The Information Content of Earnings and Operating Cash Flows From Annual Report – Analysis For Croatian Listed Companies

Ivica Pervan, Josip Arneric and Mario Malcak

Economic Research-Ekonomska Istraživanja, 2011, vol. 24, issue 3, 1-13

Abstract: The main purpose of this research was to test the content of accounting information (earnings and operating cash flow) in the context of investors' decisions at capital markets. The research is based on event study approach where return volatility index RVIitis used as measure of market reaction in the period of 10 days before and after publishing the accounting information. The research was done on the sample of companies from CROBEX 10, i.e. on the sample of 10 most traded companies from the Zagreb Stock Exchange in the period 2005-2009. As a general conclusion we can point out that accounting information (earnings and operating cash flow) from annual report has information content since the market reacts to published information with abnormal returns.

Date: 2011
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DOI: 10.1080/1331677X.2011.11517470

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