| Summary: | 碩士 === 靜宜大學 === 財務金融研究所 === 96 === In this study, we use panel cointegration method to investigate the relationship between stock prices and earnings-per-share (EPS). Furthermore, we consider whether stock prices respond to EPS under the different level of growth rate of operating revenue. The empirical result indicated that the cointegration relationship existed between stock prices and EPS in the long-run. Furthermore, we found that for the firm with the high level of growth rate, EPS has less power in explaining the stock prices; however, for the firm with the low level of growth rate, EPS has a strong impact in stock prices.
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