The Contagion Effects of Accounting Restatements
研究发现，会计重述不仅损害重述公司的股东财富，还会导致同行业其他公司股价下跌，这种下跌与分析师盈利预测变化无关，而是反映了投资者对会计质量的担忧，且传染效应在收入重述、大公司以及使用相同审计师的同行中更显著。
We predict and find that accounting restatements that adversely affect shareholder wealth at the restating firm also induce share price declines among non-restating firms in the same industry. These share price declines are unrelated to changes in analysts' earnings forecasts, but instead seem to reflect investors' accounting quality concerns. Peer firms with high industry-adjusted accruals experience a more pronounced share price decline than do low-accrual firms. This accounting contagion effect is concentrated among revenue restatements by relatively large firms in the industry. We also find that investors impose a larger penalty on the stock prices of peer firms with high earnings and high accruals when peer and restating firms use the same external auditor. Our results are consistent with the notion that some accounting restatements cause investors to reassess the financial statement information previously released by non-restating firms.