Loss Contingency Reports and Stock Prices: A Replication and Extension of Banks and Kinney
复制并扩展了Banks和Kinney（1982）关于损失或有事项报告与股票价格的研究，通过分析1976-84年间72家新发生损失或有事项的公司，检验了客户规模、宏观经济环境和意外盈余等因素对审计师判断严重性的影响，结果总体支持原研究结论。
In this study I replicate and extend Banks and Kinney's [1982] investigation of loss contingency reports and stock prices by examining 72 firms that experienced new loss contingencies during 1976-84. Banks and Kinney's sample consists of 92 new loss contingency firms and covers 1969-75. Sample firms in both studies are located by inspecting the Loss Contingencies section of Accounting Trends and Techniques (AICPA [1976-85]) and include 28 firms that received new qualified opinions during 1969-84. I extend the original analysis by examining the influence of several factors on auditors' decisions about the seriousness of new loss contingencies. These factors include client size, general macroeconomic climate, and unexpected earnings. I test Banks and Kinney's hypotheses by using a combined (and therefore larger) sample, and I present evidence from a different time period. Conditions external to the firm such as the general economic climate are expected to affect experimental conditions, and possibly the conclusions, of Banks and Kinney's study. My results generally support Banks and Kinney's findings. Most important, loss contingency firms in