Fundamental analysis strategy (RSS and CORFS indicators) and stock returns

Subject Areas : Journal of Investment Knowledge

yousef pashanejad ¹ , ali baghani ² , seyedeh mahboobeh jafari ³ , Ali Najafi Moghadam ⁴ , Zohreh Hajiha ⁵

1 - tehran
2 - Islamic Azad University, South Tehran Branch, Faculty member
3 - Islamic Azad University, South Tehran Branch, Faculty member
4 - Accounting Department. Azad University of South Tehran, Tehran,Iran
5 - Associate Professor Department of Accounting, East Tehran Branch, Islamic Azad University, Tehran, Iran

Received: 2020-11-07 Accepted : 2020-11-23 Published : 2021-03-21

Keywords: CORFS index, RSS index, Stock Returns,

Abstract :

The purpose of investing in stocks is to obtain appropriate returns and generally investors' decisions are based on risk and stock returns and are influenced by two factors: macroeconomic variables and microeconomic variables. Due to the high sensitivity of investors in obtaining the highest return on investment and selecting the best investment portfolio in the capital markets, a significant part of research in the field of accounting and finance, to examine the state of the capital market and before سهام The stock return is dedicated because the study of accounting variables affecting stock returns can be useful in assessing the future status of the company and its future stock returns. The present study examined whether an accounting-based fundamental analysis strategy can help investors perform better in their investment portfolio, using RSS and CORFS indicators. used. The statistical population of this study includes all companies listed on the Tehran Stock Exchange from 1387 to 1396 and the sample was selected through the method of systematic removal from the statistical population. According to the specific conditions, 118 companies were selected as a statistical sample of this study. It is worth mentioning that by performing ANOVA tests and designing multivariate regression models, the developed hypotheses were tested. The results showed that the formation and calculation of the RSS index can not achieve higher efficiency; By forming and calculating the CORFS index, higher efficiency can be achieved; Therefore, the CORFS index brings higher efficiency than the RSS index.

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