Essays about: "enterprise book-to-price"
Found 1 essay containing the words enterprise book-to-price.
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1. Decomposing the Book-to-Price Effect: Leverage and Stock Returns
University essay from Handelshögskolan i Stockholm/Institutionen för redovisning och finansieringAbstract : The starting point for this thesis is a decomposition of book-to-price (B/P) into an enterprise-book-to-price component (that pertains to the firms operations and supposedly reflects operating risk) and a leverage component (assumed to capture financial risk), laid out by Penman et al (2007). Using Swedish data, we show that the leverage component of B/P is negatively associated with future stock returns, conditional upon enterprise-book-to-price. READ MORE
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