文章基本信息

标题：The PCAOB sanctions on the Brazilian auditing firms and the reaction of the Brazilian market - an event study
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作者：Camila de Souza Vasconcelos ; Cecília Moraes Santostaso Geron ; Ana Lúcia Fontes de Souza Vasconcelos 等
期刊名称：Revista de Contabilidade e Organizações
电子版ISSN：1982-6486
出版年度：2020
卷号：14
页码：1-13
DOI：10.11606/issn.1982-6486.rco.2020.165802
出版社：Universidade de São Paolo
摘要：The objective of this work is to measure the financial effect reflected in the behavior of companies’ shares listed in the Brazilian capital market and audited by Big Four audit firms after public sanctions issued by PCAOB in the period from 2002 to 2017. To achieve this goal, the research methodology applied was the event study, based on historical closing prices of shares extracted by the Economática database. The results presented corroborate the semi-efficient hypothesis of the Brazilian market, since it was possible to observe that the company mentioned in the sanction issued by PCAOB and the companies listed in the IBOVESPA index and audited by BigFour audit firms, suffered abnormal returns following the publication of PCAOB censures in at least one of the periods analyzed for the events under study.
关键词：Capital markets;Event study;Independent auditors;PCAOB