Information environment and stock price synchronicity: Evidence from auditor characteristics

被引：6

作者：

Cahan, Steven ^{[1
]}

Lam, Brian M. ^{[2
]}

Li, Lina Z. ^{[1
]}

Rahman, Md Jahidur ^{[3
]}

机构：

[1] Univ Auckland, Business Sch, Dept Accounting & Finance, Auckland, New Zealand

[2] BNU HKBU United Int Coll, Div Business & Management, Accounting Program, Zhuhai, Guangdong, Peoples R China

[3] Wenzhou Kean Univ, Coll Business & Publ Management, Dept Accounting, Wenzhou, Zhejiang, Peoples R China

来源：

INTERNATIONAL JOURNAL OF AUDITING | 2021年 / 25卷 / 02期

关键词：

audit firm tenure; Big N auditors; R-2; stock price synchronicity; RETURN SYNCHRONICITY; FIRM TENURE; CORPORATE GOVERNANCE; IDIOSYNCRATIC RISK; EMERGING MARKETS; LITIGATION RISK; QUALITY; R-2; EARNINGS; TRANSPARENCY;

D O I：

10.1111/ijau.12221

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

The interpretation of stock price synchronicity in relation to price informativeness is controversial in the literature. We examine how firm-specific variation relates to the quality of a firm's information environment by considering two auditor characteristics-audit firm size and audit firm tenure. Using a sample of U.S. listed firms from 2000 to 2018, we find that Big N audits and longer audit firm tenure are associated with higher stock price synchronicity and lower idiosyncratic risk. Our findings suggest that firm-specific variation captures noise rather than firm-specific news, supporting the emerging view that stock price synchronicity is a direct measure of price informativeness.

引用

页码：332 / 350

页数：19

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