Investors have long relied on information intermediaries-from financial analysts and advisors to the business press, credit rating agencies and auditors-to acquire timely and value-relevant information regarding the prospects of stocks. However, with the rise of the Internet and social media, individual investors are increasingly relying on each other as peer-to-peer sources of information. The author describes his research, which indicates that Twitter is another embodiment of the wisdom of crowds and that the aggregate opinion from individual tweets does help to predict earnings.

Renowned New York University Finance Professor Baruch Lev's book, The End of Accounting, makes some very bold statements about the current state-and future-of financial reporting. Rotman School of Management Professor Partha Mohanram responds to some of Lev's more provocative statements, covering topics including: cash flow vs. earnings; the role of intangibles; accounting complexity; and the way forward.