Further notes on estimating economic returns from published accounting statements

Article Abstract:

The behavior of the error between accounting rates of return (ARR) and economic returns is investigated to establish how well the former can estimate the latter. The study finds that there is an optimal number of periods for using accounting data to determine economic returns. It concludes by presenting new results on the bias in the ARR in the single period case, which demonstrate that accounting profitability measures can be applied to economic analysis regardless of the accounting measurement system adopted.

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Estimating the equity risk premium using accounting fundamentals

Article Abstract:

The use of accounting fundamentals in estimating the equity risk premium is examined.

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Discussion of estimating the equity risk premium using accounting fundamentals

Article Abstract:

The use of accounting fundamentals in estimating equity risk premium is examined.

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