Short-Term Price Reaction to Filing for Bankruptcy and Restructuring Proceedings—The Case of Poland

This study aims to check market reaction filing for bankruptcy and restructuring proceedings verify the short-term effect of a price reversal in Polish years 2004–2019. The research was conducted by dividing analysed companies according procedure (bankruptcy restructuring) (the main NewConnect market). methodology used is event analysis method (AR, CAR, AAR CAAR rates were research), with few statistical tests (T-test, Generalized rank Z Test, T-Test, Patell or Standardized Residual Kolari Pynnönen adjusted Test). It found that share prices react quickly public information about an application restructuring. For all companies, mean rate return on day equal −14%, next day, it −3%. Regardless type form proceedings, not confirmed short term. cumulative above-average fall more strongly listed less liquid Newconnect (−23.6%), when provided (−28.5%), as opposed (−19.1%) (−17%). average period (−2, +10 days) −20.6%.