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Existe-T-Il Un Effet P.E.R. Realise Et Previsionnel ?

Author

Listed:
  • Huyen Nguyen-Thi-Thanh

    (LEO - Laboratoire d'économie d'Orleans [2008-2011] - UO - Université d'Orléans - CNRS - Centre National de la Recherche Scientifique)

Abstract

Numerous recent studies highlight the presence of a PER anomaly in the large stock exchange markets throughout the world. Meanwhile, some research provides contrary results. In this article, we provide evidence that the anomaly caused by the use of trailing PER did exist in the Paris Stock Exchange during the period from 1991 to 2001. Nevertheless, the presence of the anomaly generated by projected PERs is less certain because of contradictory results given by standard performance measures. Finally, we show that lengthening the benefit forecast horizon and portfolio conservation period may lead to the weakening, even the disappearance of these effects. This phenomenon can be partially explained by the fairly accurate analysts' benefit forecasts and the market capacity to adjust the over- and under-reactions of investors.

Suggested Citation

  • Huyen Nguyen-Thi-Thanh, 2005. "Existe-T-Il Un Effet P.E.R. Realise Et Previsionnel ?," Post-Print halshs-00009081, HAL.
    • Handle: RePEc:hal:journl:halshs-00009081
    Note: View the original document on HAL open archive server: https://shs.hal.science/halshs-00009081
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