Listing switch and financial performance of companies: evidence from the Warsaw Stock Exchange

Article Economics

Liquidity and Volatility of Stocks Moved from the Main Market to the Alternative Investment Market (AIM)

Mona Mortazian

Summary: The study shows that moving from the Main market of London Stock Exchange to the AIM results in decreased liquidity and volatility of stocks, with these effects being sustained over a long period of time.

ASIA-PACIFIC FINANCIAL MARKETS (2022)

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Article Business, Finance

Correlation ambiguity, listing choice, and market microstructure

Junyong He et al.

Summary: This paper investigates the implication of correlation ambiguity on investor behavior, asset pricing, and issuers' listing choices from a market microstructure perspective. The study finds that a crafted design of specific features of the microstructure can effectively reduce perceived ambiguity and induce more naive investors' participation, thereby improving market liquidity, lowering the cost of capital, and attracting more new listings.

JOURNAL OF MANAGEMENT SCIENCE AND ENGINEERING (2022)

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Article Economics

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

Dorota Podedworna-Tarnowska et al.

Summary: The aim of this study is to evaluate the market reaction to companies transferring from the alternative market to the regulated market of the Warsaw Stock Exchange. The findings suggest that the transfer itself leads to a negative market reaction, but the announcement and institutional confirmation of the transfer create positive market reactions. Additionally, the transfer of companies improves the liquidity of the shares.

ECONOMICS AND BUSINESS REVIEW (2022)

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Article Business, Finance

The global financial crisis and stock market migrations: An analysis of family and non-family firms in Germany

Wolfgang Bessler et al.

Summary: Following the global financial crisis, family firms in Germany were more likely than non-family firms to transfer to a lower stock market segment due to lower investments, decreased growth opportunities, operating performance, and stock market quality. On the other hand, non-family firms often transferred due to lower performance and financial difficulties.

INTERNATIONAL REVIEW OF FINANCIAL ANALYSIS (2021)

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Article Business