Alternative Methods of Depreciation and the Reliability of Accounting Measures of Economic Profits
通过蒙特卡洛实验，比较直线折旧、加速折旧和年金折旧对会计收益率和托宾q值的影响，发现年金折旧能显著改善会计收益率，但对q值影响不大。
Most U.S. firms use straight-line depreciation; some use accelerated depreciation. A series of Monte Carlo experiments were conducted to show how a proposed switch to annuity depreciation would affect accounting estimates of two measures of economic profitability: the rate of return and q, the ratio of a firm's market value to its replacement cost. Annuity depreciation significantly improved the accounting rate of return but had little effect on estimates of q. Some of the improvement in the rate of return and almost all the improvement in q could be obtained if all firms used straightline depreciation.