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March 18, 2026The Accounting Review

A Critical Look at the Efficient Market Empirical Research Literature As It Relates to Accounting Information.

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Authors

DDDavid H. DownesCornell UniversityTDThomas R. DyckmanCornell University

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Implication

The article critiques efficient market analysis in financial accounting, highlighting its limitations.

Key Points

  • The article aims to assess the empirical research on the efficient market hypothesis and its relevance to accounting information.
  • Review of existing literature on efficient markets and accounting information
  • Critical analysis of the frictionless nature of the efficient market hypothesis
  • Discussion on the challenges of conducting empirical research
  • Questioned the assumptions of the efficient market hypothesis in accounting contexts
  • Identified empirical research as both time-consuming and complex
  • Highlighted the importance of this research area for accounting scholars over the past decade

Cite This Study

Downes et al. (1973) studied this question.

synapsesocial.com/papers/69ba429c4e9516ffd37a30abhttps://doi.org/10.2308/tar-4497635
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Also Consider

Synapse has enriched 5 closely related papers on similar clinical questions. Consider them for comparative context:

  1. 1The Efficient Market Hypothesis and Accounting Data: A Point of View.1972
  2. 2Efficient Capital Markets and External Accounting.1972 · 1 citations
  3. 3The Implications to Accounting of Efficient Markets and the Capital Asset Pricing Model.1974
  4. 4Understanding and Acceptance of the Efficient Markets Hypothesis and its Accounting Implications.1979
  5. 5Market Efficiency.1981 · 3 citations