REFERENCES. Chandra, P. (1995), The Investment Game How to Win, (5 th edn.), Tata McGraw-Hill Publishing Company Ltd., New Delhi

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1 REFERENCES BOOKS Chandra, P. (1995), The Investment Game How to Win, (5 th edn.), Tata McGraw-Hill Publishing Company Ltd., New Delhi Chandra, P. (2002), Investment Analysis and Portfolio Management, (10 th reprint), Tata McGraw-Hill Publishing Company Ltd., New Delhi Damodaran A. (2006b), Applied Corporate Finance: A User s Manual (2nd edn.), Wiley India Pvt. Ltd., New Delhi Damodaran, A. (2006a), Damodaran on Valuation, (2nd edn.), Wiley India Pvt. Ltd., New Delhi Fabozzi, F. J. and Modigliani, F. (2009), Capital Markets: Institutions and Instruments, PHI Learning Private Limited, New Delhi Graham, B. (1934), Securities Analysis 1st edition McGraw-Hill Book Company New York Graham, B. (1949), The Intelligent Investor Harper & Bros., New York Graham, B. and Dodd, D.(1989), Securities Analysis (5th edition) McGraw-Hill Book Company New York Klarman, S. (2008), The Timeless Wisdom of Graham and Dod,Preface to the Sixth Edition of Securities Analysis by Graham, B. and Dodd, D, McGraw-Hill Book Company, New York Koller, T., Goedhart, M. & Wessels, D., (2005), Valuation: Measuring and managing the value of companies, (4th edition), McKinsey & Company, New Jersey Mishra, B. and Debasish, S.S. (2008), Indian Stock Market, (1 st edn.), Excel Books, New Delhi i

2 Mishra, B. and Debasish, S.S. (2008), Indian Stock Market, (1 st edn.), Excel Books, New Delhi Penman, H. S. (2008), Financial Statement Analysis and Security Valuation, (3 rd edn.), Tata McGraw-Hill Publishing Company Ltd., New Delhi Penman, S. (2007), Financial Statement Analysis and Security Valuation., (4 edition), McGrawHill/Irwin, New York. The American Society of Appraisers, ASA Business Valuation Standards ( accessed on ) JOURNALS Abarbanell and Bushee (1997), Fundamental Analysis, Future Incomes and Stock Prices. Journal of Accounting Research 35, 1-24 Abarbanell, J., & Bushee B. (1998). Abnormal Returns to a fundamental analysis stategy, The Accounting Review 73, Alfaro, L.( 2003), Foreign Direct Investment and Growth: Does the Sector Matter? ( accessed on ) Ashoub and hoshmand(2012) An Investigation into the Effect of Fundamental Analysis on Stocks Abnormal Return in the Companies Listed on Tehran Stock Exchange, Interdisciplinary, Journal of Contemporary Research in Business June 2012 VOL 4, NO 2 Beaver, W Lambert, R Rayan., Morse, D (1980), The Information content of security prices. Journal of Accounting And Economics 2, ii

3 Buffett, W. ( accessed on ) Capozza D R Israelsen, R D.(2009), How Quickly do Equity Prices Converge to Intrinsic Value? ( accessed on ) Christie, A., (1987), On cross-sectional analysis in accounting research. Journal of accounting and Economics 9, Damodaran, A.(2011), Thoughts on Intrinsic Value ( accessed on Damodaran, A.(2012), Intrinsic Valuation, Valuation: Lecture Note Packet 1( accessed on ) Dechow, P., Hutton, A., Sloan, R.,(1999), an empirical assessment of the residual income valuation model. Journal of Accounting and Economics 26, Desai, Krishnamurthy and Venkataraman (2006) The Role of Fundamental Analysis in Information Arbitrage: Evidence from Short Seller Recommendations ( accessed on ) Elleuch, J.(2009), Fundamental Analysis Strategy and the Prediction of Stock Returns, International Research, Journal of Finance and Economics, 30: Feltham, G., and Ohlson J (1995). Valuation and Clean surplus accounting for operating and financial activities. Contemporary Accounting Research 11, Frankel, R., Lee, C., (1998) accounting valuations, market expectation, and crosssectional stock returns. Journal of Accounting and Economics 25, Garrod, N., & Rees W. (1998). Forecasting incomes growth using fundamentals. Working paper, University of Glasgow. Gordon, M. J. (1959), Dividends, Earnings and Stock Prices, Review of Economics and Statistics, 41 iii

