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The characteristic of a meromorphic function is the sum of its Nevanlinna proximity function and Nevanlinna integrated counting function. It treats large values and actual poles together. Replacing $f$ by $f-a$ changes the characteristic by at most $\log (1+|a|)$.

Use the Nevanlinna proximity function $m(r,f)=(2\pi {)}^{-1}\int {\log }^{+}|f(r{e}^{i\theta })|d\theta$ and the Nevanlinna integrated counting function $N(r,f)$ for poles, counting multiplicity. If the pole order at zero is ${\nu }_0$, thenBoundedness of the Nevanlinna characteristic refers to $r\uparrow 1$, equivalently to a uniform bound on $r_0\le r<1$ for any fixed $r_0>0$. This avoids the harmless origin normalization when ${\nu }_0>0$.

The Nevanlinna first main theorem states, for every fixed finite value $a$ and every nonconstant meromorphic function on the disk,For $a=\infty$, this is the definition of $T$. The error is bounded independently of $r$. Translation changes $T$ by $O(1)$, while Jensen's formula gives $T(r,h)-T(r,1/h)=\log |c|$ when $h(z)=c{z}^{\nu }(1+O(z))$ near zero; these observations explain the first theorem.

The Nevanlinna second main theorem in the unit disc states that for $q\ge 3$ distinct values $a_j$ on the Riemann sphere,as $r\uparrow 1$ outside an exceptional set $E$ satisfying ${\int }_{E}dr/(1-r)<\infty$. The truncated Nevanlinna counting function $\overline{N}$ counts each distinct preimage once. The boundary-distance error cannot simply be suppressed: on the disk it need not be $o(T)$. The disk error and exceptional-set estimates follow from the logarithmic-derivative estimates in mathweb.tifr.res.in/Documents/Publications/Lectures/tifr17.pdf .

Suppose first that $T(r,f)$ is bounded. Since $m(r,f)\ge 0$, its poles satisfy the Blaschke condition, counting their orders: let $r\uparrow 1$ in their integrated count and use $1-|b|\le -\log |b|$. Let $B$ be their Blaschke product, including the origin factor if necessary. Then $g=Bf$ extends to a holomorphic function on the whole disk, and $|B|\le 1$ givesHere the last bound follows from bounded $T$ and the uniform lower bound $N(r,f)\ge {\nu }_0\log r_0$ on $r\ge r_0$.

The nonnegative subharmonic function ${\log }^{+}|g|$ has a finite harmonic majorant. Indeed its Poisson integrals $H_R$ on expanding disks dominate it by the maximum principle for subharmonic functions, increase with $R$, and have $H_R(0)\le C$. The Harnack inequality for harmonic functions bounds them on every compact subdisk, so their increasing limit is a finite harmonic function $H\ge {\log }^{+}|g|$. Since the disk is simply connected, $H$ has a harmonic conjugate, giving a holomorphic function $A$ with $\mathrm{Re}A=H$. ConsequentlyThis proves the constructive half of the quotient characterization of bounded characteristic.

Conversely, if $f=u/v$ with $u,v$ bounded holomorphic functions and $v\not\equiv 0$, each pole of $f$ is a zero of $v$ of at least the same order. The elementary inequality ${\log }^{+}|u/v|\le {\log }^{+}|u|+{\log }^{+}|1/v|$ and the Nevanlinna first main theorem giveAny cancellation at an origin zero contributes only a bounded multiple of $\log r$ on $r\ge r_0$, which is included in this $O(1)$. The zero function is immediate; constant nonzero $v$ is handled directly. Thus bounded characteristic is exactly a quotient of two bounded analytic functions.

An unbounded example with bounded characteristic isIt is a ratio of the bounded holomorphic functions $1$ and $1-z$. More explicitly, Jensen's formula gives the mean of $\log |1-r{e}^{i\theta }|$ as zero, so $m(r,1/(1-z))=m(r,1-z)\le \log 2$, although $g(r)\to \infty$.

