Market Reaction to Auditor Changes by OTC Companies.
研究了美国场外交易市场公司宣布审计师变更前后的股价波动，发现市场反应取决于管理层持股比例和审计师变更方向（是否涉及八大会计师事务所）。
Abstract This study examines capital market price movements surrounding the announcement of auditor change by U.S. corporations whose securities are traded in the Over-The-Counter (OTC) market. This is a rich sample domain due to high relative frequency of auditor changes and high relative variance in ownership structure. Four hypotheses related to potential signaling and to managerial incentive and control issues are formulated and tested. In general, support is found for a conditional theory of differential market reaction to auditor change, depending on the level of management ownership in the switching client firm and on the direction of auditor change (to or from Big Eight auditors).