Stock prices sensitivity on the information published by listed companies

Agata Strzelczyk

Abstract

The dissertation examines the impact of public information published by companies listed on the stock exchange on their shares prices. The paper presents a categorization of messages made public via the ESPI system by companies listed on the Main Market of the Warsaw Stock Exchange. Three types of communicates have been selected for further analysis: information on dividends, ratings and insider transactions. It has been shown that some of these messages may affect the share price of companies, this impact may differ depending on the market cycle and company characteristics. The paper consists of seven chapters, introduction and conclusion. The first chapter is devoted to the analysis of the legal and economic aspects of the Polish stock market. The second chapter discusses the informational obligations imposed on listed companies and entities closely related to them. The next section presents the results of selected studies on the effect of information on share price of listed companies. The fourth chapter presents the results of analysis of the messages published by the companies and their categorization. The next section discusses the research methodology used in the dissertation. The last two chapters present the results of conducted studies both overall and divided by company’s characteristics and the market factor such as capitalization, share price volatility and business sector
Diploma typeDoctor of Philosophy
Author Agata Strzelczyk
Agata Strzelczyk,,
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Title in EnglishStock prices sensitivity on the information published by listed companies
Languagepl polski
Certifying UnitFaculty of Economic Sciences (ES)
Disciplinefinanse / nauki ekonomiczne(nauki ekonomiczne) / nauki społeczne()
Defense Date25-06-2015
Supervisor Stefan Forlicz
Stefan Forlicz,,
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Internal reviewers Wiesław Łuczyński
Wiesław Łuczyński,,
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External reviewers Adam Czerwiński
Adam Czerwiński,,
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Pages264
Keywords in EnglishStock market, public information, rating, dividend, insider
Abstract in EnglishThe dissertation examines the impact of public information published by companies listed on the stock exchange on their shares prices. The paper presents a categorization of messages made public via the ESPI system by companies listed on the Main Market of the Warsaw Stock Exchange. Three types of communicates have been selected for further analysis: information on dividends, ratings and insider transactions. It has been shown that some of these messages may affect the share price of companies, this impact may differ depending on the market cycle and company characteristics. The paper consists of seven chapters, introduction and conclusion. The first chapter is devoted to the analysis of the legal and economic aspects of the Polish stock market. The second chapter discusses the informational obligations imposed on listed companies and entities closely related to them. The next section presents the results of selected studies on the effect of information on share price of listed companies. The fourth chapter presents the results of analysis of the messages published by the companies and their categorization. The next section discusses the research methodology used in the dissertation. The last two chapters present the results of conducted studies both overall and divided by company’s characteristics and the market factor such as capitalization, share price volatility and business sector
Thesis file
Strzelczyk_A_Wrazliwosc_Kursow_Akcji_Na_Upubliczniane.pdf 1,99 MB
Reviews
Strzelczyk_A_Recenzja_Czerwinski_A.pdf 2,13 MB
Strzelczyk_A_Recenzja_Luczynski_W.pdf 1,27 MB

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