臺灣博碩士論文加值系統

本研究旨在探討於2007年臺灣通過會計師法修正案後，產業專家會計師事務所對客戶篩選之變化，以及出具之審計意見適當性之探討；因會計師法在修訂後其條文規範、相關罰則的訂定標準將更加嚴苛，預期會計師將面臨的訴訟風險與法律責任相對會提高。實證結果發現，在會計師法修正案通過後，產業專家會計師事務所的受查公司之財務風險水準，低於修法前的受查公司之財務風險水準，顯示產業專家會計師事務所面臨法律責任加強時，愈會慎選其受查客戶；也發現在修正法案通過後，產業專家會計師事務所出具繼續經營疑慮審計意見之比例將會下降，其原因為已拒絕繼續承接高風險之客戶，故愈不會出具繼續經營疑慮審計意見，但對於規模愈大之受查公司，出具繼續經營疑慮審計意見之傾向則增加。再者，本文亦針對四大會計師事務所做額外測試，結果支持修法後四大會計師事務所愈會慎選客戶，其客戶的財務風險水準愈低，也愈不會出具繼續經營疑慮審計意見，但對於規模愈大之客戶，則愈會出具繼續經營疑慮之審計意見。

The purpose of this study is to investigate the impact of regulatory amended of the Certified Public Accountant Act (CPA Act) on the decision of industry specialist auditor firms. The paper analyzes the relation among the change of litigation risk, the change of the industry specialist auditor firms in client selection decision and the change of audit opinion type for Taiwanese listed companies. This paper uses the CPA Act amended and promulgated in 2007 to separate the sample years into two period to measure the magnitude of litigation risk, with latter period being associated with higher litigation risk. The results show that after Certified Public Accountant Amendments Act period, the clients’ financial risk of the industry specialist auditor firms is lower, which implied when industry specialist auditor firms face the litigation risk increasing, they will be carefully selected their client. In the meanwhile, the industry specialist auditor firms issue the proportion of going-concern opinions decreasing. In addition, the industry specialist auditors firms are inclined to issue going-concern audit opinion with larger audit companies.

摘要　　　　　　　　　　　　　　　　　　 　I
ABSTRACT　　　　　　　　　　　　　　　　II
致謝　　　　　　　　　　　　　　　　　　　III
第一章 緒論　　　　　　　　　　　　　　　　1
　　第一節 研究動機與目的　　　　　　　　　1
　　第二節 論文架構　　　　　　　　　　　　5
　　第三節 研究流程　　　　　　　　　　　　6
第二章 文獻探討　　　　　　　　　　　　　　7
　　第一節 審計人員與訴訟風險　　　　　　　7
　　第二節 產業專家會計師事務所之審計品質　12
　　第三節 審計風險與審計意見　　　　　　　15
第三章 研究方法　　　　　　　　　　　　　　19
　　第一節 研究假說　　　　　　　　　　　　19
　　第二節 研究模型之建立與變數說明　　　　21
　　第三節 樣本選取、資料來源與研究期間　　31
第四章 實證結果與分析　　　　　　　　　　　33
　　第一節 敘述性統計分析　　　　　　　　　33
　　第二節 實證結果分析　　　　　　　　　　41
　　第三節 敏感性分析　　　　　　　　　　　50
第五章 結論與建議　　　　　　　　　　　　　82
參考文獻　　　　　　　　　　　　　　　　　 84

王寶雪，2003，從會計醜聞探討盈餘管理與盈餘品質，國立成功大學會計學系碩士論文。
吳清在、曾玉琦，2008，會計師事務所合併對審計獨立性之影響，會計評論，第四十七期，頁29-60。
吳清在、鄭莉，2005，以財務危機警訊公司探討會計師出具繼續經營疑慮意見之傾向，2005年台灣財務金融年會暨學術論文研討會，成功大學與台灣財務金融學會合辦，頁82-102。
官月緞、梁盛泰，2006，會計師更換時點、財務報表時效性與查核意見，2006當前會計理論與實務研討會論文集，頁129-161。
官月緞、梁盛泰，2011，會計師更換與繼續經營疑慮審計意見，中華管理評論，第十四卷第一期，頁1-23。
官月緞、楊炎杰，2006，客戶重要性與非審計服務是否影響審計品質？Enron後的觀察，會計評論，第四十三期，頁27-61。
官月緞、簡松源、徐永檳，2008，會計弊案與財務報導保守性─安隆/博達觀察，當代會計，第九期第一卷，頁69-104。
