摘要：aResearch concerning price reaction to audit report disclosures concentrates on the announcement effect. Extensive studies show that, in general, the market responds negatively to qualified opinions. Some studies examine medium-term performance subsequent to the disclosure of qualified reports. A number of factors may be associated with returns around the audit report and report announcement days. We consider three sets of factors: company-specific characteristics, insider ownership and behavior, and auditor's reputation and opinions.
