Editorial Director
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PRESENTATION ARCHIVES
  N°125  
Issue Q1 2011  
Corporate drivers of market liquidity on the Warsaw stock exchange  
Renaud Beaupain
Robert Joliet
 
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. Abstract

   
MARKET LIQUIDITY ; TRANSACTION COSTS ; MARKET DEPTH ; CORPORATE FINANCIAL SIGNALS ; WARSAW STOCK EXCHANGE ; Keywords
C21 ; G15 ; G30 ; JEL classification
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