Znaczenie raportów finansowych dla wyceny spółek notowanych na Giełdzie Papierów Wartościowych w Warszawie SA
Value relevance of financial reporting on the Warsaw Stock Exchange

Summary/Abstract: The paper is associated with the value relevance research, investigating whether information from the financial reports is reflected in the value of listed companies. The study includes annual reports of 440 companies listed on the Warsaw Stock Exchange in the years from 2000 to 2010. Models describing the relationship between information from financial reports and a measure of stock prices is based, in part, on a factor analysis. Validation of models on the test sample confirmed their effectiveness. The results show that the value relevance models may be one of the tools in building investment strategies.

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