What aspect of book value is most directly used by investors?

Investors most directly focus on the ratio of net worth to outstanding shares when assessing a company's book value because this ratio provides a clear measure of the company's equity value per share. This information is crucial for investors as it helps them determine the intrinsic value of a company's stock, which can be compared against the market price to decide whether the stock is undervalued or overvalued.

The ratio indicates the amount of equity available to shareholders on a per-share basis, facilitating informed investment decisions. Understanding this ratio allows investors to gauge the company's financial health, stability, and potential return on investment. Evaluating net worth in relation to outstanding shares reveals insights into profitability and can influence buying or selling decisions.

In contrast, the other options do not provide a direct measure of value that investors can easily relate to share performance. Total assets alone do not account for liabilities or equity distribution. Total liabilities represent financial obligations but do not give a clear picture of shareholder value. The fixed price of bonds pertains to debt and does not directly inform about equity value, which is the primary concern for equity investors.