Auditors and Client Investment Efficiency
研究了审计师特征与客户投资效率的关系，发现审计师的知识和资源能提升客户投资效率，尤其对信息需求高的客户和长期合作客户更明显。
ABSTRACT This study examines the relation between auditors and their clients' investment efficiency. We hypothesize and find that auditor characteristics that proxy for an auditor's knowledge and resources are associated with higher client investment efficiency, after controlling for the auditor's effect on financial reporting quality. This result is consistent with auditors providing informational advantages to their clients in a generalized investment setting. We find that this auditor effect is more pronounced for clients who have a higher demand for information as measured by client size, industry competition, and client complexity. The effect is also more pronounced for clients of longer-tenured auditors. Overall, the results suggest that auditors may be one component to the management information environment and, as such, appear to influence capital investment behavior. JEL Classifications: M4; M42. Data Availability: All data are publicly available.