Audit

Working Paper

20 July 2017

Prospectus Liability and the Role of Gatekeepers as Informational Intermediaries: An Empirical Analysis of the Impact of the Statutory Provisions on Italian IPOs

This Article analyzes market reaction to the introduction into Italian legislation of a statutory system of (IPO) prospectus civil liability enacted in April 2007 on the basis of Directive 2003/71/EC. In particular, we study the...

Dmitri Boreiko | Stefano Lombardo
09 January 2019

Do Managers Successfully Shop for Compliant Auditors? Evidence from Accounting Estimates

Existing research on opinion shopping focuses primarily on managers’ attempts to switch auditors in order to avoid the receipt of an unfavorable audit opinion. We extend this literature by examining whether managers successfully...

Mark DeFond | Jieying Zhang | Yuping Zhao
10 November 2019

Addressing the Auditor Independence Puzzle: Regulatory Models and Proposal for Reform

Auditors play a major role in corporate governance and capital markets. Ex ante, auditors facilitate firms’ access to finance by fostering trust among public investors. Ex post, auditors can prevent misbehavior and financial fraud...

Martin Gelter | Aurelio Gurrea-Martinez

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