澳洲作业代写:股票价格
ASSIGNMENT代写

澳洲作业代写:股票价格

2017-11-21 23:17

上述文献中所使用的比率与股票价格相关联,该股票价格涉及预期收益的信息,而未被市场所捕获。股票的价格并不完全取决于现金流,而是取决于现金流的当前贴现值。因此,上述不同的比率在分析CAPM的过程中起着至关重要的作用。根据法玛和法文(1992)对CAPM的失败进行了实证分析,得出上述比率对股票回报有影响,这是由betas提供的。在时间序列回归分析中,他们得出了同样的结论。他们还发现,在CAPM早期研究的样本周期结束后,平均回报与beta值之间的关系更加平坦。Chan、Hamao和Lakonishok(1991)观察到,与Fama和French(1992)的发现相一致的日本数据的账面市值与资产回报率之间存在着很强的显著关系,这意味着CAPM与价格比率相关的矛盾不是具体的样本。
澳洲作业代写:股票价格
The ratios have been used in the above mentioned literatures associate the stock prices which involves the information about expected returns which are not captured by the market betas. The price of the stock does not solely depend on the cash flows, rather it depends on the present discounted value of the cash flow. So, the different kind of ratios discussed above play a crucial role in analyzing the CAPM. In line with this Fama and French (1992) empirically analyzed the failure of the CAPM and concluded that the above mentioned ratios have impact on stock return which is provided by the betas. In a time series regression analysis they concluded the same thing. They also observed that the relationship between the average return and the beta is even flatter after the sample periods on which early CAPM studies were done. Chan, Hamao, and Lakonishok (1991) observed a strong significant relationship between book-to-market equity and asset return for Japanese data which is consistent with the findings of Fama and French (1992) implies that the contradictions of the CAPM associated with price ratios are not sample specific.