scholarly journals NewConnect as an alternative trading system

Equilibrium ◽  
2010 ◽  
Vol 5 (2) ◽  
pp. 103-115 ◽  
Author(s):  
Magdalena Schweda
Keyword(s):  
Lower Cost ◽  
Stock Exchange ◽  
Stock Exchanges ◽  
Trading System ◽  
Alternative Source ◽  
Great Opportunity ◽  
Short Period ◽  
Warsaw Stock Exchange ◽  
Market Operation ◽  
A Company

The present paper is focused on NewConnect that is a new market organized and operated by the Warsaw Stock Exchange next to the main regulated market. On 30 August 2009 this new trading platform celebrated the second anniversary of its functioning. Because of short period of its operation, NewConnect still remains unknown and mysterious for both: potential issuers and investors as well as for many individuals interested in stock exchanges and capital markets. This common ignorance of NC Market operation is an essential obstacle to its development whereas NewConnect has the chance to become the significant part of Polish capital market. It is intended for young dynamic Polish and foreign entities as an alternative source of capital required for financing of small and very innovative companies and investments It gives them a chance to raise capital at a lower cost. On the other hand, investors gain great opportunity to become shareholders in a company with the prospects of success. The aim of this paper is to present basic information about NC Market, its rules, participants as well as to provide some statistics of NewConnect functioning from its beginning in August 2007 until the end of August 2009.

scholarly journals Alternative Securities Markets as Financing Sources for SMEs – Selected Aspects of AIM and NC

2017 ◽  
Author(s):  
Joanna Małecka
Keyword(s):  
Financial Market ◽  
Capital Market ◽  
Stock Exchange ◽  
Annual Reports ◽  
Stock Exchanges ◽  
Special Focus ◽  
Growing Stock ◽  
Warsaw Stock Exchange ◽  
Market Operation ◽  
The Uk

Small and medium-sized enterprises are the foundation for the development of each contemporary national economy. Their number affects macroeconomic indices of economies and directly translates into the labour market created by SMEs. This article aims to investigate the key conditionings behind the macroeconomic significance and legal factors of the financial market operation in Poland and the UK, with particular emphasis on the stock exchange as the fundamental element of the capital market. Both AIM and NewConnect are platforms dedicated to SMEs, which have been allowed easier access to this capital market segment by minimising mandatory legal conditions. This study analyses the number of listed companies and their capitalisation values in 1999–2015, covering: the rules of the financial market operation, with a special focus on the legal bases of the stock market operation in the economies investigated; legal conditions for the development of this economic segment; and a detailed analysis of the number of participants and capitalisation values achieved on the Warsaw and London Stock Exchanges, in particular AIM and NewConnect. This paper builds on source data from various annual reports and stock exchange publications drawn up and made available by stock exchanges and financial supervisors. The attempt to compare the indices and capacities of the WSE and the NC with the biggest European player is motivated by the fact that the Warsaw Stock Exchange is classified as the largest and most dynamically growing stock exchange in Central and Eastern Europe.

Market microstructure: a comparative study of Bombay stock exchange and national stock exchange

2020 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Anshi Goel ◽  
Vanita Tripathi ◽  
Megha Agarwal
Keyword(s):  
Market Microstructure ◽  
Capital Market ◽  
Stock Exchange ◽  
Arima Model ◽  
Unit Root Test ◽  
Stock Exchanges ◽  
Investment Strategies ◽  
Trading System ◽  
Content Type ◽  
Trading Mechanism

PurposeThe present study seeks to investigate the relative edge between the market microstructure of the two leading stock exchanges of the Indian capital market, that is BSE and NSE with a focus on analysing their trading mechanism, efficiency, liquidity and volatility.Design/methodology/approachWe analyse the microstructure of BSE and NSE on the basis of: (1) trading mechanism – ownership structure, listing of securities, trading system and settlement and clearing process; (2) information efficiency using unit root test, serial correlation, runs test, variance ratio and the ARIMA model; (3) liquidity using trading statistics no. of listed Companies, market capitalisation, no. of trades etc. and (4) volatility using standard deviation and GARCH(1,1) model.FindingsA comprehensive scrutiny on microstructure of BSE and NSE makes it evident that the two leading stock exchanges of India are mostly similar and leave no scope to choose between them. Both the exchanges are demutualised corporate entities with a fully automated trading system in an order-driven market, informationally inefficient as evidenced by the predictability of returns, have shown tremendously growing trading statistics and by and large a declining trend in volatility over the years.Practical implicationsUnderstanding the components of the microstructure black-box will provide the regulatory bodies with an intellectual framework to strengthen the market architecture. Both the exchanges will get aware of the dynamics of trading, can grow to be more competitive and attract more firms for listing and investors for trading of securities. Also, investors, portfolio managers and equity analysts will be able to make better investment strategies by understanding how the market works.Originality/valueResearch in the area of market microstructure has been severely neglected, especially in the context of the Indian market. India is the world's fastest growing economies and we have witnessed tremendous reforms in the capital market. The past two and a half decades have brought about several innovations via demutualisation, screen-based trading, emergence of clearing corporations, innovative financial products and intense use of IT in the Indian stock market. A spurt of reforms and the emerging environment make it crucial to deeply analyse the market structure and design of two premier stock exchanges of India – BSE and NSE.

