Relationship between price-earnings ratios and expected return of common stocks: The case of Malaysia
This paper investigates the relationship between PIE ratio of a stock and its expected return. Spearman rank correlatiOn, a nonparametric test, was used to test this relationship. ThIs study found significant relatIOnship between the two for the entire period 1980 to 1989 and for the sub-period 1980...
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| Main Authors: | , |
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| 格式: | Article |
| 語言: | English |
| 出版: |
Penerbit Universiti Kebangsaan Malaysia
1991
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| 在線閱讀: | http://journalarticle.ukm.my/7938/1/765-1461-1-SM.pdf http://journalarticle.ukm.my/7938/ http://ejournals.ukm.my/pengurusan/issue/view/200 |
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| 總結: | This paper investigates the relationship between PIE ratio of a stock and its expected return. Spearman rank correlatiOn, a nonparametric test, was used to test this relationship. ThIs study found significant relatIOnship between the two for the entire period 1980 to 1989 and for the sub-period 1980 101984, which suggest that the market for MalaYSia stocks IS not efficient In the semi-strong form of the efficient market hyporhesis (EMH). However, for the sub-period 1985 to 1989, the relationship is not significant. |
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