Risk And Return a Paradox
Risk And Return a Paradox
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This series covered 1958 to 1981.
6. The Mark et Value Per Share of Equity (adjusted for splits and stock dividends) measured three months after the end of the quarter to which earnings pertain. This series is similar to (4) and (5) and covers 1958 I to 1981 III.
By nature of the ROE ratio, all three equity valuation measures are meant to standardize firms' earnings for scale or size of the firm. There is some reason to believe (6) will induce less "noise" into the ROE series than (3), (4), or ...(5). This is because some 85%-90% of the information in a firm's accounting earnings is impounded in its stock price by the month of its announcement (Ball and Brown (1968)). Thus, scaling earnings by a post-announcement market value of equity adjusts for the deviation of EPS from that expected. It will reduce the variability of the ROE caused by "noise" and hence increase the precision of estimation of the mean and variance of the ROE. Since the hypotheses relate to the cross-sectional relation between mean and variance of "permanent" ROEs, elimination of the transitory element should enhance the power of our tests.
What to read after Risk And Return a Paradox?
You can find similar books in the "Read Also" column, or choose other free books by Terry a Marsh to read onlineMoreLess
To quickly assess the difficulty of the text, read a short excerpt:
This series covered 1958 to 1981.
6. The Mark et Value Per Share of Equity (adjusted for splits and stock dividends) measured three months after the end of the quarter to which earnings pertain. This series is similar to (4) and (5) and covers 1958 I to 1981 III.
By nature of the ROE ratio, all three equity valuation measures are meant to standardize firms' earnings for scale or size of the firm. There is some reason to believe (6) will induce less "noise" into the ROE series than (3), (4), or ...(5). This is because some 85%-90% of the information in a firm's accounting earnings is impounded in its stock price by the month of its announcement (Ball and Brown (1968)). Thus, scaling earnings by a post-announcement market value of equity adjusts for the deviation of EPS from that expected. It will reduce the variability of the ROE caused by "noise" and hence increase the precision of estimation of the mean and variance of the ROE. Since the hypotheses relate to the cross-sectional relation between mean and variance of "permanent" ROEs, elimination of the transitory element should enhance the power of our tests.
What to read after Risk And Return a Paradox?
You can find similar books in the "Read Also" column, or choose other free books by Terry a Marsh to read onlineMoreLess
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