Part One

Matter of Fact

In this part of the book, we provide comprehensive, large-sample—but very intuitive—evidence on the fast-diminishing usefulness to investors of accounting and financial report information. This evidence, provided here comprehensively for the first time, spans the past 50 to 60 years and is based on several, complementary research methodologies, employing state-of-the-art statistical techniques. They all point to one conclusion: a continuous and fast deterioration in the usefulness or relevance of corporate financial reports to investors.

Rest assured, this part of the book is not only for statisticians. Although the evidence is thoroughly statistically based, our presentation will be clear to any investor, manager, or accountant. A real page turner. If not, return the book within 30 days.

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