Capital markets research in accounting |
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| Institution: | 1. Harvard Business School, Boston, Massachusetts, United States;2. Penn State University, Pennsylvania, United States;3. Massachusetts Institute of Technology, Massachusetts, United States;1. MIT Sloan School of Management, United States\n;2. Boston College, United States\n;1. Carroll School of Management, Boston College, USA;2. J. M. Tull School of Accounting, Terry College of Business, University of Georgia, USA;3. Graduate School of Business, Stanford University, USA |
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| Abstract: | I review empirical research on the relation between capital markets and financial statements. The principal sources of demand for capital markets research in accounting are fundamental analysis and valuation, tests of market efficiency, and the role of accounting numbers in contracts and the political process. The capital markets research topics of current interest to researchers include tests of market efficiency with respect to accounting information, fundamental analysis, and value relevance of financial reporting. Evidence from research on these topics is likely to be helpful in capital market investment decisions, accounting standard setting, and corporate financial disclosure decisions. |
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