The conservatism principle and the asymmetric timeliness of earnings1**
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This paper is based on my dissertation completed at the University of Rochester. 1 am grateful for the advice and encouragement of my committee, Ray Ball (Chairman), Ross Watts and S.P. Kothari. Mike Barclay, Andrew Christie, Michele Daley, Steve Lilien, Nell Pearson, Terry Shevlin (the discussant), Joe Weintrop, Jerry Zimmerman (the editor), and two anonymous referees have also contributed significantly to this paper, l also thank workshop participants at the University of Arizona, University of Buffalo, Baruch College, McGill University, New York University, the 1995 JAE Conference, the 1996 Conference on Financial Economics and Accounting, and especially, Ph.D. workshop participants at the Simon School for helpful comments. All errors are the author’s.