Bows

Bows benefit from the Dexterity missile attack bonus and from the Rate of Fire rules — see Combat Modifiers. Elves get a special –1 THAC0 bonus with bows.

Shortbow

Shortbows are about 5 feet long. They are the earliest form of bow. Over the years, attempts to increase bow ranges by either lengthening the bow or increasing its flexibility (with no change in length) led to the longbow.

Longbow

Similar to the shortbow except that the bow is about as long as the archer is tall — usually 6 feet or more. Has better range than the shortbow.

Composite Bow

Longbows made from more than one type of material. The mix gives greater flexibility and thus better range. These were developed after the normal longbow.

Arrow

The arrows in this game are flight arrows — lightweight, built for distance and often used for hunting. Most are made of ash or birch and are 30 to 40 inches long.

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Source: bg2ee/original_manuals/baldurs_gate_2_ee_mastering_melee_and_magic.pdf — "Weapons" → "Bows".