Integrating Growth, Debt, and P/E Ratio in Explaining Variation of Stock Returns - The Case of Electronic Industry in Taiwan
| Autor: | Hong,Ar-wen, 洪雅雯 |
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| Rok vydání: | 2006 |
| Druh dokumentu: | 學位論文 ; thesis |
| Popis: | 94 Investors always use P/E ratios in forming portfolios. This research examines the relationship among growth, debt, P/E ratio, and stock returns. The results show that P/E ratio combines with growth and debt can explain more variation of stock returns than using P/E ratio only. Furthermore, this research compares the “theoretical” P/E model to the “practical” P/E model regarding the explanatory power to stock returns. The “theoretical” model employs “expected earnings per share” in calculation of P/E ratio, whereas the “practical” model uses “recent four seasons’ earnings per share”. The results show that the “theoretical” P/E model explains more variation of stock returns. |
| Databáze: | Networked Digital Library of Theses & Dissertations |
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