Abstract
The many applications of P/E ratio has increased the importance of studying the determinants of the multiplier. This paper is focused on examining the effect of exogenous factors (macroeconomic variables) on the connection between P/E and its determinants. Our results show that there are significant implications if the effect of these variables is removed. Even more, there is an evidence that exogenous factors are artificially increasing the connection between P/E and the determinants.
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