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首页> 外文期刊>Management Science Letters >A study on relationship between firm's financial performance and immediate and long-term stock return
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A study on relationship between firm's financial performance and immediate and long-term stock return

机译：企业财务绩效与立即和长期股票收益率之间的关系研究

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摘要

Previous studies show investors’ overreaction towards firms past performance. In fact, investors overvalue past winners and undervalue past losers. However, when their expectations do not come true, stock prices return to their fair values. This study investigates investors’ overreaction in Tehran Stock Exchange in three steps. Using a five-year period data collected from Tehran Stock Exchange (TSE), we evaluate portfolio performance and analyze them based on a sample of 70 firms selected from this exchange and, using Pearson correlation as well as regression analysis, examine the effects of past performance on price appreciation. The preliminary results indicate that TSE investors normally overreact to sale, quality of sale, operating profit, quality of profit, cash flow and stock return, significantly.
机译：先前的研究表明，投资者对公司过去的业绩反应过度。实际上，投资者高估了过去的赢家而低估了过去的输家。但是，当他们的期望未能实现时，股票价格就会回到其公允价值。这项研究分三步调查了投资者在德黑兰证券交易所的过度反应。使用从德黑兰证券交易所（TSE）收集的五年期数据，我们评估了投资组合的绩效，并基于从该交易所选择的70家公司的样本对其进行了分析，并使用Pearson相关性和回归分析来检验过去的影响价格升值表现。初步结果表明，TSE投资者通常对销售，销售质量，营业利润，利润质量，现金流量和股票回报有过度反应。

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