Information Content of Earnings in the Emerging Capital Market: Evidence from the Warsaw Stock Exchange

23 Pages Posted: 17 Jul 2015

See all articles by Eva K Jermakowicz

Eva K Jermakowicz

Tennessee State University

Sylwia Gornik-Tomaszewski

St. John's University - Department of Accounting and Taxation

Date Written: 1998

Abstract

This article investigates the association between stock returns and the annual earnings, derived from the new accounting and reporting standards, of firms listed on the Warsaw Stock Exchange between 1995 and 1997. Following a brief history of the Warsaw Stock Exchange, two major issues affecting the effectiveness of the Polish securities market are discussed. These are the transition process from public to private enterprise ownership, and the development of accounting and reporting standards compatible with the capital market requirements and the European Union regulation. The empirical results indicate significant association between stock returns and the annual earnings. Results are compared with those for more developed capital markets.

Keywords: accounting and reporting standards Poland; earnings and returns; privatization; Warsaw Stock Exchange

Suggested Citation

Jermakowicz, Eva K and Gornik-Tomaszewski, Sylwia, Information Content of Earnings in the Emerging Capital Market: Evidence from the Warsaw Stock Exchange (1998). Multinational Finance Journal, Vol. 2, No. 4, p. 245-267, 1998, Available at SSRN: https://ssrn.com/abstract=2631484

Eva K Jermakowicz (Contact Author)

Tennessee State University ( email )

3500 John A Merritt Blvd.
Nashville, TN 37209
United States

Sylwia Gornik-Tomaszewski

St. John's University - Department of Accounting and Taxation ( email )

The Peter J. Tobin College of Business
8000 Utopia Parkway
Queens, NY 11439
United States
718-990-2499 (Phone)

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