A STUDY ON FUNDAMENTAL FACTORS OF STOCKS AND FUTURE RETURNS BASED ON AN ANALYSIS OF COMPANIES LISTED IN THE STOCK EXCHANGE OF THAILAND (SET) DURING 2010 – 2016
Keywords:
Financial statement, Future stock return, Fundamental analysisAbstract
A lot of fundamental factors can be used to help to evaluate stocks. Many fundamental factors of stocks could be drawn from financial statements directly or calculated from some items in the financial statements. Some items from financial statements could imply something useful for buying decision. This study utilizes the methods of regression model, logit model, and groups analysis to study the relationships between fundamental factors and the returns in the Stock Exchange of Thailand (SET) during periods after the subprime crisis. The findings show that the Price to Book ratio, the Dividend Yield, and the Total Assets Value have strong relationships with stock returns. The Profit 1 Graduate School of Business Assumption University 2 Graduate School of Business Assumption University Margin, the Earnings before Interest and Tax, the Book Value per Share, the Dividend per Share, the Asset Turnover ratio, and the Market Value of Equity have moderate relationships. However, there are some interesting patterns from the groups analysis such as the Price to Earnings to Growth ratio, the Operating Cash Flow, the Earnings Yield, and the Return on Equity.
References
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Anderson, K., & Brooks, C. (2007). Extreme returns from extreme value stocks: Enhancing the value premium. The Journal of Investing, Spring, 69-81.
Anderson, M., Banker, R., Huang, R., & Janakiraman, S. (2007). Cost behavior and fundamental analysis of SG&A costs. Journal of Accounting, Auditing & Finance, 1-28.
Aras, G., & Yilmaz, M. K. (2008). Price-earnings ratio, dividend yield, and market-to-book ratio to predict return on stock market: Evidence from the emerging markets. Journal of Global Business and Technology, 4(1), 18-30.
Awad, I., & Daraghma, Z. (2009). Testing the weak-form efficiency of the Palestinian securities market. International Research Journal of Finance and Economics, 32, 7-17.
Barbee, Jr., William C., Mukherji, S., & Raines, G. A. (1996). Do sales-price and debt-equity explain stock returns better than book-market and firm size? Financial Analysts Journal, 52(2), 56-60.
Bauman, M. P. (1996). A review of fundamental analysis research in accounting. Journal of Accounting Literature, 15, 1-33.
Bhandari, L. C. (1988). Debt/equity ratio and expected common stock returns: Empirical evidence. The Journal of Finance, XLIII(2), 507-528.
Buffett, M., & Clark, D. (2008). Warren Buffett and the interpretation of financial statements. Scribner, a division of Simon & Schuster, Inc.
Bunsaisup, T. (2014). Selection of investment strategies in Thai stock market. CMRI Working Paper, Capital Market Research Institute or the Stock Exchange of Thailand, 5, 1-30.
Capaul, C., Rowley, I., & Sharpe, W. F. (1993). International value and growth stock returns. Financial Analysts Journal, 49(1), 27-36.
Chan, L. K. C., Hamao, Y., & Lakonishok, J. (1991). Fundamentals and stock returns in Japan. The Journal of Finance, 46(5), 1739-1764.
Chan, L. K. C., Hamao, Y., & Lakonishok, J. (1993). Can fundamentals predict Japanese stock returns? Financial Analysts Journal, 49(4), 63-69.
Chen, J. J., Kim, D., & Zheng, G. (2008). Investing in growth stocks vs. value stocks: Does trading frequency matter? The Journal of Investing, Summer, 75-92.
Chung, H. Y., & Kim, J. B. (2001). A structured financial statement analysis and the direct prediction of stock prices in Korea. Asia-Pacific Financial Markets, 8(2), 87-117.
Cooper, M. J., Gulen, H., & Schill, M. J. (2008). Asset growth and the cross-section of stock returns. The Journal of Finance, LXIII(4), 1609-1651.
Damadorian, A. (2006). Damodaran on valuation: Security analysis for investment and corporate finance (2nd ed.). New Jersey: John Wiley and Sons.
Doğan, M. (2013). Does firm size affect the firm profitability? Evidence from Turkey. Research Journal of Finance and Accounting, 4(4), 53-59.
Dosamantes, C. A. D. (2013). The relevance of using accounting fundamentals in the Mexican stock market. Journal of Economics, Finance and Administrative Science, 18, 2-10.
Easton, P. D. (2004). PE ratios, PEG ratios, and estimating the implied expected rate of return on equity capital. The Accounting Review, 79(1), 73-95.
