Rentabilidad de mercado, rentabilidad contable y modelos de valoración de acciones

This work deals with the relationship between shares's return and earnings. First of all we calculate a functional relationship among shares's return (dependent variable) and earning's rate on equity, the market-tobook ratio and an expectations' change rate, previously defined. Next, the expected rate of earnings emebbed in share's price is calculated by using an extended version of Gordon and Shapiro shares valuation model which includes shares issues. Finally it is shown how the extended version of the Gordon and Shapiro model can be used to analyse the causes of the rate of expectations change.