Firm-Initiated and Exchange-Initiated Transfers to Continuous Trading: Evidence from the Warsaw Stock Exchange
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.
1. Managing and Coping with Transition Part 1: Setting the Context 2. New Poverty and Old Poverty: Livelihoods and Transition in Laos 3. Subsistence Affluence or Subsistence Struggle? Unpicking tradition and Illuminating the Past 4. Poverty, Inequality and Exclusion Part 2: Constructing the Argument 5. The Best of Intentions: Policy-Induced Poverty 6. Market-Induced Poverty: Market Integration and Social Differentiation 7. Making Livelihoods Work Part 3: Putting It Together 8. Summarising the Case Bibliography Appendices