Eberhart, A. C. (2004). Equity valuation using multiples. The Journal of Investing, Summer(04), 48-54.
Fielitz, B. D., & Muller, F. L. (1985). A simplified approach to common stock valuation. Financial Analysts Journal, 41(6), 35-41.
Figelman, I. (2007). Interaction of stock return momentum with earnings measures. Financial Analysts Journal, 63(3), 71-78.
Fisher, P. A. (2003). Common stocks and uncommon profits and other writings. Canada: John Wiley & Sons, Inc.
Fraser, L. M., & Ormiston, A. (2010). Understanding financial statements (9th ed.). New Jersey: Pearson Education, Inc.
Gitman, L. J., & Joehnk, M. D. (2008). Fundamentals of investing (10th ed.). Boston, MA: Pearson Education Inc.
Goetzmann, W. N., & Jorion, P. (1995). A longer look at dividend yields. The Journal of Business, 68(4), 483-508.
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Graham, B., & Dodd, D. L. (2009). Security analysis (6th ed.). USA: McGraw-Hill.
Graham, B., & Meredith, S. B. (1998). The interpretation of financial statements, the classic 1937 edition. New York: HarperCollins.
Gueard, Jr., J. B. (2006). Quantitative stock selection in Japan and the United States: Some past and current issues. The Journal of Investing, Spring, 43-49.
Gwilym, O. AP, Seaton, J., & Thomas, S. (2005). Dividend yield investment strategies, the payout ratio, and zero-dividend stocks. The Journal of Investing, Winter, 69-73.
Hahn, T., O'Neill, M., & Swisher, J. (2007). Risk-adjusted performance of value and growth strategies: The effect of monetary policy. The Journal of Investing, Fall, 71-82.
Hatem, B. S. (2014). Determinants of firm performance: A comparison of European countries. International Journal of Economics and Finance, 6(10), 243-249.
Hirschey, M., & Nofsinger, J. (2008). Investments analysis and behavior. New York: McGraw-Hill.
Hull, R. M. (1999). Leverage ratios, industry norms, and stock price reaction: An empirical investigation of stock-for-debt transactions. Financial Management, 28(2), 32-45.
I’Ons, T. A. (2010). Improving the PEG ratio. Gordon Institute of Business Science, University of Pretoria, 1-99.
Jaffe, J., Keim, D. B., & Westerfield, R. (1989). Earnings yields, market values, and stock returns. The Journal of Finance, XLIV(1), 135-148.
Janakiraman, S. (2010). The information content of the SG&A ratio. Journal of Management Accounting Research, 22, 23-30.
Jean-Jacques, J. D. (2003). The 5 keys to value investing. New York: McGraw-Hill.
Jensen, G. R., Johnson, R. R., & Mercer, J. M. (1997). New evidence on size and price-to-book effects in stock returns. Financial Analysts Journal, November/December, 34-42.
Jones, C. P. (2008). How important is the P/E ratio in determining market returns? The Journal of Investing, Summer, 7-14.
Joos, P., & Plesko, G. A. (2005). Valuing loss firms. The Accounting Review, 80(3), 847-870.
Keim, D. B. (1990). A new look at the effects of firm size and E/P ratio on stock returns. Financial Analysts Journal, March-April, 56-67.
Khan, A. G. (2012). The relationship of capital structure decisions with firm performance: A study of the engineering sector of Pakistan. International Journal of Accounting and Financial Reporting, 2(1), 245-262.
Khatab, H., Masood, M., Zaman, K., Saleem, S., & Saeed, S. (2011). Corporate governance and firm performance: A case study of Karachi stock market. International Journal of Trade, Economics and Finance, 2(1), 39-43.
Koller, T., Goedhart, M., & Wessels, D. (2010). Valuation, measuring and managing the value of companies (5th ed.). Canada: JohnWiley & Sons, Inc.
Li, G. (2015). Growth options, dividend payout ratios and stock returns. Studies in Economics and Finance, 33(4), 638-659.
Maskun, A. (2012). The effect of current ratio, return on equity, return on asset, earning per share to the price of stock of go-public food and beverages company in Indonesian Stock Exchange. International Journal of Academic Research, 4(6), 134-138.
Meesuwan, N. (2015). Stock return predictability with financial ratios: A panel data analysis in the Stock Exchange of Thailand (SET), Faculty of Economics Chulalongkorn University, November 2015.