林孝倫，2008，審計公費與審計意見研究：中國之實證，國立臺灣大學會計學研究所博士論文。
林美鳳、金成隆、林良楓，2009，股權結構、會計保守性與信用評等關係之研究，臺大管理論叢，第二十卷第一期，頁289-330。
洪勁宇，2005，會計師事務所及會計師個人之產業專精對盈餘管理之影響，國立中興大學會計學研究所碩士論文。
范宏書、陳慶隆、吳靜宜，2007，審計客戶重要性與會計師的產業專精程度對公司盈餘品質之影響：審計組別之證據，文大商管學報，第十二卷第一期，頁75-108。
馬君梅、沈大白，2004，由博達案談會計師事務所的風險管理，會計研究月刊，226 期，頁85-87。
張瑞當、沈文華、方俊儒，2009，博達案對會計師簽發繼續經營有重大疑慮查核意見之影響:調節效果之探討，臺大管理論叢，第十九卷第二期，頁75-108。
張瑜珊，2004，企業大陸投資與融資決策分析，國立成功大學財務金融研究所碩士論文。
郭敏華、林怡秀，2003，由IPO資訊不對稱探討內部人申讓事件之資訊價值，中華管理評論，第六卷第四期，頁131-152。
陳立偉，2009，簽證客戶股價影響因素之實證研究，會計與公司治理，第六卷第二期，頁65-84。
陳育成、薛建宏，2002，我國產業風險乘數因子抵換關係之實證研究，台灣管理學刊，第二卷第二期，頁51-76。
陳依蘋、鄭惠之，2004，專業組織的未來－會計師、律師向前走，會計研究月刊，第二二六期，頁30-40。
陳耀宗、劉若蘭、林坤霖，2003，產業專家、客戶滿意度與審計公費關連性之研究，會計評論，第三十七期，頁31-52。
傅鍾仁、張福星、陳慶隆，2005，審計失敗對會計師保守主義的影響:ENRON案是否存在產業蔓延效果，會計評論，第四十期，頁31-67。
曾宛如，2010，公司與證券交易法，臺大法學論叢，第三十九卷第二期，頁143-164。
黃釋瑩，2004，比較台灣公司IPO之盈餘管理行為實證研究，國立成功大學會計學系碩博士班碩士論文。
溫玉菁，2008，會計師產業專精與盈餘品質之關聯，國立東華大學企業管理學系碩士論文。
劉嘉雯、王泰昌，2005，繼續經營有重大疑慮審計意見：第33號審計準則公報之影響，管理學報，第二十二卷第四期，頁525-548。
劉嘉雯、王泰昌、賴信蒼，2009，訴訟風險與大型會計師事務所之客戶財務風險可接受水準，臺大管理論叢，第二十卷第一期，頁1-40。
蔡信夫、林惠雪，2008，審計學原理。
蔡璧徽、王志成，2009，台灣企業公司治理與公司下市櫃之關聯性分析，商略學報，第一卷第一期，頁41-56。
謝明瑞、葉輔錩，2008，會計師受懲戒對其受查企業的權益價值影響之研究，商學學報，第十六期，頁151-182。
Al-Tuwaijri, S. A., T. E. Christensen, and K. E. Hughes. 2004. The relations among environmental disclosure, environmental performance, and economic performance: Ａ simultaneous equations approach. Accounting, Organizations and Society 29 (5-6): 447-471.
Abbott, L. J., S. Parker, and G. F. Peters. 2006. Earnings management, litigation risk, and asymmetric audit fee responses. Auditing: A Journal of Practice & Theory 25(May): 85-98.
Ahmed, A. S., B. K. Billings, R. M. Morton, and M. Stanford-Harris. 2002. The role of accounting conservatism in mitigating bondholder-shareholder conflicts over dividend policy and in reducing debt costs. The Accounting Review 77 (4): 867-890.
Altman, E. I. 1968. Financial ratios, discriminant analysis and the prediction of corporate bankruptcy. Journal of Finance 23 (4): 589-609.
Altman, E. I. 1982. Accounting implications of failure prediction models. Journal of Accounting, Auditing and Finance 6 (1): 4-19.
American Institute of Certified Public Accountants (AICPA). 1992. SEC Practice Section: Statement of Position Regarding Mandatory Rotation of Audit Firms Of Publicly Held Companies. New York, NY: AICPA.
Ball, R. and L. Shivakumar. 2005. Earnings quality in U.K. private firms: comparative loss recognition timeliness. Journal of Accounting and Economics 39 (1): 83-128.
