The Impact of Different Nature of Earnings and Earning to Price Ratio on Stock Returns
| Autor: | HUANG,HSIN-HUI, 黃馨慧 |
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| Rok vydání: | 2019 |
| Druh dokumentu: | 學位論文 ; thesis |
| Popis: | 107 Among many financial instruments, stocks are one of the most commonly used investment tools for many investors. Therefore, how to choose investment targets and construct investment portfolios has always been a hot research topic. Many domestic and foreign research literatures have found that Earning to Price Ratio is one of the commonly used and important reference indicators for investing in the stock market. It’s a worthy index for investors to choose stocks. This study mainly adopts the Value Investing to analyze the earning of Common Stock of Taiwan Listed Companies between 2000-2018. It’s sets the “Earning to Price Ratio” as the single investment indictor to compare the performance of portfolio with different nature of earnings for stock selection measurement. Respecting the opinion of Robert J. Shiller, Nobel laureate in economics, the test includes earning for a certain period. The plan is to use the Earning to Price Ratio of 3 different periods (annual, three-years average and the five-years average) to compare the investment performance. Under the different nature of earnings of Earning to Price Ratio, the empirical results confirm that the investment performance of Five-Years Average portfolio is better than others, especially in the “Earning to Price Ratio of Earnings Before Interest” and “Earning to Price Ratio of Net Income-E”. The empirical results of this study provide investors with practical application in the construction of investment portfolios and investment decisions, and improve the performance of stock selection investment. |
| Databáze: | Networked Digital Library of Theses & Dissertations |
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