This course examines the role of accounting data in financial markets. Participants 
gain exposure to and appreciation for this important segment of the accounting 
literature.  As an introduction to capital markets research, participants study the 
seminal research documenting how accounting information affects the value of (and 
trading in) the firm’s publicly-held securities.  The course also covers the role 
of information intermediaries such as financial analysts, and provides an 
introduction to the determinants and consequences of voluntary disclosure of 
financial information.  Students also explore issues critical to managing an 
academic career, such as writing for publication in academic journals, and 
navigating the peer review process.

This course is updated each time it is offered to reflect current research in the 
area.  Students retaking the class will be exposed to new material each time, often 
from a different professor.

Examples of topics to be discussed include:

1.	Seminal Research on the Relation between Earnings and Security Prices:
        A) Association Studies
        B) Event Studies

2.	Earnings Expectations (time-series models vis-a-vis analysts’ forecasts)

3.	The Earnings-Return Relation: Earnings Response Coefficients

4.	Market Anomalies (e.g., post-earnings-announcement drift; functional 
        fixation)

5.	Effects of Accounting Disclosures on Trading in Publicly-Held Securities

6.	Determinants and Consequences of Voluntary Disclosure of Accounting 
        Information

7.	Writing an Academic Paper

8.	Navigating the Peer Review Process

This list is for illustrative purposes only.  Instructors are not required to cover 
each of the illustrative topics.  Instructors may substitute other current topics 
that are not listed above.