Examining the Relationship between the Stock Returns and Earnings Measures – Evidence from Borsa Istanbul

  • Asil AzimliEmail author
  • Pınar Evrim Mandaci
Conference paper
Part of the Springer Proceedings in Business and Economics book series (SPBE)


This paper investigates the relationship between stock returns and different types of earnings measures (such as net income, gross profits, operating profitability, cash-based operating profitability and accruals) for the firms traded on Borsa Istanbul. We construct portfolios by sorting firms according to the implied earning measures from low to high and analyze whether there are differences among them. Our sample period is from June 2007 to December 2015 covering 172 firms in average. Our results consistent with the previous studies indicating the profitability of equally and in some cases value weighted extreme portfolio investment strategies based on earnings measures.


Stock returns Borsa Istanbul Portfolio 


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© Springer International Publishing AG 2017

Authors and Affiliations

  1. 1.Department of Business AdministrationDokuz Eylul UniversityİzmirTurkey

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