Methods of Event History Analysis in the Assessment of Crisis Impact on Sectors Related with the Real Estate Market in Poland

Bieszk‐Stolorz, Beata; Markowicz, Iwona

doi:10.1515/foli-2017-0005

Cited by 6 publications

(6 citation statements)

References 5 publications

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“…Let us assume that each building in the data set consumes a set of resources inputs, (x jk = X 1k ; x 2k ; …; x jk) ) to produce a set of outputs, (y ik = y 1k ; y 2k ; …; y ik ) . Then the efficiency score is obtained by the following linear programming optimisation problem (Bieszk-Stolorz and Markowicz, 2017): …”

Section: Methodsmentioning

confidence: 99%

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An empirical study on measuring operating efficiency and revenue of real estate assets in the UAE using data envelopment analysis

Alafifi

Boussabaine

Almarri

2022

JFM

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Purpose This paper aims to examine the performance efficiency of 56 real estate assets within the rental sector in the UAE to evaluate the relative operation efficiency in relation to revenue generation. Design/methodology/approach The data envelopment analysis (DEA) approach was used to measure the relative operational efficiency of the studied assets in relation to the revenue performance. This method could produce a more informed and balanced approach to performance measurement. Findings The outcomes show that scores of efficiencies ranging from 7% to 99% in some of the models. The results showed that on average buildings are 75% relatively less efficient in maintenance, in term of revenue generation, than the benchmark set. Likewise, on average, the inefficient buildings are 60% relatively less efficient in insurance. Result also shows that 95% of the building assets in the sample are by and large operating at decreasing returns to scale. This implies that managers need to considerably reduce the operational resources (input) to improve the levels of revenue. Research limitations/implications This study recommends that the FM operational variables that were found to inefficiently contribute to the revenue should be re-examined to test the validity of the findings. This is necessary before generalising or interpolating the results that are presented in this study. Practical implications The information obtained about operational performance can help FM managers to understand which improvements in the productivity of inefficient FM resources are required, providing insight into how to reduce operating costs and increase revenue. Originality/value This paper adds value in using new FM operational parameters to evaluate the efficiency of the performance of built assets.

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Section: Methodsmentioning

confidence: 99%

“…based on the suggestions advanced byBieszk-Stolorz and Markowicz (2017) and others (see Table1). All the figures for the data from different decision units were converted to cost per square metre.…”

mentioning

confidence: 99%

An empirical study on measuring operating efficiency and revenue of real estate assets in the UAE using data envelopment analysis

Alafifi

Boussabaine

Almarri

2022

JFM

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“…The survival analysis methods are rarely used in the capital market analysis. However, more and more authors try to use them in this area (Lunde and Timmermann 2004 ; Deville and Riva 2007 ; Markovitch and Golder 2008 ; Bieszk-Stolorz and Markowicz 2017a , 2018 ).…”

Section: Research Methodology and Statistical Datamentioning

confidence: 99%

A survival analysis in the assessment of the influence of the SARS-CoV-2 pandemic on the probability and intensity of decline in the value of stock indices

Bieszk‐Stolorz

Dmytrów

2021

Eurasian Econ Rev

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The aim of the study is to assess the strength of the world stock exchanges reaction to the SARS-CoV-2 coronavirus pandemic at the turn of 2019–2020. We analyze the risk and intensity of the decline in the values of the basic stock indices by means of selected methods of survival analysis. The spreading pandemic within a few months covered all continents and had a significant impact on the socio-economic situation of all countries. We studied the time of the 20% drop in stock market indices. This is a value that is taken as a sign of a crisis. In order to assess the probability of indices’ value decrease, we use the Kaplan–Meier’s estimator. We determine the risk of decline by means of a logit model and the intensity of the decline by means of an empirical hazard estimator and the Cox proportional hazard model. The intensity and risk of the decline of stock indices varied from continent to continent. The obtained results show that the intensity is highest in the fourth and eighth week after the peak and is the highest on European exchanges and then American and Asian exchanges (including Australia). The risk of falling the stock indices’ prices is the highest in America, followed by Europe, Asia and Australia, and lowest in Africa. Half of the analyzed indices record a 20% drop in value after 52 days (median duration). The study is a prelude to further analyses related to the crisis and the normalization of the situation on world stock exchanges. It allows to learn about the impact of the pandemic on the economic situation and to detect the differences between the continents.

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“…Therefore, the development and good financial situation of enterprises in this sector is of vital importance. The functioning of all enterprises is influenced by various factors, e.g., the economic situation of the country, unemployment, investment attractiveness of the region (Roszko-Wójtowicz and Grzelak, 2021), regional business demography (Markowicz, 2014), the sector situation of companies on the stock exchange (Bieszk-Stolorz and Markowicz, 2017a;2017b), or the international trade (Markowicz and Baran, 2020). For this sector, customer preferences, the development of renewable energy sources (Przygrodzki and Kubek, 2021), and environmental protection (Kurian, 2012).…”

Section: Literature Reviewmentioning

confidence: 99%

Risk of Decline in Share Prices of Energy and Fuel Sector on the Warsaw Stock Exchange During the Two Waves of the COVID-19 Pandemic

Bieszk‐Stolorz¹,

Markowicz²

2021

ERSJ

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Purpose:The COVID-19 pandemic is now frequently cited as a factor affecting countries' economies. A decline in the share prices of companies appeared in Poland with each successive wave of the pandemic (3 waves). The aim of our research is to identify the characteristics of companies that influence the fact that their share prices decline below a certain level during the first and second waves of the pandemic. We focus on the energy and fuel companies, due to their high economic importance. Design/Methodology/Approach: We use the logit model in assessment of the risk of price decline. Share prices of companies listed on the WSE were analysed. A comparison was made of the risk of a decline in the share prices of energy and fuel companies in relation to other companies, and according to stock exchange macrosectors. The research hypotheses are verified by estimating the two models: model ( 1) for the first wave of the pandemic (I stage) and model ( 2) for the second wave of the pandemic (II stage). Findings: The main conclusion of the research is that the first wave of the pandemic caused panic in the stock market. This was a completely new economic disruptor. During the second wave of the pandemic, morbidity and mortality rates were much higher, but the lessons learned beforehand had a dampening effect on stock market reactions. Practical Implications: A pandemic situation is a specific type of crisis. The analysis shows that the technology macrosector is the least vulnerable to this type of crisis. Teleworking and the use of new communication technologies have influenced the development of this sector. In contrast, the fuel and energy sector is very sensitive to any restrictions on movement. Originality/Value: A direct comparison of the impact of the two waves of the pandemic on company prices in Poland has not been conducted so far. Particularly important is the inclusion in the analysis of macro-sectors, which made it possible to identify those most exposed to the risk of decline in prices.

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Methods of Event History Analysis in the Assessment of Crisis Impact on Sectors Related with the Real Estate Market in Poland

Cited by 6 publications

References 5 publications

An empirical study on measuring operating efficiency and revenue of real estate assets in the UAE using data envelopment analysis

An empirical study on measuring operating efficiency and revenue of real estate assets in the UAE using data envelopment analysis

A survival analysis in the assessment of the influence of the SARS-CoV-2 pandemic on the probability and intensity of decline in the value of stock indices

Risk of Decline in Share Prices of Energy and Fuel Sector on the Warsaw Stock Exchange During the Two Waves of the COVID-19 Pandemic

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