Jaffe and Keim are from the Wharton School, University of Pennsylvania. Westerfield is from the School of Business Administration, University of Southern California. We thank Marshall Blume, Mark Grinblatt, Andrew Lo, Ron Masulis, Jay Ritter, Rex Sinquefield, and seminar participants at Indiana University, the University of Iowa, the University of Oklahoma, Vanderbilt University, and the 1987 Western Finance Association Meetings for helpful comments, and Hiang-Lin Gn for excellent research assistance. Financial support was provided by the Research Foundation of the Institute of Chartered Financial Analysts and the Geewax-Terker Research Program in Financial Instruments.
Earnings Yields, Market Values, and Stock Returns
Version of Record online: 30 APR 2012
© 1989 the American Finance Association
The Journal of Finance
Volume 44, Issue 1, pages 135–148, March 1989
How to Cite
JAFFE, J., KEIM, D. B. and WESTERFIELD, R. (1989), Earnings Yields, Market Values, and Stock Returns. The Journal of Finance, 44: 135–148. doi: 10.1111/j.1540-6261.1989.tb02408.x
- Issue online: 30 APR 2012
- Version of Record online: 30 APR 2012
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