The Role of the Accounting Rate of Return in Financial Statement Analysis.
研究会计收益率（ARR）在美国公司财务绩效评估中的应用，推导了基于会计数据的公司现值公式，并讨论了其在恒定ARR和恒定增长假设下的简化形式及局限性。
Abstract Focuses on the use of the accounting rate of return (ARR) in evaluating the financial performance of companies in the United States. Relationship between accounting and economic rates of return; Derivation of accounting-based formula for the present value of a firm; Simplification with constant ARR and constant growth; Uses and limitations of derived equations in financial analysis.