engleski

The information content of earnings and operating cash flows from annual report – analysis for Croatian listed companies

The main purpose of this research was to test the information content of accounting information (earnings and operating cash flow) in the context of investors' decisions at capital markets. Research is based on event study approach where return volatility index RVIit is used as measure of market reaction in period of 10 days before and after publishing of accounting information. Research was done on the sample of companies from CROBEX 10, i.e. on the sample of 10 most traded companies from Zagreb stock exchange in period 2005-2009. As a general conclusion we can point out that accounting information (earnings and operating cash flow) from annual report have information content since market reacts on published information with abnormal returns.

earnings; operating cash flow; information content; stock returns

nije evidentirano