问题
单项选择题
All of the following are drawbacks to using price-to-book value (P/BV) as a valuation technique EXCEPT:（）
A. P/BV valuation may give a misleading comparison of different types of business models.
B. P/BV is an unstable measure of valuation.
C. P/BV valuation does not adequately account for the positive impact of R&D expenditures.
答案
参考答案：B
解析：
P/BV is a relatively stable measure of valuation compared to others (e. g. P/E).