The Effect of Industry-Specialist Auditors on SEO Underpricing Before and After the Global Financial Crisis
研究了审计师的行业专长是否与增发折价负相关，以及全球金融危机前后这种关系的变化。发现危机前行业专长审计师能降低折价，但危机后不再显著。
SUMMARY This study examines whether auditors' industry expertise is negatively associated with underpricing of seasoned equity offerings (SEO) and whether the association between auditors' industry expertise and SEO underpricing changes around the global financial crisis (GFC). Using a sample of 2,028 SEO observations from 2001 to 2013, we document that in the pre-GFC period, auditors' industry expertise is negatively associated with SEO underpricing, but not during the post-GFC period. Industry-specialist auditors are also associated with higher earnings response coefficients in the pre-GFC period, but not in the post-GFC period. These results suggest that the GFC affected investor confidence in industry-specialist auditors in the capital markets. JEL Classifications: G01; G14; M42.