Value stocks vs growth stocks: Is there a P/E effect in New Zealand?
|dc.identifier.citation||Tomaszewski, O. (1999, March 31). Value stocks vs growth stocks: Is there a P/E effect in New Zealand? (Thesis). Retrieved from http://hdl.handle.net/10523/1362||en|
|dc.description.abstract||This study examines the empirical relationship between the price-to-earnings (P/E) ratio and returns on the common stock of NZSE firms. The results show a substantial difference in raw returns between low P/E and high P/E stocks, and between negative earnings and high P/E stocks. However, once returns are adjusted for risk, using both the Capital Asset Pricing Model and the alternative model put forward by Fama and French (1993), the difference in returns among our P/E stocks becomes insignificant. Our findings, therefore, suggest that there is no P/E effect in New Zealand.||en_NZ|
|dc.title||Value stocks vs growth stocks: Is there a P/E effect in New Zealand?||en_NZ|
|thesis.degree.grantor||University of Otago||en_NZ|
|otago.school.eprints||Finance & Quantitative Analysis||en_NZ|
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