Information technology investment announcements and market value in transition economies: Evidence from Warsaw Stock Exchange

Dobija, Dorota; Klimczak, Karol Marek; Roztocki, Narcyz; Weistroffer, Heinz Roland

doi:10.1016/j.jsis.2012.07.003

Cited by 33 publications

(52 citation statements)

References 50 publications

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“…The stock market reaction to 66 ICT investment announcements in Poland has been investigated in [11]. For a whole sample there was no evidence of signifi cant reaction, however, after the sample was broken down by fi ve groups of factors (see Figure 1), positive signifi cant reaction was found when ICT was acquired from a global vendor, when announcement was released under conditions of a declining market and in a local language, and when announcement informed about completed ICT investment.…”

Section: Literature Reviewmentioning

confidence: 99%

“…Signifi cant negative reaction has been found when announcement was released under conditions of declining market. When comparing studies [10], [11] investigating transition economies and the other studies examining impact of ICT implementation in developed economies, it is obvious, that the ICT investment announcements under different conditions infl uence stock market in different ways related to the type of economy. In order to highlight the most important differences between reactions to ICT announcement under different conditions in these countries, we used an explanatory model explained by [29], the same model as the one in the above mentioned studies.…”

Section: Literature Reviewmentioning

confidence: 99%

“…This model including fi ve categories of factors within an abnormal return of company under particular conditions was measured ( Figure 1). Based on this model the results of stock market reactions from US as a developed country [19], [30] and transition countries Czech Republic, Hungary, Slovakia [10] and Poland [11] were compared. However, in each of fi ve categories there are more factors infl uencing the impact of ICT investment announcements.…”

Section: Literature Reviewmentioning

confidence: 99%

“…Almost all researchers focused on developed economies as US, but in spite of a wide range of such studies, only few of them focused on transition/emerging economies [1], [11]. Interestingly, especially in these countries ICTs have been identifi ed as an important key in shifting to a market driven economy [11]. Hence, mainly emerging and developing economies are seeking ways to improve productivity and fi nd new sources of growth through new technologies [3].…”

Section: Introductionmentioning

confidence: 99%

“…Through the comparison of two core studies [10], [11] that investigated stock market reaction to ICT investment announcements in four transition economies forming "Visegrad Group": Czech Republic, Hungary, Poland and Slovakia, and several studies that examined ICT's impact in developed economy -US, we provide an overview of different reactions of stock market to ICT investment announcements under different conditions. This is completed by the overview of the incidence of the infl uence of different factors, taking results for different samples from relevant past studies.…”

Section: Introductionmentioning

confidence: 99%

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Stock market reaction to ict implementation: model based on comparison of developed and transition economies

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Section: Literature Reviewmentioning

confidence: 99%

Section: Literature Reviewmentioning

confidence: 99%

Section: Literature Reviewmentioning

confidence: 99%

Section: Introductionmentioning

confidence: 99%

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confidence: 99%

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The Information Content of Equity Block Trades on the Warsaw Stock Exchange: An Estimation of Shares' Returns with the Usage of Simple Linear Regression and Multivariate Adaptive Regression Splines

Kurek

2014

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Equity block trade transactions per se directly relate to the valuation of a company's equity capital. These transactions are executed outside the continuous trading system and single price system, and involve trading of large volumes of shares at an agreed price. This paper investigates the information content of equity block trade transactions for companies constituting the WIG20 index from the Warsaw Stock Exchange in Poland. Two research methods are used: literature review and event study analysis. In the empirical part of the paper two approaches are used to model shares' returns: simple linear regression and multivariate adaptive regression splines. From the conducted research it is concluded that equity block trade transactions carry an important signal for investors acting on a stock exchange: significant abnormal positive (negative) returns follow the execution of the equity block trade, the price of which is higher (lower) than the closing price 2 days before the execution of the transaction.

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Impediments to Enterprise System Implementation over the System Lifecycle: Contrasting Transition and Developed Economies

Soja

Paliwoda‐Pękosz

2013

E J Info Sys Dev Countries

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The main goal of this study is to investigate similarities and differences between impediments to enterprise system (ES) implementation in transition and developed economies. The adopted research approach incorporates the system lifecycle and seeks to examine how the difficulties change across the lifecycle phases. The research builds on the opinions of ES practitioners from Poland, a transition economy from Central and Eastern Europe. The main findings illustrate that difficulties experienced by ES adoptions in developed economies seem to concentrate on the project phase where implementation activities are carried out whereas in Polish companies problems tend to span through all the lifecycle phases. The results also suggest that in transition economies practitioners have to deal mostly with system-related issues across the whole lifecycle. In developed economies, on the contrary, the shift from system-related to business-related problems throughout the system lifecycle is observed.

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Information technology investment announcements and market value in transition economies: Evidence from Warsaw Stock Exchange

Cited by 33 publications

References 50 publications

Stock market reaction to ict implementation: model based on comparison of developed and transition economies

Stock market reaction to ict implementation: model based on comparison of developed and transition economies

The Information Content of Equity Block Trades on the Warsaw Stock Exchange: An Estimation of Shares' Returns with the Usage of Simple Linear Regression and Multivariate Adaptive Regression Splines

Impediments to Enterprise System Implementation over the System Lifecycle: Contrasting Transition and Developed Economies

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