Reakcja akcjonariuszy na sprzedaż znaczących pakietów akcji
Market reactions to transfer of control within block trades in public companies – empirical evidence

Summary/Abstract: The effect of corporate decisions on shareholders’ reaction and market value of a company has been addressed by numerous empirical studies. The main objective of the paper is to present the event study analysis and abnormal returns on the Warsaw Stock Exchange. At the beginning of the article the review of similar studies was carried out. Next, the sample selection and methodological aspects were discussed. The achieved values of abnormal returns for the whole sample were positive in event window (-60,+60) but not homogeneous because in over 40% of cases of block trades the reaction was negative. Moreover, the authors indicate that the other factors may also influence abnormal returns realized by shareholders on the Polish capital market.

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