The Components of Accounting Ratios as Co‐integrated Variables
检验了会计变量取对数后计算比率能否消除非平稳性带来的伪回归问题，对使用时间序列数据的会计研究者有参考价值。
Time series of accounting variables may often be non‐stationary, i.e. they have a unit root, as in the common example of a random walk. This can lead to spurious results in time series regression analysis which uses such variables. The problem is overcome if the variables are co‐integrated. This paper examines and tests the proposition that, where the variables are expressed in logarithmic form, calculating a ratio may capture the effects of co‐integration. Thus, accounting ratios (calculated in logarithmic form) might be stationary, and therefore exempt from the econometric pathology associated with their component variables.