Try to deonstarte the access
Try to deonstarte the access
Try to deonstarte the access
Try to deonstarte the access
Try to deonstarte the access
Try to deonstarte the access
Try to deonstarte the access
Try to deonstarte the access
Try to deonstarte the access
Try to deonstarte the access
Try to deonstarte the access
Try to deonstarte the access
Try to deonstarte the access
Try to deonstarte the access
Try to deonstarte the access
Try to deonstarte the access
Try to deonstarte the access
Try to deonstarte the access
Try to deonstarte the access
Try to deonstarte the access
Try to deonstarte the access
Try to deonstarte the access

Since opportunities and constraints tend to be different across industries, companies in different indus- tries tend to make different investment, dividend, and financing decisions. Thus, firms in different industries exhibit different financial characteristics, and, hence, report different financial ratios. For example, “old economy” businesses with large amounts of tangible assets may have higher leverage ratios. Service or trading firms may have large amounts of intangible assets such as knowledge assets or a large and loyal customer base, and, hence, have low leverage ratios because “growth options” can evaporate. On the other hand, companies within the same industry tend to exhibit similar financial characteristics, as measured by financial ratios. With some knowledge of the different operating, invest- ing, and financing decisions across industries, financial ratios can be used to identify an industry (see Exhibit 1 for the definition of ratios used).Since opportunities and constraints tend to be different across industries, companies in different indus- tries tend to make different investment, dividend, and financing decisions. Thus, firms in different industries exhibit different financial characteristics, and, hence, report different financial ratios. For example, “old economy” businesses with large amounts of tangible assets may have higher leverage ratios. Service or trading firms may have large amounts of intangible assets such as knowledge assets or a large and loyal customer base, and, hence, have low leverage ratios because “growth options” can evaporate. On the other hand, companies within the same industry tend to exhibit similar financial characteristics, as measured by financial ratios. With some knowledge of the different operating, invest- ing, and financing decisions across industries, financial ratios can be used to identify an industry (see Exhibit 1 for the definition of ratios used).Since opportunities and constraints tend to be different across industries, companies in different indus- tries tend to make different investment, dividend, and financing decisions. Thus, firms in different industries exhibit different financial characteristics, and, hence, report different financial ratios. For example, “old economy” businesses with large amounts of tangible assets may have higher leverage ratios. Service or trading firms may have large amounts of intangible assets such as knowledge assets or a large and loyal customer base, and, hence, have low leverage ratios because “growth options” can evaporate. On the other hand, companies within the same industry tend to exhibit similar financial characteristics, as measured by financial ratios. With some knowledge of the different operating, invest- ing, and financing decisions across industries, financial ratios can be used to identify an industry (see Exhibit 1 for the definition of ratios used).Since opportunities and constraints tend to be different across industries, companies in different indus- tries tend to make different investment, dividend, and financing decisions. Thus, firms in different industries exhibit different financial characteristics, and, hence, report different financial ratios. For example, “old economy” businesses with large