Examining the Relationship between the Stock Returns and Earnings Measures – Evidence from Borsa Istanbul

Asil Azimli () and Pınar Evrim Mandaci
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Asil Azimli: Dokuz Eylul University
Pınar Evrim Mandaci: Dokuz Eylul University

A chapter in New Challenges in Banking and Finance, 2017, pp 65-76 from Springer

Abstract: Abstract This paper investigates the relationship between stock returns and different types of earnings measures (such as net income, gross profits, operating profitability, cash-based operating profitability and accruals) for the firms traded on Borsa Istanbul. We construct portfolios by sorting firms according to the implied earning measures from low to high and analyze whether there are differences among them. Our sample period is from June 2007 to December 2015 covering 172 firms in average. Our results consistent with the previous studies indicating the profitability of equally and in some cases value weighted extreme portfolio investment strategies based on earnings measures.

Keywords: Stock returns; Borsa Istanbul; Portfolio (search for similar items in EconPapers)
Date: 2017
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Persistent link: https://EconPapers.repec.org/RePEc:spr:prbchp:978-3-319-66872-7_6

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DOI: 10.1007/978-3-319-66872-7_6

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