The Enron-Andersen Debacle: Do Equity Markets React to Auditor Reputation?
The Enron-Andersen Debacle: Do Equity Markets React to Auditor Reputation?
复制标题
安然-安达信惨败：股票市场会对审计师声誉做出反应吗？
DOI：
10.2139/ssrn.341440
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发表时间：
2002
期刊：
影响因子：
--
通讯作者：
M. Morel
中科院分区：
文献类型：
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作者：
Jeffrey L. Callen;M. Morel
安然-安达信的惨败提供了一个独特的机会来调查股价是否损害了审计师的声誉。我们通过比较 2001 年 10 月至 2002 年 1 月期间安达信审计客户样本的每日股票收益与五大非安达信审计客户的控制样本的每日股票收益来解决这个问题。这四个月的特点是发生了对安达信声誉产生负面影响的事件，例如安然公司破产和安德森公司员工撕碎安然公司文件。实证结果并不明确。单变量和回归结果表明，对于安达信和非安达信审计客户来说，事件日异常收益和两日累计异常收益通常与零没有显着差异。另一方面，所有事件日的累积异常收益对于安徒生样本来说是略微显着的负值，对于非安徒生对照样本来说是微不足道的负值。有证据表明，与安达信直接相关的事件对股票回报的负面影响比与安然直接相关的事件更大。数据还表明，安然事件对非安达信五巨头审计客户产生了负面溢出效应。就经济意义而言，在这四个月期间发生的事件中，安德森样本的风险调整回报率比非安德森样本损失了约 4%。
The Enron-Andersen debacle provides a unique opportunity to investigate whether equity prices impound auditor reputation. We address this issue by comparing the daily stock returns of a sample of Andersen audit clients with those of a control sample of big five non-Andersen audit clients during the months of October 2001 through January 2002. These four months are characterized by events that negatively impacted upon Andersen's reputation such as Enron's bankruptcy and the shredding of Enron documents by Anderson employees. The empirical results are not clear cut. Univariate and regression results indicate that event day abnormal returns and twoday cumulative abnormal returns are generally not significantly different from zero for both Andersen and non-Andersen audit clients. On the other hand, cumulative abnormal returns over all event days are marginally significantly negative for the Andersen sample and insignificantly negative for the non-Andersen control sample. There is some evidence that events directly related to Andersen had a larger negative impact on stock returns than events directly related to Enron. The data also suggests that the Enron affair had a negative spillover effect on non-Andersen big five audit clients. In terms of economic significance, the Andersen sample lost about 4% more than the non-Andersen sample in risk-adjusted returns over the events in the four month period.