Memon, N. A., Channa, N., & Khoso, I. (2017). Impact of dividend policy on market prices of shares: Evidence from Pakistan. Journal of Business Strategies, 11(2), 57–72.
Mukherji, S., Dhatt, M. S., & Kim, Y. H. (1997). A fundamental analysis of Korean stock returns. Financial Analysts Journal, 53(3), 75-80.
Narktabtee, K. (2013). Accounting characteristics and performance of the Thai value and growth stocks. International Journal of Business and Social Science, 4(13), 135-146.
Oppenheimer, H. R. (1984). A test of Ben Graham's stock selection criteria. Financial Analysts Journal, 40(5), 68-74.
Oppenheimer, H. R. (1986). Ben Graham's net current asset values: A performance update. Financial Analysts Journal, 42(6), 40-47.
Pekdemir, R., Mutiu, A., Y'ónet, N. K., Avram, C. B., & §engiir, E. D. (2011). Comparative financial analysis: Turkish vs. Romanian cases. Yönetim Yıl, 22(70), 7-23.
Penman, S. H., Richardson, S. A., & Tuna, I. (2007). The book-to-price effect in stock returns: Accounting for leverage. Journal of Accounting Research, 45(2), 427-467.
Pervan, M., & Višić, J. (2012). Influence of firm size on its business success. Croatian Operational Research Review (CRORR), 3, 213-223.
Piotroski, J. D. (2000). Value investing: The use of historical financial statement information to separate winners from losers. Journal of Accounting Research, 38, 1-41.
Pontiff, J., & Woodgate, A. (2008). Share issuance and cross-sectional returns. The Journal of Finance, LXIII(2), 921-945.
Reilly, F. K., & Norton, E. A. (2006). Investments (7th ed.). Canada: Tomson Saunth-Western.
Robertson, D., & Wright, S. (2006). Dividends, total cash flow to shareholders, and predictive return regressions. The Review of Economics and Statistics, 88(1), 91-99.
Ross, N. (2000). Lesson from the legends of Wall Street. Chicaco, IL: Dearborn Trade Publishing.
Saeidi, P., & Khandoozi, B. (2011). The investigation of relation between market ratios and market price per share of accepted companies in Tehran Stock Exchange. Global Business and Management Research: An International Journal, 3(2), 136-140.
Salomons, R. (2006). A tactical implication of predictability: Fighting the FED model. The Journal of Investing, summer, 87-98.
Sareewiwatthana, P. (2011). Value investing in Thailand: The test of basic screening rules. International Review of Business Research Papers, 7(4), 1-13.
Sareewiwatthana, P. (2012). Value investing in Thailand: Evidence from the use of PEG. Technology and Investment Journal, 3, 113-120.
Sareewiwatthana, P. (2013). Common financial ratios and value investing in Thailand. Journal of Finance and Investment Analysis, 2(3), 69-85.
Setiono, B., & Strong, N. (1998). Predicting stock returns using financial statement information. Journal of Business Finance & Accounting, 25(5)&(6), 631-657.
Sharma, M., & Preeti. (2009). Prediction of stock returns for growth firms—A fundamental analysis. The Journal of Business Perspective, 13(3), 31-40.
Squyres, J. G. (1998). A quick peek according to Graham and Dodd. Journal of Financial Statement Analysis, 4(1).
Sudiyatno, B., Puspitasari, E., & Kartika, A. (2012). The company's policy, firm performance, and firm Value: An empirical research on Indonesia Stock Exchange. American International Journal of Contemporary Research, 2(12), 30-40.
Sukanjanapong, P. (2007). Stock trading strategy based on historical financial ratios, Faculty of Commerce and Accountancy, Thammasat University, May 2007.
Tanasittipan, A. (2013). Does Thai stock market respond rationally to earnings announcement?, Faculty of Commerce and Accountancy, Thammasat University, May 2013.
Truong, C. (2009). Value investing using price earnings ratio in New Zealand. The University of Auckland Business Review, 11(1), 1-7.
Tyson, E. (2008). Investing for dummies (5th ed.). NJ: Wiley Publishing, Inc.
Udomrungruang, S. (2006). Firm size, stock return seasonality and stock market overreaction (Evidence from Thailand), Faculty of Commerce and Accountancy, Thammasat University, May 2006.
Visscher, S., & Filbeck, G. (2003). Dividend-yield strategies in the Canadian stock market. Financial Analysts Journal, 59(1), 99-106.
Wei, K.C. J., & Xie, F. (2008). Accruals, capital investments, and stock returns. Financial Analysts Journal, 64(5), 34-44.
