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[email p o ec ed] oc.pl
Abs ac
;**_***HHH##
he long-"H*#_*#"#"?H*_*#(&W
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H##_?²*(*_HH?_*&This pape p esen s he
* H " _ * * H " ?_* H "#
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`@,&)).%ed analy ical p ocedu e
W***?#"HPolish companies we e used. The
#(_*#?*"?_*H %$$-2008.
These da a a e shown in Table 1.
Table 1: To al e"?_*HPolish indus ies in 2006-$$(&
W( E"?_*Î W( E"?_*Î
2006 2007 2008 2006 2007 2008
R?H##?¥
²H $% 1,00 1,22
RHH
medical, p ecision and
op ical ins umen s,
wa ches and clocks
1,22 1,18 1,17
{*?´(? 1,10 1,27 1,16
RHH
"*##
semi- aile s
1,17 1,14 1,06
RHHH
"? 1,07 1,15 1,05 RHH*
´ 1,06 1,06 1,08
RHH
p oduc s 1,06 1,18 0,72 RHH
H 1,10 1,11 $%
RHH²# 1,04 1,10 $%¡ E(#? % 1,24 1,11
RHH_?
#H( 1,12 $%% $%¡ >#(?
and *_#( 1,08 1,01 1,21
RHH#*
lea he p oduc s 1,15 1,18 $%
B##H
H
wa e
1,08 1,02 $%
RHH_
wood, s aw and wicke
p oduc s
1,07 1,23 $% B 1,21 1,31 1,15
RHH#
pape 1,04 1,13 1,04
Sale, main enance and
H"*#
(#¥#
H"H#
1,14 1,22 1,06
Publishing, p in ing, and
H
media
1,06 1,06 1,02 Wholesale and
commission ade 1,17 1,12 1,12
RHH
H# 1,27 1,18 1,28
E#¥H
pe sonal and household
goods
1,13 1,23 1,18
RHH*#
and chemical p oduc s 1,12 1,04 1,02 Ho els and es au an s 1,16 % 1,11
ManuHH
plas ic p oduc s % % 1,06 Land anspo ;
"# 1,14 1,12 1,06
RHH*-
me allic mine al p oduc s 1,17 1,23 1,07
;²#(
"¥
o ganiza ion
1,18 1,18 1,22
RH H
ma e ials % 1,14 $%% Pos and
elecommunica ions 1,03 1,06 1,07
RHH#
p oduc s 1,22 1,25 1,08
E#?
" 1,11 1,24 %
RHH*(
´ 1,13 1,26 1,17 > 1,20 1,32 1,26
RHHHH
*( $% 1,46 1,84 Heal h and social wo k 1,20 1,25 1,43
RHH##
*( % 1,15 $%
{*(
social and pe sonal
""
1,06 1,23 1,36
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RHH
#"
´
and appa a us
1,16 $%% 1,10
Î"(¹
B##{HH¥*##&
Y*#"?_"_-#&Y*H
he pe iod be ween 2006-2007 and he second one emb aced 2007-$$&W*H*-
#_#(*"_*H*"?_*&W*
H * H -# ## % _ H ? "
?_* $$ @H * ( _* * *?* ?_* * ( _* * #_
?_*C& Y* * _ " # * * H #
$¸ H _* * H " ?_* $06 and he las decile
$¸H_**#_"?_*$$&}#
H " " ´##( # _ * H
"*##@ "C&U*H*#
*_(*"?_*$$_&Y**"
?_* * H##_? ( _ H * #& Y* H
"?_*@#C_#("?**?"#
(*##*&A#?_H*-
# @? $$-$$C& Y* # H " ?_*
#"#H*"_*H*"?_*&
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B***H"_**H"
?_*H$$-2008. The cha s*_*"?H#H
"?_*&U²#*"#H*H#Y@_*Y*(H
_***#H##*C**"?H_
"#H#H*H#*H(H*-samples.
