计量经济分析 = Econometric analysis

1. Introduction and Overview. 2. Detecting Influential Observations and Outliers. 3. Detecting and Assessing Collinearity. 4. Applications and Remedies. 5. Research Issues and Directions for Extensions. Bibliography. Author Index. Subject Index.

Regression Diagnostics: Identifying Influential Data and Sources of Collinearity

Researchers have used various measures as indications of "earnings quality" including persistence, accruals, smoothness, timeliness, loss avoidance, investor responsiveness, and external indicators such as restatements and SEC enforcement releases. For each measure, we discuss causes of variation in the measure as well as consequences. We reach no single conclusion on what earnings quality is because "quality" is contingent on the decision context. We also point out that the "quality" of earnings is a function of the firm's fundamental performance. The contribution of a firm's fundamental performance to its earnings quality is suggested as one area for future work.

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Understanding Earnings Quality: A Review of the Proxies, Their Determinants and Their Consequences

Earnings Management and Investor Protection: An International Comparison

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Prior research finds that women receive lower salaries than men. Similarly, we show that female audit partners in Belgium receive significantly lower compensation than male partners. However, there are alternative explanations for the pay gap other than gender discrimination. For example, the gap in compensation could reflect that men are paid more because they have higher levels of productivity. We provide new predictions and tests of gender discrimination by comparing the fees generated by audit partners (a measure of partner productivity) and the types of clients assigned to partners. Consistent with our prediction of female partners having to meet higher performance thresholds than male partners, we show that female partners generate larger fee premiums, but they are less likely to be assigned to prestigious clients. To test whether these patterns are attributable to gender discrimination, we examine whether the results are stronger in male-dominated offices because this is where we would expect to find the most discrimination against women. We find the fee premiums generated by female partners are larger in male-dominated offices, while the negative association between prestigious clients and female partners is stronger in male-dominated offices. Collectively, our combined predictions and tests are consistent with female partners facing gender discrimination in audit offices that are dominated by male partners.

Gender Discrimination? Evidence from the Belgian Public Accounting Profession

This study investigates the audit firm’s decision to protect its partners’ personal assets by becoming a limited liability partnership (LLP). We find that the likelihood of an audit firm switching from unlimited to limited liability is increasing in its size and exposure to litigation risk. We find no evidence that audit firms supply lower audit quality, lose market share, or charge lower audit fees after they become LLPs. However, the mix of public and private clients in audit firms’ portfolios exhibits a significant shift toward riskier publicly traded companies after the switch to limited liability.

The Consequences of Protecting Audit Partners’ Personal Assets from the Threat of Liability

This editorial first summarizes the changes to the regulatory landscape that have primarily affected the auditing profession. I then discuss the content of the four papers contained in this special issue. Finally, I put these papers into context by outlining the major findings in the empirical literature regarding the consequences of the changed regulatory environment.

The Changing Regulatory Landscape: Editorial

This study examines the market valuation of accounting earnings during the period before it is publicly revealed that the earnings are fraudulent. Using both cross-sectional and time-series valuation models, we first find that the market accords less weight to earnings when the accounting numbers are fraudulent. We also show that the market better anticipates the presence of fraud when there is information in the public domain indicating a high ex-ante risk of fraud. Our findings suggest that investors are able to accurately assess the probability of fraud and that such assessments affect the market's valuation of earnings even before it is publicly announced that fraud has occurred.

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Clive S. Lennox

Papers

Gender Discrimination? Evidence from the Belgian Public Accounting Profession

The Consequences of Protecting Audit Partners’ Personal Assets from the Threat of Liability

The Changing Regulatory Landscape: Editorial

The Market's Valuation of Fraudulently Reported Earnings

Opinion Shopping and the Role of Audit Committees When Audit Firms Are Dismissed: The US Experience