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The law of one accounting variable

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  • Haim Reisman

Abstract

The ‘law of one accounting variable’ is defined in this paper as an extension of ‘the law of one price’. It says roughly that if the future payoffs of two assets are the same (in every state of the world), then the accounting variable of the assets are approximately the same. The paper derives a condition under which this law holds and shows that when the law holds for some accounting variables, these variables can replace betas in the multibeta representation of asset returns, provided some admissibility conditions are satisfied.

Suggested Citation

  • Haim Reisman, 2013. "The law of one accounting variable," Quantitative Finance, Taylor & Francis Journals, vol. 13(2), pages 317-322, January.
  • Handle: RePEc:taf:quantf:v:13:y:2013:i:2:p:317-322
    DOI: 10.1080/14697688.2012.713114
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