Balsam, S., J. Krishnan, and J. S. Yang. 2003. Auditor Industry specialization and earnings quality. Auditing: A Journal of Practice and Theory 22 (2): 71-97.
Basu, S. B. 1997. The conservatism principle and asymmetric timeliness of earnings. Journal of Accounting and Economics 24: 3-37.
Becker, C. L., M. L. DeFond, J. Jiambalvo, and K. R. Subramanyam. 1998. The effect of audit quality on earnings management. Contemporary Accounting Research 15 (1): 1-24.
Bedard, J. C., S. F. Biggs, and D. M. Frederick. 1991. The effect of domain-specific experience on evaluation of management representation in analytical procedures. Auditing: A Journal of Practice & Theory 10:77-95.
Bell, R. B., W. Landsman, and D. A. Shackelford. 2001. Auditors’ perceived business risk and audit fees: Analysis and evidence. Journal of Accounting Research 39 (1): 35-43.
Bell, T. B., J. C. Bedard, K. M. Johnstone, and E. F. Smith. 2002. KRiskSM: A computerized decision aid for client acceptance and continuance risk assessments. Auditing: A Journal of Practice & Theory 21 (2): 97-113.
Bell, T., F. Marrs, I. Solomon, and H. Thomas. 1997. Auditing organization through a strategic-system lens. New York, NY: KPMG Peat Marwick, LLP.
Berton, L. 1995. Big Accounting Firms Weed Out Risky Clients. The Wall Street Journal (June 26): B1-B6.
Blay, A. D. 2005. Independence Threats, Litigation Risk, and the Auditor''s Decision Process. Contemporary Accounting Research 22 (4): 759-789.
Bonner, S. E., B. L. Lewis, and G. Marchant. 1990. Determinants of auditor expertise. Journal of Accounting Research 28 (3): 1-28.
Carcello, J. V., and A. L. Nagy. 2002. Auditor industry specialization and fraudulent financial reporting. Managerial Auditing Journal 19 (5): 651-668.
Cassell, C. A., G. A. Giroux, L. A. Myers, and T. C. Omer. 2010. The Effect of Corporate Governance on Auditor-Client Realignments. Working Paper.
Chan, K. C. and Nau-Fu Chen 1991. Structural and return characteristics of small and large firms. Journal of Finance 46: 1467-1485.
Chan, K. C., B. R. Farrell, and P. Lee. 2008. Earnings management of firms reporting material internal control weaknesses under Section 404 of the Sarbanes-Oxley Act. Auditing: A Journal of Practice & Theory 27: 161-180.
Chen Y. S., and C. S. Hsu. 2009. Auditor Size, Auditor Quality, and Auditor Fee Premiums: Further Evidence from the Public Accounting Profession. Working Paper.
Chen, K. C. W. and B. K. Church. 1996. Going concern opinions and the market’s reaction to bankruptcy filings. The Accounting Review 71 (1): 117-128.
Chen, K. Y., and S. Wu. 2004. The effect of industry specialization on audit fees in Taiwan: The role of industry type. Taiwan Accounting Review 5 (1): 41-69.
Chin, C. L., and H. Y. Chi. 2009. Reducing restatements with increased industry expertise. Contemporary Accounting Research 26 (3): 729-765.
Choi, J. H. and R. Doogar. 2001. Large Audit Firm Clienteles: 1981 to 1997. Working Paper.
Choi, J. H., R. K. Doogar, and A. R. Ganguly. 2004. The Riskiness of Large Audit Firm Client Portfolios and Changes in Audit Liability Regimes Evidence from the U.S. Audit Market. Contemporary Accounting Research 21 (4): 747-785.
Chow, C. W., and S. J. Rice. 1982. Qualified audit opinion and auditor switching. The Accounting Review 57: 326-335
Citron, D. B. and R. J. Taffler. 2004. The comparative impact of an audit report standard and an audit going-concern standard on going-concern disclosure rates. Auditing: A Journal of Practice & Theory 23 (September): 119-130.
Clarkson, P., and D.A. Simunic. 1994. The association between audit quality, retained ownership and firm-specific risk in US vs. Canadian IPO markets. Journal of Accounting and Economics 17 (1): 207-228.
Cook, J. M., E. M. Freedman, R. J. Groves, J. C. Madonna, S. F. O’Malley, and L. A. Weinbach. 1992. The Liability Crisis in the United States: Impact on the Accounting Profession. Journal of Accountancy 174 (November): 19-23.
