The Information Content of Earnings and Operating Cash Flows From Annual Report – Analysis For Croatian Listed Companies

摘要

The main purpose of this research was to test the content of accounting information (earnings and operating cash flow) in the context of investors' decisions at capital markets. The research is based on event study approach where return volatility index RVI_(it)is used as measure of market reaction in the period of 10 days before and after publishing the accounting information. The research was done on the sample of companies from CROBEX 10, i.e. on the sample of 10 most traded companies from the Zagreb Stock Exchange in the period 2005-2009. As a general conclusion we can point out that accounting information (earnings and operating cash flow) from annual report has information content since the market reacts to published information with abnormal returns.Sa?etakOsnovni cilj ovog istra?ivanja je testiranje informacijskog sadr?aja ra?unovodstvenih informacija (dobiti i operativnog nov?anog toka) u kontekstu ulaga?kih odluka na tr?i?tu kapitala. Istra?ivanje je bazirano na pristupu "studije doga?aja", gdje je indeks volatilnosti povrata dionica RVI_(it)kori?ten za mjerenje reakcije tr?i?ta u razdoblju od 10 dana prije i nakon na objave ra?unovodstvenih informacija. Istra?ivanje je provedeno na uzorku kompanija iz indeksa CROBEX 10, tj. na uzorku 10 najtrgovanijih kompanija sa Zagreba?ke burze u razdoblju od 2005 do 2009 godine. Kao op?i zaklju?ak istra?ivanja mo?e se navesti da ra?unovodstvene informacije iz godi?njih izvje?taja (dobit i operativni nov?ani tok) imaju informacijski sadr?aj jer tr?i?te reagira na objavu informacija kroz abnormalne povrate.