;#?#(*"#H*H#YÐ@_*YÐ*(H##_?*
(H_***#H##*C**"?H
he _"#H#H*H#*(H*
sub-samples. As i can be seen in he cha , he 2006-2008 pe iod was * ( a
?H"_*H"?_*HPolish indus ies. In he pe iods
unde "? * # H " ?_* * H # "?
& Y* ** " ?_* *H # ² *
"?_*?##*(¸&Y*#?"#H he en h
#"?$¡&Y* ** "?_*** #_
#_**"?_*?##*(¡¸&X_"*
HH**H##_?(&Y*ce be ween he highes and he
#_ "# H # * ( Y "? ? *
H##_? ( # $ ? & Y* " H * #
"?_**?#?#H?&Y*_*
*?**#_"#H# ha (Y"?
?*H##_?(#$?&X_"*#
no iced ha despi e * # " _ * ( YÐ * #"
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" ?_* * # # #_-"? #"#& Y*H * #
"**(&
B*)#"?_*Î#HPolish indus ies in 2006-
2008.
1,06
1,12
$%
0,85
0,80
$%$
1,00
1,10
TYÐ
Pe iod
)#H"É?_*
#H
Decile 1** Decile 2 Decile 3 Decile 4
Decile 5 Decile 6 Decile 7 Decile 8
V#% Decile 10***
Î#H"?_*_*H"
?_*?"# *"?_*?##**
pe iod
ÎÎ$¸H_***?*"?_*(Y
ÎÎÎ$¸H_**#_"?_*(Y
IY*(H_***#H ##*YÐ*
(H##_?*(H_***#H##*&
B##{HH¥*##&
Y*"#*_**"_*_"
?_* H Polish indus ies in 2006-$$& W * H ( ( (
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##(#@C*H##_?(_he all- he-"?&"*
H**#"_**(*#(H*
H*"_&Y*HY#*#
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H"?*?"-##C&Y*##H*#@*C
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H(&Y**_*HY#&
In *#(-#*"?_*H?*H
#²*"?_*H##*(¸&X_"
#(H(*#"?_**# (*
"?H¡¸@*#*_"**H??H*-
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"?_*H? he 10 h decile "?¡¸H"
?_*H##*&X_"*H##_?(*?H"_*
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@#"?_**##("?H
¸C&
Table 2: No malized medians H"?_*Î(Y**?H*
(YÐ&
V#H
indus ies
Sub-sample ;*"?
in bo h
sub-samples
2006-2007 2007-2008
No malized medians
H"?_*Y
Decile 1** 1,13 1,11 1,12
Decile 2 1,07 1,06 1,06
Decile 3 1,05 1,04 1,05
Decile 4 1,03 1,02 1,03
Decile 5 1,01 1,00 1,01
Decile 6 $%% $% $%
Decile 7 $% $%¡ $%
Decile 8 $% $% $%
V#% $% 0,87 $%$
Decile 10*** 0,85 0,84 0,85
The changes in no malized medians
H"?_*YÐÎÎÎÎ
Decile 1** 0,88 1,01 $%¡
Decile 2 1,01 1,00 1,01
Decile 3 $% 1,05 1,00
Decile 4 $% $% $%¡
Decile 5 1,01 1,00 1,00
Decile 6 $% $% $%
Decile 7 $% 1,03 $%
Decile 8 1,07 1,01 1,04
Decil% 1,01 1,15 1,08
Decile 10*** 1,05 1,21 1,13
Î#H"?_*_*H"
?_*?"#*"?_*?##**
pe iod
ÎÎ$¸H_***?*"?_*(Y
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HH*#Î
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B* Y-(""H#"?_*ÎHPolish indus ies
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[1] Bajaj M., Denis D. J., Sa in A.: ZO!!z©Z&
in Co po a e Valua ion. J#H;#U&'#&&B*?$$&
[2] DePamphilis D. M.: Z-[!WO[( Academic
I;"U&$$&
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[7] Palep|&&X#(I&R&}'&&N[ª!|
S a emen s. Thomson Sou h-Wes e n. Mason 2004.
[8] Penman S. H.: Financial S a emen Analysis and Secu i y Valua ion. McG aw-Hill. New
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