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2019 | 105 | nr 161 | 77--93
Tytuł artykułu

The Incremental Informativeness of Sell - Side Earnings Forecasts : Evidence for the Warsaw Stock Exchange

Warianty tytułu
Pojemność informacyjna wyników finansowych a pojemność informacyjna ich prognoz : analiza spółek notowanych na GPW w Warszawie
Języki publikacji
EN
Abstrakty
EN
We investigate whether earnings forecasts issued by sell - side analysts are incrementally informative about the returns of firms listed on the Warsaw Stock Exchange (WSE), a moderately - developed, post - communist capital market. Our sample covers the fiscal years 2008 - 2016. The informativeness of earnings (and earnings forecasts) is defined as the association between earnings (earnings forecasts) and returns. Our findings indicate that the mean earnings forecasts issued by sell - side analysts are incrementally informative about firm returns beyond the earnings reported. This result does not depend on firm size, profitability, or market return. The findings indicate that such forecasts incorporate useful incremental valuation information and that the incremental informativeness of these forecasts serves to protect the interests of analysts' clients. (original abstract)
Celem badania jest odpowiedź na pytanie, czy prognozy wyników finansowych publikowane przez analityków giełdowych (sell side) niosą dodatkową informację o stopach zwrotu z inwestycji w akcje spółek notowanych na Giełdzie Papierów Wartościowych w Warszawie (GPW), umiarkowanie rozwiniętym postkomunistycznym rynku kapitałowym. Nasza próba obejmuje lata podatkowe 2008 - 2016. Pojemność informacyjną wyników finansowych raportowanych (i prognoz wyników) definiuje się jako związek między wynikami (prognozami wyników) a stopami zwrotu. Nasze wyniki wskazują, że średnie prognozy wyników publikowane przez analityków niosą dodatkową informację o stopach zwrotu, ponad informację zawartą w wynikach raportowanych. Nie zależy to od wielkości spółki, jej rentowności ani stopy zwrotu. Wyniki wskazują, że w prognozach inkorporowana jest nowa, użyteczna do wyceny informacja, a zatem służą one ochronie interesów klientów analityków. (abstrakt oryginalny)
Rocznik
Tom
105
Numer
Strony
77--93
Opis fizyczny
Twórcy
  • Ferris State University, Big Rapids, Michigan
  • Cracow University of Economics
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Typ dokumentu
Bibliografia
Identyfikatory
Identyfikator YADDA
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