THE COMPARATIVE INVESTIGATION OF THE RELATIONSHIP BETWEEN EVA AND INFLATION-ADJUSTED EVA WITH RETURNS AND STOCK PRICES OF COMPANIES LISTED IN TSE

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SAEEDI ALI; AKBARI NOOREDIN

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Journal: ECONOMIC RESEARCH REVIEW Year:2010 | Volume:10 | Issue:7 (SUPPLEMENT) Page(s): 145-172

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Title

THE COMPARATIVE INVESTIGATION OF THE RELATIONSHIP BETWEEN EVA AND INFLATION-ADJUSTED EVA WITH RETURNS AND STOCK PRICES OF COMPANIES LISTED IN TSE

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SAEEDI ALI | AKBARI NOOREDIN | Issue Writer Certificate

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Abstract

In this study, considering the high level of inflation in Iran, we develop an inflation-adjusted economic value added (EVA) metric. We investigate this claim that adjusted economic value added is superior to nominal economic value added for firm performance evaluation on the basis of stock return and price. For the investigation, we test two hypotheses and for testing each hypothesis two competing regression models are developed. For the purpose of estimating the research models, a sample of companies (374 years-firm) listed in Tehran Stock Exchange (TSE) for the time period of 2001-2006 is used.The results do not show that adjusted economic value added is superior to nominal economic value added for evaluating firm performance on the basis of stock return. Except for Cement, Metals and Metal products, and Pharmaceutical and Chemical industrial groups we found no evidence that adjusted EVA is superior to nominal EVA for firm performance evaluation on the basis of stock price. The over all results are ambiguous and do not provide strong evidence that show superiority of the adjusted EVA to the nominal EVA for evaluating firm performance.

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APA: Copy

SAEEDI, ALI, & AKBARI, NOOREDIN. (2010). THE COMPARATIVE INVESTIGATION OF THE RELATIONSHIP BETWEEN EVA AND INFLATION-ADJUSTED EVA WITH RETURNS AND STOCK PRICES OF COMPANIES LISTED IN TSE. ECONOMIC RESEARCH REVIEW, 10(7 (SUPPLEMENT)), 145-172. SID. https://sid.ir/paper/67126/en

Vancouver: Copy

SAEEDI ALI, AKBARI NOOREDIN. THE COMPARATIVE INVESTIGATION OF THE RELATIONSHIP BETWEEN EVA AND INFLATION-ADJUSTED EVA WITH RETURNS AND STOCK PRICES OF COMPANIES LISTED IN TSE. ECONOMIC RESEARCH REVIEW[Internet]. 2010;10(7 (SUPPLEMENT)):145-172. Available from: https://sid.ir/paper/67126/en

IEEE: Copy

ALI SAEEDI, and NOOREDIN AKBARI, “THE COMPARATIVE INVESTIGATION OF THE RELATIONSHIP BETWEEN EVA AND INFLATION-ADJUSTED EVA WITH RETURNS AND STOCK PRICES OF COMPANIES LISTED IN TSE,” ECONOMIC RESEARCH REVIEW, vol. 10, no. 7 (SUPPLEMENT), pp. 145–172, 2010, [Online]. Available: https://sid.ir/paper/67126/en

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