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| Author: | Martikainen, T. |
| Title: | Stock returns and classification pattern of firm-specific financial variables: empirical evidence with Finnish data. |
| Journal: | Journal of Business Finance and Accounting
1993 : JUn, VOL. 20:4, p. 537-557 |
| Index terms: | STOCK RETURNS EMPIRICAL RESEARCH BUSINESS RATIOS FINLAND |
| Language: | eng |
| Abstract: | This paper incorporates the findings of empirical classification patterns of financial ratios to studies investigating the relation between stock returns and financial factors of a firm. The empirical results indicate that the relevant information of the investigated financial characteristics of a firm can be presented in one factor, with respect to which single financial ratios seem not to have incremental information content in the Finnish stock market. In cross-industry sample this factor is reported to be leverage. However, when studying purely industrial firms, the most important factor consists of ratios representing several a priori characteristics of a firm. |
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