Abstract
The multiplication of the invested capital is investors’ fundamental goal. They can achieve it, if they learn or develop themselves methods that would enable them to forecast changes on financial markets as accurately as possible. One of the most common elements of modelling expectations is referring to historical data. They are usually interpreted via technical analysis, which aims at forecasting future price trends on the basis of past market activity. The technical analysis model assumes that prices of securities change according to repeatable, observable cycles, which create geometric shapes when represented in charts.
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Notes
- 1.
Cf. Gajewska–Jedwabny and Jedwabny (2007: 24–25).
- 2.
Some economists point to varying approaches to a limited company in the Triad countries: USA, UK, Europe and Japan. It is possible to distinguish three concepts (see Jeżak 2002: 82):
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1.
Monistic, which stresses that enterprise as private property should be oriented on accomplishing its shareholders’ interests. This is a dominant approach in the USA, the UK, Australia and New Zealand.
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2.
Dualistic, which puts emphasise on shareholders’ interests, but also takes into account interests of the employees. It is the dominant approach in Germany and other continental European countries.
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3.
Pluralistic, in which the enterprise belongs to all interest groups, namely: employees, shareholders, the main creditor, main co-operators, suppliers and distributors, however the employees’ interest in the most important. This approach is most common in Japan.
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1.
- 3.
European Commission Launches Corporate Governance Action Plan, http://www.ecgi.org.
- 4.
This document was issued in October 2004. Before that relevant regulations were specified in Best Practices in Public Companies 2002.
- 5.
Further discussion of managers’ remuneration can be found in Chap. 5.
- 6.
- 7.
Suggestions as to how reporting should be expanded will be presented in Sect. 4.6.
- 8.
The most popular are: Bloomberg, Reuters, Bridge Information System, CompuServe Inc., and Quick Quote.
- 9.
Studies conducted by the Polish Institute of Investor Relations.
- 10.
Cf. Financial Expectations: Does Investor Relations Affects Stock Prices? Chemical Market Reporter, October 7, 2002, http://www.chemicalmarketreporter.com, p. 21.
- 11.
A. Gajewska-Jedwabny, Raportowanie wartości. Model Value Reporting zaspokoi apetyt obecnych i przyszłych inwestorów, internal materials of the Polish Institute of Investor Relations.
- 12.
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Mikołajek-Gocejna, M. (2014). Creation of Investors’ Expectations: The Role of Investor Relations and Company Information Policy. In: Investor Expectations in Value Based Management. Springer, Cham. https://doi.org/10.1007/978-3-319-06847-3_4
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