Auditor Switches in the Pre- and Post-Enron Eras: Risk or Realignment?
用大样本数据比较安然事件前后，大型审计师（Big N）对客户风险和错配的敏感度变化，发现对错配敏感度上升，但对风险敏感度下降，这源于后安然时代审计市场容量限制而非风险规避。
ABSTRACT: Using a comprehensive sample of switches to and from the largest auditors (i.e., the Big N), we examine empirically whether the sensitivity of Big N auditor switches to client risk and misalignment changed between the pre- and post-Enron periods. Although we find an increase in the sensitivity to client misalignment, the sensitivity to client risk generally decreases. The results are consistent with Big N auditors rebalancing their audit client portfolios in response to post-Enron capacity constraints arising from the supply of former Arthur Andersen clients and the audit demands imposed by Sarbanes-Oxley rather than increasing their sensitivity to client risk. Additional evidence indicates that the Sarbanes-Oxley demand shock did not affect Big N auditor switching behavior incremental to the initial Andersen supply shock.