Craig, T. R., 1992. Should the client be accepted? The CPA Journal 63 (11): 64-66.
Craswell, A. T., J. R. Francis, and S. L. Taylor. 1995. Auditor brand name reputations and industry specializations. Journal of Accounting and Economics 20 (3): 297-322.
DeAngelo, L. 1981. Auditor Size and Audit Quality. Journal of Accounting and Economics 3: 183-199.
DeFond, M. L., and J. Jiambalvo. 1994. Debt covenant violation and manipulation of accruals. Journal of Accounting and Economics 17: 145-176.
DeFond, M. L., K. Raghunandan, and R. Subramanyam. 2002. Do non-audit service fees impair auditor independence? Evidence from going-concern audit opinions. Journal of Accounting Research 40 (4): 1247-1274.
Dopuch, N., and D. A. Simunic. 1980. The nature of competition in the auditing profession: A descriptive and normative view. In Regulation and the Accounting Profession, edited by J.W. Buckly and J.F. Weston (Lifetime Learning, 1980, 77-94).
Dopuch, N., and D. A. Simunic. 1982. Competition in auditing: An assessment. In Fourth Symposium on Auditing Research. Urbana: University of Illinois, 401-450.
Elder, R., Y. Zhang, J. Zhou, and N. Zou. 2009. Internal control weaknesses and client risk management. Journal of Accounting, Auditing and Finance 24 (4): 543-579.
Feltham, G. A., J. S. Hughes, and D. A. Simunic. 1991. Empirical assessment of the impact of auditor quality on the valuation of new issues. Journal of Accounting and Economics 14:375-399.
Ferguson, M. J., G. S. Seow, and D. X. Young. 2004. Non-audit services and earnings management: U.K. evidence. Contemporary Accounting Research 21 (4): 843-870.
Francis, J. and J. Krishnan. 1999. Accounting Accruals and Auditor Reporting Conservatism. Contemporary Accounting Research 16:135-165.
Francis, J. R. 1984. The effect of audit firm size on audit prices: A study of the Australian market. Journal of Accounting and Economics 6: 133-151.
Francis, J. R., and J. Krishnan. 2002. Evidence on auditor risk-management strategies before and after the Private Securities Litigation Reform Act of 1995. Asia Pacific Journal of Accounting and Economics 9:135-157.
Francis, J. R., E. L. Maydew, and H. C. Sparks. 1999. The Role of Big 6 Auditors in the credible reporting of accruals. Auditing: A Journal of Practice and Theory 18 (2): 17-34.
Geiger, M. A., and D. V. Rama. 2003. Audit fees, nonaudit fees, and auditor reporting on stressed companies. Auditing: A Journal of Practice & Theory 22: 53-69.
General Accoutiting Office (GAO). 2003. Public accounting firms: Mandated study on consolidation and competition. GAO Report 03-864. Washington, D.C.: Government Printing Office.
Giroux, G., and C. Cassell. 2009. Historical Analysis of Changing Audit Risk Characteristics in the Large Client Market, 1962-2006. Working Paper, Texas A&M University.
Gordon, L. A., M. P. Loeb, W. Lucyshyn, and T. Sohail. 2006. The Impact of the Sarbanes-Oxley Act on the Corporate Disclosures of Information Security Activities. Journal of Accounting and Public Policy 25 (5): 503-530.
Gottlieb, E., and J. Doroshow. 2002. Not in my back yard II: The high-tech hypocrites of ‘Tort reform’. Center for Justice Democracy (April).
Gul, F. A. 1999. Audit prices, product differentiation and economic equilibrium. Auditing: A Journal of Practice and Theory 18 (1): 90-100.
Heninger, W. G. 2001. The association between auditor litigation and abnormal accruals. The Accounting Review 76 (1): 111-26.
Hill, J. W., Ramsay, R. J., and D. T. Simon. 1994. Audit fees and client business risk during the S & L crisis: Empirical evidence and directions for future research. Journal of Accounting and Public Policy 13 (3): 185-203.
Hillegeist, S. A. 1999. Financial Reporting and Auditing under Alternative Damage Apportionment Rules. The Accounting Review 74 (3): 347-370
Hogan, C. E., and Jeter, D. C. 1999. Industry specialization by auditors. Auditing: A Journal of Practice & Theory 18 (1): 1-17.
