This paper develops a model of share price formation driven by accounting and market structures. Heterogeneous … investors are assumed to discover and process fundamental information disclosed by the accounting system. The information set … one side, the accounting system provides collective signals of fundamental information. From another side, the price …

inherent in trading studies with a fundamental accounting valuation approach and offers some further insights into the nature …

Unusually high accounting accruals are observable to sophisticated investors, who must then decide whether the accruals …

affected by shifts in investor sentiment. We examine whether the accounting information of firms that are inherently difficult … diminished in the subset of firms with high-quality accounting information. To better understand how accounting information … in the subset of difficult-to-value firms with low-quality accounting information …