Fundamental analysis “involves an assessment of a firm’s activities and prospects through published financial reports as well as other sources of information concerning the firm, the product markets in which it competes, and the overall economic environment. An advantage of fundamental analysis is that it avoids many of the pitfalls inherent in the discounted cash flow valuation method” (Buaman, 1996, p.1). As basic (and essential) as its name indicates, fundamental analysis applies simple techniques to analyze financial statements. Provided that some users are not “sophisticated”, this fundamental analysis should be a handy tool for the so-called “not too advanced” decision makers. Therefore, if accounting data are of value, can we go back to the simple fundamental analysis? Obviously, the answer to this question is an empirical issue.