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Reactions of the Spanish capital market to qualified audit reports

Author

Listed:
  • Maria Consuelo Pucheta Martinez
  • Antonio Vico Martinez
  • Maria Antonia Garcia Benau

Abstract

Since 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.

Suggested Citation

  • Maria Consuelo Pucheta Martinez & Antonio Vico Martinez & Maria Antonia Garcia Benau, 2004. "Reactions of the Spanish capital market to qualified audit reports," European Accounting Review, Taylor & Francis Journals, vol. 13(4), pages 689-711.
  • Handle: RePEc:taf:euract:v:13:y:2004:i:4:p:689-711 DOI: 10.1080/0963818042000216848
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    References listed on IDEAS

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    1. Scholes, Myron & Williams, Joseph, 1977. "Estimating betas from nonsynchronous data," Journal of Financial Economics, Elsevier, vol. 5(3), pages 309-327, December.
    2. Brown, Stephen J. & Warner, Jerold B., 1985. "Using daily stock returns : The case of event studies," Journal of Financial Economics, Elsevier, vol. 14(1), pages 3-31, March.
    3. repec:bla:joares:v:6:y:1968:i:2:p:159-178 is not listed on IDEAS
    4. Brown, Stephen J. & Warner, Jerold B., 1980. "Measuring security price performance," Journal of Financial Economics, Elsevier, vol. 8(3), pages 205-258, September.
    5. Fama, Eugene F, 1970. "Efficient Capital Markets: A Review of Theory and Empirical Work," Journal of Finance, American Finance Association, vol. 25(2), pages 383-417, May.
    6. A. Craig MacKinlay, 1997. "Event Studies in Economics and Finance," Journal of Economic Literature, American Economic Association, pages 13-39.
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    Cited by:

    1. Robert Czernkowski & Wendy Green & Yi Wang, 2010. "The value of audit qualifications in China," Managerial Auditing Journal, Emerald Group Publishing, vol. 25(5), pages 404-426, May.
    2. Ali A. Al-Thuneibat & Basheer Ahmad Khamees & Nedal A. Al-Fayoumi, 2008. "The effect of qualified auditors' opinions on share prices: evidence from Jordan," Managerial Auditing Journal, Emerald Group Publishing, vol. 23(1), pages 84-101, January.
    3. repec:bla:acctfi:v:57:y:2017:i:2:p:565-595 is not listed on IDEAS
    4. repec:eur:ejmsjr:351 is not listed on IDEAS

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