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1. In Kaplan and Roll study, if EMH is valid, i.e. market does not follow reported numbers blindly, why would managers changed their depreciation methods

1. In Kaplan and Roll study, if EMH is valid, i.e. market does not follow reported numbers blindly, why would managers changed their depreciation methods to increase reported earnings?

2. What are the three hypotheses under PAT? Explain briefly.

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