This edition of Accounting Forumincludes two articles that consider the relationship betweenenvironmental performance information and share prices. The papers by , and by ,respectively, embrace the methodology inherent within capital marketresearch. It is in regard to these papers that the editor of Accounting Forumhas kindly asked me to contribute some comments. Some of my commentsrelate to the papers themselves, and the methodology they employ. Someother comments are made about the demand for social and environmentalinformation by â??the marketâ?? and other interested stakeholders, and howthis demand has appeared to change across time. Specifically, theissues that I discuss relate to:â?¢ concerns that capital markets research ignores the information needs and reactions of â??non-marketâ?? participants;â?¢ concerns that capital markets research supports and potentially sustains the shareholder-primacy focus of corporate disclosure regulators;â?¢ the inherent assumptions about â??market efficiencyâ?? made by capital market researchers;â?¢ the difficulty in controlling for confounding events;â?¢the apparent changes in recent years in the marketâ??s demand for, or useof, social and environmental information and hence bringing intoquestion the relevance of research about market reactions that usedated information;â?¢ the apparent fixation of some research on the manipulative intents associated with corporate disclosure policies.Thediscussion that follows also addresses some issues associated with theresearch method employed within the two papers, and it also brieflyprovides some suggestions for future research. As somebody who has hadan interest in corporate social and environmental performance andaccountability for some time I must note at the outset that I havenever been persuaded personally to undertake analysis which seeks toinvestigate the relationship between share prices and social andenvironmental disclosures and my comments must be read in this light.There are a number of reasons for this which, in part, are reflected inthe following discussion.