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1、CPASwitchesandAssociatedMarketReactionsAuthor(s):DovFriedandAllenSchiffSource:TheAccountingReview,Vol.56,No.2(Apr.,1981),pp.326-341Publishedby:AmericanAccountingAssociationStableURL:http://www.jstor.org/stable/245816.Accessed:01/06/201309:19YouruseoftheJSTORarchiveindicatesyo
2、uracceptanceoftheTerms&ConditionsofUse,availableat.http://www.jstor.org/page/info/about/policies/terms.jsp.JSTORisanot-for-profitservicethathelpsscholars,researchers,andstudentsdiscover,use,andbuilduponawiderangeofcontentinatrusteddigitalarchive.Weuseinformationtechnologyandt
3、oolstoincreaseproductivityandfacilitatenewformsofscholarship.FormoreinformationaboutJSTOR,pleasecontactsupport@jstor.org..AmericanAccountingAssociationiscollaboratingwithJSTORtodigitize,preserveandextendaccesstoTheAccountingReview.http://www.jstor.orgThiscontentdownloadedfrom
4、158.182.12.55onSat,1Jun201309:19:19AMAllusesubjecttoJSTORTermsandConditionsTHEACCOUNTINGREVIEWVol.LVI,No.2April1981CPASwitchesandAssociatedMarketReactionsDovFriedandAllenSchiffABSTRACT:In1978,theSecuritiesandExchangeCommissionissueditsfinalrequire-mentsconcerningthedisclosure
5、requirementsofcompaniesthatchangetheirauditors.Alongwithafilingrequirementforanauditorchange,companieswerealsorequiredtoenumerateanddescribedisagreementstheymayhavehadwiththeirCPAsonaccountingandauditingissuesinthe18monthspriortothechange.Toprovideevidenceontheexistenceanddeg
6、reeofmarketimpactofthesedisclosurerequirements,thebehaviorofstockpricesofasampleofcompaniesthatswitchedauditorsandamatchedpairofcontrolcompaniesthatdidnotwereanalyzed.Resultsofthestudyappeartobein-consistentwiththeSECrequirementforcompaniestoenumerateanddescribedisagree-ments
7、withtheirauditors.Forthegeneraleventofauditorchanges,thereseemstobenegativemarketreactionaroundthetimeoftheswitch;however,thereissomedifficultyininterpretingthemotivationforthisreaction.IN1971,theSecuritiesandExchangewhethertheauditorchangewasrecom-Commission(SEC)initiatedits
8、re-mendedorapprovedbytheirauditcom-quirementthatpubliclyheldcom-mitt
