Wpływ doświadczenia giełdowego na koszt pozyskiwania kapitału na rynku Catalyst
The impact of the stock-market experience on the cost of capital gained on the Catalyst market

Summary/Abstract: The paper presents the results of empirical research involving companies that issued bonds and joined the Catalyst market and being at the same time listed on other stock markets such as NewConnect or Warsaw Stock Exchange regulated market. The aim of this research is to determine whether there is a relationship between a stock-market experience gained by issuers on capital markets and a possibility to raise capital through a bond issue on Catalyst. A linear regression model was used in analyses that assume relationships between bond’s interest rate as the dependent variable and a set of explanatory variables i.e. the number of listing days on the respective markets, the number of traded shares and the number of issued bonds.

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