IDEAS home Printed from https://ideas.repec.org/a/rje/bellje/v1y1970ispringp143-160.html
   My bibliography  Save this article

The Valuation of Public Utility Equities

Author

Listed:
  • Burton G. Malkiel

Abstract

This paper reports on a cross-sectional valuation study of public utility equities during the year-end periods from 1961 through 1967. The ratios of market prices to earnings are related to such factors as anticipated earnings growth, dividend payout, and various proxy variables designed to measure the risk or quality of the earnings stream. The distinguishing feature of the study is that it uses the actual expectations of security analysts for variables that heretofore had to be estimated from historical data alone. The results of the regressions using expectations data are contrasted with results relying on historical data. Results of alternative risk proxies are compared, and the stability and predictive power of the model over time are examined.

Suggested Citation

  • Burton G. Malkiel, 1970. "The Valuation of Public Utility Equities," Bell Journal of Economics, The RAND Corporation, vol. 1(1), pages 143-160, Spring.
    • Handle: RePEc:rje:bellje:v:1:y:1970:i:spring:p:143-160
    as

    Download full text from publisher

    File URL: http://links.jstor.org/sici?sici=0005-8556%28197021%291%3A1%3C143%3ATVOPUE%3E2.0.CO%3B2-%23&origin=repec
    File Function: full text
    Download Restriction: Access to full text is restricted to JSTOR subscribers. See http://www.jstor.org for details.
    ---><---

    As the access to this document is restricted, you may want to search for a different version of it.

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Karel Janda, 2019. "Earnings Stability and Peer Company Selection for Multiple Based Indirect Valuation," Czech Journal of Economics and Finance (Finance a uver), Charles University Prague, Faculty of Social Sciences, vol. 69(1), pages 37-75, February.
    2. Lina Dias & Angelin Victor, 2022. "Teaching and Learning with Mobile Devices in the 21st Century Digital World: Benefits and Challenges," European Journal of Multidisciplinary Studies Articles, Revistia Research and Publishing, vol. 7, January -.

    More about this item

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:rje:bellje:v:1:y:1970:i:spring:p:143-160. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: the person in charge (email available below). General contact details of provider: https://www.rje.org .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.