Hogan, C. E., and R. D. Martin. 2009. Risk Shifts in the Market for Audits: An Examination of Changes in Risk for “Second Tier” Audit Firms. Auditing: A Journal of Practice & Theory 28 (2): 93-118.
Holland, K., L. Light, and M. Galen. 1993. Big Six Firms Are Firing Clients. Business Week 3307: 76-77.
Hope, O. K., and J. C. Langli. 2010. Auditor Independence in a Private Firm and Low Litigation Risk Setting. Accounting Review 85(2): 573-605.
Hopwood, W., J. McKeown, and J. Mutchler. 1989. A test of the incremental explanatory power of opinions qualified for consistency and uncertainty. The Accounting Review 64 (1): 28-48.
Hopwood, W., J. McKeown, and J. Mutchler. 1994. A reexamination of auditor versus model accuracy within the context of going concern opinion decision. Contemporary Accounting Research 10: 409-431.
Huss, H. F., and F. Jacobs. 1991. Risk containment: exploring auditor decisions in the engagement process. Auditing: A Journal of Practice and Theory 10 (2): 16-32.
Jain, Pankaj K., and Zabihollah Rezaee. 2006. The Sarbanes-Oxley Act of 2002 and Capital Market Behavior: Early Evidence. Contemporary Accounting Research 23 (3): 629-654.
Johnson, P. E., K. Jamal, and R. G. Berryman. 1991. Effects of framing on auditor decisions. Organization Behavior and Human Decision Processes 50 (1): 75-105.
Johnstone, K. 2000. Client-acceptance decisions: Simultaneous effects of client business risk, audit risk, auditor business risk, and risk adaptation. Auditing: A Journal of Practice & Theory 19 (1): 1-25.
Khurana, I. K., and K. K. Raman. 2004. Litigation Risk and the Financial Reporting Credibility of Big 4 versus Non-Big 4 Audits: Evidence from Anglo-American Countries. The Accounting Review 79 (2): 473-495.
Knapp, M. 1991. Factor that audit committee members use as surrogates for audit quality. Auditing: A Journal of Practice & Theory 10 (1): 35-52.
Krishnan, G. V. 2003. Does big 6 auditor industry expertise constrain earnings management? Accounting Horizon 17: 1-16.
Krishnan, J. 1994. Auditor switching and conservatism. The Accounting Review 69 (1) 200-215.
Krishnan, J., and J. E. Lee. 2009. Audit committee financial expertise, litigation risk, and corporate governance. Auditing: A Journal of Practice & Theory 28 (1): 241-261.
Krishnan, J., and J. Krishnan. 1997. Litigation Risk and Auditor Resignations. The Accounting Review 72 (4): 539-560.
Lee, H. Y., and V. Mande. 2003. The Effect of the Private Securities Litigation Reform Act of 1995 on Accounting Discretion of Client Managers of Big 6 and Non-Big 6 Auditors. Auditing: A Journal of Practice & Theory 22(1): 93-108
Lee, T. S., and Yeh, Y. H. 2004. Corporate governance and distress: Evidence from Taiwan. Corporate Governance 12 (3): 378-388.
Li, C. 2009. Does Client Importance Affect Auditor Independence at the Office Level? Empirical Evidence from Going-Concern Opinions. Contemporary Accounting Research 26 (1): 201-230.
Lim C. Y., T. Y. Thong and D. K. Ding. 2008. Firm diversification and earnings management: evidence from seasoned equity offerings. Review of Quantitative Finance and Accounting 30 (1): 69-92.
Lobo, G. J., and Jian Zhou. 2006. Did Conservatism in Financial Reporting Increase after the Sarbanes-Oxley Act? Initial Evidence. Accounting Horizons 20: 57-73.
Louwers, J., M. Messina, and D. Richard. 1999. The auditor’s going-concern disclosure as a self-fulfilling prophecy: A discrete-time survival analysis. Decision Sciences 30 (3): 805-824.
Low, K. Y. 2004. The effects of industry specialization on audit risk assessments and audit-planning decisions. Accounting Review 79 (1): 201-219.
Lys, T., and R. L. Watts. 1994. Lawsuits Against Auditors. Journal of Accounting Reserch 32 (supplement):65-93
MacDonald, E. 1997. More accounting firms are dumping risky clients. Wall Street Journal (APRIL 25).
Mayhew, B., and M. S. Wilkins. 2002. Audit firm industry specialization as a differentiation strategy: Evidence from fees changed to firms going public. Working paper, University of Wisconsin-Madison and Texas A and M University.
