Arthur Andersen's reputation was tarnished following news that its Houston office had shredded documents related to the auditing of energy giant Enron. Earlier studies documented widespread spillover of the reputation effect, suggesting a strong commonality in Big 5 audit practices. We examine...

Using provincial panel data for Chinese commercial banks in the period 2002--2007, this article investigates the impact of competition and privatization on bank lending efficiency. We find evidence of noncommercialization in lending activities. In comparison with privatization, competition plays...

This paper compares the quality of quotes submitted by electronic communication networks (ECNs) and by traditional market makers to the Nasdaq quote montage. An analysis of the most active Nasdaq stocks shows that ECNs not only post informative quotes, but also, compared to market makers, ECNs...