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Stock markets react to various information. One of the most important information concerns macroeconomic data because it describes the state of the economy. The U.S. is the world’s largest economy and thus American macroeconomic news announcements strongly affects European stock markets. In this paper we investigate the reaction of stock prices on the Warsaw Stock Exchange to values of macroeconomic indicators published in the Employment Report by the U.S. Bureau of Labor Statistics. We study the impact of macroeconomic indicators separately as well as interrelations between them. It allows us to specify which of the indicators under study is the most informative. We analyze the impact of information about the state of the labor market in the U.S. in the period from January 2004 to November 2012. In order to describe duration, direction and significance of the impact we apply the event study analysis to intraday returns of WIG – the main index of WSE.
EN
This paper analyses the reaction of stock returns on the Warsaw Stock Exchange to U.S. macroeconomic news announcements. The study is conducted on the basis of five-minute returns of WIG from January 2004 to December 2012. This nine-year period includes different stages of economic cycle and additionally the global financial crisis. Hence results of our analysis are not limited only to contraction or expansion and can be applied to bull and bear market. The application of event study analysis allows us to measure not only the strength of the impact of information release but also its duration.
EN
Innovation networks such as the Enterprise Europe Network (EEN) are an important element supporting the development of small and medium enterprises (SMEs) from various economic sec-tors. Their operations focus mainly on organizing brokerage events, business mission conferences, etc. These events are to facilitate networking, learning about new industry trends, or exchanging experiences. The global COVID-19 pandemic has significantly curbed the effectiveness of innovation networks, forcing them to look for new forms of contact. Entrepreneurs from the energy industry who have so far actively participated in events organized by the EEN have also been affected. The article analyzes the impact of EEN pandemic on the activities of the EEN and its effectiveness, focusing mainly on the quantitative aspect of the impact of the crisis. In particular, it shows how the number of events organized, their structure and the effectiveness of EEN’s activities have changed, which is reflected in the number of cooperation contracts between entrepreneurs participating in the events. The paper compares the impact of the pandemic on the organization of all types of promotional events for companies in the energy industry. Furthermore, based on a case study, the article discusses the problems faced by innovation networks during the pandemic and those faced by companies in the energy industry. The results of the study clearly show a decrease in the number of events organized by innovation networks in times of crisis, but the decrease in energy-related events is not as significant as in events related to other industries. At the same time, the effectiveness of organized events increased.
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