Using synchronous transactions data for IBM from the New York, Pacific, and Midwest Stock Exchanges, we estimate an error correction model to investigate whether each of the exchanges is contributing to price discovery. Johansen's test yields two cointegrating vectors, which together verify the...

Previous studies have focused on accounting measures, such as earnings management and discretionary accruals, in evaluating the effects of auditor compensation on disclosure quality. In contrast, we investigate the impact of fees paid for audit and non-audit services on a market-based measure of...