scholarly journals Is There Any Relation between Intellectual Capital and the Capital Structure of a Company? The Case of Polish Listed Companies

e-Finanse ◽  
2015 ◽  
Vol 11 (4) ◽  
pp. 23-33
Author(s):  
Monika Bolek ◽  
Katerina Lyroudi
Keyword(s):  
Capital Structure ◽  
Intellectual Capital ◽  
Intangible Assets ◽  
Stock Exchange ◽  
Equity Capital ◽  
Warsaw Stock Exchange ◽  
Relationship Of ◽  
The Relationship ◽  
A Company ◽  
The Capital Structure

Abstract This study investigates the relationship of the intellectual capital of a company (proxied by its intangible assets), with leverage and equity and capital structure. Our empirical results indicate that there is a negative relation between the intellectual capital (intangible assets) of a company and its leverage based on the Warsaw Stock Exchange main market and NewConnect alternative market. Moreover, the equity capital is found positively related to the level of intangibles in each of the two markets. These results support the thesis that intellectual capital (intangible assets) influences the capital structure of a company.

scholarly journals Are the Key Persons in Companies also their Key Assets? Evidence from a Transition Economy

2020 ◽  
Vol 31 (5) ◽  
pp. 536-546
Author(s):  
Katarzyna Byrka-Kita ◽  
Mateusz Czerwiński ◽  
Renata Gola
Keyword(s):  
Positive Reaction ◽  
Succession Planning ◽  
Transition Economy ◽  
Stock Exchange ◽  
Investment Strategies ◽  
Upper Echelons Theory ◽  
Warsaw Stock Exchange ◽  
A Company ◽  
Investor Reaction ◽  
Practical Implications

This study examines how published information about the death of a key person in a company has affected its market valuation as listed on the Warsaw Stock Exchange during the period 2005–2017. We find that investors reacted negatively and statistically significantly to information about the death of a key person. Furthermore, we confirmed a positive reaction to the loss of a so-called “entrenched CEO”. The same pattern of investor reaction is observed in more mature markets. These findings seem to support the upper echelons theory and entrenchment hypothesis. The obtained results not only contribute to the development of the theory, but also have significant practical implications. Primarily, investors should take into account such events when they are implementing investment strategies. Further, these results suggest that Polish firms need to undertake more formal succession planning for their executives.

scholarly journals Classification of companies into stock exchange quotation markets using network metrics

2020 ◽  
Vol 2020 (2) ◽  
pp. 275-292
Author(s):  
Dariusz Siudak
Keyword(s):  
Stock Market ◽  
Market Efficiency ◽  
Stock Exchange ◽  
Interlocking Directorates ◽  
Stock Market Efficiency ◽  
Warsaw Stock Exchange ◽  
Board Directors ◽  
Network Metrics ◽  
A Company

The classification of a company into the relevant quotation market is an essential part of stock market efficiency. The aim of the article is to predict the classification of enterprises into the two types of quotation markets on the Warsaw Stock Exchange (i.e. the main one and NewConnect) by means of network measures of the company’s participation in interlocking directorates’ networks. The research was carried out on a network of enterprises established on the basis of their relationships through shared board directors. This network included 460 companies listed on the main exchange, and 442 companies in the NewConnect markets of the Warsaw Stock Exchange respectively (a total of 902 entities) at the end of 2014. The aim of the study is to classify the companies into the appropriate quotation market on the Warsaw Stock Exchange, i.e. the main market (WSE) or NewConnect (NC)

scholarly journals Determinants of audit fees: Evidence from Poland

2020 ◽  
Vol 6 (53) ◽  
pp. 323-336
Author(s):  
Karol Rewczuk ◽  
Piotr Modzelewski
Keyword(s):  
Western Europe ◽  
Central And Eastern Europe ◽  
Stock Exchange ◽  
Financial Statements ◽  
Audit Fees ◽  
The United States ◽  
Accounting Firms ◽  
Warsaw Stock Exchange ◽  
A Company ◽  
Big Four

