Sort of takes the cyclicality out of earnings and you can see over history how that multiple has varied.
一定程度上在收益上避免了周期性的，而且你可以看到随着历史的进程，这个倍数发生了多大的变化。
3
This paper analyses the pro-cyclicality of non-core liabilities and short-term liabilities of the banking and the connection between both liabilities and systemic risk.