Wu, C., & Wang, X.M. (2000). The predictive ability of dividend and earnings yields for long-term stock returns. The Financial Review, 35, 97-124.
Xiao, Y., & Arnold, G. (2008). Testing Benjamin Graham's net current asset value strategy in London. The Journal of Investing, winter, 11-19.
Yu, S., & Kim, S.H. (2009). Analysis of Business Week hot-growth stocks: Momentum and fundamental investment approaches. Journal of Asset Management, 10(3), 192–204.
Anderson, K., & Brooks, C. (2007). Extreme returns from extreme value stocks: Enhancing the value premium. The Journal of Investing, Spring, 69-81.
Anderson, M., Banker, R., Huang, R., & Janakiraman, S. (2007). Cost behavior and fundamental analysis of SG&A costs. Journal of Accounting, Auditing & Finance, 1-28.
Aras, G., & Yilmaz, M. K. (2008). Price-earnings ratio, dividend yield, and market-to-book ratio to predict return on stock market: Evidence from the emerging markets. Journal of Global Business and Technology, 4(1), 18-30.
Awad, I., & Daraghma, Z. (2009). Testing the weak-form efficiency of the Palestinian securities market. International Research Journal of Finance and Economics, 32, 7-17.
Barbee, Jr., William C., Mukherji, S., & Raines, G. A. (1996). Do sales-price and debt-equity explain stock returns better than book-market and firm size? Financial Analysts Journal, 52(2), 56-60.
Bauman, M. P. (1996). A review of fundamental analysis research in accounting. Journal of Accounting Literature, 15, 1-33.
Bhandari, L. C. (1988). Debt/equity ratio and expected common stock returns: Empirical evidence. The Journal of Finance, XLIII(2), 507-528.
Buffett, M., & Clark, D. (2008). Warren Buffett and the interpretation of financial statements. Scribner, a division of Simon & Schuster, Inc.
Bunsaisup, T. (2014). Selection of investment strategies in Thai stock market. CMRI Working Paper, Capital Market Research Institute or the Stock Exchange of Thailand, 5, 1-30.
Capaul, C., Rowley, I., & Sharpe, W. F. (1993). International value and growth stock returns. Financial Analysts Journal, 49(1), 27-36.
Chan, L. K. C., Hamao, Y., & Lakonishok, J. (1991). Fundamentals and stock returns in Japan. The Journal of Finance, 46(5), 1739-1764.
Chan, L. K. C., Hamao, Y., & Lakonishok, J. (1993). Can fundamentals predict Japanese stock returns? Financial Analysts Journal, 49(4), 63-69.
Chen, J. J., Kim, D., & Zheng, G. (2008). Investing in growth stocks vs. value stocks: Does trading frequency matter? The Journal of Investing, Summer, 75-92.
Chung, H. Y., & Kim, J. B. (2001). A structured financial statement analysis and the direct prediction of stock prices in Korea. Asia-Pacific Financial Markets, 8(2), 87-117.
Cooper, M. J., Gulen, H., & Schill, M. J. (2008). Asset growth and the cross-section of stock returns. The Journal of Finance, LXIII(4), 1609-1651.
Damadorian, A. (2006). Damodaran on valuation: Security analysis for investment and corporate finance (2nd ed.). New Jersey: John Wiley and Sons.
Doğan, M. (2013). Does firm size affect the firm profitability? Evidence from Turkey. Research Journal of Finance and Accounting, 4(4), 53-59.
Dosamantes, C. A. D. (2013). The relevance of using accounting fundamentals in the Mexican stock market. Journal of Economics, Finance and Administrative Science, 18, 2-10.
Easton, P. D. (2004). PE ratios, PEG ratios, and estimating the implied expected rate of return on equity capital. The Accounting Review, 79(1), 73-95.
Eberhart, A. C. (2004). Equity valuation using multiples. The Journal of Investing, Summer(04), 48-54.
Fielitz, B. D., & Muller, F. L. (1985). A simplified approach to common stock valuation. Financial Analysts Journal, 41(6), 35-41.
Figelman, I. (2007). Interaction of stock return momentum with earnings measures. Financial Analysts Journal, 63(3), 71-78.
Fisher, P. A. (2003). Common stocks and uncommon profits and other writings. Canada: John Wiley & Sons, Inc.
Fraser, L. M., & Ormiston, A. (2010). Understanding financial statements (9th ed.). New Jersey: Pearson Education, Inc.
