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Disaggregated Earnings and Stock Prices: Evidence from International Listed Shipping Firms


The goal of this study is to investigate the impact of earnings from vessel sales on stock prices for international listed shipping firms. The empirical findings show that operating income from vessel sales has a higher power in explaining stock prices than operating earnings only as a sole piece of accounting information for future profitability, investment opportunities, and firm valuation. The testing period is from 2000 to 2009. The methodologies are those of panel cointegration and panel causality tests. The implications are very crucial, since managers may manipulate annual earnings by such non-operating activities.

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Correspondence to Nicholas Apergis.

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Apergis, N., Sorros, J. Disaggregated Earnings and Stock Prices: Evidence from International Listed Shipping Firms. Int Adv Econ Res 16, 269–281 (2010).

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  • Operating income
  • Vessel sales
  • International shipping firms
  • Stock prices
  • Panel cointegration and causality


  • G10
  • M41
  • C33