This paper presents some interesting new properties of third order stochastic dominance (TSD) for risk-averse and risk-seeking investors. We show that the means of the assets being compared should be included in the definition of TSD for both investor types. We also derive the conditions on the...

Purpose: This paper aims to analyze the differences in the efficiency of public accounting firms across both firms and countries in the post-Sarbanes-Oxley world. It also investigates the issues surrounding the dynamics of their efficiency gaps. Design/methodology/approach: This study uses...