The investment efficiency of the selected food industry companies listed on the Warsaw Stock Exchange in the years 2007–2017
2018
Zebrowska-Suchodolska, D., Warsaw Univ. of Life Sciences (Poland) | Karpio, A., Warsaw Univ. of Life Sciences (Poland)
The paper analyses the investment attractiveness of companies from the food industry listed on the Warsaw Stock Exchange. For this purpose, the Sortino, UPR and Omega coefficients calculated for companies operating on the market in the years 2007–2017 were used. Selected entities have over 90 % share in the WIG-food index. The choice of effectiveness measures was dictated by the definition of risk often identified by investors with a loss. However, the period of research covers periods of worse and better stock market conditions, which is why it was decided for the years 2007–2017. For comparison purposes, these measures were also calculated for the following indices: WIG-food and WIG. The second index was included in the research to present the surveyed industry against the background of the entire exchange market. The calculations were based on daily percentage price changes. Basic measures of descriptive statistics were determined. The obtained values indicate the lack of normality of the rates of return, which eliminates the classic measures of investment efficiency. The results show that the capitalization of companies is important from the point of view of stock exchange investors. It determines the rankings created on the basis of performance indicators. However, closer research on the statistical properties of the measurements used shows that capitalization is important, but there must be other determinants. On the basis of the obtained results, it can be additionally stated that the leaders of the food market have also turned out to be attractive to investors on the entire stock exchange.
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