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1 Gospodarka Narodowa. The Polish Journal of Economics

1 2006

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Reakcja rynku kapitałowego na ogłoszenie wezwania do sprzedaży akcji notowanych na Warszawskiej Giełdzie Papierów Wartościowych

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Michalewski M. , Palica Z.

Gospodarka Narodowa. The Polish Journal of Economics

2006

tom 205

nr 1-2

77-93

The authors set out to examine the reactions of the Polish capital market to public bids for the sale of listed stock. The basic method for evaluating the results of public bids for shareholders was an analysis of the rates of return for investment in shares in relation to the date of the bid. In their research, the authors limited themselves to analyzing the reactions of the capital market to transactions involving public bids. The article discusses the results of research on a sample of 140 cases, with a specific date of the public bid and the behavior of stock quotations. The study shows that the bids substantially influenced rates of return for shares on the Polish capital market. Investments ranging from 30 days prior to the bid to 30 days after the bid usually yielded positive rates of return. Moreover, the first public bids on the Polish market, as a new trend, usually yielded higher rates of return than the next bids because the market quickly grew accustomed to them. The behavior of the Polish market-whereby relatively high rates of return continue for about two weeks after the bid-is in line with mature market standards.