We provide a theoretical framework in which to study the accuracy of bootst
rap P values, which may be based on a parametric or nonparametric bootstrap
. In the parametric case, the accuracy of a bootstrap test will depend on t
he shape of what we call the critical value function. We show that, in many
circumstances, the error in rejection probability of a bootstrap test will
be one whole order of magnitude smaller than that of the corresponding asy
mptotic test. We also propose a simulation method for estimating this error
that requires the calculation of only two test statistics per replication.