Negative Campaigning on the Polish Capital Market

Elżbieta Aniela Kubińska


Classic example of negative campaigning on the Polish capital market is a case of Broker FM. The mechanisms of negative campaigning are similar, they share a similar reaction of investors to the negative information. An important element of the campaign is to act recency effect, the contrast model of similarity. Another characteristic of negative campaigning is that asset prices react more intensely to negative information than positive one and that investors react too strongly to unconfirmed messages, and exhibit conservatism in relation to precise and clear signals. In the case of initial public offering of Broker FM shares, an important element is the fact that the primary market is more risky than the secondary market.


behavioral finance; recency effect; primacy effect; contrast model of similarity; noise; information efficiency of markets

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Data publikacji: 2016-01-28 11:03:36
Data złożenia artykułu: 2015-06-24 09:43:59


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