Specific analysis of the WIG index since the polish OPFs started can lead to conclusion that the current falls on the Warsaw Stock Exchange determine bad OPFs financial results. It should be noted that 6 July 2007 WIG index reached the highest value of 67,568.51 points, and at the end of November 2008 it was equal to only 27,130.09 points.

The purpose of this article is to analyze the similarity of structures of OPFs investment portfolios and the dynamics of the similarity in the period of the Warsaw Stock Exchange downturn in 2007-2008. Since the WIG index got in the long-term downward trend in July 2007, the period from the end of June 2007 until the end of November 2008 was examined. The monthly data of the investment portfolio structure was used as well as the value of OPFs units (as at end of month), obtained from the Financial Supervisory Commission (www.knf.gov.pl). Research was conducted using the taxonomic method of measuring the similarity of objects: distance matrix and hierarchical agglomeration method.

     Studies carried out show that the open pension funds in the period from July 2007 to November 2008 (which is in the history of their operation in Poland so far the longest and most important collapse of the stock market) aiming at reduction of percentage shares in their portfolios did not copied their policies to such large extent as before the downturn. However, as hierarchical tree drawn to the method of agglomeration indicated clearly, one fund, namely OPF Polsat, very significantly differed from other funds, which was caused by not reducing the percentage of shares in its portfolio. As a result it recorded a loss – most significant reduction of unit value among all funds. The last moment of measurement allows to notice the stabilization of the similarity of OPFs portfolios, because part of the distances did not increase from June to November 2008, despite the fact that the funds still were selling out shares.

1. FULLTEXT: Taxonomic analysis of the similarity of OPFs investment portfolios during the downturn in the financial markets (in years 2007-2008), Microsoft Office Document, 0.2MB
2. FULLTEXT: Taxonomic analysis of the similarity of OPFs investment portfolios during the downturn in the financial markets (in years 2007-2008), Microsoft Office Document, 0.2MB

• Legal notice:
  

  Copyright (c) Pielaszek Research, all rights reserved.
  The above materials, including auxiliary resources, are subject to Publisher's copyright and the Author(s) intellectual rights. Without limiting Author(s) rights under respective Copyright Transfer Agreement, no part of the above documents may be reproduced without the express written permission of Pielaszek Research, the Publisher. Express permission from the Author(s) is required to use the above materials for academic purposes, such as lectures or scientific presentations.
  In every case, proper references including Author(s) name(s) and URL of this webpage: https://science24.com/paper/17802 must be provided.

1. Simulation of the amount pension payments from the second pillar
2. The resultant and individual effectiveness of open pension funds
3. Analiza zapotrzebowania na kwalifikacje kadry inżynierskiej i menedżerskiej w regionie łódzkim na podstawie wyników badania ankietowego
4. Analiza taksonomiczna ofert pracy pojawiających się w dodatku „Praca” w regionie Łódzkim w 2006 roku