The stock return predictability: comparing P/E and EV/Ebitda
Yazarlar (3)
| Makale Türü |
Özgün Makale
(Uluslararası alan indekslerindeki dergilerde yayınlanan tam makale)
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| Dergi Adı | Journal of Economics Finance and Accounting | ||
| Makale Dili | – | Basım Tarihi | 09-2017 |
| Cilt / Sayı / Sayfa | 4 / 3 / 262–274 | DOI | – |
| Makale Linki | https://dergipark.org.tr/en/pub/jefa/issue/32208/357567 | ||
| UAK Araştırma Alanları |
Finansal Piyasalar ve Kurumlar
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| Özet |
| Purpose – The aim ofthis work is to pinpoint the association between stock retuns and financialdynamics, market dynamics and regional and firm-specific uncertainties. Whiledividend yield, P/E, EV/EBITDA, P/B, Investment Ratio, Leverage, IntangibleAssets, Topline Growth, Country Risk, Standard Deviation, GeopoliticalUncertainties, and Liquidity are taken into consideration as factors affectingstock returuns, lagged value of dependent variable is also accepted asindependent variable. Methodology All the equations are figured outby Generalized Method of Moments (GMM) while 2.549 data of 204 companies from24 sectors traded at BİST between 1998-2014 are used in the study. Findings According tothe outcomes of the model, the rise in Expected Dividend Yield, InvestmentRatio, Sales Growth and Liquidity influence positively stock returns, whereas theuptrend in geopolitical risks, country risks, company specific risks andintangible investments affect the stock returns negatively. The decline in P/Eand EV/EBITDA increases stock returns.Conclusion In additionto the increase in net profit, investment, dividend and sales, firms can rampup their corporate value by using liquidity provider operations and augmentingfree float ratios, and they can leverage the value in their operationalactivities. Also, while investors pay close attention to P/E and EV/EBITDAmultiples simultaneously, investment maturity of them are about 1 year. |
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