Empiryczna analiza płynności rynku akcji w oparciu o wybrane mierniki
Streszczenie
The main aim of this paper is to measure and analyze the liquidity of stock markets based on
the selected measures of liquidity. In the theoretical part of the paper, the essence of liquidity by
diversifying its approach to the study area is presented. Further considerations explain the concept
of financial market liquidity, as well as focus attention on discussing the main general
characteristics of the stock market liquidity. The description of the methodology measures of
market liquidity was done. As the research tools, the following indicators: Y. Amihud ratio, bid-
-ask spread and turnover – capitalization ratio were chosen. In empirical researches the hypothesis
which states that there is a correlative relationship between capital market liquidity and market
return measured by the index value of WIG and WIG20 was verified. The analysis made possible
to reject the above research assumption.