Mednick, R. 1987. Accountants'' Liability: Coping with the Stampede to the Courtroom. Journal of Accountancy 64 (3): 118-122.
Murray, M. 1992. When a client is a liability. Journal of Accountancy 174 (3): 54-58.
Mutchler, J. F. 1986 Empirical evidence regarding the auditor’s going-concern decision. Auditing: A Journal of Practice & Theory 6 (1): 148-163.
Mutchler, J. F., W. Hopwood, and J. McKeown. 1997. The influence of contraryinformation and mitigating factors in audit opinion decisions on bankrupt companies. Journal of Accounting Research 35 (Autumn): 295-310.
O''Keefe, T., R. King, and K. Gaver. 1994. Audit fees, industry specialization, and compliance with GAAS reporting standards. Auditing: A Journal of Practice & Theory (Fall): 41-55.
Owhoso, V.E., W.F. Messier, Jr., and J.G. Lynch, Jr. 2002. Error detection by industry-specialized teams during sequential audit review. Journal of Accounting Research 40 (3): 883-900.
Palmrose, Z. 1986. Audit fees and auditor size: Further evidence. Journal of Accounting Research 24 (Spring): 97-110.
Palmrose, Z. V. 1988. An Analysis of Auditor Litigation and Audit Service Quality. The Accounting Review 63 (1): 55-73.
Palmrose, Z. V. 1997. Who got sued? Journal of Accountancy 183 (March): 67-69.
Penman, S. H., and X. J. Zhang. 2002. Accounting conservatism, the quality of earnings, and stock returns. Accounting Review 77 (2): 237-264.
Pratt, J., and J. D. Stice. 1994. The effects of client characteristics on auditor litigation risk judgements, required audit evidence and recommended audit fees. The Accounting Review 69 (4): 639-656.
Reynolds, J. K., and J. R. Francis. 2000. Does size matter? The influence of large clients on office-level auditor reporting decisions. Journal of Accounting and Economics 30 (3): 375-400.
Schwartz, R. 1997. Legal Regimes, Audit Quality and Investment. Accounting Review 72 (3): 385-406.
Shumway, T. 1997. Forecasting bankruptcy more accurately: A simple hazard model. Working paper, University of Michigan.
Simon, D. T. and J. R. Francis. 1988. The effects of auditor change on audit fees: tests of price cutting and price recovery. The Accounting Review 63 (2): 255-269.
Simunic, D. A. 1984. Auditing, consulting, and auditor independence. Journal of Accounting Research 22 (2): 679-702.
Simunic, D. A., and M. Stein. 1987. Product Differentiation in Auditing: Auditor Choice in the Market of Unseasoned New Issues. Canadian Certified General Accountants’ Research Foundation Vancouver, BC.
Simunic, D.A. 1980. The pricing of audit services: Theory and evidence. Journal of Accounting Research 18 (2): 161–190.
Solomon, I., M. D. Shields, and O. R. Whittington, 1999. What do industry-specialist auditors know? Journal of Accounting Research 37 (1): 191-208.
Teoh, S. H., and T. J. Wong. 1993. Perceived auditor quality and the earning response coefficient. The Accounting Review 68 (2): 346-366.
Teoh, S. H., I. Welch, and T. J. Wong. 1998. Earnings management and the post-issue performance of seasoned equity offerings. Journal of Financial Economics (October): 63-99.
Titman, S. and R. Wessels. 1988. The determinants of capital structure choice. Journal of Finance 43 (1): 1-19.
Warner, J. 1977. Bankruptcy costs: some evidence. Journal of Finance 32: 337-347.
Watts, R. L. 2003. Conservatism in accounting Part I: Explanations and implications. Accounting Horizons 17 (3): 207-221.
Watts, R. L. 2003. Conservatism in accounting Part II: Evidence and research opportunities. Accounting Horizons 17 (4): 287-301.
White, H. 1980. A heteroskedasticity-consistent covariance matrix estimator and a direct test for heteroskedasticity. Econometrica 48 (4): 817-838.
Willingham, J. J. and P. D. Jacobson. 1985. A research response to the dingell hearings. The Auditor’s Report (Fall): 1-4.
Wintoki, M. B. 2007. Corporate Boards and Regulation: The Effect of the Sarbanes-Oxley Act and the Exchange Listing Requirements on Firm Value. Journal of Corporate Finance 13:229-250.
Zmijewski, M. 1984. Methodological issues related to the estimation of financial distress prediction models. Journal of Accounting Research 22 (Supplement): 59-82.