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Chan, Frankel, and Kothari (CFK) present new empirical evidence which they argue rules out a broad class of behavioral models as potentials explanations of long-horizon return predictability. I provide a different interpretation of their findings. The CFK evidence and other extant empirical evidence is inconsistent with investor misinterpretation of earnings information as a source a long-horizon predictability, as CFK claim. However, this evidence points to misinterpretation of non-accountingdoi:10.1016/j.jacceco.2004.10.003 fatcat:yk7frjejvnalzawh4dwev3srdi