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| Author: | Davis, H. Peles, Y. |
| Title: | Measuring equilibrating forces of financial ratios |
| Journal: | Accounting Review
1993 : OCT, VOL. 68:4, p. 725-747 |
| Index terms: | BUSINESS RATIOS MEASUREMENT EQUILIBRIUM ANALYSIS |
| Language: | eng |
| Abstract: | The authors test several categories of ratios - short-term liquidity, performance measures, earnings per share , capital structure, and the gross margin ratio - to determine if they have equilibrium values or follow a random walk. For ratios with an equilibrium value, the speed at which the ratio returns to equilibrium from out-of-equilibrium conditions is measured. Since equilibrating forces may differ with firm size, the authors also test for differences in adjustment speeds between small and large firms. |
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