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Author
Podedworna-Tarnowska Dorota (SGH Warsaw School of Economics, Warszawa, Poland), Kaszyński Daniel (SGH Warsaw School of Economics, Warszawa, Poland)
Title
Stock Returns and Liquidity after Listing Switch on the Warsaw Stock Exchange
Source
Economics and Business Review, 2022, vol. 8 (22), nr 4, s. 111-135, rys., tab., bibliogr. 76 poz.
Keyword
Rynki giełdowe, Rynki finansowe, Prognozowanie notowań giełdowych, Płynność finansowa, Akcje, Stopa zwrotu akcji
Stock markets, Financial markets, Stock exchange prediction, Financial liquidity, Shares, Stock rate of returns
Note
JEL Classification: G10, G14, G18, G30, G32
summ.
Company
Giełda Papierów Wartościowych w Warszawie
Warsaw Stock Exchange
Abstract
The aim of the article is to evaluate the market reaction to the change of listing venue of companies moving from the alternative market to the regulated market of the Warsaw Stock Exchange. To do so, we investigated 71 switches, and their effect on market returns and liquidity. While the transfer itself creates a negative market reaction, the announcement of the transfer of a company and the institutional confirmation by the supervision of the company's readiness for this transfer resulting from the approval of the prospectus creates positive market reactions. As a result of the transfer of companies there is an improvement in the liquidity of the shares. The empirical findings of the study could assist managers and investors in understanding the impact of stock exchange migration on returns and the liquidity of shares in the shorter and longer term. (original abstract)
Accessibility
The Main Library of the Cracow University of Economics
The Library of Warsaw School of Economics
The Library of University of Economics in Katowice
The Main Library of Poznań University of Economics and Business
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ISSN
2392-1641
Language
eng
URI / DOI
http://dx.doi.org/10.18559/ebr.2022.4.6
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