Reactions of the Spanish capital market to qualified audit reports
AbstractSince mandatory auditing of financial statements was first established in Spain, very few studies have been conducted to test the information content of audit reports in the Spanish capital market. The aim of this study is, then, to test empirically whether there is a relationship between audit qualifications and stock prices in the context of the Spanish market. We have used the event study methodology for this purpose. Our findings show that qualified audit reports do not have information value for investors.
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Bibliographic InfoArticle provided by Taylor & Francis Journals in its journal European Accounting Review.
Volume (Year): 13 (2004)
Issue (Month): 4 ()
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