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A Study Into The Relationship Between The Price Earnings Ratio And The Price Book Ratio On The Jse Securities Exchange
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Book Synopsis A Study Into the Relationship Between the Price Earnings Ratio and the Price Book Ratio on the JSE Securities Exchange by : Sandile Luthuli
Download or read book A Study Into the Relationship Between the Price Earnings Ratio and the Price Book Ratio on the JSE Securities Exchange written by Sandile Luthuli and published by . This book was released on 2001 with total page 188 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Essential P/E by : Keith Anderson
Download or read book The Essential P/E written by Keith Anderson and published by Harriman House Limited. This book was released on 2012-06-04 with total page 214 pages. Available in PDF, EPUB and Kindle. Book excerpt: The price-earnings ratio, or P/E, is the most commonly quoted investment statistic, but have you ever considered what it actually means? For most people it's a shorthand way of deciding how highly the market regards a company, with investors prepared to overpay for earnings from a high-P/E 'glamour' stock as opposed to a low-P/E 'value' stock. However, academics have known since 1960 that the opposite is true: value stocks outperform glamour stocks consistently over decades. A company with a low P/E may have been marked down for no readily apparent reason and thus could represent an attractive value investment for those with the patience to wait while the market re-values it. However, the P/E is a backward-looking measure and just because the company earned £1 per share last year it doesn't necessarily mean it will earn anything like that in the foreseeable future. Or, a low P/E can mean a company is deservedly cheap because it is in financial difficulty - in this case the company is likely to become cheaper yet or even go into administration. This book is a practical guide to how you can adjust and improve the price-earnings ratio and use it, alongside other financial ratios, to run against the crowd and boost your stock returns.
Book Synopsis Price Earnings Ratio in Investment Decisions by : Vere Richard Elliott
Download or read book Price Earnings Ratio in Investment Decisions written by Vere Richard Elliott and published by . This book was released on 1984 with total page 60 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Testing the Relation between Price-to-Earnings Ratio and Stock Returns in the Athens Stock Exchange by : Lambros Stefanis
Download or read book Testing the Relation between Price-to-Earnings Ratio and Stock Returns in the Athens Stock Exchange written by Lambros Stefanis and published by . This book was released on 2014 with total page 32 pages. Available in PDF, EPUB and Kindle. Book excerpt: Market anomalies have always been an object of research by many scholars and financial professionals. Among others, Basu (1997), Fama and French (1992), Jaffe, et.al. (1989), and Lakonishok, et.al. (1994) documented the existence of P/E effect as market inefficiency, in the US and UK markets at different periods of time. Our research showed that the P/E phenomenon also exists in the Athens Stock Exchange (ASE). In respect to our resulting evidence, the ratio is found to be negatively related to subsequent equity performance. Furthermore, accounting variables such as market value and earnings growth play an important role in the explanation of the cross- sectional variation of stock returns. The size-effect as it appears in literature, is found to hold for firms listed on ASE. The resulting evidence presented industry as being an indicative factor of such accounting variables, as well as, past market returns to be negatively related to subsequent stock performance. We could not verify the existence of P/E effect on firms listed on ASE using the extrapolation model of Lakonishok, et.al. (1994). However, our results are consistent with the overreaction hypothesis of De Bondt and Thaler (1985, 1987) in relation to news announcements.
Book Synopsis An investigation into the relationship between market-to-book ratio and company growth for firms quoted on the Johannesburg Stock Exchange by : Douglas Richard Eatwell
Download or read book An investigation into the relationship between market-to-book ratio and company growth for firms quoted on the Johannesburg Stock Exchange written by Douglas Richard Eatwell and published by . This book was released on 1984 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Price to Earnings Ratio, Value to Book Ratio and Growth by : Pablo Fernandez
Download or read book Price to Earnings Ratio, Value to Book Ratio and Growth written by Pablo Fernandez and published by . This book was released on 2019 with total page 19 pages. Available in PDF, EPUB and Kindle. Book excerpt: The PER is the most commonly used parameter in the stock market. The PER is the result of dividing the equity market value by the company's profit after tax.The PER depends on a number of factors, some of which are out of the company's control, such as variations in interest rates, and others are intrinsic to the company, such as its risk, its growth and the return on its investments. The PER increases, ceteris paribus, if interest rates fall, if the company's risk decreases, and if the company's profit after tax increases. The PER increases with growth if the return on the company's investments is greater than the required return to equity.The relationship between share prices (their market value for listed companies) and their book value is the subject of considerable study by financial analysts. We analyze the relationship between the two parameters in several companies and different countries. We also analyze the influence of the PER and on this relationship.
