@misc{Mościbrodzka_Monika_Behaviour_2020,
 author={Mościbrodzka, Monika},
 copyright={Copyright by Monika Mościbrodzka},
 address={Wrocław},
 howpublished={online},
 year={2020},
 publisher={E-Wydawnictwo. Prawnicza i Ekonomiczna Biblioteka Cyfrowa. Wydział Prawa, Administracji i Ekonomii Uniwersytetu Wrocławskiego},
 language={pol},
 abstract={The NewConnect market has the status of an organised market, but is organised by the Warsaw Stock Exchange in the formula of an alternative trading system (ATS). As expected, the Polish ATS market is characterised by a higher level of investment risk, which results in the possibility of higher rate of return on involved capital. The aim of this study is to assess the Polish alternative trading system in terms of its behaviours and anomalies affecting returns on investments. Therefore, the possibility of generating returns above the average was examined for strategies based on behaviour patterns related to investments in the given investment period (calendar effects),fundamental properties of companies (fundamental effects) or correlations between returns achieved in the context of market sub-activity or over-activity. The analyses based on tools of statistical inference and econometrics showed that the NewConnect market has behaviours and anomalies characteristic for inefficient markets, resulting in the possibility of achieving above-average rates of return on investment in companies listed on it.},
 title={Behaviour and anomalies on the NewConnect market},
 type={text},
 keywords={Alternative Trading System, market efficiency, calendar effects, fundamental effects, market sub-reactivity, market over-reactivity, error correction model (ECM)},
}