The level of stock prices on capital markets no longer\nreflects only the financial health of companies, and investors\ndo not carry out their investment decisions based on\nclassical fundamental analyses using accounting information.\nThe level of the diminishing role of accounting\ninformation for investment decisions was proven by Lev\nand Zarowin with a sample of 1,300 companies during the\nyears 1976 - 1996. This paper further extends this analysis\nand verifies the validity of the original findings until the\nyear 2011. The low importance and impact of accounting\ninformation was confirmed in the period 1994 - 2011, but\nthe decline in importance significantly slowed down or in\nsome cases even stopped completely. Surprisingly, the\nassociation between stock price and change in book value\nplus earnings has been found to be significantly improving.\nThis trend should be subjected to further analysis.
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