Emerging markets are considered to be providers of great investment opportunities due to their continually improving economic and political conditions. However, high risks aligned with high potential return make investors be more careful and thoroughly analyze publicly available market information. Fundamentals influencing The goal of the current paper is to analyze the relationship between market and economic performance of a company in order to test whether Central and Eastern European (CEE) companies’ economic performance is reflected in their market return. Correlation and quartile analysis were used to discover if any economic performance can be used as a proxy to TSR. Analysis was made, based on the sample data of CEE 117 companies.