Commemorating the Fifty-Year Anniversary of Ball and Brown (1968): The Evolution of Capital Market Research over the Past Fifty Years
66 Pages Posted: 10 Jul 2019
Date Written: July 5, 2019
We commemorate the 50th anniversary of Ball and Brown  by chronicling its impact on capital market research in accounting. We trace the evolution of various research paths that post-Ball and Brown  researchers took as they sought to build on the foundation laid by Ball and Brown  to create a body of research on the usefulness, timeliness, and other properties of accounting numbers. We discuss how those paths often link back to the groundwork laid and questions originally posed in Ball and Brown .
Keywords: Ball and Brown, earnings, earnings-return relation, earnings usefulness, earnings timeliness, asymmetric timeliness, conservatism, association study, event study, information content, value relevance, positive economics, efficient markets hypothesis, market efficiency, post-announcement drift
JEL Classification: M41, G10, G14
Suggested Citation: Suggested Citation