An International Comparison of Earnings / Price Ratios, Estimation Risk and Growth  

Oleh:

Dontoh, A. ; Livnat, J. ; Todd, R.

Jenis: Article from Bulletin/Magazine
Dalam koleksi: JAPAN AND THE WORLD ECONOMY vol. 5 no. 1 (1993), page 27-50.
Topik: earnings; international comparison; earnings; price ratio; risk and growth

Ketersediaan

Perpustakaan Pusat (Semanggi) Nomor Panggil: JJ47 Non-tandon: 1 (dapat dipinjam: 0) Tandon: tidak ada

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Isi artikel

This study examines the variables that affect the cross - sectional distributions of earnings / price (E / P) ratios both within and across countries. A theoretical model shows that the following variables affect the variation in E / P ratios : (i) interest rates, (ii) dividend yield, (iii) growth (abnormal earnings), and (iv) estimation risk (the uncertainty about abnormal earnings). The model also shows that there is a non - linear relationship between E / P ratios and these variables. This model is applied to a large set of data from twelve different countries. The empirical results are usually consistent with the theoretical model.

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