出版社：Centre of Sociological Research, Szczecin, Poland
摘要：Over the last twenty years the competition pressure affected the ownership structure of stock exchanges. Demutualization is a worldwide phenomenon which changed the traditionally member-owned stock exchanges into corporations often listed on their own markets. The purpose of this study is to assess the fi nancial market reaction on the Initial Public Offer (IPO) of the Warsaw Stock Exchange. We perform the analysis of the WIG20 index based on the event study methodology. The obtained results confi rm that market participants anticipated the undertaken action. The study helps to shed some light on the demutualization process of stock exchanges that take place in the transition countries.
