期刊名称：Facta Universitatis. Series Economics and Organization
印刷版ISSN：0354-4699
电子版ISSN：0354-4699
出版年度：2013
卷号：10
期号：2
页码：191-204
出版社：University of Nis
摘要：The earnings-return relation has been the 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 accounting practice and the level of capital market development, empirical studies usually find a significant and positive association between accounting earnings and stock returns both in the developed and transition economies. However, these studies usually find lower level of accounting earnings value relevance in transition economies. This could be due to lower efficiency of stock markets, bank orientation of financial systems, code-law legal system, and lower timeliness of accounting earnings in transition economies. The objective of this paper is to investigate the possible influence of accounting practice and regulatory framework, as well as the level of development of the capital market on the value relevance and the association between accounting earnings and stock returns in the Serbian capital market.
关键词：accounting earnings; stock returns; accounting practice; capital market
