The efficient market hypothesis (EMH) builds on the idea of information efficiency and that the market evens-out non-rational actors. At the same time we have witnessed numerous accounting, auditing and insider scandals. Furthermore, research suggests that accounting is losing its value relevance, i.e. the degree to which accounting explains share prices has diminished. Consequently, some researchers are questioning the EMH and new questions are being asked. Specifically, the accounting body of thought is starting to ask questions about the production, transmission and reception of accounting information by the actors on the capital market.

The first step of the program will follow the different actors on the capital market, studying them and their interplay. As a theoretical hypothesis, accounting is also an actor involved in the creation of a capital market. By studying the actors views of (non-) efficient capital markets, we expect to find different views of efficiency.

In the second and final step of the research program we plan to test new ways and new forms for the production, transmission and reception of accounting information in order to investigate the interplay between different actors. The overall aim of the research program is to increase the understanding of the role of accounting on the capital market, thereby contributing to a sophistication of the market.