Disclosure of Interim Review Reports: Do Interim Going Concern Conclusions Have Information Content?
研究了澳大利亚强制披露环境下中期审查保证的信息含量，发现市场对中期持续经营结论有强烈负面反应，且该结论能预测后续年度审计意见，为投资者提供了新信息。
SUMMARY This paper examines the information content of interim review assurance in the Australian mandatory disclosure setting. First, we find a strong negative market reaction to interim going concern conclusions (IGCC) contained in the review of interim financial statements. Second, we find no significant difference between the market reaction to IGCCs and annual going concern opinions (AGCO) received at the annual report audit. Finally, we show IGCCs are significant predictors of subsequent AGCOs, and provide incremental information from the previous annual report audit opinion. Overall, these results contribute to the literature on the benefits of mandatory interim assurance by showing that going concern conclusions contained in interim financial statements provide investors with new and relevant information. JEL Classifications: G38; M42; M48.