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dc.contributor.authorGharghori, Philip
dc.contributor.authorStryjkowski, Sebastian
dc.contributor.authorVeeraraghavan, Madhu
dc.date.accessioned2018-03-29T04:19:42Z
dc.date.available2018-03-29T04:19:42Z
dc.date.issued2013
dc.identifier.issn0810-5391
dc.identifier.doi10.1111/j.1467-629X.2012.00474.x
dc.identifier.urihttp://hdl.handle.net/10072/172401
dc.description.abstractThe value‐growth effect is one of the most pervasive patterns in stock prices. In this study, the ability of four proxies for value‐growth, book‐to‐market, sales‐to‐price, earnings‐to‐price and cash‐flow‐to‐price to explain equity returns is analysed. The findings show that in aggregate, book‐to‐market best explains cross‐sectional variation in Australian equity returns, which in isolation suggests that it is the superior proxy for value‐growth. The analysis is taken further and the value‐growth effect is examined separately in positive and negative earnings firms. After segregating firms, it is found that in the negative earnings sample, book‐to‐market is the best value‐growth proxy and in the positive earnings sample, cash‐flow‐to‐price has the highest level of significance and is thus the superior value‐growth proxy. The economic significance of this result is telling, as the firms that report positive earnings are much larger than those that report negative earnings.
dc.description.peerreviewedYes
dc.languageEnglish
dc.language.isoeng
dc.publisherWiley-Blackwell Publishing Asia
dc.relation.ispartofpagefrom393
dc.relation.ispartofpageto417
dc.relation.ispartofissue2
dc.relation.ispartofjournalAccounting and Finance
dc.relation.ispartofvolume53
dc.subject.fieldofresearchAccounting, Auditing and Accountability not elsewhere classified
dc.subject.fieldofresearchApplied Economics
dc.subject.fieldofresearchAccounting, Auditing and Accountability
dc.subject.fieldofresearchBanking, Finance and Investment
dc.subject.fieldofresearchcode150199
dc.subject.fieldofresearchcode1402
dc.subject.fieldofresearchcode1501
dc.subject.fieldofresearchcode1502
dc.titleValue versus growth: Australian evidence
dc.typeJournal article
dc.type.descriptionC1 - Articles
dc.type.codeC - Journal Articles
dc.description.versionAccepted Manuscript (AM)
gro.rights.copyright© 2013 AFAANZ. This is the peer reviewed version of the following article: Value versus growth: Australian evidence, Accounting and Finance, Volume 53, Issue 2, Pages 393-417, 2013, which has been published in final form at https://doi.org/10.1111/j.1467-629X.2012.00474.x. This article may be used for non-commercial purposes in accordance with Wiley Terms and Conditions for Self-Archiving (hhttp://olabout.wiley.com/WileyCDA/Section/id-828039.html)
gro.hasfulltextFull Text
gro.griffith.authorVeeraraghavan, Madhu


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