财务与会计学院“学术沙龙”第二十九期简报
发布时间：2013-04-11 12:00:00
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报告主题：Institutional determinants of capital structure adjustment speeds
报告人：陈高才
时间：
地点：综合楼802会议室
参加者：学院青年博士老师为主体、院在读研究生为辅。
[内容提要] We investigate if the existence of low-quality audits in an auditor office indicates the presence of a ‘contagion effect’ on the quality of other (concurrent) audits conducted by the office. A low-quality audit is defined as the presence of one or more clients with overstated earnings that were subsequently corrected by a downward restatement. We document that the quality of audited earnings (abnormal accruals) is lower for clients in these office-years (when the misreporting occurred) compared to a control sample of office years with no restatements. This effect lasts for up to five subsequent years, indicating that audit firms do not immediately rectify the problems that caused contagion. We also find that an office-year with client misreporting is likely to have subsequent (new) client restatements over the next five fiscal years. Overall, the evidence suggests that certain auditor offices have systematic audit-quality problems and that these problems persist over time.
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