«New
Evidence on Stock Price Effects Associated with Charges in the S&P 500 Index.»
Not exact matches
(gg) «
Stock Appreciation Right» or «SAR» means a right granted under Section 8 which entitles the recipient to receive an amount equal to the excess of the Fair Market Value of a Share
on the date of exercise of the
Stock Appreciation Right over the exercise
price thereof
on such terms and conditions as are specified in the agreement or other documents
evidencing the Award (the «SAR Agreement»).
Conditions for gold shares improved, based
on increased
evidence for economic softness and a further pullback in gold
stock prices.
In fact, macroeconomic data tend to have a larger influence
on stock market
prices over the long run than interest rates, as empirical
evidence shows.
The
evidence may even point in the opposite direction
on this score: The
price - to - earnings ratio — what it costs to buy a dollar of a company's profit — for
stocks in the Standard & Poor's 500 Index is 16 percent below the level at the end of 2009.
As we discussed yesterday in Testing the performance of
price - to - book value, various studies, including Roger Ibbotson's Decile Portfolios of the New York
Stock Exchange, 1967 — 1984 (1986), Werner F.M. DeBondt and Richard H. Thaler's Further
Evidence on Investor Overreaction and
Stock Market Seasonality (1987), Josef Lakonishok, Andrei Shleifer, and Robert Vishny Contrarian Investment, Extrapolation and Risk (1994) and The Brandes Institute's Value vs Glamour: A Global Phenomenon (2008) all conclude that lower
price - to - book value
stocks tend to outperform higher
price - to - book value
stocks, and at lower risk.
As the various studies we have discussed recently demonstrate — Roger Ibbotson's Decile Portfolios of the New York
Stock Exchange, 1967 — 1984 (1986), Werner F.M. DeBondt and Richard H. Thaler's Further
Evidence on Investor Overreaction and
Stock Market Seasonality (1987), Josef Lakonishok, Andrei Shleifer, and Robert Vishny Contrarian Investment, Extrapolation and Risk (1994) and The Brandes Institute's Value vs Glamour: A Global Phenomenon (2008)-- low
price - to - book value
stocks outperform higher
priced stocks and the market in general.
Its conclusion that book - to -
price indicates expected returns associated with expected earnings growth is particularly interesting, and accords with the same findings in Werner F.M. DeBondt and Richard H. Thaler in Further
Evidence on Investor Overreaction and
Stock Market Seasonality.
[Biotechnology Value Fund] believe that the investment community clearly lacks confidence in such a plan, as
evidenced by recent reports from
stock analysts and by the $ 0.61 per share closing
price of [AVGN]'s common
stock on October 30, 2008, reflecting only 31 % of [AVGN]'s financial assets as of September 30, 2008.
In this instance, Professor Oppenheimer's study speaks to the return
on the Near Graham Net Net Portfolio, as Roger Ibbotson's Decile Portfolios of the New York
Stock Exchange, 1967 — 1984 (1986), Werner F.M. DeBondt and Richard H. Thaler's Further
Evidence on Investor Overreaction and
Stock Market Seasonality (1987), Josef Lakonishok, Andrei Shleifer, and Robert Vishny's Contrarian Investment, Extrapolation and Risk (1994) as updated by The Brandes Institute's Value vs Glamour: A Global Phenomenon (2008) speak to the return
on the Ultra-low
Price - to - book Portfolio.
As
evidenced by the earnings and
price correlated graph, Emerson Electric is a high - quality Dividend Champion that has a legacy of the market placing a premium valuation
on its
stock.
A second study conducted by Werner F.M. DeBondt and Richard H. Thaler, Finance Professors at University of Wisconsin and Cornell University, respectively, examined
stock price in relation to book value in «Further Evidence on Investor Overreaction and Stock Market Seasonality,» The Journal of Finance, July
stock price in relation to book value in «Further
Evidence on Investor Overreaction and
Stock Market Seasonality,» The Journal of Finance, July
Stock Market Seasonality,» The Journal of Finance, July 1987.
There is very good
evidence based
on long - term Q ratio, smoothed PE,
price regressions, and mkt cap / GNP metrics that the market just reached FAIR VALUE in March of 2009, and that
stocks have essentially been in bubble territory since 1994, with the exception of the few months near the bottom of the 08/09 bear.