Identyfikacja skutków udostępniania informacji poufnej inwestorom na Giełdzie Papierów Wartościowych w Warszawie

The purpose of this dissertation was to conduct theoretical and empirical considerations on a method of identifying the consequences of disclosing confidential information to individual investors on the Warsaw Stock Exchange. My research was limited to a group of individual investors not obligated to publish information about performing transactions with company assets, called secondary insiders. Based on a data sample from the period 1/01/2010 - 31/12/2014, concerning 45 companies from the sWIG80 index, I had identified more than 1.5 thousand leaps in transaction numbers. With the use of an own method, I have confirmed the existence of a relationship between the frequency of releasing information by the company and insider trading, which had been shown in earlier studies, conducted with different methods. I have proven that the time between leaps in transaction numbers and publication of confidential information was shorter for current reports than for periodic reports. The models I prepared indicated that the day when the highest peak in the number of transactions occurs should be either on the first or on the second day of receiving information by primary insiders, depending on the summarized value of the probability of transmitting information from inside the company to a potential secondary insider and the probability of performing a transaction by a secondary insider based on confidential information.