EVALUATION OF COMPANY PERFORMANCE WITH ACCOUNTING AND ECONOMIC CRITERIA: HypothesisThe following hypothesis is proposed to test the validity of the model:
1.    There are positive relationship between economic measures and stock returns.
a.    There are positive relationship between EVA and stock returns.
b.    There are positive relationship between REVA and stock returns.
c.    There are positive relationship between EVA Momentum and stock returns.
2.    There are positive relationship between accounting measures and stock returns.
a.    There are positive relationship between ROA and stock returns.
b.    There are positive relationship between ROA and stock returns.
3.    Information content of economic measures (including EVA, REVA, and EVA Momentum) is greater than the information content of accounting measures (including ROE and ROA).
4.    Information content of accounting measures (including ROE and ROA) is greater than the information content of economic measures (including EVA, REVA, and EVA Momentum).
5.    Changes in value added items (including EVA, REVA and EVA Momentum) provide incremental information content beyond changes in conventional data (including ROE and ROA), and vice versa.
6.    Changes in ROE provide incremental information content beyond changes in ROA, and vice versa.
7.    Changes in EVA provide incremental information content beyond the change in REVA, and vice versa.
8. Changes in EVA provide incremental information content beyond the change in EVA Momentum, and vice versa.
8. Changes in REVA provide incremental information content beyond the change in EVA Momentum, and vice versa.