Review of Accounting Studies, 9, 147, 2004
# 2004 Kluwer Academic Publishers. Manufactured in The Netherlands.
This double issue publishes papers presented at a conference on Accounting,
Disclosure, and the Cost of Capital at the Anderson Graduate School of Manage-
ment, UCLA in September 2003. Review of Accounting Studies editor, Jack Hughes
organized this conference. His fellow editors thank him, his staff and his colleagues
for their kind hospitality. We also thank the Anderson School for ﬁnancial
assistance. Our thanks go also to the paper discussants who brought critical insight.
Their discussions are published alongside the papers in this issue.
Barclays Global Investors sponsored a cash prize for the best paper at the
conference, as they have generously done at previous conferences. This year, the best
paper (selected by secret ballot from conference attendees) was ‘‘Forward Versus
Trailing Earnings in Equity Valuation,’’ by Kenton Yee. The Morgan Stanley prize
for the best discussion was awarded to Ron Kasznik for his commentary, published
in this issue, on ‘‘The Effect of Accounting Restatements on Earnings Revisions and
the Estimated Cost of Capital’’ by Paul Hribar and Nicole Jenkins. Congratulations
to these winners, and thanks to the sponsors of the awards, Barclays Global
Investors and Morgan Stanley.