Abstract
The purpose of this study to investigate whether there is an association between stock returns and the annual earnings, derived from the new financial reporting standards (IFRS) of firms listed on the Istanbul Stock Exchange (ISE) National Market over the period 2005 -2009. To explore the association between stock returns and the annual earnings, the Return Valuation Model(s) devoloped by Easton and Harris (1991) is used. The model is linking both current earnings levels and earnings changes to stock returns. The empirical results of model indicate that there is a positive and significant association between stock returns and annual earnings for ISE national market
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