Research Design1. Model Specificati

Research Design
1. Model Specification
Similar to Bartov et al. (2001), this study examines the relative ability of earnings and cash flows in explaining stock returns using the following regressions:
Ri = α1 + α2Ei + α3Chg_Ei + εi (1)
Ri = β1 + β2CFi + β3Chg_CFi + υi (2)
where:
Ri is the buy and hold stock returns for the fiscal year period;
Ei is net income before extraordinary items, deflated by the number of shares outstanding and scaled by the beginning of period price;
CFi is cash flows from operations, deflated by the number of shares outstanding and scaled by the beginning of period price;
Chg_Ei is a change in net income before extraordinary items per share and scaled by the beginning of period price;
Chg_CFi is a change in cash flows from operations per share and scaled by the beginning of period price.

ผลลัพธ์ (อังกฤษ) 2:

Research Design
1. Specification Model
Similar to Bartov et al. (The 2,001th), this Study examines the Relative ability of earnings and Cash flows in explaining Stock Returns using the following regressions:
Ri = Α1 + Α2Ei + Α3Chg_Ei + Εi (1)
Ri = Β1 + Β2CFi + Β3Chg_CFi + Υi (2)
where:.
ri is the buy and Hold Stock Returns for the Fiscal year period;
Ei is .NET income before extraordinary items, Deflated by the Number of shares outstanding and Scaled by the Beginning of period Price;
CFI is Cash flows from Operations, Deflated by the Number of. shares outstanding and Scaled by the Beginning of period Price;
Chg_Ei is a Change in .NET income before extraordinary items per share and Scaled by the Beginning of period Price;
Chg_CFi is a Change in Cash flows from Operations per share and Scaled by the Beginning of period. price.