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.
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