Competition and Big 6 Brand Name Reputation: Evidence from the Ontario Municipal Audit Market*
研究1991年安大略市政审计市场准入改革的影响，发现改革降低了审计费用并增强了竞争，但六大会计师事务所仍能收取品牌溢价，表明其溢价源于声誉而非垄断租金。
Abstract The 1991 amendment to the auditor appointment requirement of section 86 of the Ontario Municipal Act removes certain barriers to entry into the Ontario municipal audit market. The purpose of this study is to provide evidence that the amendment has enhanced competition in this market. The results indicate that there is a general reduction in the real municipal audit fees compared with the pre‐amendment levels, and that the market has become more contestable following the amendment. Notwithstanding the heightened competition, the Big 6 audit firms continue to command audit fee premiums over the non‐Big 6 audit firms. This suggests that Big 6 audit fee premiums possibly reflect brand name reputation rather than monopoly/oligopoly rents.