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Earnings and stock returns: evidence from Germany

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  • G. Geoffrey Booth
  • John Broussard
  • Otto Loistl

Abstract

Past research in the US indicates that stock prices and earnings per share are related. Evidence pertaining to this relationship in other countries is not as extensive. This paper extends two recent studies focusing on Germany, and provides additional information concerning the important informative role played by DVFA earnings. DVFA earnings are a metric jointly constructed by the Deutscher Vereinigung fur Finanzanalyse und Anlageberatung and the Schmalenbach-Gesellschaftwith the purpose of providing investors and others interested in share value with a more meaningful measure of economic income than the traditional published earnings figure

Suggested Citation

  • G. Geoffrey Booth & John Broussard & Otto Loistl, 1997. "Earnings and stock returns: evidence from Germany," European Accounting Review, Taylor & Francis Journals, vol. 6(4), pages 589-603.
    • Handle: RePEc:taf:euract:v:6:y:1997:i:4:p:589-603
    DOI: 10.1080/09638189700000002
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    References listed on IDEAS

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    1. Burton G. Malkiel, 1981. "Risk and Return: A New Look," NBER Working Papers 0700, National Bureau of Economic Research, Inc.
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    Cited by:

    1. G. Geoffrey Booth & J. Broussard & Otto Loistl, 1999. "Reply to 'Note on "Earnings and stock returns: evidence from Germany" '," European Accounting Review, Taylor & Francis Journals, vol. 8(3), pages 565-568.
    2. Pascal Dumontier & Bernard Raffournier, 2002. "Accounting and capital markets: a survey of the European evidence," European Accounting Review, Taylor & Francis Journals, vol. 11(1), pages 119-151.
    3. Dimitrios Kousenidis & Christos Negakis & Iordanis Floropoulos, 2000. "Size and book-to-market factors in the relationship between average stock returns and average book returns: some evidence from an emerging market," European Accounting Review, Taylor & Francis Journals, vol. 9(2), pages 225-243.
    4. Irena Jindrichovska, 2001. "The relationship between accounting numbers and returns: some empirical evidence from the emerging market of the Czech Republic," European Accounting Review, Taylor & Francis Journals, vol. 10(1), pages 107-131.

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