Question 25 (3 points) Using the information below, the substantial change in ROE in 2019 is most likely driven by what firm characteristic? 2019 2018 2017 ROE 22.43% 15.89% 15.50% NPM 7.21% 7.24% 7.26% TAT 1.22 1.24 1.22 EM 2.55 1.77 1.75 a) An increase in leverage. b) A decrease in leverage. c) An improvement in operating efficiency. d) An improvement in asset use efficiency. Oe) Cannot be determined Question 26 (3 points) If for every $1 Adventure Tours has in book equity, they generate $0.22 in net income, this would imply: Adventures Tours has a 22% return-on-equity (ROE). Adventures Tours has $4.55 in earnings per share (EPS). Question 26 (3 points) If for every $1 Adventure Tours has in book equity, they generate $0.22 in net income, this would imply: Adventures Tours has a 22% return-on-equity (ROE). Adventures Tours has $4.55 in earnings per share (EPS). Adventures Tours has a 22% return-on-equity (ROE). Adventures Tours has a 22% profit margin. Adventures Tours has a .22 PE ratio