文章基本信息

标题：Empirical Relation Among Fundamentals, Uncertainty and Investor Sentiments: Evidence of Karachi Stock Exchange.
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作者：SULEMAN SARWAR ; WASIM HUSSAN ; SOHAIL NAWAZ MALHI 等
期刊名称：International Review of Management and Business Research
印刷版ISSN：2307-5953
电子版ISSN：2306-9007
出版年度：2013
卷号：2
期号：3Part 1
页码：674-681
出版社：Academy of IRMBR
摘要：The present study covers all non-financial companies listed in Karachi Stock Exchange over the period 1998-2009 to explore the significant determinants of stock returns. Market premium, size, uncertainty and investors sentiment has confirmed significant positive relation with stock returns. In contrast, book to market was significant negative which confirmed the return of overvalued stocks were higher or vise versa; such over/under valuation was associated with the trading volume. Result of discretionary accrual was not in line with previous researchers; managers do not manipulate the earnings to catering the stock prices. Significant positive trading volume and negative book to market verified that highly traded stock become overvalued and yield high return. In conclusion, present study confirmed the noise trading theory in Pakistani markets.
关键词：Stock Returns; CAPM; Investor Sentiment; Trading Volume; Uncertainty.