LES COURS BOURSIERS ET LES PREVISIONS DE RENTABILITE DES ANALYSTES SONT-ILS EN PHASE?

Pascal Alphonse (), Michel Levasseur and Xia Zhang
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Pascal Alphonse: LSMRC - Lille School of Management Research Center - ULR 4112 - SKEMA Business School - Université de Lille
Michel Levasseur: LSMRC - Lille School of Management Research Center - ULR 4112 - SKEMA Business School - Université de Lille
Xia Zhang: LSMRC - Lille School of Management Research Center - ULR 4112 - SKEMA Business School - Université de Lille

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Abstract: In this paper we propose a new analysis of the association between the growth of the earnings per share (eps) as reflected in analysts' forceasts, the book value of equity, the eps and the market value of equity. Specifically, we motivate and introduce a new specification of the dynamics of the growth in eps and test its implications in equity valuation. Our empirical results support the predictions of the valuation model and appear consistent with the time varying level of association between the stock prices, the eps and the grouth in eps.

Keywords: EPS; Stock valuation; Book value of equity; Growth; Earnings forecasts.; Bénéfice; Valorisation; Capitaux propres; Croissance; Prévisions. (search for similar items in EconPapers)
Date: 2012-05-21
Note: View the original document on HAL open archive server: https://hal.science/hal-00690947
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Published in Comptabilités et innovation, May 2012, Grenoble, France. pp.cd-rom

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