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【3月20日】【會計學院龍馬奮進——學術論壇】Captured by Mutual Funds: Do Cross-Audits Undermine Auditor Independence?

[發表時間]:2019-03-19 [來源]:會計學院 [瀏覽次數]:

  講座主題一:Captured by Mutual Funds: Do Cross-Audits Undermine Auditor Independence?

  講座人:陳旸旸(Yangyang Chen)

  摘要:We analyze the impact of cross-audits between companies and mutual funds on auditors’ reporting decisions. We document that companies are more likely to receive favorable audit opinions when they appoint the same auditor as their mutual fund blockholders. In cross-sectional evidence consistent with expectations, we find that the role that cross-audits play is concentrated where the mutual fund has stronger incentives to orchestrate stock price manipulation and the auditor is more likely to be captured by the mutual fund. We further show that investors fail to detect the impact of cross-audits on audit opinions in the short-term, which enables mutual funds to exploit this temporary mispricing through stock trading. In compensation, shared auditors captured by mutual funds benefit from higher audit fees and more audit business. Our evidence suggesting that market irregularities accompany cross-audits has major implications for stock market regulators.



  講座人簡介:陳旸旸,香港理工大學會計與金融學院副教授。2011年畢業于澳大利亞墨爾本大學,獲經濟學博士學位。研究領域為金融與會計、公司治理、審計、行為經濟學。曾在Journal of Financial Economics,The Accounting Review,Contemporary Accounting Research,Review of Accounting Studies,Journal of Financial and Quantitative Analysis等期刊發表多篇學術成果。