2019冠状病毒病大流行对华沙证券交易所投资策略选择和投资者行为的影响- 2017-2020年研究结果

B. Jabłoński, D. Kika
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引用次数: 0

摘要

目的:本文试图揭示具有增长或价值潜力的派息公司的投资组合与在动荡的全球经济中复制贵金属或房地产价格行为的金融工具强化的相同投资组合之间的潜在差异。设计/方法论/方法:本文的研究目的是通过深入的文献分析来完成的。此外,作者采用比较分析的方法,探讨了具有价值或增长潜力的派息公司持有的股票投资组合与复制贵金属或房地产价格行为的金融工具强化的公司的投资组合的特征,并揭示了它们的异同。通过收益率标准差、变异系数、Pearson相关系数和Spearman秩相关系数研究金融工具组合变量的特征并进行比较。还通过使用非参数相关系数显著性检验来评估估计的相关系数是否具有统计学显著性。研究结果:实证分析结果表明,具有价值和成长潜力的派息公司持有的投资组合的平均年收益率低于复制贵金属的etf。此外,在2020年动荡的经济期间,贵金属资产的纳入提高了波兰派息公司投资组合的回报率。研究局限性/启示:研究是在有限数量的分析公司进行的。因此,由于确定性的库存抽样方法,它可能是有偏差的。实际意义:了解具有价值或增长潜力的派息公司之间的异同,以及通过复制贵金属或房地产价格行为的工具来分散这些公司股票投资组合的风险,对投资者和投资基金的董事会都非常重要。因此,人们可以做出更好的投资决策。社会影响:在本文的社会影响中,最重要的似乎是投资者对具有价值潜力的派息公司和复制贵金属或房地产价格行为的金融工具的态度可能发生变化。最终,投资者的需求可以得到更好的满足。原创性/价值:本文的创新之处在于将具有价值和增长潜力的派息公司与贵金属和房地产为基础的工具进行了股票比较。本文还试图比较投资组合变体的效率,捕捉SARS-CoV-2大流行的影响,从而填补我们的知识空白。关键词:COVID-19大流行,贵金属,etf, Spearman秩相关系数论文类别:研究论文。
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Impact of the Covid-19 pandemic on the choice of investment strategies and investors’ behavior on the Warsaw Stock Exchange – 2017-2020 research findings
Purpose: This paper attempts to reveal the potential differences between the portfolios of dividend-paying companies with growth or value potential and the same portfolios fortified with the financial instruments replicating precious metals or real estate price behavior in a turbulent global economy. Design/methodology/approach: The research objective of this paper is accomplished by means of a thorough literature analysis. Moreover, the authors employ comparative analysis methods to explore the features of stock portfolios held by dividend-paying companies with value or growth potential and portfolios of the companies that are fortified with financial instruments replicating the price behavior of precious metals or real estate and uncover the similarities and differences. Research of the characteristics of financial instrument portfolio variants and comparison between them is conducted by means of standard deviation of the rate of return, coefficient of variation, the Pearson correlation coefficient and the Spearman's rank correlation coefficient. It was also assessed whether the estimated correlation coefficients were statistically significant through the use of a non-parametric correlation coefficient significance test. Findings: The results of the empirical analyses conducted here reveal that the average annual return of portfolios held by dividend-paying companies with value and growth potential is lower than ETFs replicating precious metals. Furthermore, during the turbulent economy of 2020, the inclusion of precious metal assets boosted the rates of return of the Polish dividend-paying companies portfolios. Research limitations/implications: The research was carried out on a limited number of the analyzed companies. Therefore, it could be biased, due to the deterministic stock sampling method. Practical implications: Knowledge of the similarities and differences between dividend- paying companies with value or growth potential and the risk diversification of such companies’ stock portfolios by means of instruments replicating the price behavior of precious metals or real estate is of great importance to both the investors and investment funds' boards. Consequently, one can make better investment decisions. Social implications: Among the paper's social implications, the most important appears to be a possible change in the investors' attitude towards dividend-paying companies with value potential and financial instruments replicating the price behavior of precious metals or real estate. Ultimately, investors’ needs could be better addressed. Originality/value: What is new in the paper is the stock comparison of dividend-paying companies' with value and growth potential with precious metals and real estate-based instruments. The paper also attempts to compare efficiency of investing in the portfolio variants, capturing the effect of the SARS-CoV-2 pandemic, thereby filling our knowledge gap. Keywords: COVID-19 pandemic, precious metals, ETFs, Spearman rank correlation coefficient. Category of the paper: Research paper.
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