本期向大家推荐一篇年发表在国际顶级会计学期刊TheAccountingReview的一篇关于会计准则与资本成本、资本配置和投资者福利之间关系的经典理论文章，具体如下：

AccountingStandards,CostofCapital,ResourceAllocation,andWelfareinaLargeEconomyGuochangZhang

ABSTRACTInanextendedcapitalassetpricingmodel(CAPM)setting,Iexaminehowthequalityofaccountingstandardsaffectsrealinvestmentandwelfarethroughitsimpactoninvestmenthurdlerates.Inthismodel,cashflowuncertaintyarisesfromtwofundamentalsourcesrelating,respectively,toeconomicperformanceandaccountingmeasurementerrors,butthey