accounting information. We combine this with opinions from the academic and practitioner communities to critically evaluate key …

By employing two alternative measures of fundamental value, we re-examine the value relevance of accounting information …). Overall, we do not find evidence that there is a loss over time in the value relevance of accounting information with respect … well as other arbitrage costs and risks (such as transaction costs and information uncertainty) that prohibit market prices …

In frictionless capital markets with complete information and rational investors, stock prices adjust to new … information instantaneously and completely. However, a substantial body of research studies information imperfections such as … asymmetric information and incomplete information. Information imperfections potentially hinder timely price discovery and are …

information, and (ii) the accounting quality component of price delay predicts stock returns. We define accounting quality as the …

Whether and how accounting information quality affects the cost of capital has been a matter of much debate. We … contribute to this debate by linking accounting information quality to systematic risk, inspired by recent theoretical … accounting information quality is significantly and negatively related to systematic risk. This relation is robust to alternative …