Why Does the Change in Shares Predict Stock Returns

机译：为何股票变动预测股票收益率

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The stock of firms that issue equity has, on average, performed poorly in211u001esubsequent years, while the stock of firms that repurchase has typically done 211u001ewell. One explanation for this pattern is that firms are exploiting their 211u001esuperior knowledge about the value of their stock by buying it when it is 211u001eundervalued and selling it when it is overvalued. This paper presents supporting 211u001eevidence for this explanation of the excess returns: The change in shares 211u001eoutstanding is positively correlated with proxies for the deviation of current 211u001estock price from fundamental value; the excess returns following the change in 211u001eshares remain significant after controlling for these proxies; and the changes in 211u001eshares that can be explained by the proxies predict stock returns more powerfully 211u001ethan changes in shares explained by other reasons.

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Nelson, W. R.;
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年度 1999
页码
总页数 46
原文格式 PDF
正文语种 eng
中图分类工业技术;
关键词
Stocks(Finance); Capital;

机译：股票（金融）;资本;

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1. Factors Related to Annual Abnormal Stock Return in the Initial Public Offering of Shares in the Tehran Stock Exchange [J] . Hossein Izadi, Tayebe Hozi Indian Journal of Science and Technology . 2015,第28期

机译：在德黑兰证券交易所首次公开发行股票中与年度异常股票收益相关的因素
2. Factors Related to Annual Abnormal Stock Return in the Initial Public Offering of Shares in the Tehran Stock Exchange [J] . Hossein Izadi, Tayebe Hozi Indian Journal of Science and Technology . 2015,第28期

机译：在德黑兰证券交易所首次公开发行股票中与年度异常股票收益相关的因素
3. Evaluation and Comparing the Effect of Financial Providing Via Issuance Of Common Stock and Long Term Bonds on the Return of the Shares on Listed Companies in Tehran Stock Exchange [J] . Mohammad Hossein Alishiri, Mohammad Tavakoli, Mehrzad Sarfarazi Research Journal of Fisheries and Hydrobiology . 2013,第7期

机译：评估和比较德黑兰证券交易所通过发行普通股和长期债券进行的财务提供对上市公司的股票回报的影响
4. Risk of Stock Price and Stock Return From Shares listed on the Indonesia Stock Exchange [C] . Eko Budi Santoso Annual International Conference on Management Research . 2019

机译：印度尼西亚证券交易所上市的股票价格和股票退货的风险
5. Returning shares to the people? The politics of the stock market in China. [D] . Cooper, Mary Comerford. 2002

机译：还给人民股份？中国股市的政治。
6. Asymmetric impact of oil prices on stock returns in Shanghai stock exchange: Evidence from asymmetric ARDL model [O] . Muhammad Kamran Khan, Jian-Zhou Teng, Muhammad Imran Khan -1

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7. The Influence of Return on Investment (Roi), Return on Equity (Roe), Earnings Per Share (Eps) and Market Value Added (Mva) on Stock Return (Study on Consumer Goods Industry That Listed on Indonesia Stock Exchange for 2011-2015) [O] . Sari, Tantri Widya, Hidayat, Raden Rustam, Sulasmiyati, Sri 2017

机译：投资回报率（Roi），股本回报率（Roe），每股收益（Eps）和市场增加值（Mva）对股票回报率的影响（2011-2015年在印尼证券交易所上市的消费品行业研究）

Why Does the Change in Shares Predict Stock Returns

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