English, Article edition: The Relationship Between P/E and Book to Market Ratios José Antonio Laínez Gadea; Beatriz Cuéllar Femández

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Physical Description
  • article
Language
  • English

Edition details

Title
  • The Relationship Between P/​E and Book to Market Ratios
Author
  • José Antonio Laínez Gadea
  • Beatriz Cuéllar Femández
Physical Description
  • article
Notes
  • In this paper we propose a joint analysis of two relevant ratios in fundamental analysis: PIE and book market. On the basis of the EBO accounting valuation model, our goal is to analyse the relationship between both ratios and assess the role of the accounting rate of return in explaining how both combine in value. Results indicate that their relation is positive but not monotonic. Also, the book rate-of-return equity seems to determine the articulation between PIE and book to mar/​ret as long as this rate of return is a good estimator of future return on equity. Finally, we found evidence that the ratio book to mar allows to identify the cases in which PIE contains transitory components in its denominator and situations in which it is a good indicator for future growth.
  • PIE, book to market, return on equity, fundamental analysis.
  • RePEc:sar:journl:v:5:y:2002:i:9:p:117-146
Language
  • English
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