Proposal of Indicators Measuring the Development of Companies Qualified to the NewConnect Focus Segment (Wskazniki pomiaru stopnia rozwoju spolek kwalifikowanych do segmentu NewConnect Focus)

Piotr Zygmanowski () and Pawel Sliwinski ()
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Piotr Zygmanowski: Department of Monetary Policy and Financial Markets, Poznan University of Economics and Business
Pawel Sliwinski: Associate Professor, Poznan University of Economics and Business, Department of International Finance

Problemy Zarzadzania, 2019, vol. 17, issue 83, 197-211

Abstract: It is common opinion among the financial media and a wide range of investors in Poland that the NewConnect (NC) market is not an attractive place for investments. The NC market is dominated by penny companies with low liquidity of shares that encounter significant problems with fulfilling information obligations. This paper disputes this view by referring to companies from the NewConnect market. The authors aim at identifying new solutions, to improve the perception of the NewConnect market among all groups of its participants. These include the construction of new NC indicators: i) an indicator designed to measure the development level of companies from the NC Focus segment (NCGI-Focus) and ii) an indicator measuring the degree of changes in the market value of issuers from the same segment (NCFocusValue). This is supplemented by empirical results.

Keywords: NewConnect; alternative stock exchange; NC Focus; stock market indicator; stock market index (search for similar items in EconPapers)
JEL-codes: G11 G14 G18 G23 (search for similar items in EconPapers)
Date: 2019
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Persistent link: https://EconPapers.repec.org/RePEc:sgm:pzwzuw:v:17:i:83:y:2019:p:197-211

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