Title of article
A study on relationship between the return of value/growth portfolio and market return: Evidence from Tehran Stock Exchange
Author/Authors
Mashhadi Ramezanali، Monireh نويسنده M.Sc. Graduate, Department of Financial Management, Science and Research Branch, Islamic Azad University (IAU), Tehran, Iran , , Setayesh، Mohammadreza نويسنده Assist. Prof, Science and Research branch, Islamic Azad University (IAU), Brojerd, Iran , , Hassan Janani، Mohammad نويسنده Assist. Prof, Science and Research branch, Islamic Azad University (IAU), Brojerd, Iran ,
Issue Information
ماهنامه با شماره پیاپی 31 سال 2014
Pages
4
From page
1499
To page
1502
Abstract
This study examines the relationship between the returns of two value and growth portfolios and the return of market on 15 selected firms on Tehran Stock Exchange over the period 2008-2011. The study divides the firms into two groups in terms of the ratios of price on earning as well as price on book value into two groups of value and growth portfolios. Using some regression analysis, the study has determined a positive and meaningful relationship between value portfolio and market return when the market is on the upside but this relationship is not meaningful during the bear session. The results indicate that during the bull sessions, value portfolios provide better investment opportunities than growth ones do.
Journal title
Management Science Letters
Serial Year
2014
Journal title
Management Science Letters
Record number
1332287
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