capital Asset Pricing Model which is the most popular tool on the developed capital markets. Still, according to the results of the tests, which were conducted during the research presented, it was not possible to confirm the propriety of CAPM's operating. There is no cohesion between the results of Pettengill's test and the results of similar researches, which were conducted previously for American, Philippine and Hong Kong markets. Additionally according to the Chow Test results the CAPM model does not describe correctly the relationships present on Polish market. Taking into consideration the research conducted previously by Kuziak and Gajdka&Wolski, its evident, that our market is still instable and immature, therefore the CAPM model cannot describe it properly. The results obtained are divergent and show, that some positive tendencies already occur, and it probably anticipates the future development towards the maturity. Furthermore the results of APT and dividend growth model testing were similar. In consequence the measure, which was used in this research is the taxonomic measure of development. Generally speaking, this measure is the value of distance between the object the certain pattern. The main aim of the research was to line-up the Polish economy's industries per the risk related with the activity in certain industry. Similar researches are conducted periodically by The Gdańsk Institute for Market Economics (GIfME). The main difference is in the range of data used in researches. Assuredly there are-also other particular differences, but it is impossible to acknowledge this thesis because The Gdańsk Institute for Market Economy treats its methods as a know-how. (short original abstract)
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Biblioteka Główna Uniwersytetu Ekonomicznego w Krakowie
Biblioteka Główna Uniwersytetu Ekonomicznego w Katowicach
Biblioteka Główna Uniwersytetu Ekonomicznego w Poznaniu
Biblioteka Główna Uniwersytetu Ekonomicznego we Wrocławiu
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