Predicting Earnings Growth Using E/P Ratios: Australian Evidence

Autor:	Martyn Clissold, Dave E. Allen, Henrietta Lisnawati
Rok vydání:	1998
Předmět:	050208 finance Earnings yield Earnings Financial economics Price–earnings ratio 0502 economics and business 05 social sciences Econometrics Economics Earnings growth 050207 economics General Business Management and Accounting
Zdroj:	Australian Journal of Management. 23:115-127
ISSN:	1327-2020 0312-8962
Popis:	The classic ‘higgledy‐piggledy growth’ studies by Little (1962), Rayner and Little (1966), Brealey (1967), and Lintner and Glauber (1967) essentially reported that earnings changes over time appear to be randomly distributed. More recently Fuller, Huberts and Levinson (1992) have undertaken a US study which challenges some of these earlier findings. Their study utilised the earnings‐to‐price ratio as the market's implicit forecast of future earnings changes. Their results suggested that high E/P stocks tend to have relatively lower earnings changes whilst low E/P stocks tend to have higher earnings changes. This study reworks Fuller, Huberts and Levinson's study on a sample of 207 listed Australian companies for the period 1972–1984. On balance, our results support their findings.
Databáze:	OpenAIRE
Externí odkaz:	https://explore.openaire.eu/search/publication?articleId=doi_________::03559d20f4d495a5279c23b9dc47dfc0 https://doi.org/10.1177/031289629802300107 Zobrazit plný text záznamu