Does the Choice of Auditor Convey Quality in an Initial Public Offering?
研究审计师声誉与IPO特征的关系，发现声誉高的审计师更可能承接风险较低的IPO，市场也认为这类IPO风险更低，且其长期表现与审计师声誉相关。
To investigate the effect of reputation on auditor business decisions, we look at the relationship between auditor reputation and the characteristics of the IPOs that auditors take to the market. Consistent with our hypotheses, we find that: 1) More prestigious auditors are associated with IPOs that seem a priori less risky; 2) the market perceives as less risky the IPOs that are associated with more prestigious auditors; and 3) IPOs' long-term performance is related to the prestigious of the auditor employed.