http://hdl.handle.net/11089/5872 Sun, 05 Apr 2026 16:23:34 GMT 2026-04-05T16:23:34Z http://hdl.handle.net/11089/16808 Wpływ zarządzania ryzykiem finansowym na wartość firmy: analiza teoretycznych przesłanek wpływu zarządzania ryzykiem na wartość firmy Bednarski, Robert; Baryś, Aleksander The article discusses theoretical premises for the influence of financial risk management on firm’s value. Financial risk management presents a firm with the possibility of a reduction in the volatility of future earnings and assets’ value. This can lead to an increase in an enterprise value by means of: - reduction in the required rate of return for investors, providers of debt and other stakeholders of a company; - decrease of the expected value of financial distress costs; - deployment of optimal tax management strategies, in case of non-linear, convex effective income tax rate; - reduction of the underinvestment problem, by providing a company with more stable internal financing. Some factors of active financial risk management could negatively impact firm’s value, like increased operating risk, deadweight and transaction costs of hedging and agency conflicts between owners and management. In conclusion the authors find that a hedging is beneficial to firm’s value provided that its scale matches firm’s needs, a proper information system is in place and management incentives arc right. Mon, 01 Jan 2007 00:00:00 GMT http://hdl.handle.net/11089/16808 2007-01-01T00:00:00Z http://hdl.handle.net/11089/16807 Ewolucja regulacji prawnych w zakresie instytucji zbiorowego lokowania funkcjonujących w Europie Antkiewicz, Sławomir The article presents past and current challenges connected with legal regulations concerning European undertakings for collective investment. Introduced and planned changes were presented in this article. Particular emphasis was pul on foundations of Green Book and White Book connected with investment funds market. Additionally, the article presents the development of European institution of collective locating market between 1999 and 2005. The conclusion drawn from this article is that it is necessary to observe constantly the status of communal regulations in this matter in order to maintain advantageous competitive position of European investment funds. Rules inadequate to claims of the investment market must be altered, while divergences of the national legal regulations must be eliminated. Mon, 01 Jan 2007 00:00:00 GMT http://hdl.handle.net/11089/16807 2007-01-01T00:00:00Z http://hdl.handle.net/11089/16806 Wstęp Mon, 01 Jan 2007 00:00:00 GMT http://hdl.handle.net/11089/16806 2007-01-01T00:00:00Z http://hdl.handle.net/11089/16805 Determinanty kompozycji rezerw walutowych - Euro w światowej strukturze rezerw Bogołębska, Joanna There are many determinants of currency composition of foreign reserves. The most important are: the currency pegs, the direction of trade, the currency of foreign debt, the liquidity and depth of financial markets. Accumulation of foreign reserves and euro as a new currency add a new stimulus to a diversification of reserves. However, there is high inertia in reserve composition. Well developed financial markets of the EMU as well as the output and size of its economy are incentives for monetary authorities to reconsider the currency composition of their official reserve holdings. Although the increase in the share of the euro is partly driven by its appreciation during 2002- 2004 and changes in the IMF’s methodology in compiling the data, since its introduction in 1999 the single European currency is gradually becoming more important, especially in the developing world. Mon, 01 Jan 2007 00:00:00 GMT http://hdl.handle.net/11089/16805 2007-01-01T00:00:00Z