KAR KALİTESİ VE HİSSE SENEDİ GETİRİLERİ ARASINDAKİ İLİŞKİNİN İMKB'DE TEST EDİLMESİ.

Financial statements are used by investors and others as the main information source to make rational decisions. Earnings amount, which shows the economic and financial performance of a company, is an important source of information for decision- making. However corporate managers can influence the earnings amount either without seeking any particular interest, or according to their own interests. If current period earnings are not reflecting financial status of the company, investors can make bad decisions predicting their future period earnings. The purpose of this study is to determine the relationship between current period earnings and the future stock returns for companies at ISE. Data for the years between 1992-2003 of 1448 companies at the Istanbul Stock Exchange Market (ISE) are used. The logistic regression is employed. The results showed that current period cash flow is more effective than accruals on the future abnormal stock returns. [ABSTRACT FROM AUTHOR]