Accounting measures are traditionally considered not significant from an economic point of view. In particular …, accounting rates of return are often regarded economically meaningless or, at the very best, poor surrogates for the IRR, which … accounting/economic is artificial and, taking a capital budgeting perspective, illustrates the strong (formal and conceptual …

, 1982) in the accounting literature and by Stewart (1991) in the value-based management literature. The interpretation here …

from accounting the way of representing economic facts while replacing accounting values with cash values. The investor …