Stock returns and liquidity after listing switch on the Warsaw Stock Exchange

IF 16.4 1区化学 Q1 CHEMISTRY, MULTIDISCIPLINARY

Accounts of Chemical Research Pub Date : 2022-12-01 DOI:10.18559/ebr.2022.4.6

Dorota Podedworna-Tarnowska, Daniel Kaszyński

引用次数: 1

Abstract

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.

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华沙证券交易所上市后的股票收益和流动性

摘要本文的目的是评估市场对华沙证券交易所从另类市场转向监管市场的上市地点变化的反应。为此，我们调查了71家交易所，以及它们对市场回报和流动性的影响。虽然转让本身会产生负面的市场反应，但公司转让的公告以及监管机构通过批准招股说明书对公司准备转让的确认，会产生积极的市场反应。由于公司的转让，股票的流动性得到了改善。本研究的实证结果可协助经理人和投资者了解证券交易所迁移对股票短期和长期收益和流动性的影响。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Accounts of Chemical Research 化学-化学综合

CiteScore

31.40

自引率

1.10%

发文量

312

审稿时长

2 months

期刊介绍： Accounts of Chemical Research presents short, concise and critical articles offering easy-to-read overviews of basic research and applications in all areas of chemistry and biochemistry. These short reviews focus on research from the author’s own laboratory and are designed to teach the reader about a research project. In addition, Accounts of Chemical Research publishes commentaries that give an informed opinion on a current research problem. Special Issues online are devoted to a single topic of unusual activity and significance. Accounts of Chemical Research replaces the traditional article abstract with an article "Conspectus." These entries synopsize the research affording the reader a closer look at the content and significance of an article. Through this provision of a more detailed description of the article contents, the Conspectus enhances the article's discoverability by search engines and the exposure for the research.