Przydatność wybranych miar płynności akcji na Giełdzie Papierów Wartościowych w Warszawie
Usefulness of Selected Liquidity Measures on the Warsaw Stock Exchange

Summary/Abstract: Purpose – The paper aims to make a critical analysis of the possibilities of using different liquidity measures in studies on the Polish capital market. Design/methodology/approach – There are presented the most commonly used proxies for stock liquidity with their modifications proposed in the literature. Measures were assessed through the prism of the fitting to the market organization, data availability and the complexity of computation. Findings – In the author’s opinion, despite of some drawbacks and constraints, the most appropriate measure of stock liquidity on the Warsaw Stock Exchange is Amihud illiquidity ratio. There have been presented possible modifications of this measure, including those proposed in the literature and own. Originality/value – The paper presents the possibilities and limitations of using different stock liquidity measures on the polish stock market.

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