This paper relates to the initial public off ering problem and companies' profi tability levels before and after this event. In the presented study, profi tability ratios in the year before initial public off ering increase over the previous year, and then, after the IPO, fall. This confi rms the phenomenon of distorting the level of profi t before the IPO and partially equity dilution after the IPO.

Company liquidity management is connected to working capital, which is determined by decisions made at the level of cash, receivables, inventory, and payables. It can be assumed that the greater the liquidity, the higher the net working capital invested in a company; the higher the level of capital, the greater its cost, and thus the lower the ROE and EVA indicators. In such a case, investors monitoring company performance could interpret high liquidity as a negative signal, entailing a fall in the market prices. On the other hand, the greater the liquidity, the higher the flexibility of the company in terms of production and sales, which could provide additional income for the business. Consequently, investors could also interpret high liquidity as a positive sign, with a subsequent rise in the market prices. This paper sets out to examine the relations between the above-mentioned factors to find out how investors interpret corporate liquidity and profitability ratios on the Warsaw Stock Exchange.

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The article discusses the ability of potential growth measures calculated basing on market share prices to predict the future growth of the companies listed on the primary and alternative exchange markets in Poland. Analysing the Polish exchange market and dividing the sample of companies due to the markets they are listed – the Warsaw Stock Exchange Main Market or the NewConnect Alternative Market – brought conclusive results. Company growth measured as the growth of total assets, equity, sales and, what is the most important, earnings per share, is related to the growth opportunity measures and other factors taken into account in the tested models. The differences between the results for the two separate markets are evident and the relationship between growth opportunity measures and the future growth seems to be stronger for larger companies listed on the main market, while the NewConnect smaller companies’ growth is less predictable. We add to the theory of the growth prediction a modified approach by sampling companies according to the exchange they are listed that helps to solve the companies’ “growth puzzle” and supplement the growth theory in the field of factors affecting this process in different growth stages. The originality of the paper is reflected in the modified approach to the problem and distinguishing the stages of development of the company taking into account the Polish stock market.

This research article is aimed at comparing review reports, in which the identity of the reviewers is revealed to the authors of the papers, with those where the reviewers decided to remain anonymous. The review reports are gathered as part of the peer review process of the European Scientific Journal (ESJ). This journal maintains a single-blind peer review procedure and optional open review. Reviewers are familiar with the names of the Revealing Reviewers' Identities as Part of Open Peer Review