The purpose of this paper is to discover a theoretically sound model of asset valuation by reference to the basic underlying concept of Financial Position. It will be shown that several models of asset valuation can be developed from alternative assumptions or definitions of Financial Position, but that the application of certain metaphysical constraints brings about the rejection of some of these models.
Penman, Stephen. "What Net Asset Value?—An Extension of a Familiar Debate." Accounting Review 45, no. 2 (April 1970): 333-46.
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