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| Tekijä: | Chen, P. Zhang, G. |
| Otsikko: | How do accounting variables explain stock price movements? Theory and evidence |
| Lehti: | Journal of Accounting & Economics
2007 : JUL, VOL. 43:2-3, p. 219-244 |
| Asiasana: | accounting stock returns share prices capital investment earnings growth theories models |
| Kieli: | eng |
| Tiivistelmä: | Providing theory and evidence, this study shows how accounting variables explain cross-sectional (here as: crs-sect.) stock returns. Based on research of Zhang, G. (publ. in Journal of Accounting Research 2000, vol. 38, p. 271-295) which relates equity value to accounting measures of underlying operations, this study derives returns as a function of earnings yield, equity capital investment, growth opportunities, profitability changes, and discount rates. Empirical results confirm the predicted roles of all identified factors. The model explains about 20 percent of the crs-sect. return variation, with cash-flow-related factors accounting for most of the explanatory power etc. |
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