حسابداري مازاد تمبز: رابطه ارزش سود و ارزش دفتري‌

Clean Surplus Accounting: Value Relevance of Book Value and Earnings

This study attempts to predict future stock returns by return on ownerʹs equity ratio (ROE) namely, earning to equity book value ratio and its variability both in company level and in portfolio level. Calculation of ownerʹs equity is based on Ohlsonʹs (1989) model and clean surplus relation (CRS). The research of the statistical population includes 130 of companies listed in Tehran Stock Exchange during 1379 to 1384. The research results show that there is a significant relationship between ROE and future stock return. But, the explanatory power of the ROE is stronger and more significant in portfolio level than company level. Also, the results indicate existence of a significant relation between variability of the time series ROE of a stock and the future return of that stock.