The Relationship between Capital Market Beta and Accounting Beta for Chinese Public Companies
Date Issued
2010
Date
2010
Author(s)
Hsu, Li-Ting
Abstract
This thesis investigates the relationship between capital market Beta and accounting Beta for Chinese public companies. It also illustrates if the relationships among these factors are different in distinct industries. Furthermore, it provides explanations to these differences. Specifically, I compare several accounting beta measures with market betas under five hypotheses to see the relationship between share prices and the market index and company earnings and overall earnings for Chinese public companies.
This study documents that the differences is significant between each of income before tax beta, earnings per share beta, net income ratio, return on asset and return on equity and market beta for real estate industry. However, for Agriculture, Forestry, Fishery and Animal Husbandry industries, there are also clear differences between each of income before tax beta, earnings per share beta and net income ratio and market beta. It may be because we did not take real estate for production into account, but only invested property.
Subjects
Share price and market index
Company earning and overall earnings
Accounting Beta
Market Beta
Type
thesis
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