Anomalie rynkowe na polskim rynku kapitałowym w ujęciu empirycznym
Market anomalies on the equity market in Poland – the survey of empirical studies

Summary/Abstract: Purpose – A very large number of papers in the academic literature focused on market anomalies. They were very often associated with investment strategies enabling to achieve abnormal equity returns. Poland has a relatively young equity market. However, it has been strongly evolving during the last years. The study discusses the empirical results on equity anomalies for the Warsaw Stock Exchange. Design/methodology/approach – The ways of empirical tests on market anomalies vary from the very simple methods, to proposals of testing with GARCH models, many pricing models and complicated event studies. Findings – Polish stock market has changed over time in many ways. However, there are still many abnormal effects observed. Some of the anomalies tended to weaken substantially, some disappeared over time or reappear after some time, or even reverse themselves. Originality/value – The study discussed the empirical tests of investment strategies build on observed market anomalies for equities listed in Poland.

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