The present study will examine the impact of Enterprise Resource Planning (ERP) investment on business value. While there is considerable amount research on the impact of IT investments on business performance, few studies have provided empirical evidence about the business value of ERP investments. Case studies have shown positive impacts of ERP implementations. However, there are many cases where ERP systems have caused serious financial and operational problems. The present study attempts to provide evidence about the impact of ERP investments on business value by comparing the reaction of investors to ERP investment announcements with senior managers’ perceptions (ex ante) about the net benefits of the ERP system after its implementation (ex post), the proposed research in progress will shed some light on the conflicting results.