The Relationships Between Earnings Per Share and Stock Prices: An Evidence on Financial Holding Companies Listed in Taiwan
碩士 === 國立屏東科技大學 === 財務金融研究所 === 98 === This study employs ADF, Johansen cointegration test and Granger causality test to investigate the relationship between earnings per share and stock prices of financial holding companies during the period of January, 2003 to December, 2009. The empirical results...
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| Format: | Others |
| Language: | zh-TW |
| Published: |
2010
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| Online Access: | http://ndltd.ncl.edu.tw/handle/00020542111247282208 |
| Summary: | 碩士 === 國立屏東科技大學 === 財務金融研究所 === 98 === This study employs ADF, Johansen cointegration test and Granger causality test to investigate the relationship between earnings per share and stock prices of financial holding companies during the period of January, 2003 to December, 2009. The empirical results are as follows:
(1) The lead-lag relations between earnings per share and stock prices are not consistent among companies. Mostly are independent, followed by earnings per share lead prices and prices lead earnings per share, and then feed back relationship.
(2) The previous inconsistent results of information contents of earnings may result from the inconsistent lead-lag relations and thus devaluating the information contents of earnings or stock prices
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