Given the focus on auditor independence in the corporate literature, prior research has focused almost exclusively on nonaudit services obtained from the incumbent CPA firm. By contrast, auditor independence is generally not viewed as a critical issue in the public sector; rather, the policy...

Prior studies have shown that seasoned municipal bond prices exhibit a marked increase in variability during the period of new bond issues by the same municipality. Those studies did not attempt, however, to determine whether accounting information was part of the total information being...

This is the first published study, to our best best knowledge, to look at the junk IPOs in a systematic manner using a quasi-experimental design. The study abandons the notion of homogeneous market for IPOs, and instead focuses on the differential demand for information across identifiable...