answer question 13-16

13. What is clean surplus accounting? What is its role in linking dividends and abriol mal earnings? 14. What is the efficient-markets hypothesis? 15. Why does the concept of market efficiency (with respect to information necessary relation to the quality of accounting information? Why is tion important with respect to accounting policy making? respect to information) have no normation? Why is this distinc- 16. Why is the efficient-markets hypothesis being challenged