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Xit

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Pit 1

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:

:
.1
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)(5
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):(6

EPS it

R it ai biEPS it e it

EPSit

) (6

R it ai b1i EPS it b 2i EPS it e it

:
eit .
)(2

EPS it

Rit
Variable s
0.536
0.303
EPSit
EPS it
0.312
)(%5

) (5
. 0.536

EPS it EPSit

9

 )(VIF
Variance Inflation Factor
) Condition Number (CN


.

VIF ) Myers (27 VIF 30
VIF

5
CN 1000
.

) (3
) (5
.

1992
1993
1994
1995
1996
1997

)(3
VIF CN
EPS it
EPSit
CN
VIF
CN
VIF
1.00
1.976
1.454
1.976
1.351
1.897
1.842
1.956
2.491
1.874

1.757
1.688
1.931
1.867
1.956
1.309

1.351
1.897
1.842
1.956
2.491
1.874

1.00
1.00
1.00
1.00
1.00
1.00

132
21
24
22
21
18
26

: H1
) (3 ,4
) (4
t EPS it EPSit

. %5
F
%5 .
10

 Ball and Brown Beavers et. al

.

R2 .
EPS it 0.0964 EPSit
. 0.0887
R2






.

.

.

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3,4
EPS it

EPSit
DuribinWatson

R2

1.482

3.95*

0.0887

Bi

1.88*

0.423

DuribinWatson

R2

1.491

4.13

0.0964

Residuals Statisticsa
Minimum
Predicted
Value

Maximum

Mean

Bi

1.93

0.398

Residuals Statisticsa
Std.
Deviation

5.092E-02 5.936E-02 5.929E-02 7.366E-04

Minimum

Maximum

131

Predicted
Value

131

Residual Std.

-.1948

.2478

Mean

Std.
Deviation

4.051E-02 8.552E-02 5.929E-02 1.157E-02

N
131

Residual
Std.

-.1794

.2506

Predicted
Value

-11.358

.096

.000

1.000

131

Predicted
Value

-1.624

2.267

.000

1.000

131

Std.
Residual

-2.286

3.195

.000

.996

131

Std. Residual

-2.511

3.194

.000

.996

131

a. Dependent Variable: Y

2.966E-17 7.815E-02

3.326E-17 7.730E-02

131

a. Dependent Variable: Y
(%10) *

12

 : H2
) (4
EPSit
EPS it
EPS it R2 .

Ohelson and Shorft Eston and Harris
EPSit
Strong
EPS it . .
: H3
) (5 )(5

.
Brown et. al

.
Easton and Harris
.
)(5

EPS it
EPSit

F
R2
T
b2
T
b1

0.422

*1.59

**2.01

0.451

0.198

**3.11

Residuals Statisticsa
N
131

Std.
Deviation
1.157E-02

5.929E-02

131

7.730E-02

4.068E-17

.2478

131

1.000

.000

2.267

131

.992

.000

3.182

* )(%10

Mean

Maximum

Minimum

8.552E-02

Predicted
4.051E-02
Value
Residual
-.1948
Std.
Predicted
-1.624
Value
Std.
-2.501
Residual
a. Dependent Variable: Y

** )(%5

:

:

 .1
%9.9

.
.2


.
.3

.
:
:
.1


.
.2
.
.3

.

Ball, R. and P. Brown, an Empirical Evaluation of Accounting

Income Number, Journal of Accounting Research; Autumn, 1968,
11.159-177.

)1

)2
Brown, L. D. et. al., an Information Interpretation of Financial
Analysis Superiority in Forecasting Earnings, Journal of Accounting
Research; 1987, pp. 49-67.
Lev, V. on the Usefulness of Earning: Lessons and Directions
from two Decades of Empirical Research, Journal of Accounting
Research; Vol. 27, 1989, pp. 129-153.

)3

(4 )

14

 (1994-1985
.(80-79) 1998 2 14
5)
Ou, J. A., and S. Penman, Accounting Measurement, Price
Earnings Ratio and Information Content of Security Price, Journal of
Accounting Research; Vol. 27, 1989, pp. 111-144.
6)

Kothari, S. P. and R. G. Sloan, Information in Earnings about

Future Earnings: Implications for Earnings Response Coefficient,
Journal of Accounting Research; Vol. 15, 1992, pp. 143-171 .

7)
Ali, A. and P. A. Zarowin, Permanent Versus Transitory
Components of Annual Earnings and Association between Abnormal
Return and Unexpected Earnings, Journal of Accounting Research;
Vol.15, 1992, pp. 249-264.
8)
Lev, B. and S. R. Thiagarajan, Fundamental Information
Analysis, Journal of Accounting Research; Vol. 31, 1993, pp. 190-215.
9)

Ohelson, J. and P. K. Shroft, Changes Versus Levels in Earnings as

Explanatory Variables for Return: Some Theoretical Considerations,
Journal of Accounting Research; Vol. 30, 1992, pp. 210-226.
10)
Lipe, Robert, The Relation Between Stock Returns and
Accounting Earnings Given Alternative Information the Accounting
Review, January 1990, pp. 49-71.

11)

Easton P. D. and T. Harris, Earnings as an Explanatory Variables

for Returns, Journal of Accounting Research; Vol. 29, pp. 19-36.

12)
Ball, R. and S. P. Kothari, Security Returns Around Earnings
Announcement, The Accounting Review, October, 1991. Pp. 718-738.
13)

Easton, P. D. et. al., Aggregate Accounting Earnings Can Explain

Most of Security Return: The Case of Long Run Intervals, Journal of
Accounting and Economics. 1992, pp. 119-142.

14)
Kothari, S. P. a Price Earnings Regressions in the Presence of
Prices Leading Earnings: Earnings level Versus Change Specification and
Alternative Deflators, Journal of Accounting and Economics. 1992, pp.
173-202.
15)

Strong, N., The Relation Between and Earnings: Evidence for the
U.K., Accounting and Business Research, 1993, pp. 69-77.

) ( 16
. 35-1 1994 (

15

)17

Midani, M. Ayman, Determinations of Kuwaiti Stock Prices: an

Empirical Investigation of Industrial, Service and Food Company
Shares, Journal of Administrative Science and Economics, University of
Qatar, Vol. 1991, pp. 279-312.
(18 )
(
94 1993 . 20-1
(19 )
(
11 1995 1 .155-135
(20 )
(
1 1996 3
.183-153
(21 )
( 4
1988 2 .233-201
(22 )
( 26 1999 22
.365-358
(23 )
(
26 1999 2 .329-312
24- collins, D.W.and S.P.Kothair,((An Anlgsis of the Lnteremporal and
Cross-Setional Determinants of the Earning Restonse
Coefficient)),Jonrnal of Accounting and Economics, 1980,pp.143-181
25-Beaver,W.et.al.,((The lnforwation Content of Security
Prices)),Journal of Accounntiny and Economics, 1980,PP.3.28
26-Holwes.Geoffrey,((Earningper Share:Ameasure of Sustainable
Growth)),Jontnal of Acconnting and
Bwine))Rejearch,Spring,1971,TP.118-14327-Myers,R.H,((Classical and Modern Regrejjion With
Applicatirn));Second Edition:Bostom: PWS and Kent Pnblishing
Co.,Inc., 1990.

16

.
/

17

 31
:
1
%9,9
0
2



0

18