Abstract
The study reported here was tring to examine the macroeconomic variables that determine the earnings multiple of the Taiwan stock market. For this study, monthly time-series data were used for each of the variables from 1991 through 2001. We used earnings to price ratio¡]E/P¡^as the dependent variable¡AM1B¡BGDP¡]lag¡^¡Bmarket return¡Bcapital increasing rate¡Blog of 5 years bond yield¡Binflation rate¡Blag of earning growth and market value to GNP ratio¡]MV/GNP¡^as the independent variables to construct a multiple-regression model.
And we finded the maraket value to GNP ratio¡]MV/GNP¡^was the most powerful variable of the 5 significant variables. GDP¡]lag¡^was second, capaital incresing rate ranked third. Market return was fourth, and M1B was the fifth most explanatory variable. Both capaital increasing rate¡]supply side¡^and M1B¡]demand side¡^variables were signifinant¡Ameant the Law of Supply ¡® Demand remained unchanged in the Taiwan stock market.
Identifer | oai:union.ndltd.org:NSYSU/oai:NSYSU:etd-0718102-162849 |
Date | 18 July 2002 |
Creators | Lei, Brook |
Contributors | none, none, none |
Publisher | NSYSU |
Source Sets | NSYSU Electronic Thesis and Dissertation Archive |
Language | Cholon |
Detected Language | English |
Type | text |
Format | application/pdf |
Source | http://etd.lib.nsysu.edu.tw/ETD-db/ETD-search/view_etd?URN=etd-0718102-162849 |
Rights | withheld, Copyright information available at source archive |
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