What question did this study set out to answer?

The aim is to replicate and correct past findings regarding market reactions to discretionary accounting changes.

Understanding Accounting Changes in an Efficient Market - A Comment, Replication, and Re-Interpretation.

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This comment replicates and corrects past findings on market reactions to accounting changes, indicating new insights for financial analysts.

The aim is to replicate and correct past findings regarding market reactions to discretionary accounting changes.
Replication of a 1978 study
Correction of experimental design flaws
Analysis of market responses to LIFO adoption
Corrected conclusions about market reactions to discretionary accounting changes
Market reactions to LIFO adoption are influenced by earnings
Some original findings require revision but remain relevant

Cready et al. (1987) studied this question.

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This comment replicates and corrects past findings on market reactions to accounting changes, indicating new insights for financial analysts.