This paper examines how the relative timing affects the quality of financial reports in a staggered reporting system. We show that the audit quality of the leader firm exceeds that of the lagger. Investment efficiency also differs systematically across firms depending on the relative reporting...

This paper presents an economic framework to study strategic interactions along the analyst--auditor--owner monitoring chain in a financial reporting game and sheds light on possible consequences of various capital market regulations. We find that enhancing the analyst's independence alleviates...

We study the effects of the disclosure of critical audit matters (CAMs) on an auditor's audit effort and an investor's scrutiny effort decisions, as well as on investment efficiency. Both the auditor and the investor can prevent a bad investment by respectively auditing and scrutinizing the...