ARE EARNINGS "MANAGED"?

http://finance.yahoo.com/news/cfos-concede-earnings-managed-study-162535508.html
"More to the point, according to the study:

• About half of earnings quality is determined by innate factors - that is by forces outside manager's control.
• About 20 percent of firms manage earnings to misrepresent their economic performance.
• And for such firms, 10 percent of the typical EPS number is managed.

Furthermore, the CFOs "believe that it is difficult for outside observers to unravel earnings management, especially when such earnings are managed using subtle unobservable choices or real actions."