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Corporate Financing Decisions and Efficient Capital Markets - page 26 / 28

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Accounting and the EMH

In a semi-strong form efficient market purely cosmetic accounting practice changes won't fool investors.  Studies support this result.

Changes in depreciation methods

Accounting for inventories

Reporting mergers and acquisitions

All can change earnings reports but have been shown not to affect stock prices.

When information is withheld or incorrect information is provided prices can be/are affected.

Implications for Corporate Finance

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