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This paper analyzes the value relevance of accounting information in the capital markets of the European Union, Japan and the US, and provides empirical evidence on the existence of significant differences in the relevance attached by investors to accounting numbers. Our results suggest that such differences may not be fully explained by the differences in the degree of conservatism across accounting systems. The evidence presented here has implications for policy makers, market participants and researchers, as it suggests that before a pan-European capital market can be established, it is still necessary to allocate further efforts in order to identify, understand and control for the differences existing in some or all the factors characterized in the literature as fundamental determinants of earnings response coefficients.