Book value of assets (compustat at) minus book value of equity plus market value of equity (compustat prcc f × csho) divided by book value of assets (compustat at). book value of equity is de ned as stockholder's equity (compustat seq) minus preferred stock plus balance-sheet deferred taxes and investment tax credit (compustat txditc). if data item txditc is missing, it is set to zero. if data item seq is not available, it is replaced by either common equity (compustat ceq) plus preferred stock par value (compustat pstk), or assets (compustat at) − liabilities (compustat lt). preferred stock is preferred stock liquidating value (compustat pstkl) (or preferred stock redemption value (compustat pstkrv), or preferred stock par value (compustat