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In Arthur Levitts speech, referred to in the opening quote, he also said, I fear that we are witnessing an erosion in the quality of
In Arthur Levitts speech, referred to in the opening quote, he also said, I fear that we are witnessing an erosion in the quality of earnings, and therefore, the quality of financial reporting. Managing may be giving way to manipulation; integrity may be losing out to illusion. Explain what you think Levitt meant by this statement. What role do financial analysts earnings expectations play in the quality of earnings?
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