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Author
Welc Jacek (Uniwersytet Ekonomiczny we Wrocławiu)
Title
Wpływ monotoniczności zmian zysków spółek na ich wycenę giełdową
Impact of Monotonic Changes of Corporate Earnings on Stocks' Market Valuation
Source
Prace Naukowe Uniwersytetu Ekonomicznego we Wrocławiu. Nauki o Finansach 2(7), 2011, nr 186, s. 67-75, tab., bibliogr. 16 poz.
Research Papers of Wrocław University of Economics. Financial Sciences
Keyword
Rynek kapitałowy, Spółki, Zysk, Wycena
Capital market, Companies, Profit, Valuation
Note
streszcz., summ.
Abstract
Rynki kapitałowe cenią stabilność i wzrost, co oznacza, że spółki wykazujące stabilnie i trwale rosnące zyski są przeciętnie wyceniane wyżej niż firmy notujące trwałe spad¬ki zysków. W związku z tym w wycenie spółek wykazujących trwałe wzrosty/spadki zysków dostrzegalna jest premia/dyskonto, odzwierciedlająca przekonanie rynku o prawdopodobnej kontynuacji dotychczasowego wzrostu/spadku zysków. Zaprezentowana w artykule analiza empiryczna wykazała, że na koniec marca 2010 r. polskie spółki wykazujące monotoniczne tendencje spadkowe zysków operacyjnych w latach 2006-2009 notowane były z przeciętnym dyskontem wynoszącym 5,1%, natomiast spółki wykazujące monotoniczne trendy wzrostowe zysków notowane były z przeciętną premią równą 16,9%. (abstrakt oryginalny)

Capital markets appreciate stability and growth. That means that companies showing stable and persistently growing earnings are on average valued higher than companies experiencing persistent decreases of earnings. Therefore in market values of companies showing persistent increases/decreases of earnings there is discernible premium/discount reflecting market belief in high probability of continuation of prior earnings growth/decline. The empirical analysis presented in the paper found that at the end of March 2010 Polish companies showing monotonically decreasing earnings in 2006-2009 period were quoted with discount averaging 5.1% and companies showing monotonically increasing earnings were quoted with premium averaging 16.9%. (original abstract)
Accessibility
The Main Library of the Cracow University of Economics
The Library of Warsaw School of Economics
The Library of University of Economics in Katowice
The Main Library of Poznań University of Economics and Business
The Main Library of the Wroclaw University of Economics
Bibliography
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Cited by
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ISSN
1899-3192
2080-5993
Language
pol
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