In September 1979, the Financial Accounting Standards Board (FASB) issued a statement entitled Financial Reporting and Changing Prices (FASB No. 33). FASB No. 33 requires publicly-held companies of a certain size to issue supplementary constant dollar and current cost disclosures along with their primary financial statements.To investigate the effect of the signals on security prices the study used a methodology known as "Iso-beta Portfolio Analysis" and employed different models in conjunction with the methodology, the market model (MM) and a new model called "the multi-index model" (MIM). Cluster analysis was used to develop the indexing used with the MIM.