Gitman, L. J., & Joehnk, M. D. (2008). Fundamentals of investing (10th ed.). Boston, MA: Pearson Education Inc.
Goetzmann, W. N., & Jorion, P. (1995). A longer look at dividend yields. The Journal of Business, 68(4), 483-508.
Graham, B. (2003). The intelligent investor, updated with new commentary by Jason Zweig, revised edition. New York: HarberCollins Publishers.
Graham, B., & Dodd, D. L. (2009). Security analysis (6th ed.). USA: McGraw-Hill.
Graham, B., & Meredith, S. B. (1998). The interpretation of financial statements, the classic 1937 edition. New York: HarperCollins.
Gueard, Jr., J. B. (2006). Quantitative stock selection in Japan and the United States: Some past and current issues. The Journal of Investing, Spring, 43-49.
Gwilym, O. AP, Seaton, J., & Thomas, S. (2005). Dividend yield investment strategies, the payout ratio, and zero-dividend stocks. The Journal of Investing, Winter, 69-73.
Hahn, T., O'Neill, M., & Swisher, J. (2007). Risk-adjusted performance of value and growth strategies: The effect of monetary policy. The Journal of Investing, Fall, 71-82.
Hatem, B. S. (2014). Determinants of firm performance: A comparison of European countries. International Journal of Economics and Finance, 6(10), 243-249.
Hirschey, M., & Nofsinger, J. (2008). Investments analysis and behavior. New York: McGraw-Hill.
Hull, R. M. (1999). Leverage ratios, industry norms, and stock price reaction: An empirical investigation of stock-for-debt transactions. Financial Management, 28(2), 32-45.
I’Ons, T. A. (2010). Improving the PEG ratio. Gordon Institute of Business Science, University of Pretoria, 1-99.
Jaffe, J., Keim, D. B., & Westerfield, R. (1989). Earnings yields, market values, and stock returns. The Journal of Finance, XLIV(1), 135-148.
Janakiraman, S. (2010). The information content of the SG&A ratio. Journal of Management Accounting Research, 22, 23-30.
Jean-Jacques, J. D. (2003). The 5 keys to value investing. New York: McGraw-Hill.
Jensen, G. R., Johnson, R. R., & Mercer, J. M. (1997). New evidence on size and price-to-book effects in stock returns. Financial Analysts Journal, November/December, 34-42.
Jones, C. P. (2008). How important is the P/E ratio in determining market returns? The Journal of Investing, Summer, 7-14.
Joos, P., & Plesko, G. A. (2005). Valuing loss firms. The Accounting Review, 80(3), 847-870.
Keim, D. B. (1990). A new look at the effects of firm size and E/P ratio on stock returns. Financial Analysts Journal, March-April, 56-67.
Khan, A. G. (2012). The relationship of capital structure decisions with firm performance: A study of the engineering sector of Pakistan. International Journal of Accounting and Financial Reporting, 2(1), 245-262.
Khatab, H., Masood, M., Zaman, K., Saleem, S., & Saeed, S. (2011). Corporate governance and firm performance: A case study of Karachi stock market. International Journal of Trade, Economics and Finance, 2(1), 39-43.
Koller, T., Goedhart, M., & Wessels, D. (2010). Valuation, measuring and managing the value of companies (5th ed.). Canada: JohnWiley & Sons, Inc.
Li, G. (2015). Growth options, dividend payout ratios and stock returns. Studies in Economics and Finance, 33(4), 638-659.
Maskun, A. (2012). The effect of current ratio, return on equity, return on asset, earning per share to the price of stock of go-public food and beverages company in Indonesian Stock Exchange. International Journal of Academic Research, 4(6), 134-138.
Meesuwan, N. (2015). Stock return predictability with financial ratios: A panel data analysis in the Stock Exchange of Thailand (SET), Faculty of Economics Chulalongkorn University, November 2015.
Memon, N. A., Channa, N., & Khoso, I. (2017). Impact of dividend policy on market prices of shares: Evidence from Pakistan. Journal of Business Strategies, 11(2), 57–72.
Mukherji, S., Dhatt, M. S., & Kim, Y. H. (1997). A fundamental analysis of Korean stock returns. Financial Analysts Journal, 53(3), 75-80.
Narktabtee, K. (2013). Accounting characteristics and performance of the Thai value and growth stocks. International Journal of Business and Social Science, 4(13), 135-146.
Oppenheimer, H. R. (1984). A test of Ben Graham's stock selection criteria. Financial Analysts Journal, 40(5), 68-74.
