Wpływ krótkiej sprzedaży na efektywność transakcyjną rynku kapitałowego w aspekcie płynności
Influence of short sale on the transactional efficiency of capital market in terms of liquidity

Summary/Abstract: The aim of the article is to describe the influence of short selling on capital market efficiency with particular emphasis on liquidity, as an important factor of transactional efficiency. Considerations on the problem are related to the Polish capital market. In July 2010 on the Warsaw Stock Exchange an important liberalization of rules on short selling took place, which resulted in a significant rise of turnover of short sales. Selected indicators of liquidity are compared in the period preceding the introduction of new regulations, and after the changes.

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