دسته بندی:

حسابداری و حسابرسی - accounting and auditing

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سال انتشار:

2021

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عنوان انگلیسی مقاله:

Predicting stock returns from the pricing and mispricing of accounting fundamentals

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ترجمه فارسی عنوان مقاله:

پیش بینی بازده سهام از قیمت گذاری و سوء تفاهم از مبانی حسابداری

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منبع:

ScienceDirect- Elsevier- Quarterly Review of Economics and Finance, 81 (2021) 253-260: doi:10:1016/j:qref:2021:06:011

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نویسنده:

Christian Walkshusl

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چکیده انگلیسی:

This paper examines Nichols et al.’s (2017) fundamentals-based valuation model that links share prices to accounting fundamentals in European equity markets. The model explains, on average, 69 % of the cross-sectional share price variation among European firms. Deviations of share prices from the model’s fundamental value estimates hold unique information about subsequent stock returns that goes beyond established determinants of the cross-section. Firms identified as undervalued outperform firms perceived as overvalued by more than 0.54 % per month after controlling for firm size, book-to-market, operating profitability, investment, and momentum. Hence, the market seems to incorporate fundamental information only gradually.
keywords: پیش بینی قابل پیش بینی | تجزیه و تحلیل بنیادی | بدبختی | بازده سهام | بازارهای اروپایی | Return predictability | Fundamental analysis | Mispricing | Stock returns | European markets

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قیمت: رایگان

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توضیحات اضافی:

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