Problemy pomiaru płynności transakcyjnej w kontekście jej wieloaspektowości
Problems in Measuring the Transactional Liquidity in Context of Its Multi-dimensionality

Summary/Abstract: Purpose – The aim of the article is to do the characteristics of existing measures of capital market liquidity and to examine whether the indications of these measures are positively correlated. Design/methodology/approach – The study was based on an analysis of the correlation between liquidity indicators for the largest companies on the Warsaw Stock Exchange. Findings – No or negative correlation between a majority of indicators measuring different aspect of liquidity shows that the choice of a measure of liquidity may have an impact on the result of the study of its determinants, or impact on demanded return of stocks. The study also found that proxies for transactional costs are uncorrelated in a statistically significant way. Originality/value – The test results provide a basis for seeking a new measure of liquidity of the capital market, which would have include all of its aspects.

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