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March 18, 2026The Accounting Review

Cost of Information and Security Prices: A Reply.

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Authors

RMRobert G. MayGSGary L. Sundem

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Overview

Authors respond to criticism on market association tests for accounting disclosures, suggesting bias impacts social welfare assessment.

Key Points

  • This reply addresses criticisms regarding the bias in market association tests for nonextant accounting alternatives.
  • Discussion of previous research findings
  • Analysis of Magee's criticism
  • Evaluation of conditions affecting association tests
  • Affirmation of potential bias against nonextant alternatives in association tests
  • Understanding that no accounting change can avoid wealth redistribution
  • Recognition that market tests may influence policy decisions on accounting disclosures

Cite This Study

May et al. (1974) studied this question.

synapsesocial.com/papers/69ba43884e9516ffd37a4e7ahttps://doi.org/10.2308/tar-4491938
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Also Consider

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

  1. 1Cost of Information and Security Prices: Market Association Tests for Accounting Policy Decisions.1973
  2. 2Cost of Information and Security Prices: A Comment.1974
  3. 3Implications of Security Price Research for Accounting: A Reply to Bierman.1974
  4. 4SECURITY ANALYSTS AND THE PRICE LEVEL.1955
  5. 5Tax Allocation and Security Prices: A Comment.1976