نویسندگان
چکیده
کلیدواژهها
عنوان مقاله [English]
نویسندگان [English]
The BP ratio is a variable that its relationship with stock return is reflected in a number of researches. But this research lays out the relationship between the decompositions of BP ratio and stock return in Tehran Stock Exchange (2001 - 2006). For this purpose, having inspired by the methodology used in Penman, Richardson and Tuna (2007), by decomposing BP to operating and financing ratios, and formed portfolios, we analyzed the relationship between these two ratios and future return by Spearman and Pearson correlations and Regression analyses. When we considered the whole data, the result of research shows that the financing component of BP is positively associated with future stock returns.
Further, under control of default risk in analyses, the operating component of BP is positively associated with future stock returns. Finally, once data have been classified by NOA/PNOA ratio, for data that included companies with NOA/PNOA < 1 , a positively relationship between net operating assets and future returns is confirmed.
کلیدواژهها [English]
)