Trwałość trendów spadków i wzrostów zysków spółek a empiryczne dyskonta i premie w ich wycenie
Stability of decreasing and increasing trends of corporate earnings and empirical valuation discounts and premiums

Summary/Abstract: Capital markets appreciate stability and growth. It means that companies showing stable and permanently growing earnings are on average valued higher than companies expe¬riencing stable decreases of earnings or having higher earnings variability. Therefore in the market values of companies showing long-term increasing/decreasing trends of earnings there is discernible premium/discount reflecting market belief in high probability of continuation of prior earnings growth/decline. The empirical analysis based on Granger causality found that at the end of March 2010 Polish companies showing stable decreasing trends of earnings in 2005-2009 period were quoted with discount averaging 20.2% and companies showing stable increasing trends of earnings were quoted with premium averaging 19.1%.

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