Relative valuation roles of equity book value and net income as a function of financial health
检验了财务健康状况下降时，权益账面价值（净收益）的估值乘数和增量解释力会如何变化，使用396家破产公司和大样本数据验证了预测，对会计和金融研究者有参考价值。
This study tests predictions that pricing multiples on and incremental explanatory power of equity book value (net income) increase (decrease) as financial health decreases. Tests using a sample of 396 bankrupt firms and tests using a larger, pooled sample both yield inferences consistent with predictions. Findings are robust to inclusion of controls for industry, size, return-on-equity, and volatility of equity returns. Equity book value and net income multiples and incremental explanatory power vary predictably across three illustrative industries, selected based on the likely extent of unrecognized intangible assets.