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| Tekijä: | Kallunki, J. Martikainen, T. |
| Otsikko: | The lead-lag structure of stock returns and accounting earnings: implications to the returns-earnings relation in Finland |
| Lehti: | International Review of Financial Analysis
1997 : VOL. 6:1, p. 37-48 |
| Asiasana: | FINANCIAL ANALYSIS EARNINGS FINLAND |
| Kieli: | eng |
| Tiivistelmä: | This paper provides new evidence on how the relationship in time between stock returns and accounting earnings affects the observed Finnish returns-earnings relation in two subperiods, the boom in 1988-1990 and the recession in 1991-1993. Similar to the earlier U.S. results, the authors find that stock returns lead accounting earnings rather than vice versa. When taking into account this lead-lag structure between stock returns and accounting earnings, the authors find that the estimated returns-earnings relation is significantly weaker in the recession period than in the boom period. |
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