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J. Kay (1978)
ACCOUNTING RATE OF PROFIT AND INTERNAL RATE OF RETURN; A REPLY, 30
Garman Garman, Ohlson Ohlson
Information and the Sequential Valuation of Assets in Arbitrage‐Free EconomiesJournal of Accounting Research
J. Kay (1976)
ACCOUNTANTS, TOO, COULD BE HAPPY IN A GOLDEN AGE: THE ACCOUNTANTS RATE OF PROFIT AND THE INTERNAL RATE OF RETURN, 28
Harcourt Harcourt (1965)
The Accountant in a Golden AgeOxford Economic Papers
E. Edwards (1978)
The Primacy of Accounting Income in Decisions on Expansion: An Exercise in Arithmetic
F. Wright (1978)
ACCOUNTING RATE OF PROFIT AND INTERNAL RATE OF RETURN, 30
A. Appleyard (1980)
TAKEOVERS: ACCOUNTING POLICY, FINANCIAL POLICY AND THE CASE AGAINST ACCOUNTING MEASURES OF PERFORMANCEJournal of Business Finance & Accounting, 7
E. Edwards (1980)
The Fundamental Character of Excess Current IncomeAccounting and Business Research, 10
M. Findlay, E. Williams (1979)
OWNERS’ SURPLUS, THE MARGINAL EFFICIENCY OF CAPITAL AND MARKET EQUILIBRIUMJournal of Business Finance & Accounting, 6
T. Stauffer (1971)
The Measurement of Corporate Rates of Return: A Generalized FormulationThe Bell Journal of Economics, 2
K. Peasnell (1981)
On Capital Budgeting And Income MeasurementAbacus, 17
Edwards Edwards (1980)
The Fundamental Character of Excess IncomeAccounting and Business Research
Brief Brief, Merino Merino, Weiss Weiss (1980)
Cumulative Financial StatementsAccounting Review
Peasnell Peasnell (1982)
Estimating the Internal Rate of Return from Accounting Profit RatesInvesment Analyst
This paper reports a number of results concerning the relationship between accounting numbers and economic values and yields. Some of the results have appeared previously in the literature and some are new. They have been collected together in a common analytical framework in order to demonstrate their formal, mathematical character. It is shown that present value can be obtained by discounting almost any profit numbers; that accounting rates of return define a discount function directly analagous to the term structure and the internal rate of return; and that the internal rate of return can be expressed as a linear weighted sum of accounting rates of return.
Journal of Business Finance & Accounting – Wiley
Published: Sep 1, 1982
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