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The Accounting Variable And Stock Price Determination

  • stanley c. w. salvary

    (Canisius College)

Several tests have been conducted to determine which valuation model best fits stock price data. Given very little success, those studies suggest the need for a clear understanding of the market process of stock price determination. This paper advances the concepts of product costing and product pricing, which pertain to financial accounting valuation and the stock market price determination, respectively. This research effort presents a workable hypothesis of stock price determination.

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Paper provided by EconWPA in its series Finance with number 0502011.

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Length: 29 pages
Date of creation: 11 Feb 2005
Date of revision:
Handle: RePEc:wpa:wuwpfi:0502011
Note: Type of Document - wps; pages: 29
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  1. Arzac, Enrique R, 1975. "Structural Planning under Controllable Business Risk," Journal of Finance, American Finance Association, vol. 30(5), pages 1229-37, December.
  2. James Tobin, 1977. "Monetary Policies and the Economy -- The Transmission Mechanism," Cowles Foundation Discussion Papers 456, Cowles Foundation for Research in Economics, Yale University.
  3. Campbell, J.Y. & Shiller, R.J., 1988. "Stock Prices, Earnings And Expected Dividends," Papers 334, Princeton, Department of Economics - Econometric Research Program.
  4. Vickers, Douglas, 1970. "The Cost of Capital and the Structure of the Firm," Journal of Finance, American Finance Association, vol. 25(1), pages 35-46, March.
  5. Greenberg, Edward & Marshall, William J & Yawitz, Jess B, 1978. "The Technology of Risk and Return," American Economic Review, American Economic Association, vol. 68(3), pages 241-51, June.
  6. Kleidon, Allan W, 1986. "Variance Bounds Tests and Stock Price Valuation Models," Journal of Political Economy, University of Chicago Press, vol. 94(5), pages 953-1001, October.
  7. Shiller, Robert J, 1990. "A Scott-Type Regression Test of the Dividend Ratio Model," The Review of Economics and Statistics, MIT Press, vol. 72(2), pages 356-61, May.
  8. Stanley C. W. Salvary, 2005. "On Financial Accounting Measurement: A Reconsideration Of Sfac 5 By The Fasb Is Needed," Finance 0502015, EconWPA.
  9. Stavros B. Thomadakis, 1976. "A Model of Market Power, Valuation and the Firm's Returns," Bell Journal of Economics, The RAND Corporation, vol. 7(1), pages 150-162, Spring.
  10. Kormendi, Roger & Lipe, Robert, 1987. "Earnings Innovations, Earnings Persistence, and Stock Returns," The Journal of Business, University of Chicago Press, vol. 60(3), pages 323-45, July.
  11. Lindenberg, Eric B & Ross, Stephen A, 1981. "Tobin's q Ratio and Industrial Organization," The Journal of Business, University of Chicago Press, vol. 54(1), pages 1-32, January.
  12. Turnovsky, Stephen J, 1970. "Financial Structure and the Theory of Production," Journal of Finance, American Finance Association, vol. 25(5), pages 1061-80, December.
  13. Scott, Louis O, 1985. "The Present Value Model of Stock Prices: Regression Tests and Monte Carlo Results," The Review of Economics and Statistics, MIT Press, vol. 67(4), pages 599-605, November.
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