Book Synopsis Are Stock Markets Efficient? (Price-Earnings Ratio Approach) by : Tasoh Toh
Download or read book Are Stock Markets Efficient? (Price-Earnings Ratio Approach) written by Tasoh Toh and published by . This book was released on 2018 with total page 15 pages. Available in PDF, EPUB and Kindle. Book excerpt: This study investigates the relationship between Price-Earnings ratio and return on stocks. The result is use to appraise the efficiency of the Korean stock market. Findings statistically oppose S. Basu (1977) results. He realized Price-Earnings ratio effect but this study found no statistical evidence supporting the relationship between Price-Earnings ratio and return on common stock. Using Fama and Macbeth (1973) methodology of portfolio formation, the investigation could notice any statistical Price-Earnings ratio nor size effect. If a test of financial market efficiency depends on Price-Earnings ratio and size effect only, then Korean stock market is efficient, however, within this context, it is difficult to determine the extent (weak, semi strong or strong) to which the market is efficient. Further study on bid-ask spread (measure of information asymmetry) will assist to determine the level to which the Korean financial market is efficiency.
Book Synopsis Share Prices and Mergers by : Michael Arthur Firth
Download or read book Share Prices and Mergers written by Michael Arthur Firth and published by Lexington Books. This book was released on 1976 with total page 208 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Relationship of Price-earnings Ratio and Leverage to Rates of Return on Common Stocks by : David Frederic Schroll
Download or read book The Relationship of Price-earnings Ratio and Leverage to Rates of Return on Common Stocks written by David Frederic Schroll and published by . This book was released on 1976 with total page 87 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Valuation of Shares and the Efficient-markets Theory by : Michael Arthur Firth
Download or read book The Valuation of Shares and the Efficient-markets Theory written by Michael Arthur Firth and published by . This book was released on 1977 with total page 202 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Relationship Between the Price Earnings Ratio, Earnings Changes, and the Rate of Return of Selected Comon Stocks by : H. Gifford Fong
Download or read book The Relationship Between the Price Earnings Ratio, Earnings Changes, and the Rate of Return of Selected Comon Stocks written by H. Gifford Fong and published by . This book was released on 1969 with total page 24 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Relationship Between Price-Earnings Ratios and Stock Value in an Emerging Market by : Manas Mayur
Download or read book Relationship Between Price-Earnings Ratios and Stock Value in an Emerging Market written by Manas Mayur and published by . This book was released on 2016 with total page 21 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this paper an attempt was made to determine whether Price-Earnings (P/E) ratios indicate future prices or yields in Indian capital market. While the efficient market hypothesis negates the possibility of prediction, the P/E ratio supporters argue that due to exaggerated investors' expectations, P/E ratio may indicate future investment performance. Four major indexes of Bombay Stock Exchange are chosen for the investigation: the S&P BSE SENSEX, S&P BSE 500, S&P BSE MID-CAP and S&P BSE SMALL-CAP. Using Vector Error Correction Model (VECM) and Vector Auto Regression (VAR) estimations I find that subsequent prices will increase and subsequent yields will decline in response to an increase in the P/E ratio. But the prediction only works with blue chip firms or firms with large market capitalization and not for mid-size firms or small size firms. The impact on subsequent yield is very weak even for large size firms.
Book Synopsis Investment Performance of Common Stock in Relation to Their Price-earnings Ratios by : Jordan R. Tilley
Download or read book Investment Performance of Common Stock in Relation to Their Price-earnings Ratios written by Jordan R. Tilley and published by . This book was released on 2015 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: In this study, the work of Basu 1977 is partly replicated using subsequent market data. A trading strategy of investing in assets based on their price-earnings ratio is back-tested, thus also testing the efficient market hypothesis. Market data over the past twenty-five years (1989-2014) was gathered, cleaned, and modeled to test for unexplained return to five portfolios ranked by PE ratio. The data was tested using the single-factor Capital Asset Pricing Model and the Fama-French three-factor model. The dataset was then decomposed by price and similarly modeled to test whether the effectiveness of using PE as a leading indicator is limited by the price level of an asset. I conclude that investing in a portfolio comprised of the lowest PE ratio assets yields the highest unexplained returns over the period examined. I also find that this strategy is primarily driven by low and mid-priced stocks, and does not hold at high price levels. In this analysis, the efficient market hypothesis does not hold.
Book Synopsis A Basic Research Study Examining the Relationship Between Price-earnings Ratios and Subsequent Price and Earnings Performance by : Richard Duane Farren
Download or read book A Basic Research Study Examining the Relationship Between Price-earnings Ratios and Subsequent Price and Earnings Performance written by Richard Duane Farren and published by . This book was released on 1967 with total page 218 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Predictability of Stock Price Fluctuation Based on Price Earnings Ratio by : Anup Kumar Saha
Download or read book Predictability of Stock Price Fluctuation Based on Price Earnings Ratio written by Anup Kumar Saha and published by . This book was released on 2014 with total page 4 pages. Available in PDF, EPUB and Kindle. Book excerpt: This innovative and creative research sketched to scrutinize the degree and nature of P/E ratio mention in corporate annual reports and its impact on Market price fluctuation in stock market. Specifically, this report discovers the affiliation between P/E ratio and market price fluctuation in stock market in an emerging market -- Dhaka Stock Exchange, Bangladesh. In order to do this, it has analyzed and utilized a disclosure index about P/E to measure the extent of relationship with market fluctuation made by companies in corporate annual reports. This study also reports that a very few company's share price in DSE are making efforts to run with P/E ratio which are mostly quantitative in nature. Whether the price earnings ratio (P/E) is a good criterion on which to base investment decisions also examined in this report.
