Valuation Ratios As Stock Market Predictors

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Hassan Shirvani
University of St. Thomas

Barry Wilbratte
University of St. Thomas

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Abstract

Using bivariate causality tests, this paper examines price-earnings (PE) and dividend yield (DY) ratios and finds that they do not predict future stock returns but that they do predict future earnings and dividends, lending support to the efficient markets hypothesis.  (JEL: G12, G14)

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Published
Jul 1, 2003
DOI https://doi.org/10.19030/jabr.v19i3.2170

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How to Cite
Shirvani, H., & Wilbratte, B. (2003). Valuation Ratios As Stock Market Predictors. Journal of Applied Business Research (JABR), 19(3). https://doi.org/10.19030/jabr.v19i3.2170
Issue
Vol. 19 No. 3 (2003)
Section
Articles