The content of the financial reports usually includes accounting and nonaccounting information. The line has not been sharply drawn between both kinds of information. The accounting information is defined as being "quantitative, formal, structured, audited, numerical and past oriented material."' As such, it mainly includes the financial statements, the notes to the financial statements, and perhaps the auditor's statement. The nonaccounting information is "qualitative, narrative, unaudited and future oriented prose."2 It usually consists of the president's letter. The importance of accounting versus nonaccounting information has not yet been fully considered in behavioral accounting literature. Few studies have mentioned the impact of nonaccounting information on potential users. Clearly, there is need to evaluate the increased informational content of annual reports when nonaccounting information is added to accounting information. The importance of another dimension of the firm deserves attention: the possible existing predisposition by a user toward the firm's stock. This attitude may be the result of an existing stock "image" caused by a degree of familiarity with the firm name or brand name, or it may result from additional knowledge about the firm's history, industry outlook, etc., not adequately captured by the accounting information. More systematic research is needed to examine this relationship between the amount of accounting and nonaccounting information and stock perceptions. This study has attempted to bridge this gap by considering two kinds of information provided to participants in a behavioral experiment-accounting and nonaccounting information as defined above. These two kinds of information were presented both in place of and in addition to stock names, which enables the study, first, to compare the differential impact of accounting information and nonaccounting information relative to stock perception; and, second, to evaluate the effect of stock image, conveyed by the stock name alone, when other accounting and nonaccounting information are available. The experiment will be described in five sections: (1) the objectives of the study, (2) an explanation of the multidimensional scaling method, (3) a description of the experiment, (4) the study results, and (5) concluding remarks.