The role of financial statements in enterprise valuation during global economic crisis
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The article attempts to provide the answer to the question whether at the time of globaleconomic crisis a relationship exists between financial statements and market valuationof companies. The author has examined selected categories of profit in consolidatedquarterly reports of companies KGHM, Lotos, PKOBP and BZWBK published in 2008and corresponding figures for the preceding year, and has analysed them in the contextof market expectations and reactions. The findings seem to suggest that the market hasignored the financial reports of these companies. Instead, market values of companieswere affected by exogenous factors connected with the crisis, which resulted in rapidincrease of non-quantifiable risk and simultaneous increase of aversion to risk on thepart of the investors.
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