AbstractUnlike many studies concerning audit fees in Western Europe or the United States, literature concerning this kind of research is very limited in Central and Eastern Europe. This study aimed to show what factors shape audit fees in Poland. It was conducted based on data collected from the financial statements of 111 companies listed on the Warsaw Stock Exchange in 2018. The study used a linear regression model to verify the determinants of audit fees. The research results indicate a positive relationship between audit fees and company size, measures of complexity (in addition to the ratio of inventories and receivables to total assets) and the fact that a company is audited by the ‘Big Four’ accounting firms.

scholarly journals Evaluating Post Merger Pakistan Stock Exchanges’ Market Efficiency

2021 ◽  
Vol 3 (2) ◽  
pp. 127-137
Author(s):  
MUHAMMAD AMIN KHAN ◽  
IHTESHAM KHAN ◽  
DR. ADNAN AHMAD
Keyword(s):  
Financial Markets ◽  
Market Efficiency ◽  
Portfolio Management ◽  
Stock Exchange ◽  
Abnormal Returns ◽  
Stock Exchanges ◽  
Market Information ◽  
Investment Environment ◽  
Great Opportunity ◽  
Markets And Institutions

The development and the formation of financial markets and institutions is indeed very instrumental for causing the robust economic growth. Although, as a fact the security prices are readily fluctuated by the market information known as market efficiency, making it a riskier investment. Subsequently, the investors accept the undiversifiable risk (Systematic risk) and cancel out the diversifiable risk (Unsystematic risk) through active diversified Portfolio Management, such a portfolio of securities, selected through market information reflects market efficiency. Thus, this study investigates the post- merger market efficiency for the Pakistan stock exchange as the three stock exchanges of the country has recently merged into Pakistan stock exchange. The analysis is based on event methodology, covering the pre-post-merger accumulated daily abnormal returns for a duration of 90 days (three months). Thus, the study proofs with respect to the accumulated daily abnormal returns, that the merger has increased the market efficiency. Consequently, the study supports the extant literature on merger and related market efficiency and provides another empirical evidence with respect to a developing country such as Pakistan. Rationally, the recent increase in the market efficiency will assure the supply of correct market information; consequently, boosting confidence of all investors and the regulators have a great opportunity to pursue continuous improvement in the present regulatory polices to promote healthy investment environment and increase the national revenue as well.

THE SIGNIFICANCE OF PERSONNEL POLICY IN CREATING THE COMPETITIVE POSITION OF FOOD INDUSTRY ENTERPRISES IN POLAND

2020 ◽  
Vol 21 (2) ◽  
pp. 107-122
Author(s):  
Katarzyna Styma-Sarniak ◽  
Łukasz Sarniak
Keyword(s):  
Food Industry ◽  
Stock Exchange ◽  
Secondary Data ◽  
Research Problem ◽  
Topsis Method ◽  
Pilot Studies ◽  
Personnel Policy ◽  
Competitive Position ◽  
Warsaw Stock Exchange ◽  
A Company

The research examines the significance of human resources in the process of creating a market position of a company. The research covered 16 food industry companies listed on the Warsaw Stock Exchange in 2017. Using the TOPSIS method twice, the competitive position of enterprises was determined. First of all, on the basis of secondary data and the state of art, an initial ranking was established, drafted according to four features determining the competitive position of enterprises. Secondly, proper ranking was determined according to identical features and additional factors determining the company’s personnel policy. As a result, the surveyed entities were mapped to four classes and compared. The obtained results indicate that the personnel policy has a significant impact on the competitive position of enterprises from the food industry. The article presents only pilot studies. An analysis of other sectors of the economy seems to be an interesting research problem.

scholarly journals EVALUATION OF FUNDAMENTAL STRENGTH OF FOOD COMPANIES ON THE WARSAW STOCK EXCHANGE

2017 ◽  
Vol 16 (1) ◽  
pp. 93-100
Author(s):  
Waldemar Tarczyński ◽  
Małgorzata Tarczyńska-Łuniewska
Keyword(s):  
Comparative Analysis ◽  
Stock Exchange ◽  
Universal Method ◽  
Food Sector ◽  
Warsaw Stock Exchange ◽  
A Company

The article presents the proposal to apply the (universal) method of assessing the fundamental strength of a company with an example of the Polish food sector. The proposed method belongs to the group of methods of multidimensional comparative analysis and is applicable to the directly immeasurable categories (economic and financial standing, fundamental strength). The problem to be solved is the method of measuring the fundamental strength (attractiveness) of a company. The aim of the paper is to assess the fundamental strength of the food companies in Poland and to identify areas of use the results of research in practical analyses. The article describes how to construct such a measure and how to use it practically. The empirical example included data of food firms listed on the Warsaw Stock Exchange over years 2010–2014. The article presents method for assessing the investment attractiveness of enterprises comprising the food sector in terms of their fundamental strength, namely the long-term investment in their shares.

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