Market efficiency and accounting research : a discussion of ‘ capital market research in accounting ’ by S .
نویسندگان
چکیده
Much of capital market research in accounting over the past 20 years has assumed that the price adjustment process to information is instantaneous and/or trivial. This assumption has had an enormous influence on the way we select research topics, design empirical tests, and interpret research findings. In this discussion, I argue that price discovery is a complex process, deserving of more attention. I highlight significant problems associated with a na.ıve view of market efficiency, and advocate a more general model involving noise traders. Finally, I discuss the implications of recent evidence against market efficiency for future research. r 2001 Elsevier Science B.V. All rights reserved. JEL classification: M4; G0; B2; D8
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Market efficiency and accounting research : a discussion of ‘ capital market research in accounting ’ by
Much of capital market research in accounting over the past 20 years has assumed that the price adjustment process to information is instantaneous and/or trivial. This assumption has had an enormous influence on the way we select research topics, design empirical tests, and interpret research findings. In this discussion, I argue that price discovery is a complex process, deserving of more atte...
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