The price-earnings ratio (PER) effect is a well-documented phenomenon in the most developed financial markets. This effect shows that the firms with a low price to earning per share ratio exhibit higher returns than those with a high ratio. The existence of such an effect weakens the market...

The globalization process has an important impact on the foreign direct investment flows. The FDI are increasingly important to developing countries, such as the Central and Eastern European countries. The EU accession has stimulated the investors’ confidence, and it has contributed to their...