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The purpose of this paper is to examine challenges and opportunities that occurred in the Polish ultra‐high temperature (UHT) milk market after Poland entered the European Union.

Through an in‐depth analysis of the Polish UHT market and by interpreting statistical data, this paper analyzes the retailing, production, and distribution channels, branding, and potential changes in the marketing perspective of the UHT market in Poland. To understand the nature of the market, this paper employs a marketing science method, marketing persistence analysis, to explore the relationship of short‐term marketing efforts and long‐term market response in Polish UHT milk market.

Based on empirical testing of ten Polish brands, results show that the UHT milk market in Poland presents marketing persistence, which means that short‐term marketing efforts can generate long‐term revenue effects.

If marketing spending data are available, causality tests can be performed to see what are most effective marketing means (e.g. TV advertising or sale promotion) in Polish dairy markets.

Combining the empirical findings with the facts that previous marketing activities in Poland are relatively low, and it is now a historic transition for Poland after joining the homogenous market of Europe, the authors suggest that existing marketers increase the marketing investment to strengthen brands, gain market share, and build long‐term customer relationships. International marketers also have good opportunities now to enter Polish UHT markets through intensive marketing campaigns.

This study is the first attempt to apply marketing science techniques to examine the Polish market and the findings enable both academic researchers and industrial practitioners to understand this market better and explore its potential business opportunities.

The current paper aims to expand an empirical assessment of correlations of the stock exchange in Poland with other stock markets and foreign economies. The paper attempts to explore international spillover effects during the current financial crisis.

The study builds upon questionnaires and interviews with practitioners associated with the Polish stock market. The interviewees represent both the advanced and emerging European economies. At this point, analyzing the notions of a cross‐section of experts from different geographical regions increases the value of the findings. The interviewees were asked to comment on a wide range of examples mirroring the reaction of the Warsaw Stock Exchange (WSE) to economic and financial information derived from foreign markets in times of the current financial crisis. An empirical model evaluating the cross‐border implications for the Polish stock market was specified. The model encompassed a wide range of variables and events influencing the performance of the Polish stock market and investors' uncertainty during the nascent financial crisis. Semi‐structured interviews complemented the quantitatively obtained findings and allowed for a gap between theory and practice to be bridged. The qualitative approach injected a dose of realism into the empirical model utilized in the paper and contributed to the value of general findings.

The current paper reports initial responses of the WIG20 indexed equity prices to 41 economic and financial information sets, originating from systemically significant markets. The influence of these sets is ranked in accordance with their influential powers. The ranking indicates which information events are more likely to be prioritized by investors associated with the WSE and which news are ignored in times of the current financial crisis. Henceforth, the findings outline the crisis‐induced changes in the uncertainty of equity investors and the implications for investment decision making processes. Comparing the responses to economic and financial information sets among different stock markets and industries delivers insight into the profitability of the international portfolio diversification based on either the country or industry specific factors.

The paper focuses on the Polish stock market, which is relatively under‐researched by the existing body of literate. However, Poland's stock market became a leading central European bourse during the current financial crisis. Reporting a number of useful and important implications for the practitioners associated with the WSE constitutes the core value of the paper.

The purpose of this paper is to empirically examine the benefits of international equity portfolios from the viewpoint of Polish investors.

Eight national stock markets are included in the sample and three different portfolio forming strategies – Equally‐Weighted Portfolio (EWP), Minimum Variance Portfolio (MVP) and Tangency Portfolio (TP) – are adopted to construct the international diversified portfolios. In order to reveal the impact of currency hedging, the performance of a non‐hedged versus a fully‐hedged strategy is estimated. Finally, for comparison purpose, performances of the international portfolios from US investors' perspective are also examined.

Using monthly data from 1999 to 2008, the results show that from an ex post basis, an equally‐weighted global portfolio offers risk reduction opportunities for Polish investors and performance improvement potentials for US investors. In addition, US investors seem to fare better leaving their foreign investment unhedged, while Polish investors benefit from currency hedging. However, ex ante analysis reveals that when short‐selling is allowed, TP outperforms other portfolios and the risk‐adjusted portfolio performance could be enhanced by currency hedging.

