Bartholdy (2002) study showed that financial ratios such as price to earnings, book value and market value are included in the prediction of stock returns. Lam (2002) to explain stock returns in Hong Kong from a multivariate regression model was used. He concluded that the expected positive relationship between stock return and market value of the company, also found that the ratio of book value to market value is high power to explain average returns. The relationship between the ratio of book value to market value and return on equity was negative.