1.

作者：Stephen H. Penman,

 

”An Evaluation of Accounting Rate-of-Return”

 

Journal of Accounting, Auditing and Finance (Spring  1991)：233-256

2.

作者：Victor Bernard

 

“Accounting –Based Valuation Methods: Evidence on the Market-to-Book Anomaly and Implications for Financial Statements Analysis”

 

University of Michigan working paper (1994)