The law of one accounting variable
定义了“单一会计变量定律”，作为“一价定律”的延伸，推导了该定律成立的条件，并证明当该定律成立时，会计变量可替代多贝塔模型中的贝塔值。
The ‘law of one accounting variable’ is defined in this paper as an extension of ‘the law of one price’. It says roughly that if the future payoffs of two assets are the same (in every state of the world), then the accounting variable of the assets are approximately the same. The paper derives a condition under which this law holds and shows that when the law holds for some accounting variables, these variables can replace betas in the multibeta representation of asset returns, provided some admissibility conditions are satisfied.