RELATIONSHIP BETWEEN THE CURRENT STOCK VALUE, EARNINGS AND BOOK VALUE OF SHARES WITH EMPHASIS ON THE ROLE OF INVESTMENT IN CAPITAL

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ETEMADI H.; SAEEDI M.

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Journal: FINANCIAL KNOWLEDGE OF SECURITY ANALYSIS (FINANCIAL STUDIES) Year:2014 | Volume:6 | Issue:20 Page(s): 45-61

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Title

RELATIONSHIP BETWEEN THE CURRENT STOCK VALUE, EARNINGS AND BOOK VALUE OF SHARES WITH EMPHASIS ON THE ROLE OF INVESTMENT IN CAPITAL

Author(s)

ETEMADI H. | SAEEDI M. | Issue Writer Certificate

Keywords

INVESTMENT IN CAPITALQ3

EQUITY VALUATIONQ3

EARNINGSQ3

EQUITY BOOK VALUEQ3

PROFITABILITYQ3

Abstract

Prior studies studying the relationship between equity value and accounting information ignored the effect of investment growth. In this study, Using Zhang (2000) theory, we investigate the effect of investment growth on the relation of equity value and accounting variables in firms Listed with Tehran Stock Exchange from 2000 to 2010 using multiple regression models. The findings indicate that (1) growth increases the intensity of value EARNINGS relation for high-profitability firms (consistent with growth having positive NPV), But for firms with low PROFITABILITY, the intensity reduces, (2) given EARNINGS, growth increases the intensity of relation between equity value and EQUITY BOOK VALUE for low-profitability firms, but reduces the intensity of relationship and causes equity value to decrease with book value forhigh-profitability firms. Here investment growth is influential, and (3) given PROFITABILITY (ROE), equity value uniformly increases with book value, in other words the relationship is positive and growth increases the intensity of this relationship.

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APA: Copy

ETEMADI, H., & SAEEDI, M.. (2014). RELATIONSHIP BETWEEN THE CURRENT STOCK VALUE, EARNINGS AND BOOK VALUE OF SHARES WITH EMPHASIS ON THE ROLE OF INVESTMENT IN CAPITAL. FINANCIAL KNOWLEDGE OF SECURITY ANALYSIS (FINANCIAL STUDIES), 6(20), 45-61. SID. https://sid.ir/paper/200067/en

Vancouver: Copy

ETEMADI H., SAEEDI M.. RELATIONSHIP BETWEEN THE CURRENT STOCK VALUE, EARNINGS AND BOOK VALUE OF SHARES WITH EMPHASIS ON THE ROLE OF INVESTMENT IN CAPITAL. FINANCIAL KNOWLEDGE OF SECURITY ANALYSIS (FINANCIAL STUDIES)[Internet]. 2014;6(20):45-61. Available from: https://sid.ir/paper/200067/en

IEEE: Copy

H. ETEMADI, and M. SAEEDI, “RELATIONSHIP BETWEEN THE CURRENT STOCK VALUE, EARNINGS AND BOOK VALUE OF SHARES WITH EMPHASIS ON THE ROLE OF INVESTMENT IN CAPITAL,” FINANCIAL KNOWLEDGE OF SECURITY ANALYSIS (FINANCIAL STUDIES), vol. 6, no. 20, pp. 45–61, 2014, [Online]. Available: https://sid.ir/paper/200067/en

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