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2016 | 2/2016 (22), cz.2 | 60-77

Article title

Wpływ jakości zysku na zależność pomiędzy zyskiem a stopą zwrotu z akcji na przykładzie GPW w Warszawie

Authors

Content

Title variants

EN
Effect of Earnings Quality on the Returns-Earnings Relationship: Evidence from the Warsaw Stock Exchange

Languages of publication

PL EN

Abstracts

PL
W artykule podjęto próbę oceny tego czy i w jakim zakresie jakość zysku determinuje przydatność wyniku finansowego dla prognozowania ceny akcji (stopy zwrotu) w warunkach polskiego rynku kapitałowego. Dla oceny jakości zysku wykorzystano wskaźniki oparte na czterech jego atrybutach, tj. trwałości, zdolności predykcyjnej, stopniu wygładzania zysku oraz stabilności. Wyniki badania oparte na szerokiej próbie obejmującej wszystkie niefinansowe spółki notowane na GPW w Warszawie w latach 2009–2016 pozwoliły potwierdzić pozytywny wpływ, jaki wywiera jakości zysku na badaną zależność. Należy jednak podkreślić, że siła tego wpływu jest zmienna w czasie i zależy od przynależności sektorowej badanej spółki.
EN
The paper examines whether and how earnings quality affects the returns-earnings relationship taking into consideration four earnings attributes including persistence, predictability, smooth ness and stability. For a large sample of non-financial firms listed on the Warsaw Stock Exchange over the period 2009–2016, the study showed that earnings quality has a positive influence on the tested relationship. Moreover, the nature (parameters) of the returns/earnings relation exhibits considerable instability over time and across sectors.

Year

Pages

60-77

Physical description

Dates

published
2016-12-12

Contributors

  • Wydział Zarządzania, Uniwersytet Warszawski

References

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Document Type

Publication order reference

Identifiers

ISSN
1733-9758

YADDA identifier

bwmeta1.element.desklight-afd02339-d752-4d5b-978f-1afeab4af03d
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