Directions in accounting research: NEAR and FAR

The directions in accounting research are discussed, including NEAR (not-so early accounting research) and FAR (future accounting research), focusing on capital market research. The topic provides an opportunity to synthesize recent research trends and to speculate on which are likely to continue and why. As often is the case, the reasons given for expecting certain trends to continue can be more informative than whether they turnout to be accurate. The forces that have influenced accounting research over the last 25 years are examined. A portion of NEAR directions is reviewed. The major characteristics of FAR directions, including ingredients which tend to lead to good accounting research, the benefits of generic versus contextual research. The role of wild card factors is also discussed.