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- W2313375297 abstract "Empirical investigation of the predictive power of financial ratios has recently received considerable attention [3], [4], [18], [19]. Prognostic efficiency should, of course, be a function of analytical integrity. The apparent analytical simplicity of some financial ratios is deceptive, and searching reexamination of their rationale is a needful complement to empirical investigation of their utility. The purpose of this paper is to critically evaluate the current ratio, and, in the light of resultant insights, to propose a new liquidity index to replace it. Two factors require the critique as a vital complement to the index proposal. First, it is relative merit that guides choice among alternatives. Second, the recent literature suggests that the status still enjoyed by the current ratio in the face of some cogent critical reviews,' reflects not so much a lack of superior alternatives,2 but the belief that limitations of the ratio complicate or qualify, but do not confound or obscure its interpretation. It is shown here, however, that when the sales rate is varied, but efficiency of working capital management and liquidity are held constant, the current ratio may exhibit any one of several possible behavior patterns-e.g., an increasing or decreasing trend, a U-shaped, inverted U-shaped, or some other pattern. Thus, neither absolute values nor trends in the current ratio can be given a consistent general interpretation, even under conditions highly favorable to consistency." @default.
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- W2313375297 date "1970-01-01" @default.
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- W2313375297 title "The Evaluation of Liquidity: An Analytical Study" @default.
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- W2313375297 doi "https://doi.org/10.2307/2674712" @default.
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