Financial Accounting and Equity Markets

Foreword

Philip Brown is one of the most admired and respected accounting academics. He was a pioneer in capital markets research in accounting, and his 1968 article coauthored with Ray Ball, “An Empirical Evaluation of Accounting Income Numbers,” arguably had a greater impact on the course of accounting research, directly and indirectly, than any other article written during the second half of the twentieth century. It was therefore appropriate that the American Accounting Association gave Phil and Ray the inaugural Seminal Contribution to the Accounting Literature Award in 1986. The award is intended to recognize works that have stood the test of time, and it is given no more often than every three years. To be eligible, a work must have been ...