ABSTRACT. By applying the collective wisdom on relative pricing of accruals and cash flows, Shivakumar's study helps sharpen strategies that are designed to take advantage of the post-earnings-announcement drift. Gruen et al. state that different views about the appropriate role of monetary policy in the presence of asset-price bubbles do not arise primarily because of differences about the objectives of monetary policy. Gale and Stokoe focus on accounting for internal managerial decision making rather than accounting for reporting to external shareholders and other stakeholders.