Time Effects in Empirical Stock Valuation Models
A common observation in empirical stock valuation models is the instability of the estimated parameters, both from one sample to another within a single time period and from one period to another. An attempt is made to further explain the instability over time of the estimated parameters of stock va...
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Veröffentlicht in: | The review of economics and statistics 1979-08, Vol.61 (3), p.460-466 |
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Format: | Artikel |
Sprache: | eng |
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Zusammenfassung: | A common observation in empirical stock valuation models is the instability of the estimated parameters, both from one sample to another within a single time period and from one period to another. An attempt is made to further explain the instability over time of the estimated parameters of stock valuation models. From a sample of 312 industrial companies for the third quarter 1967-second quarter 1973 period, the results were that the estimated coefficients of growth, size, and debt-equity variables are highly significant and have the expected signs in every cross-sectional period. The dividend payout ratio variable is statistically insignificant in each cross-section. |
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ISSN: | 0034-6535 1530-9142 |
DOI: | 10.2307/1926080 |