Corporate Bond Market in Poland—Prospects for Development

Kubiczek, Jakub

doi:10.3390/jrfm13120306

Cited by 6 publications

(6 citation statements)

References 23 publications

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“…Such a choice of years was motivated by the EU Horizon 2020 policy carried out from 2014 to 2020. In 2020, the outbreak of the COVID-19 pandemic affected the economy (Fernandes, 2020;Sarkodie & Owusu, 2021;Shen et al, 2020), financial markets (Ali et al, 2020;Kubiczek, 2020;Zhang et al, 2020) and the then current economic policy (Ashraf, 2020;Sharif et al, 2020). Therefore, the year 2020 was not taken into consideration in the paper, so as to avoid the results of the conducted analysis being influenced by this phenomenon.…”

Section: Methodsmentioning

confidence: 99%

The level of socio-economic development of regions in Poland

Kubiczek¹,

Bieleń²

2021

Wiadomości Statystyczne. The Polish Statistician

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The development of regions within one country is an uneven process. States seek to reduce internal inequalities between particular regions through the implementation of appropriate economic policies, as is the case of Poland. The aim of the study is to evaluate the level of socio-economic development of regions in Poland (voivodships) in the years 2013– 2019. For this purpose, a taxonomic analysis based on Hellwig’s development measure was conducted and the Euclidean distance was applied to assess the difference between the obtained pattern and particular voivodships. On the basis of data provided by the Local Data Bank of Statistics Poland and through linear ordering, two rankings of voivodships were created: one reflecting their socio-economic development excluding environmental protection aspects and the other focusing solely on the issue of environmental protection. Low values of the coefficient of variation relating to a part of the analysed variables indicated that the development level of voivodships in the analysed period is in many respects very similar. The variables crucial for determining the differences between voivodships show that Mazowieckie Voivodship occupies high positions in both rankings (and is the leader in the ranking of socio-economic development excluding environmental protection aspects), while Warmińsko-Mazurskie Voivodship is characterised by a low level of development illustrated by both rankings.

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Section: Methodsmentioning

confidence: 99%

The level of socio-economic development of regions in Poland

Kubiczek¹,

Bieleń²

2021

Wiadomości Statystyczne. The Polish Statistician

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“…Notifications to financial information from RSS feeds or currently more popular accounts from Twitter or Facebook can be distributed in just a few seconds to devices used by investors. It is noted that digital communication and information instruments are currently one of the core of capital markets (Kubiczek, 2020b).…”

Section: Ict As the Source Of Information For Investorsmentioning

confidence: 99%

The influence of ICT instruments on a transmission of interest rates by business entities and public authorities – A scientific comment

Hadasik

2022

HSSR

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Purpose of the study: This article aims to present the role played by electronic communication tools from the economic and investor perspective. The paper focuses on three axes: ICT for a transmission of information on interest rates, ICT as a source of information for investors and ICT for improving market efficiency. Methodology: The article is exploratory in nature, which means that in order to investigate the individual pillars of this work, an analysis of the corresponding literature sources has been made. An extensive review of scientific articles, scientific books, and working papers corresponding to individual axes was made. Main Findings: ICT tools show an advantage over other (more traditional) communication channels, which is reflected in more dynamic and immediate market reactions. High use of these tools is observed both among enterprises and central agencies. The effective transmission of information about interest rates minimizes the risk of making wrong investment decisions. However, it is important to bear in mind the challenges of, inter alia, still low level of digital literacy among the society. Applications of the study: This work may be an incentive for entrepreneurs to digitize their companies more widely, but also for investors to use ICT to make investment decisions more accurately. Novelty/Originality of the study: The paper presents a broad literature overview on using ICT tools in economic applications, including investment. The starting point is also behavioral decision-making theories along with classical heuristics.

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“…In recent years, the financial literature on the bond market has gained momentum due to the dramatic deterioration of the latter’s liquidity (European Commission, 2017; Bongaerts et al , 2017; Biais and Green, 2019; Goldstein and Hotchkiss, 2020, for the American bond market; International Capital Market Association [ICMA], 2020, for European countries). Additionally, corporate bond market liquidity is unexplored in emerging markets, where liquidity can be expected to be the scarcest, as confirmed by the International Organization of Securities Commission (IOSCO) (2011, 2017) for emerging corporate bond markets; Mizrach (2015) for the US bond market; Hasnawati (2020) for the Indonesian secondary corporate bond market; Kubiczek (2020) for the Polish corporate bond market; and Bartkiewicz (2021) for Polish local currency bond market liquidity.…”

Section: Introductionmentioning

confidence: 99%

Tunisian corporate bond market liquidity: a qualitative approach

Berrich¹,

Dabbou

2023

QRFM

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Purpose This study aims to explore the failures of Tunisian secondary corporate bond market liquidity to understand the determinants of corporate bond market liquidity at large. Design/methodology/approach We adopted a qualitative approach to studying the Tunisian Stock Exchange. Dealers’ perceptions were collected through semi-structured face-to-face interviews; the data was recorded, transcribed and thematically analysed. Findings Secondary corporate bond market failures are due, in part, to microstructural choices – especially the use of an over-the-counter market as a trading venue. The absence of a corporate bond yield curve, a narrow investor base, market participants’ lack of financial education and authorities’ attitudes are equally responsible. Research limitations/implications This study is useful to researchers, policymakers and practitioners, as it identifies microstructural and other factors affecting the Tunisian secondary corporate bond market. We interviewed only Tunisian dealers while ignoring other categories of market participants. Furthermore, a focus group discussion could have improved our understanding of the determinants of the Tunisian secondary corporate bond market. Originality/value This paper aimed to qualitatively discuss several issues related to the Tunisian secondary corporate bond market. To date, little academic research has addressed this topic in the illiquid and non-transparent corporate bond markets.

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Corporate Bond Market in Poland—Prospects for Development

Cited by 6 publications

References 23 publications

The level of socio-economic development of regions in Poland

The level of socio-economic development of regions in Poland

The influence of ICT instruments on a transmission of interest rates by business entities and public authorities – A scientific comment

Tunisian corporate bond market liquidity: a qualitative approach

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