In summary, the ex post analysis suggests that global portfolio either reduces risk or improves return. Compared to the domestic portfolio, the international portfolio reduces the portfolio risk while maintaining certain level of portfolio return for Polish investors who experience unusual high volatility in domestic market. On the other hand, an international portfolio yields higher portfolio return with similar risk level, as compared to the domestic portfolio, for US investors who suffer losses in the domestic market. A full currency hedging strategy benefits Polish but not US investors. Hedging or not, the risk of the local stock market is the major contributor to the risk of the equally‐weighted portfolio for both Polish and US investors.

In this chapter, six cases are presented, four from Poland and two from Hungary. The Polish cases are Partec Rockwool, PLM, Bulten Tools, and Vattenfall, while Svedala and Getinge belong to Hungary.

The cases have been described in different phases following the conceptual framework, developed in chapter six. All cases we present in three phases except Svedala where there are two phases. In the later case, neither the alliance nor the partners could be traced. Among the cases, level of performance varied. Getinge is the only case where the partners continued with the same alliance and the ownership structure remained unchanged. In Partec, the foreign partner acquired the local shares to establish a wholly owned subsidiary, and in Bulten Tool, the foreign partner became the major owner to have control over the company. Partec Rockwool and Vattenfall had been sold to other companies after amicable settlement between the partners.

The purpose of this paper is to examine the extent to which Central European emerging stock markets (focusing on Poland) have been affected by the recent international financial crisis, and how the current investment climate (barriers, risks, challenges and opportunities) influences appetite for investments in Polish equities. In doing so, the study aims to report timely findings in relation to the determinants of the safety and profitability of international portfolio diversification to the Polish stock market.

Based on qualitative empirical research, the authors analyse the differences between the foreign (UK) and domestic (Poland) investors' views on equity investments in Poland. The study builds on questionnaires and interviews with practitioners associated with the Polish stock market.

The authors report that the global financial crisis influenced changes to domestic and international investors' appetite for risk related to equity investments in emerging stock markets: investors are more prudent about emerging markets but the Polish stock market has shown substantial growth potential and positively distinguished itself from other Central European stock exchanges; particular types of investment risks associated with equity investments in the Polish stock market have abated. Polish equities are an attractive component of the international portfolio diversification, provided that trading strategies are adjusted to the contemporary investment environment.

This paper addresses the absence of the academic literature devoted to the analysis of equity investments in the contemporary Central European emerging stock markets. The authors discuss the differences in appetite for risk between the UK and Polish investors and assumptions about investments in Poland. The authors also contribute to the international debate on investor protection and regulations that can improve investment processes.

The purpose of this paper is to investigate the case study of Bakoma, which is a leading Polish yoghurt‐producing company that has achieved a remarkable success, but now is facing serious challenges from multinationals. The authors aim to analyse its development model, marketing strategy, and competitive position.

The paper is based on the authors' own case study. They gathered the necessary information from company documents, both published and unpublished, as well as a series of in‐depth interviews with representatives of Bakoma and other key players in the Polish dairy market.

The authors found out a strong interdependence of the business and political spheres, especially during the initial phase of the Polish systemic transition. Secondly, foreign partners played a major role in the creation of the company (inflow of capital from an American businessman of Polish origin), acquiring access to technology licence (Onken), and capital investments and transfer of management skills (Danone). A major strength of the company is its innovative marketing strategy based on a perfect knowledge of the specificity of Polish consumer preferences. Nevertheless, the Polish yoghurt market as an important segment of the dairy market becomes gradually more and more dominated by multinational corporations, especially of French and German origin.

This paper provides original insights into the development and marketing strategies of a leading Polish yoghurt company facing strong competition from multinationals. The results may be useful to managers from Central and Eastern European dairy companies.

This article seeks to bring two hitherto neglected Polish language texts on selling and salesmanship to the attention of marketing historians. In contrast to Bartels' seminal work, this research aims to show that early marketing writing was not just in the English language and that early marketing thought was disseminated via instruction outside institutions of higher education. The research also intends to explore how marketing education served to acculturate one group of immigrants to American business norms.

