Contents

Evolution of Earnings-to-price Ratios: International Evidence

Eun, C.S. / Lee, Jinsoo

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Abstract

In this paper, we examine the pattern of historical evolution of international earnings-to-price ratios for a sample of 17 developed markets over the period 1980-2008. Using a measure of distance between earnings-to-price ratios of international stock markets, we find that earnings-to-price ratios of 17 markets have significantly converged toward each other during the sample period. Specifically, the average distance for our sample markets has decreased by about 70. % during this period. Our analysis indicates that the convergence in earnings-to-price ratios reflects increasing capital market integration rather than more alignment in industrial structure among these markets. © 2010.

Issue Date
2010-07
Publisher
Elsevier
Keywords
Earnings-to-price ratio; Convergence; Capital market integration
Citation
Global Finance Journal, v.21, no.2, pp.125 - 137, 2010
DOI
10.1016/j.gfj.2010.06.001
Journal Title
Global Finance Journal
Start Page
125
End Page
137
ISSN
1044-0283
Language
English
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