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讲座:Managerial Litigation Risk and Auditor Choice

来源:上海交通大学安泰经济与管理学院 | 2019-04-15 | 发布:

会计系学术讲座

讲座题目:Managerial Litigation Risk and Auditor Choice
讲座嘉宾:Leye Li, Lecturer, University of New South Wales
主持人:陈宇 博士,上海交通大学安泰经济与管理学院会计系
时间:2019年4月25日(周四)14:00—16:00
地点:上海交通大学 徐汇校区包图A305
内容摘要:
Our study investigates the causal relationship between managers’ personal litigation risk and their firm’s auditor choice decisions. Exploiting the staggered adoption of universal demand (UD) laws at the state-level in the U.S., we use a difference-in-differences analysis and find a higher propensity for affected firms to switch to higher-quality auditors after the exogenous reduction of managerial litigation risk. This result supports the hypothesis that managers are motivated to increase transparency and reduce agency costs when agency conflicts between managers and outsiders increase. In addition, we document that switching to a higher-quality auditor mitigates the negative effects of UD laws on a firm’s cost of equity. Finally, audit fee premium for each unit of discretionary accruals increases for the affected firms, compared to the control firms during the same period. Our study contributes to our understanding of how regulatory changes that have an impact on agency problems affect firms’ demand for auditing.
嘉宾简介:
Leye Li is a Lecturer at University of New South Wales (UNSW Sydeney). He received his PhD from UNSW and joined the School in 2019. For his PhD, he investigates the impact of managers’ litigation risk on their companies’ decision-making. Prior to this, he worked as an industry analyst in private equity firms in China.

Leyehas a range of interests in research at the intersection of accounting and finance, including financial statement comparability, shareholder litigation and stock price crash risk. His work has been published in Journal of Accounting and Economics.

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