单选题 One advantage to using the price/book value (P/B) ratio over using the price/earnings (P/E) ratio is that P/B can be used when:

A、

A. the firm is in a slow growth phase.
B、

B. earnings or cash flows are negative.
C、

C. stock markets are volatile.

【正确答案】 B

【答案解析】When earnings are negative, P/E ratios cannot be used but P/B ratios can be used. The firm's rate of growth and use of leverage and the volatility of markets do not suggest advantages of using P/B ratios rather than P/E ratios.