Trafność prognoz wyniku finansowego i ich wpływ na zmiany wartości rynkowej nowych spółek giełdowych
Journal Title: "Finanse" Czasopismo Komitetu Nauk o Finansach PAN - Year 2017, Vol 10, Issue 1
Abstract
This study investigates the accuracy of earnings forecasts disclosed in IPO prospectuses and their relationship between changes in the market value of new stock companies. Using the sample of 97 Polish companies that performed IPO on the Warsaw Stock Exchange between 2006 and 2015 and disclosed earnings forecasts in IPO prospectuses, we employed the multiple regression analysis. We find the positive relationship between earnings forecast errors and adjusted stock returns. This results are in line with our expectations. The findings of this study allow to conclude, that earnings forecast errors seem to be important in explaining the subsequent changes of market value.
Authors and Affiliations
Tomasz Sosnowski, Anna Wawryszuk-Misztal
Keywords
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