Struktura autoregresyjna zysku rezydualnego spółek z Polski, Niemiec i Francji
Autoregressive structure of residual income of Polish, French and German firms

Summary/Abstract: The paper presents the results of empirical research concerning autoregressive parameters of residual income of stock-listed companies. The autoregressive structure described in the article is useful for modelling the relationship between accounting data and stock prices and for the development of valuation models. The results confirm that residual income is autoregressive, but no evidence is found for the autoregression of the other information variable present in the Ohlson valuation model. In addition, the results show significant variance in parameter estimates in the sample countries.

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