The attractiveness of passive forms of investment in Poland

• Autorzy: Alicja Fraś , Waldemar Rogowski
• Języki publikacji: EN

Abstrakty

EN

Summing up; passive investments in Poland are slowly becoming more popular. It should be expected that the development of this market will give rise to growing accessibility and attractiveness. There is still some space for improvement in their results, and the outcomes may turn out to be even more promising when full time series for long term horizons become available. The decrease in fees, which exceeds those on mature markets by several times, can change significantly. The entry of new players onto the market may reduce the total expenses incurred by the investor. This study does not explicitly answer the question as to whether the attractiveness of passive investment is higher than that of active investment. The differences in fees themselves are not big enough to explain the differences in the rates of return after costs. But it may be stated that an essential difference lies in the profitability of funds before costs. However, for such a short time series, it cannot be determined whether the indicated differences are stable or result from incidental market fluctuations. All the more reason why not all the passive instruments performed better in terms of rate of return for the period analysed, as the WIG20 ETFs appeared to be less attractive than other active funds. (original abstract)

Słowa kluczowe

EN

Financial investment; Investment funds; Exchange Traded Fund (ETF); Passive investing

PL

Inwestycje finansowe; Fundusze inwestycyjne; Fundusze ETF; Inwestowanie pasywne

• Czasopismo: Journal of Management and Financial Sciences
• Rocznik: 2016
• Tom: 9
• Numer: nr 25
• Strony: 43--60

Twórcy

autor

Alicja Fraś

• Uniwersytet Ekonomiczny w Poznaniu

autor

Waldemar Rogowski

• Szkoła Główna Handlowa w Warszawie

Bibliografia

• Asste Institut fur Vermdgenaufbau (1VA) AG, "Asset Management Based on Passive Strategies", July 2014, Munich.
• BlackRock ETP Research Team, ETP Landscape. Industry highlights, BlackRock, February 2015.
• Fama E., Efficient Capital Markets: A Review of Theory and Empirical Work, "Journal of Finance" 1970, vol. 25, pp. 383-416.
• EamaE., Efficient Capital Markets II, "Journal of Finance" 1991, vol. 46, pp. 1575-1617.
• Gad D., Źródła konfliktu agencyjnego w towarzystwach funduszy inwestycyjnych, "Studia Prawno-Ekonomiczne" 2014, XCI/2, Łódzkie Towarzystwo Naukowe, pp. 94-98.
• Investment Company Institute, Investment Company Fact Book 2015. A Review of Trends and Activities in the U.S. Investment Company Industry, 55th Edition, pp. 92-99.
• Krawczyk R., Rola Exchange Traded Fund w funkcjonowaniu rynku kapitałowego, "Ekonomia" 2012, issue 4, no. 21, Uniwersytet Ekonomiczny, Wroclaw.
• Oakley D., Torrid Times for Active Fund Managers, "Financial Times", November 2014.
• Philips C.B., Kinniry F.M. Jr., Schlanger T., Hirt J.M., The Case for Index-Fund Investing, Vanguard Research, April 2014.
• Sharpe W.F., The Arithmetic of Active Management, "The Financial Analysts' Journal", January/February 1991, vol. 47, no. 1, pp. 7-9.
• Yang J., Pavlenko Lutton L., 2014 Target-Date Series Research Paper, "Momingstar" 2014.
• www.ipopematfi.pl/funds,id,67.html (27.04.2015).
• www.investors.pl/fundusze-inwestycyjne/345LkL-investor-akcji-duzych-spolek, 27.01.2015
• www.tfi.bgzbnpparibas.pl/klient-indywidualny/produkty/subfundusz-akcji, 27.04.2015
• www.kbctfi.pl/fundusze_inwestycyjne/kbc_akcyjny (27.04.2015).
• www.ingtfi.pl/fundusze-akcji/ing-spolek-dywidendowych-usa (27.04.2015).
• www.metlife.pl/pl/individual/produkty/oszczędzanieiinwestycje/parasol-światowy/metlife-subfundusz-akcji-amerykańskich.html (27.04.2015).
• www.pkotfi.pl/fundusze-inwestycyjne/fundusze-inwestycyjne-otwarte/pko-akcji- rynku-amerykańskiego/ (27.04.2015).
• www.gpw.pl/etfy (27.04.2015).