The Effects of Longer than One Year Measurement Periods on Accounting Earnings-Stock Prices Relation for Level and Change Models

Öz

This study provides new evidence on how the relationship in different portfolio times between stock returns and accounting earnings affects the observed Istanbul Stock Exchange ISE returns-earnings relation in 1992- 2000 periods. Results indicate that more than one year portfolio periods seriously increase R2 in returns-earnings relation for return and change models. Findings which are provided the study strengthen evidence that stock prices at the end of period do not include all information of earnings at the last statements.

BİR YILDAN UZUN ÖLÇÜM DÖNEMLERİNİN DÜZEY VE DEĞİŞİM MODELLERİ AÇISINDAN MUHASEBE KARLARI İLE HİSSE SENEDİ FİYATLARI ARASINDAKİ İLİŞKİ ÜZERİNE ETKİSİ

Öz

Bu çalışma 1992-2000 döneminde farklı portföy zamanlarında İstanbul Menkul Kıymetler Borsası'nda İMKB gözlenen, muhasebe kârları ve hisse senedi getirileri arasındaki ilişkinin nasıl etkilendiğiyle ilgili deneysel kanıtlar sağlamaktadır. Bulgulara göre getiri ve değişim modelleri açısından kâr ve getiri arasındaki ilişkinin açıklanmasında birden daha uzun portföy dönemlerinin esas alınması, her iki model açısından da önemli bir R2 artışı sağlamaktadır. Çalışmadan elde edilen sonuçlar son mali tablolardaki kârların içerdiği bilginin, o döneminhisse senedi fiyatlarına tam olarak yansımadığı yönündeki bulguları güçlendirmektedir

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