@article {Ramcharran45, author = {Harri Ramcharran}, title = {Returns and Pricing in Emerging Markets}, volume = {13}, number = {1}, pages = {45--56}, year = {2004}, doi = {10.3905/joi.2004.391041}, publisher = {Institutional Investor Journals Umbrella}, abstract = {This study estimates the significance of price-to-book, price-to-earnings, and market size as determinants of equity returns of 21 emerging equity markets over 1991{\textendash}2000. Cross-sectional data indicate the significance of the P/BV ratio and market size, but pooled data results show the significance of only P/BV; these findings are similar to results in developed markets. Additional estimates confirm the insignificance of P/E ratio, thus proving the P/BV is a better predictor of equity returns. This study provides further insight into the discussion on the choice between P/BV and P/E.}, issn = {1068-0896}, URL = {https://joi.pm-research.com/content/13/1/45}, eprint = {https://joi.pm-research.com/content/13/1/45.full.pdf}, journal = {The Journal of Investing} }