The study looked at how different factors affect the relationship between how easy it is to buy or sell a stock (liquidity) and the returns investors get in the Polish stock market. They found that the common idea that liquidity premium goes up during tough times is not true. In fact, investors tend to hold onto their stocks longer when the market is not doing well. The size of a company, its book-to-market value, and its risk also affect liquidity premium, but these effects disappear during a bear market. This study is one of the first to look at how liquidity premium changes in an emerging market, and it shows that it behaves differently compared to developed markets.