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Designed for the senior/grad level course in accounting theory or advanced topics courses.

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Watts and Zimmerman (University of Rochester) define positive accounting theory as a means of explaining and predicting accounting practice. In contrast, the more traditional theory of accounting (GAAP) has been concerned with prescribing what accountants must do to be in conformity with the standards of the accounting profession. To this end the authors survey the literature of econometrics, accounting, finance, statistics, and quantitative methods assuming the reader has a knowledge of these disciplines. The purpose of this volume is not only to review the current research but also to train students to conduct and evaluate positive research. The analysis begins with an examination of the efficient markets hypothesis (EMH) and the capital asset pricing model (CAPM). Using the EMH and CAPM models, the authors describe the research evolving from these theories and examine the correlations between accounting earnings and stock prices, management compensation plans, debt contracts, and independence and the auditor-client relationship. Each chapter has a summary and the points considered important by the authors are placed in bold type. Those unfamiliar with the current research and the use of mathematical expression would find the writing style difficult to understand because the authors make frequent reference to the research and quantitative models. A bibliography concludes the volume. The complexity of the discussion would be useful only to graduate students and faculty.-S.R. Kahn, University of Cincinnati