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Value relevance of audit opinions in an emerging market: evidence from Morocco
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Value relevance of audit opinions in an emerging market: evidence from Morocco (2023)Value relevance of audit opinions in an e…Why are expanded audit reports not informative to investors? Evidence from the United Kingdom (2022)Why are expanded audit report…Measuring the market response to going concern modifications: the importance of disclosure timing (2018)Measuring the market response…Consequences of adopting an expanded auditor’s report in the United Kingdom (2018)Consequences of adopting an e…Stock market reaction to auditor opinions – Italian evidence (2015)Stock market reaction to audi…Do Investors Respond to Explanatory Language Included in Unqualified Audit Reports? (2014)Do Investors Respond to Expla…A Theoretical Examination of the Role of Auditing and the Relevance of Audit Reports (2010)A Theoretical Examination of …Event studies with a contaminated estimation period (2006)Event studies with a contamin…Information asymmetry, corporate disclosure, and the capital markets: A review of the empirical disclosure literature (2001)Information asymmetry, corpor…An Emerging Market's Reaction to Initial Modified Audit Opinions: Evidence from the Shanghai Stock Exchange* (2000)An Emerging Market's Reaction…The Meaning of Audit Reports (1990)The Meaning of Audit ReportsUsing daily stock returns (1985)Using daily stock returnsQualified Audit Reports: Their Impact on Investment Decisions. (1978)Qualified Audit Reports: Thei…Estimating betas from nonsynchronous data (1977)Estimating betas from nonsync…Theory of the firm: Managerial behavior, agency costs and ownership structure (1976)Theory of the firm: Manageria…The Adjustment of Stock Prices to New Information (1969)The Adjustment of Stock Price…A Simplified Model for Portfolio Analysis (1963)A Simplified Model for Portfo…An Empirical Evaluation of Accounting Income Numbers (1968)Audit Qualifications and Share Prices (1979)A note on the impact of audit qualifications on lending and credit decisions (1980)The Adjustment of Stock Prices to New Information (2003)ESG rating results and corporate total factor productivity (2024)On the Usefulness of Earnings and Earnings Research: Lessons and Directions from Two Decades of Empirical Research (1989)Analysis of Panel Data (2003)Corporate Governance and Earnings Management by Classification Shifting* (2011)Do Political Connections Add Value to Audit Firms? Evidence from IPO Audits in China (2012)Corporate governance, female directors and quality of financial information (2016)Some New Stock-Market Indexes (1966)A Subordinated Stochastic Process Model with Finite Variance for Speculative Prices (1973)An Intertemporal Capital Asset Pricing Model (1973)Conditional Heteroskedasticity in Asset Returns: A New Approach (1991)Returns to Buying Winners and Selling Losers: Implications for Stock Market Efficiency (1993)Illiquidity and stock returns: cross-section and time-series effects (2002)Portfolio Selection: Efficient Diversification of Investments (1959)THE PERFORMANCE OF MUTUAL FUNDS IN THE PERIOD 1945–1964 (1968)THE VALUATION OF RISK ASSETS AND THE SELECTION OF RISKY INVESTMENTS IN STOCK PORTFOLIOS AND CAPITAL BUDGETS**This paper is another in a series of interrelated theoretical and statistical studies of corporate financial and investment policies being made under grants from the Rockefeller Foundation, and more recently the Ford Foundation, to the Harvard Business School. The generous support for this work is most gratefully acknowledged. The author is also much indebted to his colleagues Professors Bishop, Christenson, Kahr, Raiffa, and (especially) Schlaifer, for extensive discussion and commentary on an earlier draft of this paper; but responsibility for any errors or imperfections remains strictly his own.[Professor Sharpe's paper, “Capital Asset Prices: A Theory of Market Equilibrium Under Conditions of Risk” (Journal of Finance, September 1964) appeared after this paper was in final form and on its way to the printers. My first section, which parallels the first half of his paper (with corresponding conclusions), sets the algebraic framework for sections II, III and VI, (which have no counterpart in his paper) and for section IV on the equilibrium prices of risk assets, concerning which our results differ significantly for reasons which will be explored elsewhere. Sharpe does not take up the capital budgeting problem developed in section V below.] (1975)Book Review: Time Series Analysis: Forecasting and Control (1977)Time Series Analysis: Forecasting and Control (1977)Efficient Capital Markets: II (1991)ARCH modeling in finance (1992)Politically Connected Firms (2006)The Nature of the Firm (1937)EFFICIENT CAPITAL MARKETS: A REVIEW OF THEORY AND EMPIRICAL WORK* (1970)The Pricing of Options and Corporate Liabilities (1973)Separation of Ownership and Control (1983)An Integrative Model Of Organizational Trust (1995)Information and the Cost of Capital (2004)Performance matched discretionary accrual measures (2005)A review of archival auditing research (2014)Consequences of Expanded Audit Reports: Evidence from the Justifications of Assessments in France (2018)The Disclosure and Consequences of U.S. Critical Audit Matters (2022)The Market for "Lemons": Quality Uncertainty and the Market Mechanism (1970)Corporate financing and investment decisions when firms have information that investors do not have (1984)The economic implications of corporate financial reporting (2005)Revisiting the relation between environmental performance and environmental disclosure: An empirical analysis (2007)Voluntary Nonfinancial Disclosure and the Cost of Equity Capital: The Initiation of Corporate Social Responsibility Reporting (2010)Earnings, Book Values, and Dividends in Equity Valuation* (1995)Valuation and Clean Surplus Accounting for Operating and Financial Activities* (1995)When Is a Liability Not a Liability? Textual Analysis, Dictionaries, and 10‐Ks (2011)What matters in disclosures of key audit matters: Evidence from Europe (2018)Understanding the determinants of the magnitude of entity-level risk and account-level risk key audit matters: The case of the United Kingdom (2019)Dividend Policy, Growth, and the Valuation of Shares (1961)CAPITAL ASSET PRICES: A THEORY OF MARKET EQUILIBRIUM UNDER CONDITIONS OF RISK* (1964)The Behavior of Stock-Market Prices (1965)Risk, Return, and Equilibrium: Empirical Tests (1973)
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References

  • 1976Theory of the firm: Managerial behavior, agency costs and ownership structure71,441 cited
  • 2001Information asymmetry, corporate disclosure, and the capital markets: A review of the empirical disclosure literature7,391 cited
  • 1985Using daily stock returns6,887 cited
  • 1969The Adjustment of Stock Prices to New Information5,093 cited
  • 1977Estimating betas from nonsynchronous data2,751 cited
  • 1963A Simplified Model for Portfolio Analysis2,740 cited
  • 2018Consequences of adopting an expanded auditor’s report in the United Kingdom382 cited
  • 2022Why are expanded audit reports not informative to investors? Evidence from the United Kingdom309 cited
  • 2000An Emerging Market's Reaction to Initial Modified Audit Opinions: Evidence from the Shanghai Stock Exchange*191 cited
  • 1978Qualified Audit Reports: Their Impact on Investment Decisions.98 cited
  • 2006Event studies with a contaminated estimation period93 cited
  • 1990The Meaning of Audit Reports72 cited
  • 2014Do Investors Respond to Explanatory Language Included in Unqualified Audit Reports?71 cited
  • 2018Measuring the market response to going concern modifications: the importance of disclosure timing69 cited
  • 2015Stock market reaction to auditor opinions – Italian evidence

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  • 2010A Theoretical Examination of the Role of Auditing and the Relevance of Audit Reports53 cited
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