Stock Market Liquidity and Firms' Dividend Policy on the Warsaw Stock Exchange

2016 ◽  
Author(s):  
Szymon Stereeczak
Keyword(s):  
Stock Market ◽  
Dividend Policy ◽  
Stock Exchange ◽  
Market Liquidity ◽  
Warsaw Stock Exchange ◽  
Stock Market Liquidity

scholarly journals State-Dependent Stock Liquidity Premium: The Case of the Warsaw Stock Exchange

2020 ◽  
Vol 8 (1) ◽  
pp. 13
Author(s):  
Szymon Stereńczak
Keyword(s):  
Stock Market ◽  
Emerging Markets ◽  
Stock Returns ◽  
Stock Exchange ◽  
Market Liquidity ◽  
Liquidity Premium ◽  
Stock Liquidity ◽  
Holding Period ◽  
State Dependent ◽  
Warsaw Stock Exchange

The effect of stock liquidity on stock returns is well documented in the developed capital markets, while similar studies on emerging markets are still scarce and their results ambiguous. This paper aims to analyze the state-dependent variance of liquidity premium in the Polish stock market. The Polish capital market may serve as a benchmark for other emerging markets in the region of Central and Eastern Europe, hence the results of this research should be of great interest for investors and policy makers in Poland and other post-communist European countries. In the empirical, study a unique empirical methodology has been applied, which guarantees the uniqueness of the results obtained. The results obtained suggest that on the Polish stock market exists stock liquidity premium, which is statistically significant, but constitutes only a small fraction of returns. It also does not increase during periods of bearish market, what results from the lengthening of average holding period when market liquidity decreases.

The Impact of Investor Sentiment on Stock Market Liquidity: The Mediating Role of Investor Herding Behavior “An Empirical Study on the Egyptian Stock Exchange”

2021 ◽  
pp. 31-60
Author(s):  
A. H. El-Gayar ◽  
◽  
I. A. El-Hayes ◽  
S. Metawa ◽  
◽  
...  
Keyword(s):  
Stock Market ◽  
Empirical Study ◽  
Mutual Fund ◽  
Stock Exchange ◽  
Investor Sentiment ◽  
Theoretical Background ◽  
Market Liquidity ◽  
Indirect Impact ◽  
Stock Market Liquidity ◽  
The Impact

Behavioral finance is a recent approach in financial markets that have appeared because of the complexities long faced by the traditional or neoclassical finance theory. This paper investigates the influence of investor sentiment and herding behaviour on stock market liquidity using an empirical study on the Egyptian Stock Market. We examine the direct impact of Egyptian investor sentiment on the Egyptian Stock Market liquidity. As well as the indirect impact of the Egyptian investor sentiment on the Egyptian Stock Market liquidity through the Egyptian investor herding behaviour. Therefore, the major contribution is filling the gap of indirect sentiment-liquidity impact conflict. We use the monthly data of the EGX30 index from January 2004 up to December 2018 for building up investor sentiment index, investor herding behaviour, and stock market liquidity measures. Moreover, we are using two additional types of data (closed-end mutual fund discounts and the equity open-end mutual fund flows) that represent major measures which are used to build up investor sentiment index ranging through the same time-series of the previously mentioned period of this paper. Additionally, we use four control variables for stock market liquidity, namely market volatility, excess market return, term spread, and lag of the dependent variable, considering that the fourth variable is also used for investor herding behaviour. Our result shows that the investor sentiment index has both a direct and indirect impact on stock market liquidity. In addition, regarding event study analysis’ results, there are different signs of the direct and indirect impacts and different correlations between the research variables throughout the four different events that differ completely from the usual signs and correlations of the theoretical background.

scholarly journals The Moderating Role of Information Asymmetry in the Relationship between Stock Market Liquidity and Institutional Investors: A Case of Textile Sector in Pakistan Stock Exchange

2019 ◽  
Vol IV (I) ◽  
pp. 10-18
Author(s):  
Muhammad Arif
Keyword(s):  
Stock Market ◽  
Information Asymmetry ◽  
Institutional Investors ◽  
Stock Exchange ◽  
Market Liquidity ◽  
Significance Level ◽  
Stock Market Liquidity ◽  
Role Of Information ◽  
Textile Sector

The study focused on the moderation role of information asymmetry (IA) that plays a vital role between Stock market liquidity (SML) and Institutional investors (I.I) in textile sector of Pakistan stock exchange (PSX). Among total population of 155 companies, a sample of 150 textile companies is chosen with the help of convenient sampling technique for a period of 10 years (2009-2018). The results of Pre-moderation panel data regression analysis show that there is insignificant effect of I.I on SML while size (SZ), leverage (LEV) and growth (GR) have significant effect on SML. Further, post-moderation effect of IA, which is the uniqueness of the study, indicates a stronger significant effect of SZ, LEV and GR on SML as compare to pre-moderation regression results, which evident that IA do has a significant role between explanatory variables and SML. The results of the study are supporting the signaling theory on the base of moderation of IA that increases the significance level between I.I and SML.

scholarly journals Characteristics identifying the companies conducting different dividend policy: evidence from Poland

Equilibrium ◽  
2020 ◽  
Vol 15 (1) ◽  
pp. 63-85
Author(s):  
Aleksandra Pieloch-Babiarz
Keyword(s):  
Stock Market ◽  
Dividend Policy ◽  
Stock Exchange ◽  
Value Added ◽  
Holistic Approach ◽  
Point Of View ◽  
Capital Growth ◽  
Different Types ◽  
Warsaw Stock Exchange ◽  
Research Gap

Research background: Dividend policy has been a subject of many scientific studies. Although most of them focus on its determinants, there is still a research gap concerning the lack of comprehensive research on the differences between companies implementing different types of dividend policy. Furthermore, no at-tempt has been made to indicate which of them could be considered as more attractive for stock market investor that invests in dividend stocks. Purpose of the article: The aim of this paper is to carry out a comparative analysis of companies with different dividend policy from the point of view of their investment attractiveness. Methods: The empirical research is conducted among the regular dividend payers listed on the main market of the Warsaw Stock Exchange in years 2001–2017. The data for analysis is collected from Notoria Service and Stock Market Yearbooks. The main calculations are carried out using the technique for order of preference by similarity to ideal solution (TOPSIS), descriptive statistics and one-way analysis of variance ANOVA with Fisher’s LSD test. Findings & Value added: The value added of this paper is a holistic approach to comparison of companies conducting different dividend policy. The most significant differences are observed in case of extreme and residual dividend policy. The first policy should be of particular interest to investors investing for dividends, while the second one should be attractive to investors that invest for capital growth. The research is valuable due to the lack of academic studies concerning different dividend policy in the context of attractiveness of investing in dividend shares.

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