![Firm-initiated and exchange-initiated transfers to continuous trading: Evidence from the Warsaw Stock Exchange [An article from: Journal of Financial Markets]](https://www.ebooknetworking.net/books/B00/0RR/bigB000RR83T6.jpg)
Firm-initiated and exchange-initiated transfers to continuous trading: Evidence from the Warsaw Stock Exchange [An article from: Journal of Financial Markets]
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Book Details
Author(s)
H. Henke, B. Lauterbach
Publisher
Elsevier
ISBN / ASIN
B000RR83T6
ISBN-13
978B000RR83T5
Marketplace
France 🇫🇷
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Description
This digital document is a journal article from Journal of Financial Markets, published by Elsevier in . The article is delivered in HTML format and is available in your Amazon.com Media Library immediately after purchase. You can view it with any web browser.
Description:
We examine 59 transfers from call auctions to continuous trade on the Warsaw Stock Exchange. The transferred stocks experience an average excess return of about 13%, which can be partly explained by their significant liquidity improvements. Significant liquidity and value reactions are also found in a subsample of transfers initiated by the companies themselves. We are the first to study firm-initiated transfers to continuous trading, and our evidence suggests that exchanges should allow firms that so desire to move their stock to continuous trading.
Description:
We examine 59 transfers from call auctions to continuous trade on the Warsaw Stock Exchange. The transferred stocks experience an average excess return of about 13%, which can be partly explained by their significant liquidity improvements. Significant liquidity and value reactions are also found in a subsample of transfers initiated by the companies themselves. We are the first to study firm-initiated transfers to continuous trading, and our evidence suggests that exchanges should allow firms that so desire to move their stock to continuous trading.