The primary sources are Sprzedawca czyli: Sztuka Prowadzenia Handlu Podług Systemów Amerykańskich (Salesman: The Art of Commerce According to American Norms) by Józef Mierzyński and Sprzedawnictwo Sklepowe (Store Salesmanship), third edition, by Bolesław Z. Urbanski. Both were published in Chicago. Their tables of contents were translated and compared to selected English language texts on selling and salesmanship written about the same time. Additional information on the authors, publishers, and potential audience was also gathered to give context to these texts.

These Polish language books contained much of the same information as the English language literature on sales from the period, but with more information on personal comportment and more illustrative material. These books provide evidence of sophisticated business thinking among some Polish immigrants. Commercial correspondence courses and self‐instruction brought early marketing thought to this market and thus helped Poles enter the American economic mainstream.

The article shows that these are the first books on selling and salesmanship – or on any other marketing topic – known to be written in the USA prior to 1920 in a language other than English. They are worthy of close scrutiny because they reveal a new dimension to the early creation and dissemination of marketing thought.

The purpose of this paper is to investigate equity appraisal techniques employed by non‐professional investors from the Central European emerging stock market (CEESM) of Poland. The paper examines investment decision‐making processes in the context of the current financial crisis in a pioneering attempt to shed some light on crisis‐induced changes in investment strategies. In addition, the study tests the usefulness and predictive abilities of analytical tools employed by non‐professional investors when faced with unstable stock‐market conditions.

Questionnaires and experiments conducted with a large group of Polish investors – trading equities in their home market – in order to gain information on the most commonly used investment strategies. Their views are contrasted with similarly obtained opinions expressed by UK non‐professional investors to highlight differences in approaches to investments. Finally, a series of semi‐structured interviews was conducted to discuss how the current financial crisis has affected investment strategies among Polish and UK investors.

Technical analysis (TA) is the preferred tool utilized by non‐professional investors in Poland. However, the current financial crisis caused the majority of Polish practitioners to adopt fundamental analysis which, in this case, is undertaken to support initial conclusions derived from TA. At this point, investees' financial statements coupled with analyses of the main macroeconomic indicators for CEESMs became the main source of decision‐influencing information.

The paper addresses an area which is gaining in importance and is of interest to both practitioners and service providers for non‐professional investors. Further investigation is recommended of nascent challenges to investing in CEESMs with practical implications for policy makers and investors.

The current paper refers to the global financial crisis which occurred in the years 2008‐2010. To date, there are no previous studies devoted to an investigation of how investors' trading strategies were influenced by the international financial crisis. Moreover, there are relatively few studies which target practitioners from CEESMs. The paper focuses on the non‐professionals, as this group of investors seems to be relatively under‐researched. Therefore, a number of important implications can be drawn from the current paper with regard to investment strategies tailored to overcome a financial crisis.

Examines the contemporary line of thought about marketing in Poland, thereby emphasising the possibility of conceptual orientations. Acknowledges that, more or less, simultaneously with the theory of marketing there has developed in Poland another branch of the science called praxiology – the main purpose of which is to trace the general rules of any human activities and to work out useful principles of good, efficient work. Defines the three major types of authorities in Poland as: political; administrative; and territorial. Uses figures for emphasis and explains the Polish authorities role in marketing.

The purpose of this paper is to empirically assess the investment performance of mutual fund managers who operate in the Polish market.

The paper uses monthly mutual fund returns over the period 2000‐2007 to investigate the manager's selectivity and market timing skills. It analyzes three investment mutual fund investment categories: equity, balanced, and bond mutual funds. The paper investigates several performance evaluation models, and shows that the findings are robust with respect to the model choice.

For each of the three categories, equity, balanced, and bond funds, the paper positive, but insignificant selectivity skill of the mutual fund managers. No evidence is found of bond or equity market timing skills in the sample.

Since not many mutual funds exist over a long period, the sample used is relatively small with 38 mutual funds, while in April 2007 more than 300 funds are listed in the Polish market.

Private investors in Poland are not worse off by investing in mutual funds compared to passive market indices. Based on this research, they should select mutual funds that focus on selectivity rather than market timing.

The research on mutual fund manager skill in emerging economies is scarce. In addition, little is known on the performance of balanced and bond mutual funds, even in developed mutual fund markets. This paper contributes by filling both these gaps in the academic literature.