财务会计理论(司可脱)PPT文件04_scott_im_ch04.pptVIP

Chapter 4Efficient Securities Markets Efficient Securities Markets Definition (Semi-strong form) At all times… Fully reflect... All publicly available information… A relative concept Efficiency defined relative to a stock of publicly available information Accounting Implications of Securities Market Efficiency W. Beaver, “What Should Be the FASB’s Objectives,” Journal of Accountancy (1973) Full disclosure, incl. acc. policies Accounting policies do not matter (unless cash flow effects) “Na?ve”investors price-protected Accountants in competition Share Price on an Efficient Market CAPM E(