Articles marked with a (*) only apprear in this electronic format of our reference list. These additional references have been discovered or published right after writing the actual text of the article. No later changes have or will be made.

3. Measurement of Profitability and Financial Ratios

Bhaskar, K.N. (1972), "Rates of return under uncertainty", Accounting and Business Research (Winter 1972), 40-52.

Bierman, H.J. (1961), "Depreciable assets - timing of expenditure recognition", The Accounting Review 36, 693-699.

Brief, R.P. (1985), "Limitations of using the cash recovery rate to estimate the IRR: a note", Journal of Business Finance and Accounting 12/3, 473-475.

Brief, R.P., and Lawson, R.A. (1991a), "Approximate error in using accounting rates of return to estimate economic returns", Journal of Business Finance and Accounting 18/1, 13-20.

Brief, R.P., and Lawson, R.A. (1991b), "Approximate error in using accounting rates of return to estimate economic returns: A correction", Journal of Business Finance and Accounting 18 (November), 915-916.

Brief, R.P., and Lawson, R.A. (1992), "The role of the accounting rate of return in financial statement analysis", Accounting Review 67/2, 411-426.

Buijink, W., and Jegers, M. (1989), "Accounting rates of return: comment", American Economic Review 79/1, 287-289.

Butler, D., Holland, K., and Tippett, M. (1994), "Economic and accounting (book) rates of return: application of a statistical model", Accounting and Business Research, 24/96, 303-318. (*)

Fisher, F.M., and McGowan, J.J. (1983), "On the misuse of accounting rates of return to infer monopoly profits", American Economic Review 73/1, 82-97.

Fisher, F.M. (1984), "The misuse of accounting rates of return: Reply", American Economic Review 74/3, 509-517.

Gordon, L.A. (1974), "Accounting rate of return vs. economic rate of return", Journal of Business Finance and Accounting 1/1, 343-356.

Gordon, L.A. (1977), "Further thoughts on the accounting rate of return vs. the economic rate of return", Journal of Business Finance and Accounting 4/1, 133-134.

Gordon, L.A., and Hamer, M.M. (1988), "Rates of return and cash flow profiles: an extension", Accounting Review 63/3, 514-521.

Griner, E.H., and Stark, A.W. (1988), "Cash recovery rates, accounting rates of return, and the estimation of economic performance", Journal of Accounting and Public Policy 7, 293-311.

Harcourt, G.C. (1965), "The accountant in a golden age", Oxford Economic Papers. New Series 17/1, 66-80.

Ijiri, Y. (1978), "Cash-flow accounting and its structure", Journal of Accounting, Auditing and Finance (Summer 1978), 331-348.

Ijiri, Y. (1979), "Convergence of cash recovery rate", in: Quantitative Planning and Controlling. Essays in Honor of William Wager Cooper on the Occasion of His 65th Birthday (ed. Y., Ijiri and A.B., Whinston), Academic Press, New York.

Ijiri, Y. (1980), "Recovery rate and cash flow accounting", Financial Executive (March 1980), 54-60.

Jegers, M. (1985), "Estimating the internal rate of return from published financial statements: a comment", Journal of Business Finance and Accounting 12/4, 609-610.

Jegers, M. (1985), "The ARR-IRR controversy: a critical review and some extensions", Paper presented at the European Accounting Association Congress, Brussels, April 1985.

Van der Hagen, K., and Jegers, M. (1993), "Measurement of the internal rate of return of a firm: an empirical comparison of accounting based methods", Finnish Journal of Business Economics 41/1, 16-23.

Kanniainen, V., and Hernesniemi, H. (1986), "Asset structure, indebtedness, and the rate of return on capital in a sample of Finnish manufacturing firms", Kansantaloudellinen aikakauskirja 3, 278-288.

Kay, J.A. (1976), "Accountants, too, could be happy in a golden age: the accountants rate of profit and the internal rate of return", Oxford Economic Papers (New Series) 28/3, 447-460.

Kay, J.A. (1978), "Accounting rate of profit and internal rate of return; a reply", Oxford Economic Papers 30/3, 469-470.

Kay, J.A., and Mayer, C.P. (1986), "On the application of accounting rates of return", Economic Journal 96 (March 1986), 199-207.

Kelly, G., and Tippett, M. (1991), "Economic and accounting rates of return: a statistical model", Accounting and Business Research 21/84, 321-329.

Livingstone, J.L., and Breda Van, M.F. (1976), "Relationship between accounting and the internal rate of return measures. A reply", Journal of Accounting Research 14/1, 187-188.

Livingstone, J.L., and Salamon, G.L. (1970), "Relationship between the accounting and the internal rate of return measures: a synthesis and an analysis", Journal of Accounting Research 8/2, 199-216.

Long, W.F., and Ravenscraft, D.J. (1984), "The misuse of accounting rates of return: Comment", American Economic Review 74/3, 494-500.

Luckett, P.F. (1984), "ARR vs. IRR: a review and an analysis", Journal of Business Finance and Accounting 11/2, 213-231.

Martin, S. (1984), "The misuse of the accounting rate of return: Comment", American Economic Review 74/3, 501-508.

McHugh, A.J. (1976), "Relationship between accounting and the internal rate of return measures", Journal of Accounting Research 14/1, 181-186.

Peasnell, K.V. (1982a), "Some formal connections between economic values and yields and accounting numbers", Journal of Business Finance and Accounting 9/3, 361-381.

Peasnell, K.V. (1982b), "Estimating the internal rate of return from accounting profit rates", The Investment Analyst, April, 26-31.

