PENMAN, STEPHEN H.; RICHARDSON, SCOTT A.; Idot; TUNA, REM - In: Journal of Accounting Research 45 (2007) 2, pp. 427-467
<heading id="h1" level="1" implicit="yes" format="display">ABSTRACT</heading>This paper lays out a decomposition of book-to-price (B/P) that derives from the accounting for book value and that articulates precisely how B/P "absorbs" leverage. The B/P ratio can be decomposed into an enterprise book-to-price (that pertains to operations and potentially reflects...
