search query: @indexterm accounting theory / total: 213
reference: 25 / 213
| Author: | Barker, R. G. |
| Title: | The market for information - evidence from finance directors, analysts and fund managers |
| Journal: | Accounting and Business Research
1998 : WINTER, VOL. 29:1, p. 3-20 |
| Index terms: | Finance Executives Accounting theory Stock markets Prices Efficiency Europe |
| Language: | eng |
| Abstract: | The theoretical distinction between information efficiency and fundamental efficiency suggests an important question for accounting research, which is whether there exists an equilibrium mechanism whereby fund managers' investment decisions can be fully informed. This question is approached in this paper by means of developing a grounded theory of the market for information. The theory is derived from an empirical analysis of the economic incentives of finance directors, analysts and fund managers with respect to stock market information flows. The evidence suggests a two-part theory. The theory implies that the research literature has paid insufficient attention to the role of accounting information in direct communication btw. companies and fund managers and, related to this, that the role of analysts in share price determination has been overstated and only superficially understood. |
SCIMA