Magda Wiśniewska - Kuźma


The purpose of this article is to study the impact of the COVID-19 pandemic on the changes in the capitalization value of companies from the New Connect market. The situation with COVID-19 is sometimes compared to the financial crisis of 2007-2008. Flash crashes on the financial markets were observed in exchanges around the world during the outbreak of the pandemic. This situation was defined as the so-called "Black swan", which means an unpredictable, random event of increasing scale, with both positive and negative effects. The research problem discussed in this article concerns the relationship between the development of the health crisis in Poland and the market value of companies listed on New Connect. The following research hypothesis was adopted: the health crisis related to the COVID-19 pandemic had a significant impact on the valuation of companies on the New Connect market. The hypothesis was verified positively based on the statistical analysis of change values of the market capitalization of New Connect sectors as well as an analysis of the correlation of the variables describing the expansion of the COVID-19 pandemic worldwide, and the market value of companies with NC and the trailing P/E.


COVID-19, financial markets, alternative stock markets, New Connect

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Print ISSN: 1643-8175, Online ISSN: 2451-0955, DOI prefix: 10.19197, Principal Contact: