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March 18, 2026The Accounting Review

Efficient Capital Markets and External Accounting.

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Authors

NGNicholas J. GonedesUniversity of Chicago

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Overview

Evaluative Framework Suggests Market Reactions Depend on Public Information in Accounting Context.

Key Points

  • This article aims to provide a framework for understanding the relationship between accounting and efficient markets.
  • Presented a framework for evaluative and prescriptive statements about accounting.
  • Examined market reactions to publicly available information such as earnings and stock-split announcements.
  • Analyzed the implications of efficient markets on the accounting process.
  • Market prices adjust rapidly to new public information, supporting the efficient markets model.
  • The accounting process is situated in a competitive context rather than having monopoly power over information supply.

Cite This Study

Nicholas J. Gonedes (1972) studied this question.

synapsesocial.com/papers/69ba430d4e9516ffd37a3e60https://doi.org/10.2308/tar-4486734
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Also Consider

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

  1. 1The Implications to Accounting of Efficient Markets and the Capital Asset Pricing Model.1974
  2. 2The Efficient Market Hypothesis and Accounting Data: A Point of View.1972
  3. 3The Effect of Firms' Financial Disclosure Strategies on Stock Prices.1993 · 9 citations
  4. 4A Critical Look at the Efficient Market Empirical Research Literature As It Relates to Accounting Information.1973
  5. 5Understanding and Acceptance of the Efficient Markets Hypothesis and its Accounting Implications.1979