Tldr: Accounting violations are widespread: in an average year, 41% of companies misrepresent their financial reports, even when we ignore simple clerical error

Tldr: Accounting violations are widespread: in an average year, 41% of companies misrepresent their financial reports, even when we ignore simple clerical errors. Fortunately, securities fraud is less pervasive. In an average year, 10% of all large public corporations commit (alleged) securities fraud...