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Abstract

This paper examines financial performance measures in both a single-period and multi-period world, discusses the theoretical linkages among these measures, and where possible attempts to provide an integrated analysis. In a single-period world, the measures originate from the same economic model of investment and production theory of a firm and are thus related. These relationships hold in the multi-period world assuming a constant growth and using a popular valuation model. Because no single measure fully captures the broadness that is firm value assessment, multiple measures provide a fuller picture of a firm’s performance.

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