PL EN


Preferencje help
Widoczny [Schowaj] Abstrakt
Liczba wyników
2020 | nr 40 | 109--131
Tytuł artykułu

The Position of NewConnect against the Alternative Markets of European Countries. The Impact of GDP on Volatility in the Indices and Turnover Value

Autorzy
Warianty tytułu
Języki publikacji
EN
Abstrakty
EN
Aim/purpose - The aim of the paper is to compare and create a ranking of alternative trading systems and to investigate if there is a relationship between Gross Domestic Product (GDP) and stock indices of those markets and correlation between GDP and turnover value. Design/methodology/approach - The paper presents a comparative analysis of 13 European trading systems in such categories as: capitalisation, value of share trading, number of listed companies, number of new companies and companies removed from the market between the years 2016 and 2018. In addition, the paper includes a ranking of alternative trading systems in Europe which was created on the basis of the variables mentioned. The paper examines the correlation between GDP and indices of alternative trading systems and also between GDP and turnover value. Pearson's correlation coefficient was used to examine the correlation. Findings - The ranking shows that the 1st place was taken by the British AIM market, which turned out to be the best in all categories under the comparison, the next two positions were occupied by the markets whose characteristic feature is that they cover several countries of the western Europe; these are the markets of First North and Alternext. The Polish market was at a fairly high 5th position among the 13 compared markets. The Greek and Russian markets came last. The relationship between the impact of GDP and index value as well as GDP and turnover value has also been examined. The research regarding the first aspect of the study confirmed the hypothesis about the correlation of GDP with the index. However, in the second case of the GDP and turnover value there is a very weak correlation. Research implications/limitations - The limitation in the correlation study was the difficulty in obtaining data for all 13 alternative trading systems taken for the study, thus comparing four markets in the GDP correlation and the value of the index and three markets in the relation GDP and turnover value. Originality/value/contribution - The added value of the paper is the ranking of alternative trading systems and study of correlations between Gross Domestic Product and stock indices of Alternative Trading Systems and turnover value of these markets. (original abstract)
Rocznik
Numer
Strony
109--131
Opis fizyczny
Twórcy
  • University of Lodz, Poland
Bibliografia
  • Association of Individual Investors. (2013). Europejskie rynki alternatywne [European alternative markets]. Retrieved from https://www.sii.org.pl/7078/edukacja-ianalizy/pigula-nowych-rynkow/europejskie-rynki-alternatywne.html
  • Boubakari, A., & Jin, D. (2010). The role of stock market development in economic growth: Evidence from some Euronext countries. International Journal of Financial Research, 1(1), 14-20. https://doi.org/10.5430/ijfr.v1n1p14
  • Degryse, H., & Van Achter, M. (2001). Alternative Trading Systems and liquidity (Center for Economic Studies Discussions Paper Series (DPS) 01.22). Leuven: Katholieke Universiteti Leuven. Retrieved from https://feb.kuleuven.be/drc/Economics/research/dps-papers/dps01/dps0122.pdf
  • Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU.
  • Feder-Sempach, E. (2010). Rynki alternatywne w strefie euro i Unii Europejskiej a Newconnect - analiza porównawcza [Alternative markets in the euro area and the European Union and NewConnect - comparative analysis]. Acta Universitatis Lodziensis. Folia Oeconomica, 238, 81-94. https://doi.org/11089/1979
  • Gajdka, J., & Pietraszewsk, P. (2014). Wzrost gospodarczy a ceny akcji [Economic growth and stock prices]. Zeszyty Naukowe Uniwersytetu Szczecińskiego. Finanse, Rynki Finansowe, Ubezpieczenia, 67, 399-408.
  • Goldsmith, R. (1969). Financial structure and development. CN: Yale University Press, New Heaven, 365-367. https://doi.org/10.2307/2230134
