Reakcje cenowe w debiucie na NewConnect. Znaczenie asymetrii informacji

• Autorzy: Dominika Hadro , Marek Pauka

Warianty tytułu

Stock Price Reactions After Entering the NewConnect Market. The Role of Information Asymmetry

• Języki publikacji: PL

Abstrakty

EN

In the past thirty years, many European countries have attempted to create and develop capital markets for small and medium-sized enterprises. In 2007, the Warsaw Stock Exchange launched NewConnect, which is an alternative investment market. Especially until 2013, it was characterized by the increased information asymmetry, low entry requirements and low liquidity. Despite this, the market in the first five years became an opportunity to raise capital for almost half a thousand enterprises. The vast majority of them issued capital through private placements, which were then introduced to trading on the NewConnect market. The first aim of our study was to analyse share price reaction shortly after entering the market (on the first day of trading and then up to one year) and compare it with the existing theories and results of previous empirical research. Further, we were searching for a relationship between the share rates of return in different time periods (underpricing and long-term rates of return in relation to the first day of trading) and both issuers' and shares' issues characteristics. We observed the phenomenon of price differentiation in private placements before entering the market, which we called the effect of a reverse cascade. Our main conclusion indicates that just after the entering the market there was an enormous level of underpricing in comparison to other stock markets. However, in the first year, only informed investors could consume positive abnormal returns.(original abstract)

Słowa kluczowe

PL

Rynek NewConnect; Informacja; Ryzyko

EN

NewConnect market; Information; Risk

• Czasopismo: Monografie i Opracowania Uniwersytetu Ekonomicznego we Wrocławiu
• Rocznik: 2018
• Numer: nr 283
• Strony: 175

Twórcy

autor

Dominika Hadro

• Uniwersytet Ekonomiczny we Wrocławiu

autor

Marek Pauka

• Uniwersytet Ekonomiczny we Wrocławiu

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