In investment, particularly in the portfolio management, the risk and returns are two crucial measures in making investment decisions. This paper attempts to provide a brief theoretical explanation with examples on determining the returns and associated risk of shares, and of the portfolio of...

This study demonstrates that using share returns as the dependent variable is a preferable approach for testing value relevance of accounting information to overcome spurious regression results due to equity prices following a non-stationary, persistent process as indicated in Senthilnathan...