Advanced search ?

Object

Stock Liquidity and Company Annual Reports. How Does Publishing the Annual Report Affect Stock Liquidity?
Download

Title: Stock Liquidity and Company Annual Reports. How Does Publishing the Annual Report Affect Stock Liquidity?

Title in english:

Nauki o Finansach

Creator:

Zeinali, Tohid ; Fryczak, Jan Makary

Description:

Financial Sciences. Nauki o Finansach, 2025, vol. 30, no. 2, s. 1-13

Abstrakt:

Aim: This study examines how management reports affect stock liquidity and compares the responses of stocks with low, medium, and high liquidity. Methodology: Stocks were classified into three liquidity groups based on the median Amihud (ILLIQ) ratio. The Wilcoxon test and the Mann-Whitney U test were used to verify the result. Lastly, quantile regression was used to show the role of initial liquidity levels, especially in higher quantiles. Findings: The main findings show that management reports generally affect stock liquidity, but stocks with lower liquidity display a stronger reaction. This means that new disclosures, especially for companies that already have weaker liquidity, can create larger market fluctuations. Implications: These results are significant for investors and market regulators because they can use the insights to better manage risk and make more informed decisions. From a managerial perspective, understanding how liquidity responds to disclosures can help companies refine their communication strategies. Researchers can also apply this event-based approach to study how other types of reports or market conditions influence liquidity. Originality/value: Focusing on management reports and their impact on liquidity in a less-studied market and using both nonparametric tests and quantile regression make this research unique, helping to understand how stocks with low liquidity may show more changes after management disclosures.

Publisher:

Publishing House of Wroclaw University of Economics and Business

Place of publication:

Wroclaw

Date:

2025

Resource Type:

artykuł

Resource Identifier:

doi:10.15611/fins.2025.1.03 ; oai:dbc.wroc.pl:142281

Language:

eng

Relation:

Financial Sciences. Nauki o Finansach, 2025, vol. 30, no. 2

Rights:

Pewne prawa zastrzeżone na rzecz Autorów i Wydawcy

Access Rights:

Dla wszystkich zgodnie z licencją

License:

CC BY-SA 4.0

Location:

Uniwersytet Ekonomiczny we Wrocławiu

Group publication title:

Financial Sciences. Nauki o Finansach

Subject and keywords:

management reports stock liquidity event-based method Wilcoxon tests quantile regression

Object collections:

Last modified:

Dec 8, 2025

In our library since:

Dec 8, 2025

Number of object content hits:

1

All available object's versions:

https://www.dbc.wroc.pl/publication/181213

Show description in RDF format:

RDF

Show description in OAI-PMH format:

OAI-PMH

Edition name Date
Stock Liquidity and Company Annual Reports. How Does Publishing the Annual Report Affect Stock Liquidity? Dec 8, 2025

Objects Similar

Argumenta Oeconomica
Argumenta Oeconomica
The classification of spatial quantile regression models for healthy life years in European countries

Trzpiot, Grażyna Orwat-Acedańska, Agnieszka

2019
artykuł
Prace Naukowe Uniwersytetu Ekonomicznego we Wrocławiu
Prace Naukowe Uniwersytetu Ekonomicznego we Wrocławiu
Do stock splits improve liquidity? Evidence from Vienna Stock Exchange

Rudnicki, Józef

2011
artykuł
17-th AMSE. Applications of Mathematics in Economics. International Scientific Conference: Poland, 27-31 Agust, 2014. Conference Proceedings Full Text Papers
17-th AMSE. Applications of Mathematics in Economics. International Scientific Conference: Poland, 27-31 Agust, 2014. Conference Proceedings Full Text Papers
Consequences of Assumption Violations Regarding Classical Location Tests

Marcinko, Tomáš Rusnak, Zofia. Redakcja Zmyślona, Beata. Redakcja

2014
materiały konferencyjne
Financial Sciences. Nauki o Finansach
Financial Sciences. Nauki o Finansach
The transition to a data economy in financial services

Fryczak, Jan Makary

2020
artykuł
Prace Naukowe Uniwersytetu Ekonomicznego we Wrocławiu
Prace Naukowe Uniwersytetu Ekonomicznego we Wrocławiu
Impact of ctock splits on trading liquidity - evidence from the New York Stock Exchange

Rudnicki, Józef

2012
artykuł
Prace Naukowe Uniwersytetu Ekonomicznego we Wrocławiu
Prace Naukowe Uniwersytetu Ekonomicznego we Wrocławiu
The Classification of Polish Mutual Balanced Funds Based on the Management Style - Quantile Regression Approach

Orwat-Acedańska, Agnieszka Trzpiot, Grażyna

2011
artykuł
Prace Naukowe Uniwersytetu Ekonomicznego we Wrocławiu
Prace Naukowe Uniwersytetu Ekonomicznego we Wrocławiu
Analiza zależności między procesami fundamentalnymi a rynkiem kapitałowym w Chinach

Osińska, Magdalena Fałdziński, Marcin Zdanowicz, Tomasz

2013
artykuł
Prace Naukowe Uniwersytetu Ekonomicznego we Wrocławiu
Prace Naukowe Uniwersytetu Ekonomicznego we Wrocławiu
Produkcyjne mierniki dokonań w sprawozdawczości zarządczej.

Kowalak, Robert

2014
artykuł
More
×

Citation

Citation style:

Contact details

Address

Wrocław University of Science and Technology (Coordinator)
Library of Wrocław University of Science and Technology
Wybrzeże Wyspiańskiego 27
50-370 Wrocław, Poland

Phone

(+48) 71-320-38-30
(+48) 71-320-47-50

E-Mail

bc@pwr.edu.pl

Visit us!

https://biblioteka.pwr.edu.pl/

This page uses 'cookies'. More information