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Corporate drivers of market liquidity on the Warsaw Stock Exchange

Author

Listed:
  • R. Beaupain

    (UMR CNRS 8179 - Université de Lille, Sciences et Technologies - CNRS - Centre National de la Recherche Scientifique)

  • J. Joliet

    (UMR CNRS 8179 - Université de Lille, Sciences et Technologies - CNRS - Centre National de la Recherche Scientifique)

Abstract

Following the adoption of a liquidity support programme by the Warsaw Stock Exchange in June 2008, this paper investigates the corporate financial signals on which firms can rely in their communication to investors to enhance the liquidity of their securities in the market. More specifically, this paper takes a new look at the corporate determinants of the liquidity of the shares of Polish firms listed on the WSE. Our analysis notably confirms the role played by corporate financial signals in explaining the cost of transacting and the depth of this market. The reported evidence further identifies the price- to-book ratio as a discriminating variable affecting liquidity in the equity segment of the Exchange.
(This abstract was borrowed from another version of this item.)

Suggested Citation

  • R. Beaupain & J. Joliet, 2011. "Corporate drivers of market liquidity on the Warsaw Stock Exchange," Post-Print hal-00675972, HAL.
    • Handle: RePEc:hal:journl:hal-00675972
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    Cited by:

    1. Priyanka Naik & Y. V. Reddy, 2021. "Stock Market Liquidity: A Literature Review," SAGE Open, , vol. 11(1), pages 21582440209, January.
    2. Fares Alsufy & Malik Abu Afifa & Mohammed Zakaria Soda, 2020. "Mediating Effects of Liquidity in the Relationship between Earnings Quality and Market Value of the Share Price: Evidence from Jordan," Review of Applied Socio-Economic Research, Pro Global Science Association, vol. 19(1), pages 17-32, June.

    More about this item

    Keywords

    market liquidity; transaction costs; market depth; corporate financial signals; Warsaw stock exchange;
    All these keywords.

    JEL classification:

    • C21 - Mathematical and Quantitative Methods - - Single Equation Models; Single Variables - - - Cross-Sectional Models; Spatial Models; Treatment Effect Models
    • G15 - Financial Economics - - General Financial Markets - - - International Financial Markets
    • G30 - Financial Economics - - Corporate Finance and Governance - - - General

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