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Value relevance of companies' financial statements in Poland

Marek Gruszczyński, Rafal Bilicz, Monika Kubik-Kwiatkowska and Aleksander Pernach

No 2016-014, KAE Working Papers from Warsaw School of Economics, Collegium of Economic Analysis

Abstract: Paper presents three attempts to model the relationship between financial reports of the companies listed on the Warsaw Stock Exchange and their market valuation. Main sections of the paper include: (1) overview of the contemporary issues in the ''value relevance'' studies with reference to the methodology of financial microeconometrics, (2) outcome of the research by M. Kubik-Kwiatkowska on value relevance of annual and quarterly reports, (3) results of the attempts by R. Bilicz on the association between E/P ratio and quarterly accounting data, (4) findings by A. Pernach on the relationship between ROIC or revenue and the market value. All results show that various connections between financials and valuation exist, depending on the approach.

Keywords: value relevance of accounting statements; financial microeconometrics; comparative valuation (search for similar items in EconPapers)
Pages: 11 pages
Date: 2016-08
New Economics Papers: this item is included in nep-acc, nep-cfn and nep-tra
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