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A mathematical model that uses financial ratios and eight variables to identify whether a company has manipulated its earnings. The variables are constructed from the data in the company's financial statements and, once calculated, create an M-Score to describe the degree to which the earnings have been manipulated.
M Score HTML Table: Beneish excluded financial institutions from his sample when calculating the M-Score, so extreme care should be taken when looking at M-Scores of financial firms-their business models are different from the manufacturing and other service firms that Beneish used in his study.