Factors Affecting Price Earnings Ratios and Market Values of Japanese Firms
研究日本公司市盈率和股权市场价值变化的影响因素，发现隐藏资产（如土地）价值、所有权结构、预期盈利增长和风险、股息政策等显著相关，支持土地价值变化解释市盈率变动的观点。
This paper investigates cross-sectional explanations of Japanese PE ratios by focusing on two dependent variables, the percentage change in the PE ratio (PE) and the percentage change in the market value of equity (MV). Results of this study suggest that changes in the value of hidden assets such as land, changes in the patterns of ownership by Japanese individuals, and foreign investors, changes in expected earnings growth and earnings risk, and changes in dividends per share and dividend payout are significantly related to changes in PE ratios and market values. Our results, therefore, support the contention of French and Poterba that changes in land values appear to explain at least a portion of changes in Japanese PE ratios.