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dc.contributor.author黃家聖en_US
dc.contributor.authorHUANG, CHIA-SHENGen_US
dc.contributor.author巫永森en_US
dc.contributor.authorWU YEONG-SENen_US
dc.date.accessioned2014-12-12T02:15:50Z-
dc.date.available2014-12-12T02:15:50Z-
dc.date.issued1995en_US
dc.identifier.urihttp://140.113.39.130/cdrfb3/record/nctu/#NT840457050en_US
dc.identifier.urihttp://hdl.handle.net/11536/60880-
dc.description.abstractThe importance of accounting information on security price
determination is of interest to both security analysts and
accountants. The main purpose of this paper is to investigate
the impact of different profitability measures on security rates
of return detemination. The model used in this empirical study
is a simultaneous equation model developed by Lee and Zumwalt
(1981).In this paper, we use multi-factor asset pricing model to
explain the rates of returns by including profitability
variable,leverage variable,and dividend policy variable as our
extra explainable power to examine whether different
profitability measures will affect the determination of rates of
return of stock. We use the Ordinary Least Squares to estimate
the related parameters for individual firms. We use the
quarterly financial data of six industries in Taiwan. The sample
period starts from 1986 to 1995,giving us 33 observations for
each firm in the sample. To get the quarterly data of stock
rates of returns and the market rates of returns for the all
companies, we use observations available from JES and AREMOS
data base.We find that when the return on equity is used as the
accounting profitability measure, the income factor performs
better than those of other mesurres. The results suggest market
component is still an important source of information
profitability measures should be used by security analysts or
investors to determine the equity of rates of returns for
different industries.
zh_TW
dc.language.isozh_TWen_US
dc.subject市場因素zh_TW
dc.subject獲利性衡量指標zh_TW
dc.subject股票報酬率zh_TW
dc.subjectMarket Returnen_US
dc.subjectProfitability Measuresen_US
dc.subjectSecurity Returnsen_US
dc.title市場因素與公司獲利能力對股票報酬率影響之研究zh_TW
dc.titleTHE IMPACT OF MARKET COMPONENT AND DIFFERENT PROFITABILITY MEASURES ON THE DETERMINATION OF SECURITYen_US
dc.typeThesisen_US
dc.contributor.department管理科學系所zh_TW
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