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We investigate the link between the rule of law and equity returns in post-transitional economies over the period January 2010–December 2020 by using panel data regressions. By applying several rule-of-law proxies for national legal frameworks and justice system quality as proxies for the rule-of-law principle, the data sets from the capital markets of Poland, Latvia, Lithuania, and Estonia showed that country-level judicial system quality is an important driver of company market performance, and that post-transitional countries with lower rule-of-law measures exhibit higher returns on equity than those with better measures. Our results support the idea that since poor governance and country instability increase agency and transaction costs, in addition to decreasing growth prospects and profitable projects available to companies, the risk premium demanded by investors increases, leading to higher equity returns.

It has recently been found that the anodizing of FeAl alloys allows the formation of iron-aluminum oxide layers with interesting semiconducting properties. However, the lack of systematic research on different anodizing regimes is hampering their full exploitation in numerous photoelectrochemical-related applications. This study address, for the first time, the systematic effect of the electrolyte composition on the formation of self-ordered oxide films by anodizing on cast Fe3Al alloy. The Fe3Al alloy was anodized in 3 electrolytes with different water-ethylene glycol (EG) ratios (pure water, 25 vol.%-EG, and 50 vol.%-EG solutions) at a constant tartaric-sulfuric acids concentration, different voltages (10–20 V) and treatment times (2–60 min). After anodizing, all anodic oxide layers were annealed at 900 °C to form semiconductive iron-aluminum crystalline phases. Conventional techniques were used to systematically ascertain the morphological (SEM/EDS, XRD, eddy-current measurements) and semiconductive (UV–VIS reflectance spectroscopy) properties of these oxide layers. The results confirmed the formation of homogeneous and self-ordered anodic oxide layers at 10 and 15 V, regardless of the electrolyte composition. Namely, anodic films formed in electrolytes containing EG showed lower pore sizes, growth rates, and film thicknesses than those anodic films formed in the aqueous-based electrolyte. The annealing post-treatment results in different Fe-Al oxides (FexOy, FeAl2O4, etc.) with superior band gap values than those for non-annealed films. [ABSTRACT FROM AUTHOR]

This study examines market reaction to CEO appointments at state-owned enterprises (SOEs) listed on the Warsaw Stock Exchange between 2000 and 2015. We find evidence that the market reaction to CEO turnover at SOEs is nonmonotonic. A negative market reaction dominates in a short window, whereas a positive market response prevails in a long window. In addition, we observe a significant inverted U-shaped relationship between the level of state ownership and shareholder reaction. Shareholders prefer CEO replacements at SOEs whose financial results are poor. We report a negative impact on abnormal returns if the CEO is in the pre-transition generation. [ABSTRACT FROM AUTHOR]

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The main objective of this article is to present the determinants of shareholder reaction to block trades and their wealth effect on the Warsaw Stock Exchange. The positive abnormal returns obtained for the entire sample indicate that block trades create shareholder value. Shareholders reacted positively to block trades without a control transfer in the Polish market, and their reaction was stronger than in the US market. Abnormal returns of block trades concluded at a discount were twice as high as those for the entire sample. Moreover, cross-border block trades had a negative impact on shareholder value creation, as did financial investors as an acquirer. However, cumulative average abnormal returns (CAARs) were driven up by the relative power of minority shareholders (ocean) prior to the transaction. The absolute size of the block acquired by an investor was also observed to have a positive impact on price rises and abnormal returns. [ABSTRACT FROM AUTHOR]

Purpose: The aim of this paper is to examine shareholders' reaction to the decision of the supervisory board to appoint a CEO in companies listed on the Warsaw Stock Exchange. Methodology: An event study and the mean-adjusted model were applied. The abnormal returns were measured as the CAAR in the entire (-60, + 60) window and selected sub-windows. Findings: The obtained values of abnormal returns indicate the shareholder's negative reaction. Throughout the observation window, they oscillate slightly below zero, and in the window (0, +20) they are negative at -1.566%. Irrespective of the observation window, negative abnormal returns were obtained for over half of the observation (52-57%). Therefore, preliminary results indicate the predominance of the information effect over the real one. The decrease in market value as a result of the event may result from an increase in investors' uncertainty as to the effects of changes in strategy and skills of the new CEO. Originality: The research is a unique one. To date, no one has carried out research into shareholders' reaction to a CEO appointment in either the Polish or Central and Eastern European capital markets. They primarily bring the value of cognition of shareholders' behaviour in the analysed event, which is reflected in share prices. They extend the literature on the signalization instruments, i.e. the activities that boards can undertake due to the new information transmitted to the capital market participants and stakeholders. The market reaction to a CEO appointment will without a doubt interest investors; the institutions responsible for supervision (which in the case of Poland is the Financial Oversight Commission) and the legislator in charge of regulations that prevent insider trading while promoting corporate disclosure transparency. [ABSTRACT FROM AUTHOR]