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Przyczyny wykluczenia spółek z rynku NewConnect
Studia prawno-ekonomiczne, 2021 (120), p.161-178
Copyright Lódzkie Towarzystwo Naukowe 2021 ;ISSN: 0081-6841 ;EISSN: 2450-8179 ;DOI: 10.26485/SPE/2021/120/9
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Title:
Przyczyny wykluczenia spółek z rynku NewConnect
Author:
Frydrych, Sylwia
Subjects:
Bankruptcy
;
Companies
;
Economy
;
Literature reviews
;
Research methodology
;
Stock exchanges
;
Stock market delistings
;
Trading
Is Part Of:
Studia prawno-ekonomiczne, 2021 (120), p.161-178
Description:
Background: The article discusses the reasons for delisting companies from NewConnect, an alternative trading system operated by the Warsaw Stock Exchange (WSE) outside the regulated market. We focus on the important role of a company’s debut on the NewConnect market before it appears on the WSE Main Market. Research purpose: The aim of the article is to analyze the reasons for delisting companies from the NewConnect market in 2008–2020, taking into account the type of the offer and the number of delisted companies in relation to the IPO carried out between 2007 and 2020. The number of days from the debut date to the date of delisting the company from NewConnect was checked, taking into account the reasons for the removal. The article also analyzes the company’s status, which was the reason for the transfer to the WSE Main Market. The share of companies that were delisted from the regulated market of the WSE after changing stock exchange was also checked. Therefore, the thesis was adopted that companies debut on NewConnect to change the trading floor to the WSE Main Market in the future. Methods: The most important research method used is a critical review of the literature and analysis of source data and legal acts regarding the functioning of the WSE Main Market and NewConnect. Observation and logical inference was also used.Conclusions: The most common reasons for delisting companies from NewConnect between 2008 and 2020 include security of trading, transfer to the WSE Main Market, and liquidation bankruptcy. The share of delisted companies, whose debuts were recorded in the first five years of operation on the NewConnect market, dominates. The article shows that 97% of the companies that were transferred from NewConnect to the WSE Main Market introduced financial instruments to trading through a non-public offering. The change of trading floor took place, on average, after 3.3 years. Over 80% of the companies that changed their listing to the WSE Main List remain active on the regulated market
Publisher:
Lódz: Łódzkie Towarzystwo Naukowe
Language:
Polish
Identifier:
ISSN: 0081-6841
EISSN: 2450-8179
DOI: 10.26485/SPE/2021/120/9
Source:
AUTh Library subscriptions: ProQuest Central
CEEOL: Open Access
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