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Stock Returns And Classification Pattern Of Firm‐Specific Financial Variables: Empirical Evidence With Finnish Data

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  • Teppo Martikainen

Abstract

This paper incorporates the findings of empirical classification patterns of financial ratios to studies investigating the relation between stock returns and financial factors of a firm. The empirical results indicate that the relevant information of the investigated financial characteristics of a firm can be presented in one factor, with respect to which single financial ratios seem not to have incremental information content in the Finnish stock market. In crossindustry sample this factor is reported to be leverage. However, when studying purely industrial firms, the most important factor consists of ratios representing several a priori characteristics of a firm.

Suggested Citation

  • Teppo Martikainen, 1993. "Stock Returns And Classification Pattern Of Firm‐Specific Financial Variables: Empirical Evidence With Finnish Data," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 20(4), pages 537-557, June.
    • Handle: RePEc:bla:jbfnac:v:20:y:1993:i:4:p:537-557
    DOI: 10.1111/j.1468-5957.1993.tb00273.x
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