4 Gottwald R.(2011). The Dependence Between Stock Price and Intrinsic Value of a Stock. AD ALTA: Journal of Interdisciplinary Research, 2011, vol. 1, no. 1, p Graham, D. ( accessed on ) Hellman, N., (2000), Investor Behaviour: An empirical study of how large Swedish institutional investors make equity investment decisions, Stockholm: EFI Kormendi, R., Lipe, R. (1987), Earnings innovations, earnings persistence and stock returns. Journal of Business, 60, Kothari, S., Zimmerman, J.(1995), Price and return models. Journal of Accounting and Economics, 20, Lee C. M. C.; Myers J ; Swaminathan B (1999) What Is the Intrinsic Value of the Dow?,The Journal of Finance, Vol. 54, No. 5. (Oct., 1999), pp Lee, C. (1999), Accounting-Based Valuation: A Commentary. Accounting Horizons 13, Lev, B., Thiagarajan, R., (1993). Fundamental Information Analysis. Journal of Accounting Research, 31, Nayak, J. K.( 2006.), Analysis of the Indian Capital Market: Pre and Post Liberalization Vilakshan, XIMB Journal of Management Ohlson, J.(2005). On Accounting - Based Valuation Formulae. Review of Accounting Studies (10): Ohlson, J. and B. Juettner-Nauroth.(2004). Expected EPS and EPS Growth As Determinants of Value. Review of Accounting Studies 10 Ohlson, J.(1995). Earnings, Book Values, and Dividends In Equity Valuation. Contemporary, Contemporary Accounting Research, 11, iv

5 Ou, J., Penman, S., (1989a). Financial statement analysis and the prediction of stock returns. Journal of Accounting and Economics 11, Ou, J., Penman, S., (1989b). Accounting measurement, price earnings ratios, and the information, Journal of Accounting Research, 27, Piotroski J D (2000), The Use of Historical Financial Statement Information to Separate Winners from Losers, Journal of Accounting Research. 38, Richardson S., Tuna I., Wysocki P.(2009) Accounting Anomalies and Fundamental Analysis: A Review Of Recent Research Advances, Journal of Accounting and Economics, Seng D.and Hancock J. R.(2012), Fundamental Analysis and the Prediction of Earnings, International, Journal of Business and Management 7, 3; February 2012 pp Venkates C.K, Tyagi M., Ganesh L(2012) Fundamental analysis and stock returns: An Indian Evidence, Journal of Economics, Accounting and Finance 1(2) , December, 2012 Waldron D. G. (2009), Intrinsic Value vs. Market Price: The Excess Return Period And That Elusive Margin Of Safety, International Business & Economics Research Journal 2, 9. Wellman L. (2011) Value Investing: The Use of Historical Financial Statement Information to Separate Winners from Losers, Journal of Accounting Research, 38, 2000, 1-41 Xie S (2004), The Convergence of Prices to Fundamental Values, accessed on ), University of Iowa Zhong, M, Darrat A. F.and Anderson D. C (2001) Do US stock prices deviate from their fundamental values? Some new evidence, Journal of Banking & Finance v

ROLE OF FUNDAMENTAL VARIABLES IN EXPLAINING STOCK PRICES: INDIAN FMCG SECTOR EVIDENCE

ROLE OF FUNDAMENTAL VARIABLES IN EXPLAINING STOCK PRICES: INDIAN FMCG SECTOR EVIDENCE Varun Dawar, Senior Manager - Treasury Max Life Insurance Ltd. Gurgaon, India ABSTRACT The paper attempts to investigate