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Effect of Earnings Quality on the Returns-Earnings Relationship: Evidence from the Warsaw Stock Exchange (Wplyw jakosci zysku na zaleznosc pomiedzy zyskiem a stopa zwrotu z akcji na przykladzie GPW w Warszawie)

Rafa³ Cieslik ()
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Rafa³ Cieslik: Wydzial Zarzadzania, Uniwersytet Warszawski

Research Reports, 2016, vol. 2, issue 22, 60-77

Abstract: 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.

Keywords: earnings quality; stock market return; persistence; predictability; smoothness. (search for similar items in EconPapers)
JEL-codes: G11 G17 (search for similar items in EconPapers)
Date: 2016
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