NewConnect in comparison with multilateral trading facilities in Europe. Irregularities in the functioning of the Polish MTF market

Asyngier, Roman

doi:10.17951/h.2014.48.1.9

Cited by 6 publications

(4 citation statements)

References 2 publications

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“…NewConnect aimed to provide a realistic alternative to fundraising in the stock market in the SME sector. Technically, this market is regulated similarly to traditional stock markets, however, the criteria for market access and trading are not so strict, and the fees are more favourable (Asyngier, 2014). After the dynamic growth of the initial years, about 400 companies have been introduced to NewConnect over the past few years (see: Figure 1).…”

Section: Multilateral Trading Systemmentioning

confidence: 99%

Multilateral trading platform in Europe and Hungary

Klis¹,

Vidovics-Dancs²

2019

Economy & finance

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First, we present the development of multilateral trading platforms through international examples in our study. In connection with this topic, we describe and compare three already operating multilateral trading markets (the Polish, English and Scandinavian markets). We present the economic and legal background of the Hungarian market and summarise the challenges the domestic SME sector has to face in terms of fundraising. Later, we introduce the participants and the operation of the multilateral trading market through the Hungarian example known as BSE Xtend.

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Section: Multilateral Trading Systemmentioning

confidence: 99%

Multilateral trading platform in Europe and Hungary

Klis¹,

Vidovics-Dancs²

2019

Economy & finance

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“…A NewConnect létrehozásakor mintaként szolgált az akkor már jó ideje működő londoni AIM, amelyhez hasonlóan a NewConnect a tőzsdei forrásbevonás egy reális alternatívájává kívánt válni a kkv-szektorban. Technikailag ez a piac is hasonlóan szabályozott, mint a hagyományos tőzsdék, a piacra lépési és forgalomban tartási kritériumok azonban enyhébbek, a díjak kedvezőbbek (Asyngier, 2014). A kezdeti időszak dinamikus növekedése után az elmúlt években 400 körüli a NewConnectre bevezetett cégek száma (l. 1. ábra).…”

Section: Multilaterális Kereskedési Rendszerunclassified

Multilaterális kereskedési platformok Európában és Magyarországon

Klis¹,

Vidovics-Dancs²

2019

G.É.P.

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“…Therefore, to enable smaller entities to operate on the public listing markets and raise capital the alternative markets have been designed, for example, NASDAQ in the US, Alternative Investment Market in the UK or NewConnect in Poland. The conditions to be met by issuers listing shares on selected European alternative markets and their comparison were described by Asyngier (2013). Some companies first debut on an alternative market dedicated to smaller companies and second, after a period of maturity, they move to a regulated market dedicated to larger companies.…”

Section: Introductionmentioning

confidence: 99%

Listing Switch on the Warsaw Stock Exchange: Raising Capital and Financial Leverage

Podedworna-Tarnowska

2023

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Theoretical background: Much attention has been paid in the finance literature to the issue of raising capital through the capital market. However, there is still not much focus on the analysis of this issue in the context of the transition of companies from the lower to the higher end of the stock market, e.g. the switch from the alternative market to the regulated market. In the Polish literature, the analysis of the going public in two stages is relatively unexplored. Purpose of the article: The purpose of the study is the identification of the impact of switching listing venue from an alternative market to the regulated one on the possibility of raising capital and the financial leverage. The research presents the results of the analysis of raising capital by the companies firstly entering the NewConnect and then transferring to the main market of the Warsaw Stock Exchange. Research methods: The analyses used the following metrics: debt-to-asset ratio and debt-to-equity ratio calculated over a longer time horizon covering the observation window beginning 3 years before the transfer and ending 3 years after the transfer (in total, 7 years). To examine if the ratios differ significantly between before and after the change, the significance analysis was based on the parametric tests: t-student’s paired test for means and the Wilcoxon matched-pairs signed-rank test for medians. Main findings: Listing switch on the Warsaw Stock Exchange and entering a regulated market has triggered the growth of companies but did not lead in equity being raised by companies during the debut on the regulated market. Companies did not reduce financial leverage, debt-to-asset-ratios and debt-to-equity ratios increased in the years following the change of listing venue from the alternative market to the regulated market.

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NewConnect in comparison with multilateral trading facilities in Europe. Irregularities in the functioning of the Polish MTF market

Abstract: Pobrane z czasopisma Annales H -Oeconomia http://oeconomia.annales.umcs.pl

Cited by 6 publications

References 2 publications

Multilateral trading platform in Europe and Hungary

Multilateral trading platform in Europe and Hungary

Multilaterális kereskedési platformok Európában és Magyarországon

Listing Switch on the Warsaw Stock Exchange: Raising Capital and Financial Leverage

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