Not all that glitters is gold - not all that foreign currency what it seems?

The study first reviews the results of major international research projects on the connection of accounting information and market price of companies, then presents experiences of the empirical analysis carried out by the author. The analysis has been done by the author on a data set of the 2005-2009 time period produced by a sample consisting of companies issuing stocks registered at the Budapest Stock Exchange, and used multiple variable statistical data analysis to study the presence, direction and strength of relations of the stock price on the one hand, and the book value of equity and - from the earnings categories - earnings before interest and tax, earnings before taxes and overall earnings on the other hand.