![]() It is also a stock market of particular importance in the region ( Buszko et al. Furthermore, WSE is the biggest and one of the most emerging stock markets in Central and Eastern Europe ( Glavina 2015 Będowska-Sójka and Kilber 2019 Tuszkiewicz 2022). The Warsaw Stock Exchange (WSE) represents a stock market that is developing in terms of its participants, volume and available financial instruments ( Włosik 2017 Kubiczek 2020). ( 2020) emphasized the value of studies concerning the understanding of intraday patterns in the developing markets. The availability of intraday data allows for the exploration of the market microstructure ( Kholisoh and Hermawati 2011). One of the most important market features is the analysis of trading time in intraday financial studies ( Ranaldo 2001). The digitization of trading in securities has increased the availability of data, and thus made it possible to detect certain relationships more accurately when trading ( Jin et al. In the pandemic, the average percentage change between transactions increased. ![]() The COVID-19 pandemic resulted in the domination of WSE transactions of small individual investors who feared the loss of value of their assets, selling them on the stock exchange. This outcome highlights the importance of the first and last minutes of a trading session. The results confirmed the existence of a U-shaped intraday distribution of the number of transactions and their trading. Therefore, the present paper aims to verify the existence of intraday liquidity patterns on the Warsaw Stock Exchange in three periods: before, during and after the panic caused by the first wave of the COVID-19 pandemic. One of them is the intraday liquidity patterns on the stock markets. The impact of the pandemic is so multidimensional that there are still areas that need to be investigated. ![]() The COVID-19 pandemic affected many aspects related to stock markets, including their liquidity. The inflow of information in highly liquid markets allows for the maintenance of high information efficiency. However, the liquidity of stock on the market is its essential characteristic. ![]() A highly significant feature of the stock market is its efficiency, which is associated with information efficiency. ![]()
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