What question did this study set out to answer?

The aim is to critique previous classifications of alternative income concepts and their impact on performance evaluations.

Alternative Income Concepts and Relative Performance Evaluations: A Reply.

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Reply evaluates performance differences using alternative income concepts, indicating challenges to previous assertions.

The aim is to critique previous classifications of alternative income concepts and their impact on performance evaluations.
Discusses theoretical and methodological differences with previous work by P and M.
Analyzes the validity of the statistical extension proposed by P and M.
Examines the implications of current value reporting versus historical cost reporting.
Current value reporting is supported by academic and professional standards, unlike P and M's claims.
Performance measures would change significantly with the adjustment of liabilities under current value accounting.
There is no consensus on whether liabilities should reflect market conditions in financial statements.

Kratchman et al. (1976) studied this question.

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