A Reply to David Hay’s Discussion
本文回应Hay（2021）对原论文的评论，澄清了会计标准、审计意见、风险披露质量测量及样本选择与编码过程等三个方法论问题。
The comments made by Hay (2021) on our paper raise legitimate questions.While we agree with some of the remarks and will take advantage of the many useful suggestions in our future work, we leave it to the reader to utilize those comments as useful tools to critically analyze our paper.What we intend to do in the limited space of this reply is to clarify some of the methodological issues underpinning the paper that were the object of attention by Hay.In particular, we would like to discuss three questions that arise in Hay's comments: (1) the accounting standard used, and audit opinion issued; (2) the measurement of risk disclosure quality; and (3) the sample selection and coding process.