Tunnelling by large shareholders is a problem representative of ownership concentration. Large shareholders may interfere with a firm's information disclosure to support their tunnelling behaviour, causing a high stock price crash risk. Using listed companies in China from 2001 to 2019 as a...

Prior research provides inconsistent evidence about the effect of PCAOB censures of US Big 4 audit firms on investors’ reactions. In this study, we use shareholder ratifications of the auditor as a direct measure of investor perceptions about audit quality. We find that first-time censures of...