@misc{Miziołek_Tomasz_Certyfikaty_2007,
 author={Miziołek, Tomasz},
 year={2007},
 rights={Wszystkie prawa zastrzeżone (Copyright)},
 description={Prace Naukowe Akademii Ekonomicznej we Wrocławiu; 2007; nr 1176, s. 270-278},
 publisher={Wydawnictwo Akademii Ekonomicznej im. Oskara Langego we Wrocławiu},
 language={pol},
 abstract={According to "Law of 28 August 1997 on organization and operation of pension funds" open pension funds (OPFs) may invest in investment certificates issued by closed-end investment funds maximum 10 percent of their assets. At the end of 2006 only 9 OPFs (from 15 operating in Poland) invested in certificates issued by 3 real-estate funds (Arka, Skarbiec and BPH) together hardly 345 millions PLN (about 0,3% of aggregate investment portfolio of OPFs). The main barriers which impede engagement of OPFs in investment certificates are: relatively small value of closed-funds assets, insignificant turnover of certificates on the Warsaw Stock Exchange and legislation (minimum required return). (original abstract)},
 type={artykuł},
 title={Certyfikaty inwestycyjne w portfelach otwartych funduszy emerytalnych},
}