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A new study commissioned by the U.S. Department of Treasury has found that the wave of corporate restatements that soared from 90 in 1997 to 1,577 in 2006 may not be as serious as they appear. The study, by Susan Scholz, an associate professor of business at the University of Kansas, finds that even as the number of restatements rose, the market reaction to them, at least after 2001, declined, as measured by stock price swings.

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