Question #4 of 27 An analyst is backtesting a quantitative investment process which investigates the relationship between EPS announcements and subsequent month stock returns. The analyst notes that one specific company in the universe frequently revises earnings - for example 2017 EPS was initially announced in March 2018 as $2 when the market expected earnings of $2.10. These 2017 earnings were subsequently revised down to a loss of $1 per share in June 2018 due to accounting fraud coming to light. In order to avoid look ahead bias, when backtesting the performance of the stock in April 2018, the manager should use an EPS value of: A) $2 B) $2.10 C) -$1