Wpływ publikacji wyników finansowych przedsiębiorstw na ich wycenę rynkową na przykładzie spółek przemysłu spożywczego notowanych na GPW w Warszawie
The Impact of Financial Statements Publication of Stock Prices of Food Industry Companies Listed on the Warsaw Stock Exchange

Summary/Abstract: Purpose – The paper is devoted to the effects of research, concerning the definition of covariance financial results and stock prices of companies on the example of the food sector companies listed on the Warsaw Stock Exchange in the period 2004–2014. Findings – As part of the research analyzed the financial situation of the companies surveyed in terms of financial performance and the volatility of net sales. Moreover using such account of correlation, regression and analysis of the events examined the impact of financial results for share prices. The highest correlation between the financial performance of companies and the prices of their shares has been, for most companies, the net income offset by one quarter ahead. It can be assumed that investors indeed guided by forecasts of future corporate earnings. Moreover, the market reaction to the publication of the unfavourable information is generally more impulsive than the reaction to positive or neutral message.

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