TY - JOUR
T1 - Capital markets research in accounting
T2 - lessons learnt and future implications
AU - Karuna, Christo
PY - 2019/6
Y1 - 2019/6
N2 - I review the capital markets literature in accounting by describing the journey taken by researchers since the inception of this stream of research in the late 1960s. Based on a discussion of topics related to the relation between earnings and stock returns, I show how thinking has evolved depending on changing paradigms, methodologies, and data availability. What is clear from a review of the literature is that the usefulness of earnings in determining firm value is both contextual and broadening over time with changes in the global environment. Thus, more research needs to be conducted on a broader notion of earnings that appeals to not just the shareholder but a wide range of firm stakeholders.
AB - I review the capital markets literature in accounting by describing the journey taken by researchers since the inception of this stream of research in the late 1960s. Based on a discussion of topics related to the relation between earnings and stock returns, I show how thinking has evolved depending on changing paradigms, methodologies, and data availability. What is clear from a review of the literature is that the usefulness of earnings in determining firm value is both contextual and broadening over time with changes in the global environment. Thus, more research needs to be conducted on a broader notion of earnings that appeals to not just the shareholder but a wide range of firm stakeholders.
UR - http://www.scopus.com/inward/record.url?scp=85063263240&partnerID=8YFLogxK
U2 - 10.1016/j.pacfin.2019.03.001
DO - 10.1016/j.pacfin.2019.03.001
M3 - Article
AN - SCOPUS:85063263240
SN - 0927-538X
VL - 55
SP - 161
EP - 168
JO - Pacific Basin Finance Journal
JF - Pacific Basin Finance Journal
ER -