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• Title Page
• Copyright
• Dedication
• Acknowledgments
• The Book in a Nutshell
• The Fading Usefulness of Investors’ Information
• Who Cares?
• Not Only for Investors
• Financial Information, a Major Driver of Economic Growth
• Unique among Regulations
• About Us and Our Approach
• Notes
• Prologue
• Chapter 1: Corporate Reporting Then and Now: A Century of “Progress”
• Spot the Differences
• Differences Spotted
• Real Improvements Spotted?
• A Devil’s Advocate
• Takeaway
• Notes
• Chapter 2: And You Thought Earnings Are the Bottom Line
• The Lucrative Earnings Prediction
• Curb Your Enthusiasm
• Earnings Had Its Days of Glory
• But Wait, What about the Earnings Consensus?
• Takeaway
• Notes
• Part One: Matter of Fact
• Chapter 3: The Widening Chasm between Financial Information and Stock Prices
• How to Measure the Usefulness of Financial Information
• Honey, I Shrunk Accounting
• Some Useful Details
• And Now for Some Intuition
• Who’s the Culprit—Earnings or Book Values?
• Are We Fair to Accounting?
• How Can This Be?
• Takeaway
• Notes
• Chapter 4: Worse Than at First Sight
• When Is a Message Informative?
• A Preempted Announcement
• Measuring Financial Report Timeliness
• Roll the Tape
• Aren’t We Trivializing Accounting’s Contribution?
• Takeaway
• Notes
• Chapter 5: Investors’ Fault or Accounting’s?
• Irrational Investors?
• Eyes to the Future
• Predicting Corporate Earnings
• And the Results Are…
• Reasons, Please
• Investors Alert: An Accounting Loss Isn’t What It Used to Be
• Takeaway
• Notes
• Chapter 6: Finally, For the Still Unconvinced
• “But Accounting Is Complicated”
• Experts at Work
• Vague Information and Disagreement
• Quantifying Disagreement
• Takeaway
• Notes
• Chapter 7: The Meaning of It All
• To Recap
• Should Investors Really Care?
• A Last-Ditch Defense of Accounting
• The Decreasing Volatility of Businesses
• Takeaway
• Notes
• Part Two: Why Is the Relevance Lost?
• Note
• Chapter 8: The Rise of Intangibles and Fall of Accounting
• The Intangibles Surge
• Accounting for Intangibles, Inconsistent and Opaque
• Worst Yet—Misleading Information
• More Bad News
• More, Not Less Information Is Needed
• Intangibles and the Accounting Relevance Lost
• Not in Their Best Interest
• Takeaway
• Notes
• Chapter 9: Accounting: Facts or Fiction?
• “GE Brings Good Things to Life,” But Not to Accounting
• How Did Estimates Come to Dominate Accounting?
• Away with Historical Values
• Roll the Tape
• Clinching the Deal
• Takeaway
• Notes
• Chapter 10: Sins of Omission and Commission
• The Missing Accounting Link
• Accounting and Nonaccounting Events
• Did We Forget Causation?
• On Conservative Accountants
• Takeaway
• Notes
• Part Three: So, What’s to Be Done?
• Notes
• Chapter 11: What Really Matters to Investors (and Managers)
• The Corporate Mission
• Digging a Bit Deeper
• Strategic Resources
• Mapping Investments to Resources
• Preserving and Renewing the Strategic Resources
• Strategic Asset Deployment and Operation
• Measuring the Value Created
• The Proposed Strategic Resources & Consequences Report
• Takeaway
• Notes
• Chapter 12: Strategic Resources & Consequences Report: Case No. I—Media and Entertainment
• Sector Synopsis
• Sirius XM: Resources & Consequences Report
• Subscribers Growth
• It’s the Strategy, Stupid
• Disruption Threat
• Value Created
• A Reality Check
• But Is This Really What Investors Need?
• Finally, a Report for the Sector
• Notes
• Chapter 13: Strategic Resources & Consequences Report: Case No. 2—Property and Casualty Insurance
• Sector Synopsis
• It All Starts with Strategic Assets
• The Resources & Consequences Report: Customers
• New Products—Innovation
• Agents—Still Important
• Operations—Resource Deployment
• Penetrating the Costs Black Box
• Resource Preservation
• Value Created
• Notes
• Chapter 14: Strategic Resources & Consequences Report: Case No. 3—Pharmaceutics and Biotech
• Strategy and Strategic Resources
• Investing in Innovation
• The Resources & Consequences Report: Resource Investments
• Innovation
• Strategic Resources
• Resource Preservation
• Resource Deployment-Operations
• Value Created
• Notes
• Chapter 15: Strategic Resources & Consequences Report: Case No. 4—Oil and Gas Companies
• Accounting Limitations
• Resource Investments
• Strategic Resources
• Resources Threats
• Resource Deployment—Operations
• Value Created
• Notes
• Part Four: Practical Matters
• Chapter 16: Implementation
• How to Elicit the Proposed Information
• Pfizer Responds to Analysts’ Pipeline Questions
• Why the Pipeline Expos?
• An Important Role for the SEC
• Industry Associations Could Help, Too
• But, of Course, Managers’ Cooperation Is Indispensable
• Competition and Litigation Concerns
• For Consideration: Lighten the Regulatory Burden
• Takeaway
• Notes
• Chapter 17: So, What to Do with Accounting? A Reform Agenda
• Revitalizing Accounting
• I. Treat Intangibles as Assets
• II. Reverse the Proliferation of Accounting Estimates
• III. Mitigate Accounting Complexity
• Takeaway
• Notes
• Chapter 18: Investors’ Operating Instructions
• Analysis Focused on Strategic Assets
• Assessing Enterprise Performance and Competitive Edge: The New Approach
• First Step: Taking an Inventory of Strategic Resources
• Second Step: Creating and Maintaining Strategic Assets
• Third Step: Successful Deployment of Strategic Assets
• Takeaway
• Notes
• Epilogue: Advocacy Needed
• Author Index
• Subject Index
• End User License Agreement