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March 18, 2026The Accounting Review

The Implications to Accounting of Efficient Markets and the Capital Asset Pricing Model.

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HBHarold BiermanCornell University

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Implication

This article examines the effects of efficient markets on accounting practices, suggesting improved methods for valuation.

Key Points

  • This article explores how efficient markets and the capital asset pricing model influence accounting practices.
  • Examined the implications of efficient market theories on accounting procedures.
  • Analyzed the impact of market price observations on perceived accounting practices.
  • Discussed intrinsic value analysis in the context of accounting inefficiencies.
  • Identified theoretical superiority of certain accounting practices over current methods.
  • Highlighted the challenges posed by less than strong-form efficient markets.
  • Validated the necessity of intrinsic value analysis amidst faulty accounting practices.

Cite This Study

Harold Bierman (1974) studied this question.

synapsesocial.com/papers/69ba43884e9516ffd37a4e72https://doi.org/10.2308/tar-4515088
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Also Consider

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

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