haku: @indexterm Share valuation / yhteensä: 133
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| Tekijä: | Pastor, L. Veronesi, P. |
| Otsikko: | Stock valuation and learning about profitability |
| Lehti: | Journal of Finance
2003 : OCT, VOL. 58:5, p. 1749-1789 |
| Asiasana: | Share valuation Stock returns Profitability |
| Kieli: | eng |
| Tiivistelmä: | The authors develop a simple approach to valuing stocks in the presence of learning about average profitability. The market-to-book ratio increases with uncertainty about average profitability, especially for firms that pay no dividends. M/B is predicted to decline over a firm's lifetime due to learninf, with steeper decline when the firm is young. Data also support the predictions that younger stocks and stocks that pay no dividends have more volatile returns. |
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