AROEAnnual Report on Operations Evaluation
AROEAdult Rating of Oral English
AROEAdjusted Return on Equity
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0 Implied AROE Forecasts for Years (%): Year t + 1 t + 2 t + 3 1990 1.
12) We do not deflate by the mean to obtain a coefficient of variation because AROE is already deflated by the book value of common equity.
We agree with the discussant's observation that, because AROE is measured after any earnings management, managers of qualified firms are not completely successful in managing firm earnings to within the assumed 80/120 bonus plan range.