Oppenheimer, H. R. (1986). Ben Graham's net current asset values: A performance update. Financial Analysts Journal, 42(6), 40-47.
Pekdemir, R., Mutiu, A., Y'ónet, N. K., Avram, C. B., & §engiir, E. D. (2011). Comparative financial analysis: Turkish vs. Romanian cases. Yönetim Yıl, 22(70), 7-23.
Penman, S. H., Richardson, S. A., & Tuna, I. (2007). The book-to-price effect in stock returns: Accounting for leverage. Journal of Accounting Research, 45(2), 427-467.
Pervan, M., & Višić, J. (2012). Influence of firm size on its business success. Croatian Operational Research Review (CRORR), 3, 213-223.
Piotroski, J. D. (2000). Value investing: The use of historical financial statement information to separate winners from losers. Journal of Accounting Research, 38, 1-41.
Pontiff, J., & Woodgate, A. (2008). Share issuance and cross-sectional returns. The Journal of Finance, LXIII(2), 921-945.
Reilly, F. K., & Norton, E. A. (2006). Investments (7th ed.). Canada: Tomson Saunth-Western.
Robertson, D., & Wright, S. (2006). Dividends, total cash flow to shareholders, and predictive return regressions. The Review of Economics and Statistics, 88(1), 91-99.
Ross, N. (2000). Lesson from the legends of Wall Street. Chicaco, IL: Dearborn Trade Publishing.
Saeidi, P., & Khandoozi, B. (2011). The investigation of relation between market ratios and market price per share of accepted companies in Tehran Stock Exchange. Global Business and Management Research: An International Journal, 3(2), 136-140.
Salomons, R. (2006). A tactical implication of predictability: Fighting the FED model. The Journal of Investing, summer, 87-98.
Sareewiwatthana, P. (2011). Value investing in Thailand: The test of basic screening rules. International Review of Business Research Papers, 7(4), 1-13.
Sareewiwatthana, P. (2012). Value investing in Thailand: Evidence from the use of PEG. Technology and Investment Journal, 3, 113-120.
Sareewiwatthana, P. (2013). Common financial ratios and value investing in Thailand. Journal of Finance and Investment Analysis, 2(3), 69-85.
Setiono, B., & Strong, N. (1998). Predicting stock returns using financial statement information. Journal of Business Finance & Accounting, 25(5)&(6), 631-657.
Sharma, M., & Preeti. (2009). Prediction of stock returns for growth firms—A fundamental analysis. The Journal of Business Perspective, 13(3), 31-40.
Squyres, J. G. (1998). A quick peek according to Graham and Dodd. Journal of Financial Statement Analysis, 4(1).
Sudiyatno, B., Puspitasari, E., & Kartika, A. (2012). The company's policy, firm performance, and firm Value: An empirical research on Indonesia Stock Exchange. American International Journal of Contemporary Research, 2(12), 30-40.
Sukanjanapong, P. (2007). Stock trading strategy based on historical financial ratios, Faculty of Commerce and Accountancy, Thammasat University, May 2007.
Tanasittipan, A. (2013). Does Thai stock market respond rationally to earnings announcement?, Faculty of Commerce and Accountancy, Thammasat University, May 2013.
Truong, C. (2009). Value investing using price earnings ratio in New Zealand. The University of Auckland Business Review, 11(1), 1-7.
Tyson, E. (2008). Investing for dummies (5th ed.). NJ: Wiley Publishing, Inc.
Udomrungruang, S. (2006). Firm size, stock return seasonality and stock market overreaction (Evidence from Thailand), Faculty of Commerce and Accountancy, Thammasat University, May 2006.
Visscher, S., & Filbeck, G. (2003). Dividend-yield strategies in the Canadian stock market. Financial Analysts Journal, 59(1), 99-106.
Wei, K.C. J., & Xie, F. (2008). Accruals, capital investments, and stock returns. Financial Analysts Journal, 64(5), 34-44.
Wu, C., & Wang, X.M. (2000). The predictive ability of dividend and earnings yields for long-term stock returns. The Financial Review, 35, 97-124.
Xiao, Y., & Arnold, G. (2008). Testing Benjamin Graham's net current asset value strategy in London. The Journal of Investing, winter, 11-19.
Yu, S., & Kim, S.H. (2009). Analysis of Business Week hot-growth stocks: Momentum and fundamental investment approaches. Journal of Asset Management, 10(3), 192–204.
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2018-12-01
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