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Proposal of Indicators Measuring the Development of Companies Qualified to the NewConnect Focus Segment (Wskazniki pomiaru stopnia rozwoju spolek kwalifikowanych do segmentu NewConnect Focus)

Author

Listed:
  • Piotr Zygmanowski

    (Department of Monetary Policy and Financial Markets, Poznan University of Economics and Business)

  • Pawel Sliwinski

    (Associate Professor, Poznan University of Economics and Business, Department of International Finance)

Abstract

It is common opinion among the financial media and a wide range of investors in Poland that the NewConnect (NC) market is not an attractive place for investments. The NC market is dominated by penny companies with low liquidity of shares that encounter significant problems with fulfilling information obligations. This paper disputes this view by referring to companies from the NewConnect market. The authors aim at identifying new solutions, to improve the perception of the NewConnect market among all groups of its participants. These include the construction of new NC indicators: i) an indicator designed to measure the development level of companies from the NC Focus segment (NCGI-Focus) and ii) an indicator measuring the degree of changes in the market value of issuers from the same segment (NCFocusValue). This is supplemented by empirical results.

Suggested Citation

  • Piotr Zygmanowski & Pawel Sliwinski, 2019. "Proposal of Indicators Measuring the Development of Companies Qualified to the NewConnect Focus Segment (Wskazniki pomiaru stopnia rozwoju spolek kwalifikowanych do segmentu NewConnect Focus)," Problemy Zarzadzania, University of Warsaw, Faculty of Management, vol. 17(83), pages 197-211.
    • Handle: RePEc:sgm:pzwzuw:v:17:i:83:y:2019:p:197-211
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    More about this item

    Keywords

    NewConnect; alternative stock exchange; NC Focus; stock market indicator; stock market index;
    All these keywords.

    JEL classification:

    • G11 - Financial Economics - - General Financial Markets - - - Portfolio Choice; Investment Decisions
    • G14 - Financial Economics - - General Financial Markets - - - Information and Market Efficiency; Event Studies; Insider Trading
    • G18 - Financial Economics - - General Financial Markets - - - Government Policy and Regulation
    • G23 - Financial Economics - - Financial Institutions and Services - - - Non-bank Financial Institutions; Financial Instruments; Institutional Investors

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