Which of the following is the least accurate rationale to justify the use of price-to-book value (P/BV) ratio as a measure of relative valuation of companies or common stocks（）
A. P/BV is a useful measure of value for firms that are not expected to continue as a going concern.
B. Compared to P/E, the P/BV ratio is not influenced by such accounting effects as expensing a capital investment as opposed to capitalizing it.
C. P/BV is particularly appropriate to value companies primarily composed of liquid assets, for example, those in the financial services industry.
