1. Introduction to Information in Markets -- 1.1 Basic Decision-facilitating Role of Information -- 1.2 Public Information in Equity Markets -- 1.3 Private Investor Information in Equity Markets -- 1.4 Disclosure of Private Owner Information in Equity and Product Markets -- 1.5 Concluding Remarks -- A Basic Decision-Facilitating Role of Information -- 2. Single Person Decision Making under Uncertainty -- 3. Decision-Facilitating Information -- 4. Risk Sharing, Congruent Preferences, and Information in Partnerships -- B Public Information in Equity Markets -- 5. Arbitrage and Risk Sharing in Single-period Markets -- 6. Arbitrage and Risk Sharing in Multi-period Markets -- 7. Public Information in Multi-period Markets -- 8. Production Choice in Efficient Markets -- 9. Relation Between Market Values and Future Accounting Numbers -- 10. Relation Between Market Values and Contemporaneous Accounting Numbers -- C Private investor Information in Equity Markets -- 11. Impact of Private Investor Information in Equity Markets -- 12. Strategic Use of Private Investor Information in Equity Markets -- D Disclosure of Private Owner Information in Equity and Product Markets -- 13. Disclosure of Private Information by an Undiversified Owner -- 14. Disclosure of Private Information by Diversified Owners -- 15. Disclosure of Private Information in Product Markets -- Author Index.

Economics of Accounting: Information in Markets examines the fundamentals of a variety of economic analyses of the decision-facilitating and decision-influencing roles of information that are pertinent to the study of the economic impact of accounting. While much of information economic analysis makes no explicit reference to accounting, many generic results apply to accounting reports. Furthermore, the impact of accounting reports depends on the other information received by the economy's participants. Hence, it is essential that accounting researchers have a broad understanding of the impact of publicly reported information within settings in which there are multiple sources of public and private information. The focus in this volume is on the decision-facilitating role of information, with emphasis on the impact of public and private information on the equilibria and investor welfare in capital and product markets.