The effects of price multiples and the market capitalization on value stocks and growth stocks: Evidence from U.K. and U.S. stock markets
Başlık çevirisi mevcut değil.
- Tez No: 644713
- Danışmanlar: DR. PIERRE NADEAU
- Tez Türü: Yüksek Lisans
- Konular: İşletme, Business Administration
- Anahtar Kelimeler: Belirtilmemiş.
- Yıl: 2017
- Dil: İngilizce
- Üniversite: University of London - Birkbeck
- Enstitü: Yurtdışı Enstitü
- Ana Bilim Dalı: Belirtilmemiş.
- Bilim Dalı: Belirtilmemiş.
- Sayfa Sayısı: 85
Özet
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Özet (Çeviri)
The aim of this research is to analyze the differences between value and growth investing in terms of fınancial ratios (price-to-earnings ratio, price-tobook ratio, and price-to-cash flow ratio) and the size effect through the market capitalization of the selected companies from U.K and U.S stock markets this will be FTSE100 index, S&P 500 and NASDAQ indices. The fınancial data was obtained from 66 companies from U.K and U.S stocks markets as an equally weighted. These companies' shares will be classifıed as value, middle and growth with the help of their price-to-earnings ratios. By applying CAPM and risk-return adjustment measures such as Sharpe ratio, Treynor measure and Jensen's alpha to analyze and risk-adjusted return levels of value and growth stocks that will be selected from U.K and U.S stock markets. Moreover, Efficient Market Hypothesis and especially semi-strong form will be critically explained in order to evaluate the effects of Efficient Market Hypothesis on investor decision making between value and growth stocks. Finally, the panel data with fıxed effects model will be used in order to determine the effects of the price multiples (price-to-earnings ratio, price-to-book ratio, and price-to-cash flow ratio) and the size of the company on value and growth stocks.
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