Ball and Brown's study 'An empirical evaluation of accounting income numbers',found that competing information pre-empted the information in annual reports by about:

Question

Quizplus · Accepted Answer

Ball and Brown's study found that approximately 85% of the information in annual reports was pre-empted by competing information, indicating that the market had already anticipated much of what was disclosed in the financial statements.

Ball and Brown's Study 'An Empirical Evaluation of Accounting Income