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Review of Prior Research
An Economic Model of the Managers Choice of an Auditor
Earnings and the Effects of Switching Auditors
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8-K disclosure 8-K reports accounting changes accounting disagreements accounting firms accounting standards alternative accounting approach announcement of auditor asset valuation qualifications audit fees audit services auditing firm auditor changes auditor switches average difference Big Eight auditor binomial test cash flow change auditors clients companies difference in residual disagreements or qualified disclosure of auditor E/P ratio economic condition favorable accounting treatment favorable auditors favorable reported earnings financial condition financial statements firms that reported firms that switched fiscal year-end flow from operations Form 8-K going concern qualifications hypothesis improvement in auditors incentives increase in earnings investors logit regression managers matching nonswitching firms negative abnormal returns negative market reaction non-Big Eight auditor number of qualifications obtaining more favorable opinion shopping performance and financial preceding the switch Price Waterhouse qualified opinions residual returns SEC's stock prices switch auditors switched from non-Big t-statistic t-test tail test U.S. Congress unqualified variables Wall Street Journal Wilcoxon signed-rank test