737 Flight Crew Training  Manual
Historically, rejecting a takeoff near V1 has often resulted in the airplane stopping beyond the end of the runway. Common causes include initiating the RTO after V1 and failure to use maximum stopping capability (improper procedures/techniques). Effects of improper RTO execution are shown in the diagrams located in the RTO Execution Operational Margins section, this chapter. The maximum braking effort associated with an RTO is a more severe level of braking than most pilots experience in normal service.
Rejecting the takeoff after V1 is not recommended unless the captain judges the airplane incapable of flight. Even if excess runway remains after V1, there is no assurance that the brakes have the capacity to stop the airplane before the end of the runway.
There have been incidents where pilots have missed FMC alerting messages informing them that the takeoff speeds have been deleted or they have forgotten to set the airspeed bugs. If, during a takeoff, the crew discovers that the V speeds are not displayed and there are no other fault indications, the takeoff may be continued. The lack of displayed V speeds with no other fault indications does not fit any of the published criteria for rejecting a takeoff (refer to the Rejected Takeoff NNM in the QRH). In the absence of displayed V speeds, the PM should announce V1 and VR speeds to the PF at the appropriate times during the takeoff roll. The V2 speed should be displayed on the MCP and primary airspeed indicators. If neither pilot recalls the correct rotation speed, rotate the airplane 5 to 10 knots before the displayed V2 speed.

Rejected Takeoff Maneuver
The RTO maneuver is initiated during the takeoff roll to expeditiously stop the airplane on the runway. The PM should closely monitor essential instruments during the takeoff roll and immediately announce abnormalities, such as “ENGINE FIRE”, “ENGINE FAILURE”, or any adverse condition significantly affecting safety of flight. The decision to reject the takeoff is the responsibility of the captain, and must be made before V1 speed. If the captain is the PM, he should initiate the RTO and announce the abnormality simultaneously.
Note: If the decision is made to reject the takeoff, the flight crew should
accomplish the rejected takeoff non-normal maneuver as described in the
Maneuvers chapter of the QRH.
If the takeoff is rejected before the THR HLD annunciation, the autothrottle should be disengaged as the thrust levers are moved to idle. If the autothrottle is not disengaged, the thrust levers advance to the selected takeoff thrust position when released. After THR HLD is annunciated, the thrust levers, when retarded, remain in idle. For procedural consistency, disengage the autothrottles for all rejected takeoffs.
Copyright . The Boeing Company. See title page for details.
3.20 FCT 737 (TM) October 31, 2006

737 Flight Crew Training  Manual
If rejecting due to fire, in windy conditions, consider positioning the airplane so the fire is on the downwind side. After an RTO, comply with brake cooling requirements before attempting a subsequent takeoff.

Go/Stop Decision Near V1
It was determined when the aviation industry produced the Takeoff Safety Training Aid in 1992 that the existing definition of V1 might have caused confusion because they did not make it clear that V1 is the maximum speed at which the flight crew must take the first action to reject a takeoff. The U.S. National Transportation Safety Board (NTSB) also noted in their 1990 study of rejected takeoff accidents, that the late initiation of rejected takeoffs was the leading cause of runway overrun accidents. As a result, the FAA has changed the definition of V1 in FAR Part 1 to read as follows:
.  
V1 means the maximum speed in the takeoff at which the pilot must take
the first action (e.g., apply brakes, reduce thrust, deploy speedbrakes) to
stop the airplane within the accelerate-stop distance and

.  
V1 also means the minimum speed in the takeoff, following a failure of an
engine at which the pilot can continue the takeoff and achieve the required
height above the takeoff surface within the takeoff distance.

Pilots know that V1 is fundamental to making the Go/Stop decision. Under runway limited conditions, if the reject procedure is initiated at V1, the airplane can be stopped before reaching the end of the runway. See RTO Execution Operational Margins diagrams for the consequences of initiating a reject after V1 and/or using improper procedures.
When the takeoff performance in the AFM is produced, it assumes an engine failure or event one-second before V1. In a runway limited situation, this means the airplane reaches a height of 35 feet over the end of the runway if the decision is to continue the takeoff.
Within reasonable limits, even if the engine failure occurs earlier than the assumed one second before V1, a decision to continue the takeoff will mean that the airplane is lower than 35 feet at the end of the runway, but it is still flying. For example, if the engine fails 2 seconds before V1 and the decision is made to go, the airplane will reach a height of 15 to 20 feet at the end of the runway.
　
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