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The usefulness of earnings versus book value for predicting stock returns and cross corporate ownership in Japan

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  • Hong Bae, Kee
  • Kim, Jeong-Bon
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    File URL: http://www.sciencedirect.com/science/article/B6VF1-3TW99WF-6/2/253d5a9d73e39aad29e5998bc3798216
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    Bibliographic Info

    Article provided by Elsevier in its journal Japan and the World Economy.

    Volume (Year): 10 (1998)
    Issue (Month): 4 (October)
    Pages: 467-485

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    Handle: RePEc:eee:japwor:v:10:y:1998:i:4:p:467-485

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    Web page: http://www.elsevier.com/locate/inca/505557

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    References

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    1. Fama, Eugene F & French, Kenneth R, 1992. " The Cross-Section of Expected Stock Returns," Journal of Finance, American Finance Association, vol. 47(2), pages 427-65, June.
    2. Ou, Jane A. & Penman, Stephen H., 1989. "Financial statement analysis and the prediction of stock returns," Journal of Accounting and Economics, Elsevier, vol. 11(4), pages 295-329, November.
    3. Blume, Marshall E. & Stambaugh, Robert F., 1983. "Biases in computed returns : An application to the size effect," Journal of Financial Economics, Elsevier, vol. 12(3), pages 387-404, November.
    4. Frederick D S Choi & Hisaaki Hino & Sang Kee Min & Sang Oh Nam & Junichi Ujiie & Arthur I Stonehill, 1983. "Analyzing Foreign Financial Statements: The Use and Misuse of International Ratio Analysis," Journal of International Business Studies, Palgrave Macmillan, vol. 14(1), pages 113-131, March.
    5. Lee, Charles M. C., 1992. "Earnings news and small traders : An intraday analysis," Journal of Accounting and Economics, Elsevier, vol. 15(2-3), pages 265-302, August.
    6. Bildersee, John S. & Cheh, John J. & Lee, Changwoo, 1990. "The international price-earnings ratio phenomenon : A partial explanation," Japan and the World Economy, Elsevier, vol. 2(3), pages 263-282, September.
    7. Prowse, Stephen D, 1992. " The Structure of Corporate Ownership in Japan," Journal of Finance, American Finance Association, vol. 47(3), pages 1121-40, July.
    8. French, K.R. & Poterba, J.M., 1990. "Are Japanese Stock Prices Too High?," Working papers 547, Massachusetts Institute of Technology (MIT), Department of Economics.
    9. Jacobson, Robert & Aaker, David, 1993. "Myopic management behavior with efficient, but imperfect, financial markets : A comparison of information asymmetries in the U.S. and Japan," Journal of Accounting and Economics, Elsevier, vol. 16(4), pages 383-405, October.
    10. Marshall Blume & Robert Stambaugh, . "Biases in Computed Returns: An Application to the Size Effect (Revision of 2-83)," Rodney L. White Center for Financial Research Working Papers 11-83, Wharton School Rodney L. White Center for Financial Research.
    11. Chan, Louis K C & Hamao, Yasushi & Lakonishok, Josef, 1991. " Fundamentals and Stock Returns in Japan," Journal of Finance, American Finance Association, vol. 46(5), pages 1739-64, December.
    12. Jaffe, Jeffrey & Keim, Donald B & Westerfield, Randolph, 1989. " Earnings Yields, Market Values, and Stock Returns," Journal of Finance, American Finance Association, vol. 44(1), pages 135-48, March.
    13. Bildersee, John S. & Cheh, John J. & Zutshi, Ajay, 1993. "The performance of Japanese common stocks in relation to their net current asset values," Japan and the World Economy, Elsevier, vol. 5(3), pages 197-215, September.
    14. Prowse, Stephen D., 1990. "Institutional investment patterns and corporate financial behavior in the United States and Japan," Journal of Financial Economics, Elsevier, vol. 27(1), pages 43-66, September.
    15. Choi, Jongmoo Jay, 1995. "The Japanese and US stock prices: A comparative fundamental analysis," Japan and the World Economy, Elsevier, vol. 7(3), pages 347-360, September.
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    Cited by:
    1. Bauer, Rob & Derwall, Jeroen & Molenaar, Roderick, 2004. "The real-time predictability of the size and value premium in Japan," Pacific-Basin Finance Journal, Elsevier, vol. 12(5), pages 503-523, November.
    2. Cheung, Joseph K. & Kim, Jeong-Bon & Lee, Jason, 1999. "The Impact of Institutional Characteristics on Return-Earnings Associations in Japan," The International Journal of Accounting, Elsevier, vol. 34(4), pages 571-596, 010.

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