Publication of joint-stock companies’ financial results and their share prices on Warsaw Stock Exchange

• Autorzy: Herman S.
• Języki publikacji: EN

Abstrakty

EN

The development of the capital market made access to information about joint-stock companies on the market universal and free of expenses. Depending on the capital market's extent of effectiveness these information are variously reflected in share prices of joint-stock companies. This article aims to examine whether the announcement of publicly available information – quarterly earnings announcements of joint stock companies including their level – affects share prices of joint-stock companies on the Warsaw Stock Exchange. This article is also to study whether an investor using that fact has an ability to achieve above-average rates of return.

Słowa kluczowe

EN

capital market; economy; joint-stock company; financial result; price; share price; Warsaw Stock Exchange

• Wydawca: -
• Czasopismo: Intercathedra
• Rocznik: 2012
• Tom: 28
• Numer: 4
• Opis fizyczny: p.31-36,fig.,ref.

Twórcy

autor

Herman S.

• Faculty of Informatics and Electronic Economy, Poznan University of Economic, Niepodleglosci 10, 61-875 Poznan, Poland

Bibliografia

• 1. Gurgul H.: Analiza zdarzeń na rynkach akcji. Wpływ informacji na ceny papierów wartościowych. Wydawnictwo Oficyna Ekonomiczna, Kraków 2006, pp. 41-48.
• 2. Pynnönen S.: On regression based event study. Acta Wasaensia 2005, No 143, p. 332.
• 3. Campbell J.Y., Lo A.W., MacKinlay A.C.: The Econometrics of Financial Markets. Princeton University Press. Princeton, New Jersey 1997, p. 162.
• 4. Foster G., Olsen C., Shelvin T.: Earnings Releases. Anomalies and the Behaviour of Security Returns. The Accounting Review 1984, Vol. 59, Issue 4, p. 582.
• 5. Giełda Papierów Wartościowych: www.gwpinfostrefa.pl [12.10.2012].