The answer from accounting literature were laid down by \citet*{Beaver_1968} and \citet*{Ball_1968} which found evidence that accounting data has informational value to change investors' expectations. Both approaches has brought on an extensive literature as shown by \citet*{Malkiel_2003} and \citet*{Kothari_2001}. These conflicting viewpoints nevertheless seem to have been converging as \citet*{Merton_1973} and \citet*{Lucas_1978} established the importance of agents' information set on describing martingale properties of stock prices. In addition, \citet*{Hansen_1987} showed the conditioning information has a role in estimating stock returns and \citet*{Ross_1976} provided the theoretical fundamentals on which \citet*{Fama_1993} built an empirical model which found evidence balance sheet numbers help pricing securities. Also, \citet*{OHLSON_1995} includes accounting variables in a classical expected discounted dividend model to develop his valuation model. Finally, \citet{EASLEY_1996}, \citet*{Easley_1997}, \citet*{Easley_2002} and \citet*{Easley_2004} have given an theoretical explanation of the importance of accounting numbers to correctly evaluate stock returns and also provided evidence of it allows us to unite both approaches.