Book Synopsis The Relationships Between Exchange Rates and Stock Prices by : Md. Mahmudul Alam
Download or read book The Relationships Between Exchange Rates and Stock Prices written by Md. Mahmudul Alam and published by . This book was released on 2017 with total page 9 pages. Available in PDF, EPUB and Kindle. Book excerpt: This study seeks evidence supporting the existence of market efficiency and exchange rate sensitivity on stock prices in the Johannesburg stock exchange (JSE). The sample includes the daily price indices of all securities listed on the JSE, and the exchange rate of the USD/Rand for the period since January 2000 to December 2004. The results from the unit root test, the ADF test and the causality test at the Granger sense provide evidence that the Johannesburg stock exchange (JSE) is informationally efficient. It has a long run comovement with exchange rate, and long run equilibrium or steady state. Hence, in JSE there is a strong possibility that foreign direct investors and forex market traders cannot influence and gain abnormal extra benefits by using exchange rate mechanism or by using exchange rate to forecast stock prices in the market. So, JSE is semi-strong form efficient. Through cointegration test, this paper gives more insight on the concept of market efficiency and the reliability of the results. These results are important to security analysts, investors, and security regulatory exchange bodies in policy making decision to improve the market conditions.
Book Synopsis How To Predict Share Price Variation by : Johnny Ch Lok
Download or read book How To Predict Share Price Variation written by Johnny Ch Lok and published by . This book was released on 2019-12-07 with total page 106 pages. Available in PDF, EPUB and Kindle. Book excerpt: Investing has a set of four basic elements that investors use to break down a stock's value. In this article, we will look at four commonly used ratios and what they can tell you about a stock. Financial ratios are powerful tools to help summarize financial statements and the health of a company or enterprise. -Financial statements can be used by analysts and investors to compute financial ratios that indicate the health or value of a company and its shares.-P/E, P/B, PEG and dividend yields are four commonly used metrics that can help break down a stock's value and outlook.-Any single ratio is too narrowly focused to stand alone, so combining these and other financial ratios gives a more complete picture. (1) The Price-to-Book Ratio (P/B) Made for glass-half-empty people, the price-to-book (P/B) ratio represents the value of the company if it is torn up and sold today. This is useful to know because many companies in mature industries falter in terms of growth, but can still be a good value based on their assets. The book value usually includes equipment, buildings, land and anything else that can be sold, including stock holdings and bonds. With financial firms, the book value can fluctuate with the market as these stocks tend to have a portfolio of assets that goes up and down in value. Industrial companies tend to have a book value based more in physical assets, which depreciate year over year according to accounting rules. In either case, a low P/B ratio can protect you - but only if it's accurate. This means an investor has to look deeper into the actual assets making up the ratio. (2)Price-to-Earnings Ratio (P/E) The price to earnings (P/E) ratio is possibly the most accurate of all the ratios. If sudden increases in a stock's price, then the P/E ratio is the steak. A stock can go up in value without significant earnings increases, but the P/E ratio is what decides if it can stay up. Without earnings to back up the price, a stock will eventually fall back down. The reason for this is simple: A P/E ratio can be thought of as how long a stock will take to pay back your investment if there is no change in the business. A stock trading at $10 per share with earnings of $5 per share has a P/E ratio of 2, which is sometimes seen as meaning that you'll make your money back in long years if nothing changes. The reason stocks tend to have high P/E ratios is that investors try to predict which stocks will enjoy progressively larger earnings. An investor may buy a stock with a P/E ratio of 30 if he or she thinks it will double its earnings every year (shortening the payoff period significantly). If this fails to happen, the stock will fall back down to a more reasonable P/E ratio. If the stock does manage to double earnings, then it will likely continue to trade at a high P/E ratio. (3) The PEG Ratio Because the P/E ratio isn't enough in and of itself, many investors use the price to earnings growth (PEG) ratio. Instead of merely looking at the price and earnings, the PEG ratio incorporates the historical growth rate of the company's earnings. This ratio also tells you how your stock stacks up against another stock. The PEG ratio is calculated by taking the P/E ratio of a company and dividing it by the year-over-year growth rate of its earnings. The lower the value of your PEG ratio, the better the deal you're getting for the stock's future estimated earnings.
