We examine the impact of PCAOB Auditing Standard No. 5 (“AS5”) and the economic recession on risk characteristics and degree of auditor/client misalignment in the publicly-traded client portfolios of Big 4 firms. AS5 and the economic recession both likely resulted in an increase in audit...

The dates of U.S. business cycle are reported by NBER with a considerable delay, so an early notion of turning points is of particular interest. This paper proposes a novel sequential approach designed for timely signaling these turning points. A directional cumulated sum decision rule is...

Using data from the Current Population Survey from 1980 through 2010 we examine what drives variation andcyclicality in the growth rate of real wages over time. We employ a novel decomposition technique that allowsus to divide the time series for median weekly earnings growth into the part...