【3月20日】【会计学院龙马奋进——学术论坛】Captured by Mutual Funds- Do Cross-Audits Undermine Auditor Independence-发布日期：2019-09-12 21:08:19
讲座主题一：Captured by Mutual Funds: Do Cross-Audits Undermine Auditor Independence?
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.
讲座人简介：陈旸旸，香港理工大学会计与金融学院副教授。2011年毕业于澳大利亚墨尔本大学，获经济学博士学位。研究领域为金融与会计、公司治理、审计、行为经济学。曾在Journal of Financial Economics，The Accounting Review，Contemporary Accounting Research，Review of Accounting Studies，Journal of Financial and Quantitative Analysis等期刊发表多篇学术成果。