Firm-Initiated and Exchange-Initiated Transfers to Continuous Trading: Evidence from the Warsaw Stock Exchange

26 Pages Posted: 9 May 2004

See all articles by Harald Henke

Harald Henke

European University Viadrina, Frankfurt (Oder)

Beni Lauterbach

Bar-Ilan University - Graduate School of Business Administration; European Corporate Governance Institute (ECGI)

Multiple version iconThere are 2 versions of this paper

Date Written: January 2005

Abstract

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 desire so to move their stock to continuous trading.

JEL Classification: G12, G14

Suggested Citation

Henke, Harald and Lauterbach, Beni, Firm-Initiated and Exchange-Initiated Transfers to Continuous Trading: Evidence from the Warsaw Stock Exchange (January 2005). Available at SSRN: https://ssrn.com/abstract=494863 or http://dx.doi.org/10.2139/ssrn.494863

Harald Henke (Contact Author)

European University Viadrina, Frankfurt (Oder) ( email )

Department of Finance and Capital Market Theory
Gr. Scharrnstr. 59
15230 Frankfurt (Oder)
Germany

Beni Lauterbach

Bar-Ilan University - Graduate School of Business Administration ( email )

Ramat Gan
Israel

European Corporate Governance Institute (ECGI) ( email )

c/o the Royal Academies of Belgium
Rue Ducale 1 Hertogsstraat
1000 Brussels
Belgium

Do you have a job opening that you would like to promote on SSRN?

Paper statistics

Downloads
91
Abstract Views
1,456
rank
345,946
PlumX Metrics