Survey and Market‐based Evidence of Industry‐dependence in Analysts’ Preferences Between the Dividend Yield and Price‐earnings Ratio Valuation Models
通过调查和市场数据，发现分析师对市盈率与股息收益率两种估值模型的偏好因行业而异：服务业、工业及消费品公司更适用市盈率模型，而金融和公用事业公司更适用股息收益率模型。
Prior research has shown that analysts’ preferred valuation models are the price‐earnings (PE) ratio and the dividend yield. This paper presents strong evidence that the relative importance of these two models varies according to stock market sector. Companies in the services, industrials and consumer goods sectors are shown to be ‘PE‐valued’ while financials and utilities companies are shown to be ‘yield‐valued’. These findings are derived from survey research and then tested in a market‐based model. This use of independent, mutually reinforcing research methods contributes to the robustness of the findings.