STOCK RETURNS AND CLASSIFICATION PATTERN OF FIRM‐SPECIFIC FINANCIAL VARIABLES: EMPIRICAL EVIDENCE WITH FINNISH DATA
研究芬兰股票市场中财务比率与股票收益的关系，发现公司财务特征可归纳为一个因子（杠杆率），且单个比率无增量信息，但纯工业企业因子由多个特征构成。
This paper incorporates the findings of empirical classification patterns of financial ratios to studies investigating the relation between stock returns and financial factors of a firm. The empirical results indicate that the relevant information of the investigated financial characteristics of a firm can be presented in one factor, with respect to which single financial ratios seem not to have incremental information content in the Finnish stock market. In crossindustry sample this factor is reported to be leverage. However, when studying purely industrial firms, the most important factor consists of ratios representing several a priori characteristics of a firm.