The following question refers to the assigned paper by Lev, Baruch on "The usefulness of Earnings and Earnings Research: Lessons and Directions from Two Decades of Empirical Research". Journal of Accounting Research (1989), Vol. 27 Supplement, pp.153-192

What does Lev mean when he says the correlation between earnings and returns in accounting research is "very low?" What problems might cause this?

What does Lev mean by earnings persistence?

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