First published in 1996. The relationship between the present discounted value of future cash flows and discounted excess earnings should be viewed as a mathematical property of a double-entry book[1]keeping system based on clean surplus. The purpose of this anthology is to facilitate future research.

Historical Perspective, Analytical Properties of Clean Surplus Equation, The Theory of the Clean Surplus Equation, Implications for Empirical Research.

Richard P. Brief (Edited by) , K. V. Peasnell (Edited by)