Ruuhela, R. (1972), Yrityksen kasvu ja kannattavuus. Summary: A capital investment model of the growth and profitability of the firm. Acta Academiae Helsingiensis, Series A:8. Helsinki.

Ruuhela, R., Salmi, T., Luoma, M., and Laakkonen, A. (1982), "Direct estimation of the internal rate of return from published financial statements", Finnish Journal of Business Economics 4, 329-345.

Salamon, G.L. (1973), "Models of the relationship between the accounting and the internal rate of return: An examination of the methodology", Journal of Accounting Research 11/2, 296-303.

Salamon, G.L. (1982), "Cash recovery rates and measures of firm profitability", Accounting Review 57/2, 292-302.

Salamon, G.L. (1988), "On the validity of accounting rates of return in cross-sectional analysis: theory, evidence, and implications", Journal of Accounting and Public Policy 7/4, 267-292.

Salmi, T. (1978), "A comparative review of the Finnish expenditure- revenue accounting", European Institute for Advanced Studies in Management: Working Paper 78-2. Revised in 1993 as "Review of Finnish expenditure- revenue accounting", University of Vaasa electronic library, ftp://garbo.uwasa.fi/pc/ts/tscmpacc.zip.

Salmi, T. (1982), "Estimating the internal rate of return from published financial statements", Journal of Business Finance and Accounting 9/1, 63-74.

Salmi, T., Dahlstedt, R., and Luoma, M. (1985), "Improving firm-level growth estimates by eliminating cycles", Finnish Journal of Business Economics 4, 383-410.

Salmi, T., and Luoma, M. (1981), "Deriving the internal rate of return from accountant's rate of profit: analysis and empirical estimation", Finnish Journal of Business Economics 1, 20-45.

Salmi, T., and Ruuhela, R. (1985), "Estimating the internal rate of return from published financial statements: a reply", Journal of Business Finance and Accounting 12/4, 611-612.

Salmi, T., Ruuhela, R., Laakkonen, A., and Luoma, M. (1983a), "Extracting and analyzing the time series for profitability measurement from published financial statements. With results on publicly traded Finnish metal industry firms. Part I", Finnish Journal of Business Economics 2, 135-174.

Salmi, T., Ruuhela, R., Laakkonen, A., and Luoma, M. (1983b), "Extracting and analyzing the time series for profitability measurement from published financial statements. With results on publicly traded Finnish metal industry firms. Part II", Finnish Journal of Business Economics 3, 209-241.

Salmi, T., Ruuhela, R., Laakkonen, A., Dahlstedt, R., and Luoma, M. (1984), "Extracting and analyzing the time series for profitability measurement from published financial statements. With results on publicly traded Finnish metal industry firms. Part III", Finnish Journal of Business Economics 1, 23-48.

Salmi T., and Ruuhela, R. (1993), "Comment: Measurement of the internal rate of return of a firm: an empirical comparison of accounting based methods", Finnish Journal of Business Economics 41/2, 98-99.

Sarnat, M., and Levy, H. (1969), "The relationship of rules of thumb to the internal rate of return: a restatement and generalization", Journal of Finance 24/3, 479-490.

Shinnar, R., Dressler, O., Feng, C.A., and Avidan, A.I. (1989), "Estimation of the economic rate of return for industrial companies", Journal of Business 62/3, 417-445.

Solomon, E., and Laya, J.C. (1967), "Measurement of company profitability: some systematic errors in the accounting rate of return", in: Financial Research and Management Decisions (ed. A.A. Robichek), Wiley.

Solomon, E. (1966), "Return on investment: the relation of book-yield to true yield", Research in Accounting Measurement (ed. R.K. Jaedicke, Y. Ijiri, and O.W. Nielsen), American Accounting Association.

Stark, A.W. (1982), "Estimating the internal rate of return from accounting data - a note", Oxford Economic Papers (New Series) 34/3, 520-525.

Stark, A.W. (1987), "On the observability of the cash recovery rate", Journal of Business Finance and Accounting 14/1, 99-108.

Stark, A.W., Thomas, H.M., and Watson, I.D. (1992), "On the practical importance of systematic error in conditional IRRs", Journal of Business Finance and Accounting 19/3, 407-424.

Stark, A.W. (1994), "Some analytics of why conditional IRRs can contain growth rate related measurement error", Journal of Business Finance and Accounting 21/2, 219-229.

Stauffer, T.R. (1971), "The measurement of corporate rates of return: a generalized formulation", Bell Journal of Economics and Management Science (Autumn 1971), 434-469.

Steele, A. (1986), "A note on estimating the internal rate of return from published financial statements", Journal of Business Finance and Accounting 13/1, 1-13.

Stephen, F.H. (1976), "On deriving the internal rate of return from the accountant's rate of return", Journal of Business Finance and Accounting 3/2, 147-149.

Swalm, R.O. (1958), "On calculating the rate of return on investment", The Journal of Industrial Engineering (March-April 1958), 99-103.

Tamminen, R. (1976), A Theoretical study in the profitability of the firm. Acta Wasaensia, No. 5.

Vatter, W.J. (1966), "Income models, book yield and the rate of return", Accounting Review 41/4, 681-698.

Whittington, G. (1979), "On the use of the accounting rate of return in empirical research", Accounting and Business Research (Summer 1979), 201-208.

Wright, F.K. (1978), "Accounting rate of profit and internal rate of return", Oxford Economic Papers 30/3, 464-468.


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