Article1994

INFORMATION CONTENT OF QUALIFIED AUDIT OPINIONS FOR OVER‐THE‐COUNTER FIRMS

Elsie C. Ameen · Kam C. Chan · Daryl M. Guffey

43 citations0/0 files storedJournal of Business Finance &amp Accounting

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Auditing, Earnings Management, Governance Financial Markets and Investment Strategies Corporate Governance and Financial Management

Abstract

This study investigates the information content of the initial public announce‐ment of an audit qualification for a sample of American firms traded over‐the‐counter. These firms have smaller predisclosure information sets than New York Stock Exchange (NYSE) and American Stock Exchange (ASE) firms. The results of research focusing on NYSE and ASE firms cannot, therefore, be extended to the over‐the‐counter (OTC) market. When the qualification is not confined to a ‘bad news’ scenario, a significant market reaction to the announcement is found, indicating that audit qualification announcements for OTC firms do, indeed, have information content.

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References

1977Estimating betas from nonsynchronous data 1976Corporate Forecasts of Earnings Per Share and Stock Price Behavior: Empirical Test 1984Differential information and the small firm effect 1983Antitakeover charter amendments and stockholder wealth 1986Abnormal stock returns associated with media disclosures of ‘subject to’ qualified audit opinions 1984Qualified audit opinions and stock prices 1983Giraffes, Institutions and Neglected Firms 1980Market Implications of Differential Amounts of Interim Information

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