One difference between the traditional and the alternative approach to decomposing return on equity is that A. The approaches use different definitions of profit margins and asset turnover. B. The traditional approach defines leverage as debt-to-equity, whereas the alternative approach defines leverage as assets-to-equity. OC. One approach uses beginning-of-year balance sheet items to caloukate ratios, whereas the other approach uses end-of-year balance sheet items D. Only the traditional approach explicitly shows the impact of financial spread on return on equity. QUESTION 11 To assess the efficiency of a firm's investment management, an analyst would analyze the firm's A Financial leverage B. NOPAT margin C. Operating asset turnover OD. Financial spread