Risk Disclosures, Systemic Shocks and Market Impact in Central and Eastern Europe between 2015-2024

Ileana BOTEZ

doi:10.2478/picbe-2026-0220

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Risk Disclosures, Systemic Shocks and Market Impact in Central and Eastern Europe between 2015-2024

Proceedings of the International Conference on Business Excellence

Volume 20 (2026): Issue 1 (July 2026)

By: Ileana BOTEZ

Open Access

|Jul 2026

Abstract

An important question for CEE capital markets is how risk disclosures disseminated by listed companies materialize after admission to trading in market outcomes during 2015–2024. The study analyzes 44 listed companies from the main indexes of Austria, Poland, the Czech Republic, Hungary, and Romania. Risk information from prospectuses and annual reports were classified into 11 categories and 63 sub-risks. Firms exposed to stronger macroeconomic and regulatory pressures recorded higher volatility and weaker profitability, during the COVID-19 period and the post-2021 inflation and energy shocks. Markets react less severely when disclosure items have already been communicated to investors beforehand. The empirical data systematically points towards that institutional instability and regulatory uncertainty increasingly influence the valuation dynamics of listed CEE companies.

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Articles in this issue

DOI: https://doi.org/10.2478/picbe-2026-0220 | Journal eISSN: 2558-9652

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Language: English

Page range: 2905 - 2922

Published on: Jul 22, 2026

Published by: Bucharest University of Economic Studies

In partnership with: Paradigm Publishing Services

Publication frequency: 1 issue per year

Keywords:

Central and Eastern Europe,

prospectus regulation,

regulatory risk

Related subjects:

Business and economics,

Political economics,

Political economics, other,

Business management,

Business management, other,

Industrial chemistry,

Energy harvesting and conversion

© 2026 Ileana BOTEZ, published by Bucharest University of Economic Studies
This work is licensed under the Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 License.

Volume 20 (2026): Issue 1 (July 2026)