.png){kind=icon}
.png){kind=icon}
Return
PRICE AND RETURN MODELS
.png){kind=icon}
OA
AI
DOI：10.1016/0165-4101(95)00399-4.png)
.png){kind=icon}
.png){kind=icon}
Share.png){kind=icon}
Save
Abstract
En 中文
Return models (returns regressed on scaled earnings variables) are commonly preferred to price models (stock price regressed on earnings per share). We provide a framework for choosing between these models. An economically intuitive rationale suggests that price models are better specified in that the estimated slope coefficients from price models, but not return models, are unbiased. Our empirical results confirm that price models' earnings response coefficients are less biased. However, return models have less serious econometric problems than price models. In some research contexts the combined use of both price and return models may be useful.
Keywords:
CAPITAL MARKETS
PRICE-EARNINGS REGRESSIONS
EARNINGS RESPONSE COEFFICIENTS
AI Summary
Key information extracted from the uploaded paper, including a brief overview, abstract, background, key highlights, visual analysis, and future outlook.
Journal
IF:
6.8
Papers:
1.5K
Citations:
1.7W
Organization
No organization information available