The Anatomy of Value and Growth Stocks Capital Gain Return and Dividend Yield in the Tehran Stock Exchange
This study examines the empirical validity of claims that value stocks (stocks with high ratios of book value to price) have higher average returns than growth stocks (stocks with low book-to-market ratios). The analyses are performed using data pertaining to 70 firms for the period 1381-1389 and us...
| Main Authors: | , |
|---|---|
| Format: | Article |
| Language: | fas |
| Published: |
University of Tehran
2011-08-01
|
| Series: | تحقیقات مالی |
| Subjects: | |
| Online Access: | https://jfr.ut.ac.ir/article_23829_a2860aa1f4d1d928cbaebfd142f8907d.pdf |
| _version_ | 1828394405573165056 |
|---|---|
| author | Mehdi Miavaghi Farrokh Dehdar |
| author_facet | Mehdi Miavaghi Farrokh Dehdar |
| author_sort | Mehdi Miavaghi |
| collection | DOAJ |
| description | This study examines the empirical validity of claims that value stocks (stocks with high ratios of book value to price) have higher average returns than growth stocks (stocks with low book-to-market ratios). The analyses are performed using data pertaining to 70 firms for the period 1381-1389 and used the Panel Data methodology.
This paper contains significant and consistent results. The results of testing hypotheses for each of the nine years and the pooled sample show that price-to-book ratio and Size are positively related to Stock Return. The results demonstrated that On average, growth stocks have higher Total Return than value stocks, and growth stocks (especially big growth stocks) also have higher average rates of
capital gain. The results also demonstrated that the average returns growth portfolios tend to fall in the years after portfolio formation. Conversely, average returns value portfolios tend to rise in the years after portfolio formation, as some value stocks restructure, their profitability improves. |
| first_indexed | 2024-12-10T07:55:27Z |
| format | Article |
| id | doaj.art-b6c11acf3b88401783e23bc384279e9b |
| institution | Directory Open Access Journal |
| issn | 1024-8153 2423-5377 |
| language | fas |
| last_indexed | 2024-12-10T07:55:27Z |
| publishDate | 2011-08-01 |
| publisher | University of Tehran |
| record_format | Article |
| series | تحقیقات مالی |
| spelling | doaj.art-b6c11acf3b88401783e23bc384279e9b2022-12-22T01:56:56ZfasUniversity of Tehranتحقیقات مالی1024-81532423-53772011-08-01133112114623829The Anatomy of Value and Growth Stocks Capital Gain Return and Dividend Yield in the Tehran Stock ExchangeMehdi Miavaghi0Farrokh Dehdar1استادیار و عضو هیئت علمی دانشگاه پیام نور، گروه حسابداریکارشناس ارشد حسابداریThis study examines the empirical validity of claims that value stocks (stocks with high ratios of book value to price) have higher average returns than growth stocks (stocks with low book-to-market ratios). The analyses are performed using data pertaining to 70 firms for the period 1381-1389 and used the Panel Data methodology. This paper contains significant and consistent results. The results of testing hypotheses for each of the nine years and the pooled sample show that price-to-book ratio and Size are positively related to Stock Return. The results demonstrated that On average, growth stocks have higher Total Return than value stocks, and growth stocks (especially big growth stocks) also have higher average rates of capital gain. The results also demonstrated that the average returns growth portfolios tend to fall in the years after portfolio formation. Conversely, average returns value portfolios tend to rise in the years after portfolio formation, as some value stocks restructure, their profitability improves.https://jfr.ut.ac.ir/article_23829_a2860aa1f4d1d928cbaebfd142f8907d.pdfgrowth stocksprice-to-book ratiostock returnvalue stocks |
| spellingShingle | Mehdi Miavaghi Farrokh Dehdar The Anatomy of Value and Growth Stocks Capital Gain Return and Dividend Yield in the Tehran Stock Exchange تحقیقات مالی growth stocks price-to-book ratio stock return value stocks |
| title | The Anatomy of Value and Growth Stocks Capital Gain Return and Dividend Yield in the Tehran Stock Exchange |
| title_full | The Anatomy of Value and Growth Stocks Capital Gain Return and Dividend Yield in the Tehran Stock Exchange |
| title_fullStr | The Anatomy of Value and Growth Stocks Capital Gain Return and Dividend Yield in the Tehran Stock Exchange |
| title_full_unstemmed | The Anatomy of Value and Growth Stocks Capital Gain Return and Dividend Yield in the Tehran Stock Exchange |
| title_short | The Anatomy of Value and Growth Stocks Capital Gain Return and Dividend Yield in the Tehran Stock Exchange |
| title_sort | anatomy of value and growth stocks capital gain return and dividend yield in the tehran stock exchange |
| topic | growth stocks price-to-book ratio stock return value stocks |
| url | https://jfr.ut.ac.ir/article_23829_a2860aa1f4d1d928cbaebfd142f8907d.pdf |
| work_keys_str_mv | AT mehdimiavaghi theanatomyofvalueandgrowthstockscapitalgainreturnanddividendyieldinthetehranstockexchange AT farrokhdehdar theanatomyofvalueandgrowthstockscapitalgainreturnanddividendyieldinthetehranstockexchange AT mehdimiavaghi anatomyofvalueandgrowthstockscapitalgainreturnanddividendyieldinthetehranstockexchange AT farrokhdehdar anatomyofvalueandgrowthstockscapitalgainreturnanddividendyieldinthetehranstockexchange |