Create a memo to address the following questions regarding Cohen, Dey, and Lys (2008).

Article: https://www.jstor.org/stable/30244500?seq=17

Be sure to address each part of the questions.

1. What are the main research questions? What is the main research methodology used in the paper?

2. What is accrual-based earnings management? How is it measured in the paper? What is real earnings management? How is it measured in the paper?

3. What is the key difference between accrual-based and real earnings management? Between the two types of earnings management, which one do you think has more significant long-term implications on firm value? Explain.

4. Discuss the main findings of the paper? Do you find the findings informative? Why or why not? How might each of the following groups find the results useful - Auditors? Investors/potential investors? Accounting regulators (standard setters and/or the SEC)?