PROJECT HOLDING‐PERIOD RATE OF RETURN AND THE MIRR
研究修正内部收益率（MIRR）与项目预期持有期收益率的关系，发现当现金流不确定时MIRR会高估预期持有期收益率，并给出了两者关系的简单函数。
In this paper we examine the relationship between the Modified Internal Rate of Return (MIRR) and a project's expected holding‐period rate of return assuming that cash flows are reinvested at the cost of capital. When cash flows are uncertain, the MIRR overstates the expected holding‐period rate of return. The relationship between the MIRR and a project's expected holding‐period rate of return is shown to be a simple function of conventional project statistics like the coefficient of variation of the present value of random cash flows, the profitability index, the cost of capital, and the project's life.