Szukana fraza: [Abstrakt = "The study tests a broad set of market, macroeconomic, and behavioural factors in the Polish stock market using local and US data. In time series regressions, employing general\-to\-specific modelling and principal component analysis, the authors found that both local and foreign aggregate indicators significantly predict the behaviour of a broad portfolio of Polish stocks. However, no common factor is able to explain the cross\-section of expected returns in Poland. Only firm\-specific characteristics, in particular market\/book value and momentum, show significance in the cross\-sectional analysis. The results are consistent with recent methodological critiques, suggesting that most candidate factors fail to explain the cross\-section of expected returns when more stringent inference procedures are adopted"]

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