Articles
https://orcid.org/0000-0003-1320-4961
The purpose of the analysis is to identify the market value of companies listed on the Warsaw Stock Exchange, with particular emphasis on those entities whose book value exceeds the market value so much that their shares can be considered as penny. The article includes own research, therefore the hypothesis was outlined that penny shares of companies listed on the Warsaw Stock Exchange, constituting their undervaluation in relation to the financial condition, create a significant speculative buying signal for investors, causing an increase in the company’s value on the market in the long run. The conducted research includes an economic and financial analysis concerning the aspect of market value, as well as a comparative analysis and statistical measures. The obtained results showed that there was no clear speculative impulse to buy that would cause an increase in the company’s value on the market in the long run. However, despite the existing fluctuations in the studied areas, there is no basis for an unequivocal statement that the idea to invest in the so-called penny companies will be misplaced. At the same time, it should be borne in mind that this type of investment is associated with high risk, e.g. due to limited liquidity.
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English
Język Polski
https://doi.org/10.19195/1733-5779.47.3