Messod D. Beneish, Charles M.C. Lee, D. Craig Nichols August 15, 2011 Abstract: An earnings manipulation detection model based on forensic accounting principles (Beneish 1999) has substantial out-of-sample ability to predict crosssectional returns. We show that the model correctly identified, ahead of time, 12 of the 17 highest profile fraud cases in the period 1998-2002.
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