X-Message-Number: 9793 Date: Thu, 28 May 1998 03:00:00 -0700 (PDT) From: Doug Skrecky <> Subject: stock market inefficiences Financial Analysts Journal March/April 1996: 56-60 "Do Sales-Price and Debt-Equity Explain Stock Returns Better Than Book-Market and Firm Size?" Abstract: During the 1979-91 period, the sales-price ratio and the debt-equity ratio had greater explanatory power for stock returns than either the book-market value of equity ratio or the market value of equity. Furthermore, the sales-price ratio captures the role of the debt-equity ratio in explaining stock returns. Neither the book-market value of equity ratio nor the market value of equity has consistent explanatory power for stock returns, and the sales-price ratio is a more reliable explanatory factor. Rate This Message: http://www.cryonet.org/cgi-bin/rate.cgi?msg=9793