The Relationship between Accounting Variables and Stock Price Movements in Tehran Stock Exchange (TSE) | ||
| بررسیهای حسابداری و حسابرسی | ||
| Article 2, Volume 17, Issue 2 - Serial Number 279955, October 2010 PDF (234.17 K) | ||
| Author | ||
| Omid Pourheydari | ||
| Abstract | ||
| This study investigated the relationship between accounting Variable and stock price movements. I study earnings yield, capital investment, changes in profitability and growth opportunities, as a cash flow related factors, and discount rates that based on theoretical evidences influence stock returns. My model is based on Chen and Zhang [10] study, who relates returns to earnings yield, equity capital investment, changes in profitability, growth opportunities, and discount rates. Based on pooled sample my finding indicated that earnings yield, capital investment, changes in profitability and discount rates influence stock movements. Empirical results confirm the predicted roles of all identified factors. The model explains about 30% of the cross-sectional return variation, with cash-flow-related factors (as opposed to changes in discount rates) accounting for most of the explanatory power. The properties of the model are robust across various periods. | ||
| Keywords | ||
| Capital Investment; Changes in Profitability; Discount Rates.; Earnings Yield; growth opportunities; Stock Price | ||
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