Płynność obrotu Giełdy Papierów Wartościowych w Warszawie na tle płynności giełd europejskich
The Liquidity of the Stock Exchange in Warsaw on the Background of Liquidity European Stock Exchanges

Summary/Abstract: Purpose – The purpose of the article was to analyze and evaluate the liquidity on the Polish shares market, and to compare it with liquidity on other European exchanges. Design/Methodology/approach – It was analyzed the liquidity of the largest companies listed on selected stock exchanges in Europe. The time range study was the first half of 2015 years. For each company estimate the average liquidity of a session in absolute value and liquidity ratios: the average turnover/capitalization, average volume/number of shares. Findings – The analyzes conducted showed that in the analyzed period, the highest liquidity of the stock market was characterized by German and Turkish. Conducted analysis also showed that the liquidity ratios exchanges in developing countries and the smaller European exchanges were usually lower than rates on major stock exchanges. Originality/Value – The results showed that the Polish stock market in terms of liquidity ratios did not differ significantly from the stock markets in developed countries. However, among the smaller stock exchanges, the liquidity on the Warsaw Stock Exchange was one of the highest.

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