For a full text file please contact the corresponding author: Kenth Skogsvik (E-mail: kenth.skogsvik@hhs.se).

Using Swedish stock market data, this study investigates whether an investment strategy based on publicly available accounting information can generate abnormal investment returns. The strategy involves two steps. First, an accounting-based probabilistic prediction model of changes in the...

Using Swedish data, the study investigates whether an investment strategy based on publicly available financial statement information can generate abnormal investment returns. The strategy involves two steps. First, a financial statement based prediction model of changes in the book return on...

Relative P/E-ratio valuation apparently still plays an important role among investment research analysts and advisors (cf. Goldman Sachs,1999). In a valuation model of this kind, the value of owners´equity is typically calculated as a function of an observed P/E-ratio for some peer company, or...

Using Swedish data, this study investigates whether financial statement information can be used to predict changes in the medium-term book return on owners' equity and subsequently evaluates the performance of trading strategies based on such predictions. A univariate prediction model based on...