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Purpose- This paper investigates whether financial ratios can predict stock returns for the period between from 2004: II and 2014: IV in the Borsa Istanbul (BIST). For this purpose, four financial raitos have been used that include price to book ratio (P/B), price to earning ratio (P/E), dividend per share (DPS) and firm sizes are selected. Methodology- This study applies panel data analysis which is an important predictive regression tools for predicting stock returns. Findings- The results disclose that the financial ratios can predict stock return. Conclusion- From financial ratios, firm size has a higher predictive power than dividend per share and price to book ratio respectively. However, there is no significant relationship between price to earning ratio and for stock returns.

Value of financial ratios in predicting stock returns: a study on Borsa Istanbul (BIST)