Does the Sources of Earnings Matter to Equity Investors?

dc.contributorAalto Universityen
dc.contributorAalto-yliopistofi
dc.contributor.advisorVihriälä, Erkki
dc.contributor.authorVuorinen, Roope
dc.contributor.departmentRahoituksen laitosfi
dc.contributor.schoolKauppakorkeakoulufi
dc.contributor.schoolSchool of Businessen
dc.date.accessioned2024-01-28T17:01:30Z
dc.date.available2024-01-28T17:01:30Z
dc.date.issued2023
dc.description.abstractThis thesis brings a new analysis about investors interest towards operational source of earnings and how well past components of operational earnings can forecast future change in operational earnings. I approached operational earnings through Dupont analysis, where return on net operating assets is decomposed into profit margin and asset turnover. I found consistent with prior research that change in asset turnover is significant to forecast future change on return on net operating assets. Current year market returns were affected by past change in asset turnover and past change in profit margin. Current year market returns are also affected by information about future level of asset turnover. Market return test show that investors interest reach down to sources of earnings not just the last layer of money that they receive.en
dc.format.extent22+3
dc.format.mimetypeapplication/pdfen
dc.identifier.urihttps://aaltodoc.aalto.fi/handle/123456789/126191
dc.identifier.urnURN:NBN:fi:aalto-202401281859
dc.language.isoenen
dc.programmeRahoitusen
dc.subject.keywordfinancial statement analysisen
dc.subject.keywordDupont analysisen
dc.subject.keywordforecastingen
dc.subject.keywordmarket returnsen
dc.titleDoes the Sources of Earnings Matter to Equity Investors?en
dc.titleMerkitseekö tulojen lähteet oman pääoman sijoittajille?fi
dc.typeG1 Kandidaatintyöfi
dc.type.ontasotBachelor's thesisen
dc.type.ontasotKandidaatintyöfi

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