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In contrast to popular belief, the manner in which accounting data is reported predictably affects analysts' valuation judgements. Hirst and Hopkins guide analysts to a comprehension of how income statements and other disclosures can be used to assess the underlying quality and persistence of companies' economic conditions. They show how accounting data - reported earnings in particular - are strongly related to security prices and provide rich insights into the intrinsic value of a firm. The authors report the results of two experiments that demonstrate how analysts who fail to properly evaluate earnings data can make potentially grave misjudgements in valuation. This book includes an overview of research on the relationship between financial accounting information and security valuation, real-world examples, and a thorough examination of how analysts can use reported earnings to generate accurate and insightful valuations of equity securities.