Accounting Beta in the Extended Version of CAPM

  • Anna Rutkowska-ZiarkoEmail author
  • Lesław Markowski
  • Christopher Pyke
Conference paper
Part of the Springer Proceedings in Business and Economics book series (SPBE)


This paper examines whether accounting betas and downside accounting betas have an impact on the average rate of return in a capital market. It also examines whether investors receive a positive risk premium using accounting betas and secondly, if investors receive a positive risk premium for the downside risk. An analysis was undertaken using data from a sample of 27 Polish construction companies currently listed on the Warsaw stock market.

The results show that for the Polish construction company sector investors receive a positive risk premium, associated with Accounting Betas and investors receive a positive risk premium for downside risk.


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Copyright information

© Springer Nature Switzerland AG 2019

Authors and Affiliations

  • Anna Rutkowska-Ziarko
    • 1
    Email author
  • Lesław Markowski
    • 1
  • Christopher Pyke
    • 2
  1. 1.Faculty of Economics, Department of Quantitative MethodsUniversity of Warmia and Mazury in OlsztynOlsztynPoland
  2. 2.Lancashire School of Business and EnterpriseUniversity of Central LancashirePrestonUK

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