Publicly traded firms issue annual reports with significant portions that contain non-numerical information (i.e., written expressions). AU Section 550 of the professional standards (AICPA 2003) refers to this type of non-numerical information that accompanies the financial statements as Òother...

Failures may lead to ultimate success in both nature and business. Just as dynamic ecosystems depend on death to replace senescent organisms with vigorous growth, the termination of uneconomic activities is essential to wealth creation. This paper explores the benefits of failures, and uses...

We examine the role of past litigation in the selection of independent auditors. Using a sample of persons typically involved in auditor selection, we find that any litigation announcement alleging audit improprieties greatly reduces the auditorÕs likelihood of hire regardless of the type of...

Publicly traded firms issue annual reports with significant portions that contain non‐numerical information (i.e., written expressions). AU Section 550 of the professional standards (AICPA 2003) refers to this type of non‐numerical information that accompanies the financial statements as...