Reactions of the Spanish Capital Market to Qualified Audit Reports
Posted: 5 Oct 2004
Abstract
Since mandatory auditing of financial statements was first established in Spain, very few studies have been conducted to test the information content of audit reports in the Spanish capital market. The aim of this study is, then, to test empirically whether there is a relationship between audit qualifications and stock prices in the context of the Spanish market. We have used the event study methodology for this purpose. Our findings show that qualified audit reports do not have information value for investors.
Keywords: Capital market, event studies, information content, audit report
JEL Classification: M41, M49, G12, M49, M47
Suggested Citation: Suggested Citation
Garcia Benau, Maria Antonia and Pucheta Martínez, María Consuelo and Vico Martinez, Antonio, Reactions of the Spanish Capital Market to Qualified Audit Reports. Available at SSRN: https://ssrn.com/abstract=599804
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