An Investigation of the Relationship between Market Return, Firm Size and Book-to-Market Value of Equity with Return of Equity in Tehran Stock Exchange
This paper investigated the relationship between market return, firm size and book-to-market value of equity with return of equity in Tehran Stock Exchange (TSE). For this purpose we use Fama-French three factor model (1993) to investigate the effects of market return, firm size and book-to-market value of equity on equity return. We use OLS regression to analyzing the collected of data during 1376 to
1383. Our results indicate a significant relationship between three mentioned variable with equity returns.
The relationship between market return, and firm size with return of equity was positive, and the relationship between book-to-market value of equity with return of equity was negative. Also, our findings indicate that investing in firms with big size and low book-to-market value of equity ratio in TSE has more return for investors.
Pourheydari,O and Shahbazi,M . (2008). An Investigation of the Relationship between Market Return, Firm Size and Book-to-Market Value of Equity with Return of Equity in Tehran Stock Exchange. Empirical Studies in Financial Accounting, 6(24), 35-51.
MLA
Pourheydari,O , and Shahbazi,M . "An Investigation of the Relationship between Market Return, Firm Size and Book-to-Market Value of Equity with Return of Equity in Tehran Stock Exchange", Empirical Studies in Financial Accounting, 6, 24, 2008, 35-51.
HARVARD
Pourheydari O, Shahbazi M. (2008). 'An Investigation of the Relationship between Market Return, Firm Size and Book-to-Market Value of Equity with Return of Equity in Tehran Stock Exchange', Empirical Studies in Financial Accounting, 6(24), pp. 35-51.
CHICAGO
O Pourheydari and M Shahbazi, "An Investigation of the Relationship between Market Return, Firm Size and Book-to-Market Value of Equity with Return of Equity in Tehran Stock Exchange," Empirical Studies in Financial Accounting, 6 24 (2008): 35-51,
VANCOUVER
Pourheydari O, Shahbazi M. An Investigation of the Relationship between Market Return, Firm Size and Book-to-Market Value of Equity with Return of Equity in Tehran Stock Exchange. Empirical Studies in Financial Accounting. 2008;6(24):35-51 (In Persian).
