This paper documents that the earnings yield and book-to-price combine to predict equity returns in a way that is consistent with the rational pricing of risk. It is well known that earnings yields predict returns in the cross-section, consistent with standard formulas that show that the earnings yield equals the required return when there is no expected earnings growth beyond that from retenti...

The effective role of capital in every country flows through giving guidelines for capital and resources, generalizing companies and sharing development projects with public, and also adding accredited companies stock market requires appropriate decision making for shareholders and investors who are willing to buy shares based on price mechanism. Forecasting stock price has always been a challe...

Our results as a percentage of maximum possible earnings (if correct decisions were made every day). Combined/parsing (our final system) is roughly equal to the sum of its two constituent systems’ performance. Note: Weather Forecasting is our baseline that assumes yesterday’s price trend will continue. 5.2% 11.4% 2.7% 12.5% 4.3% 16.0% AVERAGE 1.7% -0.5% -12.6% 3.7% -18.5% 1.9% Lieberman 6.2% 8....

This study investigates the reliability of management earnings forecasts with reference to these two ingredients: verifiability and neutrality. Specifically, we examine the biasedness (or accuracy) of management earnings forecasts and company specific characteristics that can be associated with accuracy. Based on sample of 102 IPO prospectuses published for admission on NYSE Euronext Paris from...

Submitted: Jun 24, 2013; Accepted: Jul 19, 2013; Published: Jul 25, 2013 Abstract: The article presents an empirical study of institutional maturity as a determinant of companies’ value and well-being of countries as a whole. Regression models of value multiples with inclusion of institutional factors are developed. Value of companies is studied in terms of the following multipliers: Price-Earn...

the purpose of this research is to investigate the relationship between earnings variabilityand earnings forecast using neural networks in companies listed on tehran stock exchange. theresearch is of the library and analytical-causal study type, and is based on panel data analysis andneural networks. in this research, financial information of 98 companies from 19 industries intehran stock excha...

Academic researchers and practitioners have proposed various stock-screening models that always contain more than one stock selecting rule and corresponding parameters. However, the criteria in traditional screening models employ crisp norms, which are unreasonable in reality. This paper proposes the fuzzy stock-screening model to select stocks in the portfolio. The screening rules consist of t...