  • Granier, C., Revest, V., & Sapio, A. (2019). SMEs and Junior Stock Markets: A comparison between European and Japanese markets. Journal of Innovation Economics & Management, 2(29), 43-67. https://doi.org/10.3917/jie.029.0043
  • Gurley, J. G., & Shaw, E. S. (1967). Financial structure and economic development. Economic Development and Cultural Change, 34(2), 257-268. https://doi.org/10.1086/450226
  • Kordela, D. (2013). NewConnect - rynek giełdowy dla małych i średnich przedsiębiorstw [NewConnect - stock market for small and medium enterprises]. Warszawa: Ce-DeWu.
  • Liu, X., & Sinclair, P. (2008). Does the linkage between stock market performance and economic growth vary across Greater China? Applied Economics Letters, 15(7), 505-508. https://doi.org/10.1080/13504850500426277
  • London Stock Exchange. (2020). FTSE AIM ALL-SHARE Index Data. Retrieved from https://www.londonstockexchange.com/exchange/prices-andmarkets/stocks/indices/summary/summary-indices.html?index=AXX
  • Mikołajczyk, B., & Kurczewska, A. (2010). Rynek NewConnect w Polsce na tle innych rynków alternatywnych w Europie [NewConnect market in Poland against other European alternative markets]. Finansowy Kwartalnik Internetowy "e-Finanse", 6(3), 64-75.
  • Oskooe, S. A. P. (2010). Emerging stock market performance and economic growth. American Journal of Applied Sciences, 7(2), 265-269, https://doi.org/10.3844/ajassp.2010.265.269
  • Oslo Børs. (2019). Annual statistics. Retrieved from https://www.oslobors.no
  • Panfil, M. (2013). Analiza porównawcza NewConnect i innych europejskich rynków alternatywnego systemu obrotu akcjami [New Connect and other European multilateral trading facilities - comparable analysis]. Zeszyty Naukowe Uniwersytetu Szczecińskiego. Finanse, Rynki Finansowe, Ubezpieczenia, 63, 347-368.
  • Pastusiak, R. (2011). Rynki alternatywne w Europie. Londyński Alternative Investment Market a NewConnect [Alternative markets in Europe. London Alternative Investment Market versus NewConnect]. Prace Naukowe Uniwersytetu Ekonomicznego we Wrocławiu, 174, 293-304.
  • Pietrzyk, R., & Knichnicki, B. (2010). Alternatywny system obrotu akcjami w Polsce na tle innych rynków europejskich [An alternative stock trading system in Poland compared to other European markets]. Prace Naukowe Uniwersytetu Ekonomicznego we Wrocławiu, 117, 340-350.
  • Subrahmanyam, A., & Titman, S. (1999). Going public decision and the development of financial markets. The Journal of Finance, LIV(3), 1045-1082. https://doi.org/10.1111/0022-1082.00136
  • Thiel, S. (2010). Rynek kapitałowy i terminowy [Capital and forward market]. Warszawa: Komisja Nadzoru Finansowego.
  • Trading Economics. (s.a.). GDP data. Retrieved from https://pl.tradingeconomics.com/country-list/gdp
  • Warsaw Stock Exchange. (2019). Rocznik giełdowy [Stock yearbook]. Retrieved from https://www.gpw.pl/biblioteka-gpw-wiecej?gpwl_id=157&title=Rocznik+giełdowy+2019
  • Widz, E. (2016). Wahania indeksów giełdowych a wahania koniunktury gospodarczej w Polsce [The relationship between the market indices fluctuations and fluctuations of the economic situation in Poland]. Acta Universitatis Lodziensis, Folia Oeconomica, 4(323), 155-168. https://doi.org/11089/20153
  • World Federation of Exchanges. (2018). Annual Statistics Guide 2017, 3. Retrieved from https://focus.world-exchanges.org/statistics/articles/wfe-annual-statistics-guidevolume-3
  • World Federation of Exchanges. (2019). Annual Statistics Guide 2018, 4. Retrieved from https://focus.world-exchanges.org/statistics/articles/annual-statistics-guide-2018
  • Zygmanowski, P. (2017). Determinanty rozwoju rynku akcji NewConnect [Determinants of the development of the NewConnect stock market]. Warszawa: CeDeWu.
Typ dokumentu
Bibliografia
Identyfikatory
Identyfikator YADDA
bwmeta1.element.ekon-element-000171593631

Zgłoszenie zostało wysłane

Zgłoszenie zostało wysłane

Musisz być zalogowany aby pisać komentarze.
JavaScript jest wyłączony w Twojej przeglądarce internetowej. Włącz go, a następnie odśwież stronę, aby móc w pełni z niej korzystać.