This study seeks to regress the forward P/Es on firms’ fundamentals as measured on global market basis. Starting from theoretical premises (DDM), the paper develops a linear multivariate model in order to capture (for US, Australia / New Zeland / Canada, Europe, Japan and Emerging Markets quoted companies) the underlying value-drivers. The regression is cross-sectional with annual data referred to 2010, a financial year – immediately after the explosion of the GFC – which exhibits signals of both slight recovery and persisting uncertainty. Results about the dividend yield confirm the hypotheses whilst the association with payouts appears surprisingly negative. Other control financial variables are tested.
Effects of Dividend Ratios and Other Fundamentals on Forward P/Es. Some Evidences from a Worldwide Cross-Sectional Multivariate Analysis
TALIENTO, MARCO
2012-01-01
Abstract
This study seeks to regress the forward P/Es on firms’ fundamentals as measured on global market basis. Starting from theoretical premises (DDM), the paper develops a linear multivariate model in order to capture (for US, Australia / New Zeland / Canada, Europe, Japan and Emerging Markets quoted companies) the underlying value-drivers. The regression is cross-sectional with annual data referred to 2010, a financial year – immediately after the explosion of the GFC – which exhibits signals of both slight recovery and persisting uncertainty. Results about the dividend yield confirm the hypotheses whilst the association with payouts appears surprisingly negative. Other control financial variables are tested.I documenti in IRIS sono protetti da copyright e tutti i diritti sono riservati, salvo diversa indicazione.
