南强讲座第346期
题目: AUDIT QUALITY AND THE MARKET VALUATION OF BANKS’ ALLOWANCE FOR LOAN LOSSES
演讲者：Gerald J. Lobo， Professor in Accounting, C. T. Bauer College of Business, University of Houston
时间: 2009年6月24日（星期三）10:00—11:30AM
地点: 图书馆5楼报告厅
参加者: 对会计研究有兴趣的广大师生
主持人： 孙谦教授
论文摘要：
The recent banking crisis has led market participants to focus on the adequacy and quality of banks’ balance sheet items such as the allowance for loan losses. Beaver and Engel (1996) document that the capital market prices the nondiscretionary component of loan loss allowance negatively and the discretionary component less negatively. Using three measures of audit quality, auditor type (i.e., Big 5 vs non-Big 5), auditor industry specialization/expertise, and audit and nonaudit fees paid to auditors, we examine the effect of audit quality on the market valuation of the discretionary component of the allowance for loan losses. We find that, relative to the nondiscretionary component, the market valuation of the discretionary component of loan loss allowance is higher for banks audited by Big 5 auditors than for banks audited by non-Big 5 auditors. This result holds even after controlling for self-selection, i.e., the possibility that large banks and banks with more complex operations are more likely to hire Big 5 auditors. We also find that the relative market valuation of the discretionary component is increasing in auditor expertise. Our findings regarding the impact of fees paid to auditors indicate that banks paying higher audit fees have higher relative market valuation for the discretionary component of the allowance for loan losses, but banks that pay higher nonaudit fees do not.
论文作者简介：
Gerald J. Lobo joined the Bauer College of Business at the University of Houston as the Arthur Andersen Chair, professor of accounting, and chairman of the Department of Accountancy & Taxation in 2004. Prior to joining the Bauer College, he served as the George E. Bennett Professor of Accounting, chairman of the Department of Accounting, and director of the George E. Bennett Research Center at Syracuse University, and on the faculty of the University of Wisconsin – Madison. He has also been a visiting professor at the University of Michigan, McMaster University, Canada and SungKyunKwan University, Korea, and a visiting research scholar at the Hong Kong Polytechnic University. Dr. Lobo holds a PhD from the University of Michigan, an MBA from McMaster University, and a B.Tech with honors from the Indian Institute of Technology, Bombay.
下载: 论文.doc