FINANCIAL ACCOUNTING REPORTS: A MARKET MODEL OF DISCLOSURE: A COMMENT
评论Bird和Locke关于会计信息自由市场能有效运作的结论，指出当前对信息市场的理解有限，无法从理论上明确支持或反对其效率。
In a recent paper Bird and Locke concluded “that a freely operating market for accounting information, unencumbered with disclosure requirements, can work efficiently”. The purpose of this Comment is to explain why this conclusion is unjustified. In particular it argues that our present understanding of the socalled ‘Market’ for information is so limited that no presumption, either for or against the efficiency of this market, can be given unequivocal theoretical support.