The main conclusion is as follows:First, the overall regression results show that book value of equity and residual income are significantly positively related to the price;

本文的主要结论如下：首先，总体回归结果表明净资产账面价值、剩余收益均与股价显著正相关；

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Valuations climbed to three times book value, implying sustainable returns on equity of over 30%, when even 25% is rare in the industry.

评估价值比账面价值高出3倍，暗示潜在收益高达30%，而其实业内利润高于25%的都是极其少见的。

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Return on equity, or ROE, the ratio of a company's 12-month net income to its shareholder equity (book value), is the most widely used profitability gauge.

净资产收益率，又称ROE，指公司十二个月的净收入与股东权益（帐面价值）的比率，是用得最多的盈利性指标。

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The problem is that Mr Prot was referring to the book value of equity at BNP Paribas.

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And the rise in the book value of their equity holdings adds to the proportion of risky assets held by life companies, adding also to the mismatch of duration.

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In another measure, the ratio of price to tangible book value (shareholders' equity minus intangibles like goodwill), Citi is close to typical at 3.6.

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