DETERMINANTS OF EARNINGS‐PRICE RATIOS: A REEXAMINATION

Jang Youn Cho

Review of Financial Economics, 1994, vol. 3, issue 2, 105-120

Abstract: This paper incorporates recent equity valuation theories into the examination of determinants of earnings‐price (E/P) ratios to explain cross‐sectional differences in E/P ratios. The results show that ex ante measures of risk and growth as well as the payout ratio are the main determinants of E/P ratios. The persistence measure is not significantly related to E/P ratios. The results are robust to ordinary least square models as well as to a tobit censored regression.

Date: 1994
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https://doi.org/10.1002/j.1873-5924.1994.tb00575.x

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Persistent link: https://EconPapers.repec.org/RePEc:wly:revfec:v:3:y:1994:i:2:p:105-120

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