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• W2290226740 abstract "Previous research in mature capital markets, such as US and UK, proved that stock market returns and earnings per share (EPS) are correlated. However, research in emerging capital markets to this correlation is not as extensive. The purpose of this paper is to investigate whether the level of EPS and EPS changes, the level of return on investment (ROI) and ROI changes, and the level of return on Equity (ROE) and ROE changes, divided by stock price at the beginning of the stock market period (nine months prior to fiscal year end) are relevant to explain stock market returns in Greece. To explore the correlation/association between EPS, ROI and ROE with stock market returns, this study adopts the Easton and Harris (1991) formal valuation model, which clearly proved the association of earning levels and earnings changes with stock market returns in the US market. The sample period spans 10 years, from 1992 to 2001. There are 163 companies in the sample with different numbers of participating years for each of them. These companies gave a total of 984 year observations, while after excluding the outliers the final sample consisted of 977 year-observations. We used both relative and incremental information content approaches to test this association. For the relative information content approach (to test separately each of the EPS, ROI and ROE with stock market returns) and consistent with the Easton and Harris (1991), we developed a set of three equations (regression models 1-3) linking EPS, ROI and ROE respectively with stock market returns. For the incremental information content approach we developed another set of three equations (regression models 4-6) where in each of them we combined two of the EPS, ROI and ROE with stock market returns. Relative information content approach examined separately each of the three regression models (1-3) using the individual year cross-sectional sample and the pooled cross-sectional and intertemporal (all years) sample. Revealed results provided evidence that there is an association between EPS and stock market returns (although low explanatory power) while results concerning ROI and ROE are not encouraging. In incremental information content approach we tested the three regression models(4-6) using only the pooled cross-sectional and intertemporal (all years) sample. Revealed results showed that the combination of EPS and ROI best explains stock market returns in Greece, compared to the results provided by the combinations of EPS and ROE, and ROI and ROE." @default.
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• W2290226740 date "2007-01-01" @default.
• W2290226740 modified "2023-09-27" @default.
• W2290226740 title "EARNINGS AS AN EXPLANATORY TOOL IN EXPLAINING STOCK MARKET RETURNS AND THE USE OF EASTON AND HARRIS (1991) MODEL: THE CASE OF GREECE." @default.
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