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1、CFAInstituteWhatDeterminesPrice-EarningsRatios?Author(s):WilliamBeaverandDaleMorseSource:FinancialAnalystsJournal,Vol.34,No.4(Jul.-Aug.,1978),pp.65-76Publishedby:CFAInstituteStableURL:http://www.jstor.org/stable/4478160Accessed:09/12/200919:40Youruseo
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6、daccesstoFinancialAnalystsJournal.http://www.jstor.orgbyWilliamBeaverandDaleMorseWhatDeterminesPrice-EarningsRatios?>Recentstudiesonthebehaviorofearningsproach,weexaminethebehaviorofP/Eratiosandgrowthovertimeraisedoubtabouttheabilityofpastexploretheab
7、ilityofearningsgrowth(hereaftergrowthtoexplaindifferencesinprice-earningsgrowth)andrisktoexplainP/Eratiodifferencesratios.Eitherfuturegrowthisdifficulttopredict,oracrossstocks.Wefindthat,althoughdifferencesinP/Eratiospersistforupto14years,growthandris
8、kinvestorsarebasingtheirpredictionsoninformationappeartoexplainlittleofthispersistency.Inpartic-otherthanpastgrowth.ular,growthappearstohavevirtuallynoeffectGroupingcommonstocksintoportfoliosonthebeyondtwoyears.>basisofprice-earningsratios,the
