Assume BDS acquired its main supplier, ABC. As a result of the acquisition, BDS finds that its net profit margin increased but its ROE remained constant. A decrease in which one of these ratios is most apt to be the reason why the ROE did not increase with the increase in the profit margin? NOTE: Return on Equity (ROE) is generally net income divided by equity, while Return on Assets (ROA) is net income divided by average assets.

		Market-to-book
		Payables period
		Total Asset Turnover
		None of the above