Volume 7, Issue 38 (1-2010)                   cs 2010, 7(38): 71-90 | Back to browse issues page

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An Investigation on the Relationship between the Companies’ Ranking based on Fundamental Variables and their Stock Return in Tehran Stock Exchange. cs. 2010; 7 (38) :71-90
URL: http://cs.shahed.ac.ir/article-1-705-en.html
Abstract:   (7411 Views)

 The fundamental variables have been used in this study to rank 153 companies admitted to the Tehran Stock Exchange. Combination of the variables provide financial ratios. Every company in the research was capable of being rated on a 0 to 11 annually (1377 – 81 in solar calendar). A poor positive correlation between the companies’ ranking in each year and its stock return in the subsequent year has been proved in the study as the Cramer's phi coefficients demonstrate. This fact the intense of the relationship has not been significantly modified even by considering some two intervening variables naming the “company’s size” and the “Book-to-Market value (B/M). Still all the coefficients for the study period were considered to be significant.


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Type of Study: Research | Subject: Special

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