ความสัมพันธ์ของกำไรที่ไม่คาดหวังและกระแสเงินสดที่ไม่คาดหวัง กับผลตอบแทนของหลักทรัพย์ของบริษัทจดทะเบียนในตลาดหลักทรัพย์แห่งประเทศไทย / ณัฏฐิณี ครบปรัชญา = The relationship between unexpected earnings and unexpected cash flow and stock retruns of listed companies in the Stock Exchange of Thailand / Nuttine Krobprachaya
The objectives of this study are to study the effect of factors with the explanatory power of security returns vs Earnings and cash flow from operating information, including Earnings Stability, Earnings growth and firm size ; and to study the relation of the aforementioned factors to Earnings and cash flow form operation in explaining security retains, using available data of listed companies, including only 3 groups of business sectors: commerce, foods & beverages and printing & publishing during the years of 2000 to 2004. This study is a replication type of research mainly designed to compare the results using Thai versus foreign data to explore whether the effect of the aforementioned factors in explaining security returns is the same in both settings or not. The results of this study in comparison with those of international studies can be summarized as follows. As companies’ Earnings are transitory, the results of the test of Earnings coefficient provide same conclusions and the results of the test of cash flow coefficient provide same conclusions. For high growth, the results of the test related to unexpected Earnings coefficient provide same conclusions while the results of the test of cash flow coefficient provide differing conclusions. For larger firms, the results of the test related to unexpected Earnings coefficient provide ambiguous conclusions with respect to this study and those of international studies. There is no evidence of whether unexpected cash flow from operation would be the same in regard to the test that uses foreign and Thai data.
