Matt Steger Seminar #10 – The Measurement Perspective on Decision Usefulness (cont.) September 24, 2009 Our readings for today’s seminar focus more on the implications that occur from an economic environment that is not perfectly efficient and, therefore, lacks characteristics that are necessary in order to construct a relevant and reliable model that will allow us to peer into the future periods. Scott, in his continuation of Chapter 6 presents to us Ohlson’s Clean Surplus Theory while he simultaneously juxtapositions it with the measurement approach. Charles M C. Lee’s commentary for Accounting Horizons , meanwhile presents to us a crude documentation of the different models that have been adhered to throughout the accounting industry and academia during the course of the past several decades in his attempt to break-down the seemingly overly-cluttered market-modeling environment so that basic insight can be derived by the commoner (myself). As mentioned in the preceding paragraph, Scott introduces to us Ohlson’s Clean Surplus Theory in Chapter 6. He opens his discussion of the theory by writing:
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