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Explain and compare the concepts of (i) share price anticipation of earnings, and (ii) earnings conservatism as defined in Basu (1997). What are the implications

Explain and compare the concepts of (i) share price anticipation of earnings, and (ii) earnings conservatism as defined in Basu (1997). What are the implications of the two concepts for a regression of twelve months returns on same period earnings changes?

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