The gains from this shift are ultimately an empirical issue, but evidence presented here is promising. The second contribution pertains to how we structure the relation between accounting data and firm value. Ohlson (1995) and Feltham and Ohlson (1995) provide an appropriate point of departure for nearly any empirical work on this relation. It is only a point of departure, no where near a complete structure, but then, getting off to the right start can be crucial.