More evidence of bias in Basu (1997) estimates of conditional conservatism Panos N. Patatoukas Yale University panagiotis.patatoukas@yale.edu Jacob Thomas Yale University jake.thomas@yale.edu Current Version: May 20, 2010 We received many helpful comments and suggestions from Sudipta Basu, two anonymous referees and Sanjay Kallapur (Editor). Dick Dietrich provided invaluable assistance with specification and statistical issues. We also thank Anwer Ahmed, Jeff Callen, John Core, Dan Givoly, S.P. Kothari, Wayne Landsman, K. Ramesh, Bill Rees, Stephen Ryan, Senyo Tse, Jenny Tucker, Martin Walker, Paul Zarowin, and seminar participants at the AAA Annual meetings, AAA FARS Doctoral Consortium, Florida, George Washington, Hong Kong UST, and Yale for their comments.