Much of this research has a utilitarian focus. In conducting this research, the researcher
adopts a "user," rather than a "preparer," orientation toward accounting information.
Some will question whether these constitute legitimate "accounting" topics.
But one needs only to look at the changing nature of public accounting practice to realize
that today's accountant is no longer just a preparer (or auditor) of financial statements.
Practicing accountants are called on today to help solve a broad range of challenging
problems in financial economics. Accounting research, likewise, needs to refiect
the changing nature of the business. User-oriented research, such as valuation, is definitely
a step in the right direction.