Audit quality and post earnings announcement drift
作者： Andrew Ferguson , Zoltan Matolcsy
DOI: 10.1080/16081625.2004.10510639
关键词: Accounting 、 Value (economics) 、 Market uncertainty 、 Quality (business) 、 Audit 、 Capital market 、 Business 、 Brand names 、 Quality audit 、 Post-earnings-announcement drift
摘要: Abstract This study examines the value of audit quality in capital markets setting. We argue that higher auditors are associated with lower post-earnings announcement drift (PEAD). Results show clients brand name exhibit PEAD than small auditors, but only weak auditor industry specialist effects identified. also differs for individual Big 6/5 smaller Arthur Andersen and Deloittes exhibiting greater PEAD, consistent DeAngelo (1981) size hypothesis. Finally, PWC exhibits 1998, suggesting market uncertainty about implications structural change.
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