时间：2019年12月9日（星期一）19:00-21:00地点：广东外语外贸大学南校区院系办公楼401室

报告人：耿恒（新西兰维多利亚惠灵顿大学金融系助理教授）

主题：Does Audit Market Competition Matter to Investors? Evidence from Cost of Bank Financing

主办单位：广东外语外贸大学金融学院、广州华南财富管理中心研究基地、中国家庭金融与资产管理研究中心、广东省普通高校创新团队项目 “投资管理、期权定价和风险管理”

主要内容

This paper studies the effect of audit market competition on the clients’ cost of bank loans. Exploiting the demise of Arthur Andersen, which differently reduced the local audit market competition of metropolitan statistical areas (MSAs), we find that auditor competition increases the cost of bank loans of auditors’ client firms. Further analysis indicates that this effect is more pronounced when external monitoring with respect to financial reporting is weaker and when a client is more economically important to its auditor. The findings are consistent with the auditor-client conflict of interest hypothesis.

报告人介绍

耿恒，毕业于香港大学经济与工商管理学院，获金融学博士学位，现任新西兰维多利亚惠灵顿大学金融系助理教授，主要研究领域为实证公司金融。