The earnings-return relation was subject of numerous studies since the first study of this relation conducted by Ball and Brown in 1968. These studies are relatively rare in transition economies due to specific economic environment and less developed capital markets. Despite the differences in...

The relationship between accounting earnings and stock returns was subject of numerous studies over the past forty years. The first study of this relationship conducted by Ball and Brown in 1968 was the basis for many subsequent studies. Given the specific economic environment and less developed...

Purpose: The purpose of the study is to investigate the association of earnings and cash flows with stock prices and returns, and the impact of regulatory changes on the value relevance of accounting numbers.Design/methodology/approach: The authors examine a sample of non-financial firms listed...