zbywalno

Zbywalno is a term used in Polish-language economics to describe the marketability of an asset—the ease with which it can be sold in a timely manner at prices near prevailing market levels. In practice, zbywalno integrates elements of liquidity, tradability, and convertibility, reflecting how quickly a seller can dispose of an asset without large discounts or prolonged exposure to price risk. Higher zbywalno means an asset can be sold quickly and with minimal price concession; lower zbywalno indicates greater difficulty in selling or the need for substantial discounts.

Measurement and factors: Indicators include bid-ask spread, depth of the order book, average trading volume, and time to sale. The assessment is also influenced by transaction costs, information availability, regulatory constraints, and asset heterogeneity. Different asset classes exhibit wide variation: cash and short-duration government securities typically have high zbywalno, while unique real estate, specialized equipment, or certain collectibles may have low zbywalno.

Applications: In portfolio management and financial reporting, zbywalno helps characterize liquidation risk and informs pricing and risk assumptions. Analysts may adjust expected liquidity premia, discount rates, or holding periods based on zbywalno estimates. Limitations: zbywalno is not directly observable and varies with market conditions, jurisdiction, and asset characteristics, so cross-sectional or temporal comparisons should be made carefully.

See also: liquidity, marketability, transferability, tradability.