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Author: | Danielson, M. G. Dowdell, T. D. |
Title: | The return-stages valuation model and the expectations within a firm's P/B and P/E ratios |
Journal: | Financial Management
2001 : SUMMER, VOL. 30:2, p. 93-124 |
Index terms: | FINANCIAL MODELS PRICES RETURN ON INVESTMENT VALUATION |
Language: | eng |
Abstract: | The return-stages model can quantify the expectations facing a firm from its price-to-book (P/B) and price-to-earnings (P/E) ratios. Two implications of the model are illustrated. The results imply that a firm's stock return depends, in part, on how its operating performance compares to the expectations defined by its P/B and P/E ratios. |
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