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Contribution Details
| Type | Bachelor's Thesis |
| Scope | Discipline-based scholarship |
| Title | P/E-Ratio as an Indicator of Future Comparative Stock Performance: An Empirical Analysis |
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| Institution | University of Zurich |
| Faculty | Faculty of Economics, Business Administration and Information Technology |
| Number of Pages | 70 |
| Date | 2015 |
| Abstract Text | This thesis tests the stock movement prediction capabilities of the P/E-Ratio and thereby also gives feedback on the validity of the semi-strong form of the Efficient Market Hypothesis. It finds that while the cyclically-adjusted-P/E-Ratio is no indicator for future comparative stock performance, the trailing-P/E-Ratio is. Those findings therefore negatively reflect on the concept of the semi-strong form Efficient Market Hypothesis and represent falsifying evidence to the prediciting capabilities of the cyclically-adjusted-P/E-Ratio. Data spanning from 1998 to 2015 of the FTSE 100 index has been used. |
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