Vafeas, Nikos; Trigeorgis, Lenos; Georgiou, Xenia - In: European Accounting Review 7 (1998) 1, pp. 105-124
The paper presents evidence that earnings levels as well as changes in earnings are important in explaining stock returns in an emerging stock market. The study employs data on all listed firms in the Cyprus Stock Exchange over the ten-year period 1985-1994. Operating cash flows have no...