Finally, set $Y=(1+|g{|}^2{)}^{p/2}\ge 1$. Pointwise ${\log }^{+}|g|\le p^{-1}\log Y$. Jensen's inequality for the concave logarithm givesThere is no pole term because $g$ is holomorphic. Hence the stated integral bound implies bounded characteristic. This argument in fact works for every $p>0$.

Write ${\log }^{+}x=\max (0,\log x)$. The Nevanlinna proximity function and Nevanlinna integrated counting function areThe pole sum counts multiplicity; it is finite for each $r$ because $f(0)$ is finite and nonzero and poles of a meromorphic function are isolated. Equivalently $N(r,f)={\int }_0^{r}n(t,f)dt/t$, where $n(t,f)$ counts poles in the disc. The Nevanlinna characteristic isFor a general nonzero meromorphic function $g$ with signed order $\nu$ at zero, use $g(z)=c{z}^{\nu }(1+O(z))$, $c\ne 0$. The general counting convention includes a pole at zero:where $n(0,g)=\max (0,-\nu )$. This convention will also cover $g=f-a$ when the target $a=f(0)$.

Here is a direct proof of the exact reciprocal identity underlying the Nevanlinna first main theorem. Choose a circle with no zero or pole of $g$ on it, and a slightly larger disc with the same interior zeros and poles. Divide $g$ by $z^{\nu }$ and its nonzero zero factors and multiply by its nonzero pole factors, obtaining a holomorphic, nowhere-zero function $H$ on that disc. For any factor $z-a$ with $|a|<r$,Indeed, factor out $r{e}^{i\theta }$; the remaining logarithm has real part equal to that of $-{\sum }_{k\ge 1}(a/r{)}^k{e}^{-ik\theta }/k$, whose angular mean is zero. Also, $\log |H|$ is harmonic, so the mean value property for harmonic functions equates its circle mean to $\log |H(0)|$. Putting back the zero and pole factors provesThe identity ${\log }^{+}x-{\log }^{+}(1/x)=\log x$ now yieldsZeros or poles on the circle cause only integrable logarithmic singularities; the same identities hold at those radii by limits. A boundary zero or pole contributes $\log (r/r)=0$ to its counting term.

For a finite target $a$, set $g=f-a$. Its finite poles and their orders equal those of $f$. The elementary estimatesgive $|T(r,f-a)-T(r,f)|\le \log (1+|a|)$. Combining this with the reciprocal identity proves the first main theorem:The error is bounded independently of $r$, with an explicit bound $\log (1+|a|)+|\log |c_a||$, where $c_a$ is the first nonzero local coefficient of $f-a$ at zero. The count on the right records the occurrences of the value $a$ with multiplicity. The target infinity is the defining identity $T=m+N$. If $f$ is a constant equal to $a$, the reciprocal expression is undefined; the value-distribution assertion assumes $f-a\not\equiv 0$, as it automatically does for nonconstant $f$. The exact reciprocal identity remains valid for every nonzero constant $f$.

Taking $g=f$, whose signed order is zero and whose local coefficient is $f(0)$, rearranges that exact identity into Jensen's formula:Thus the zero and pole terms, their signs and the initial-value constant follow from the same proved identity, rather than from a theorem citation without proof.

Finally let $f$ be a nonzero bounded holomorphic function on the unit disc, with $|f|\le M$. If its order at zero is $m$, write $f(z)=z^{m}h(z)$, $h(0)\ne 0$. The factorization argument above works on every compact subdisc and gives, for its nonzero zeros,For $1/2\le r<1$ this is a uniform finite upper bound. As $r\uparrow 1$, monotone convergence givesSince $1-u\le -\log u$ for $0<u<1$, and there are only $m$ zeros at zero, we obtainThis is precisely the Blaschke condition, so the zeros, counted with multiplicity, form a Blaschke sequence.