Information Content of Earnings in the Emerging Capital Market: Evidence from the Warsaw Stock Exchange

Eva K. Jermakowicz and Sylwia Gornik-Tomaszewski
Additional contact information
Eva K. Jermakowicz: University of Southern Indiana, USA
Sylwia Gornik-Tomaszewski: Baldwin-Wallace College, USA

Multinational Finance Journal, 1998, vol. 2, issue 4, 245-267

Abstract: This article investigates the association between stock returns and the annual earnings, derived from the new accounting and reporting standards, of firms listed on the Warsaw Stock Exchange between 1995 and 1997. Following a brief history of the Warsaw Stock Exchange, two major issues affecting the effectiveness of the Polish securities market are discussed. These are the transition process from public to private enterprise ownership, and the development of accounting and reporting standards compatible with the capital market requirements and the European Union regulation. The empirical results indicate significant association between stock returns and the annual earnings. Results are compared with those for more developed capital markets.

Keywords: accounting and reporting standards Poland; earnings and returns; privatization; Warsaw Stock Exchange (search for similar items in EconPapers)
Date: 1998
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (6)

Downloads: (external link)
http://www.mfsociety.org/modules/modDashboard/uplo ... dq7t13v91phd36j3.pdf
http://www.mfsociety.org/modules/modDashboard/uplo ... ogleScholar/658.html

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:mfj:journl:v:2:y:1998:i:4:p:245-267

Access Statistics for this article

Multinational Finance Journal is currently edited by Panayiotis C. Andreou

More articles in Multinational Finance Journal from Multinational Finance Journal Contact information at EDIRC.
Bibliographic data for series maintained by Theodossiou Panayiotis ().