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Determinantes de la relación entre el precio y el valor contable de las acciones

 

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Author: García-Ayuso Covarsí, Manuel
Rueda Torres, Juan Antonio
Department: Universidad de Sevilla. Contabilidad y Economía Financiera
Date: 2002
Document type: Article
Abstract: La teoría financiera predice que la relación entre el precio y el valor contable de las acciones (el ratio PB) será tanto mayor cuanto mayor sean las expectativas de rentabilidad y crecimiento de los recursos propios, y cuanto menor sea la rentabili...
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In a efficient market, financial theory predicts that price-to-book (PB) ratios should depend on expected future return on equity (ROE), the related growth in book value of equity, and the required rate of return. This paper presents the results of an empirical analysis of those relations using a sample of firms listed in the Madrid stock exchange during the period 1986–2000. The evidence presented here is consistent with the results of previous studies in that it suggests that current PB and ROE are positively correlated. Additionally, the persistence in ROE drives a positive relationship between the PB ratio and the future ROEs, and current PB ratio have explanatory power for future ROEs in the long term beyond current ROE. Finally, we found a positive relationship between the PB ratio and the future growth in book values, and a negative relationship between the PB ratio and the risk when it is measured using the β coefficient of the market model.
Cite: García-Ayuso Covarsí, M. y Rueda Torres, J.A. (2002). Determinantes de la relación entre el precio y el valor contable de las acciones. Revista española de financiación y contabilidad, 31 (114), 1013-1040.
Size: 1.202Mb
Format: PDF

URI: https://hdl.handle.net/11441/84952

DOI: 10.1080/02102412.2002.10779467

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