Cost of Equity on the Polish and Global Coal Market - Comparative Analysis

• Autorzy: Aneta Michalak
• Języki publikacji: EN

Abstrakty

EN

The mining industry in Poland as well as in the world is considered to be a strategic industry, of special significance for the economy. At the same time it is an industry requiring high capital outlays. Equity plays an important role in financing of the mining enterprises. The objective of the article is to compare the cost of equity on the Polish and global coal market. The object of the research are the Polish and foreign mining enterprises listed on the stock markets. The basic research method is CAPM. (original abstract)

Słowa kluczowe

EN

Capital Asset Pricing Model (CAPM); Mining sector; Capital cost; Ownership capital; Coal market

PL

Model wyceny aktywów kapitałowych; Górnictwo; Koszt kapitału; Kapitał własny; Rynek węgla

• Czasopismo: Business and Economic Horizons
• Rocznik: 2014
• Numer: vol. 10, iss. 1
• Strony: 70--78

Twórcy

autor

Aneta Michalak

• Silesian University of Technology, Poland

Bibliografia

• Amadi, C.W., 2010. Estimation of the cost of equity: A chance of a loss approach, Business Quest, Iss. 2010, pp.1-25
• Arnold, G.C., Hatzopoulos, P.D. 2000. The Theory Practice Gap in Capital Budgeting. Evidence from the United Kingom, Journal of Business Finance & Accounting, Vol. 2, No. 5-6, pp.603-626, http://dx.doi.org/10.1111/1468-5957.00327
• Byrka-Kita, K., 2008. Metody szacowania kosztu kapitału własnego. Teoria a praktyka. Rozprawy i Studia Uniwersytetu Szczecińskiego t. 689. Wyd. Naukowe Uniwersytetu Szczecińskiego, Szczecin.
• Damodaran, A., 2002, Investment Valuation, 2nd ed. John Willey, New York
• Elton, E.J., Gruber, M.J., 1998. Nowoczesna teoria portfelowa i analiza papierów wartościowych, Wyd. WIG-Press, Warszawa
• Grabowski, R.J., Pratt, S.P., 2008. Cost of capital: applications and examples, John Wiley and Sons, New Jersey
• Hawawini, G., Viallet, C., 2011. Finance for executives: Managing for value creation, 4th edition, South-Western Cengage Learning, USA, Mason
• Hope, C.A. 2002. Finding a Realistic Cost of Capital, Bank Accounting & Finance, December, pp.27-32
• Jonek-Kowalska, I., 2011. Environmental factors as a source of operational risk in mining enterprises, [in:] Management under conditions of risk and uncertainty, B. Domańska-Szaruga, W. Wereda, Wydawnictwo Studio Emka, Warszawa
• Kapil, S., 2011. Financial Management, Dorling Kinderlsey, India, licensees of Pearson Education in South Asia, New Delhi
• Michalak, A., 2007. Finansowanie inwestycji w teorii i praktyce, PWN, Warszawa.
• Michalak, A. 2012. Krytyczne refleksje nad problemem zastosowania modelu CAPM w wycenie kosztu kapitału własnego, Studia i Prace Kolegium Zarządzania i Finansów, Zeszyt naukowy nr 115, Szkoła Główna Handlowa, Warszawa
• Ogier, T., Rugman, J., Spicer, L., 2004. The real cost of capital: a business field guide to better financial decisions, Pearson Education
• Rakow, K.C., 2010. The effect of management earning forecast characteristics on cost of equity capital, Advances in Accounting, incorporating Advances in International Accounting, Vol. 26, No.1, pp.37-46
• Sharpe, W., 1964. Capital Asset Prices: A Theory of Market Equilibrium, Journal of Finance, Vol. 19, No.3, pp.425-442
• Tarczyński, W., Witkowska, D., Kompa, K., 2013. Współczynnik beta: teoria i praktyka, Pielaszek Research Publishing, Warszawa, p.208
• Vînătoru, S.S., Domnişoru, S., Giurescu, D., 2008. The corporal immobilized assets from accounting and fiscality point of view, Annals of the University of Craiova, Economic Sciences Series, Vol. 5, No. 36, pp.2473-2479
• World Energy Outlook 2012, International Energy Agency, www.worldenergyoutlook.org

Identyfikatory

DOI

10.15208/beh.2014.06