Wpływ kursu złotego na kurs akcji na giełdzie papierów wartościowych w Warszawie w latach 1995-2002

The purpose of this paper was to examine the relation between exchange rates and stock prices of companies listed on Warsaw Stock Exchange. The tests, using regression model, examined strength, direction of this relationship and its connection with return horizon and foreign activities of companies. The paper shows that stock prices of polish companies were significantly affected by exchange rate movements. This relationship was correlated with foreign sales and international assets and liabilities. The different direction of this influence, depending on the currency, was observed. The research proved weaker relation between stock prices and exchange rates when longer return horizons were used.