The reform to convert non-floating shares to floating in China provides a setting in which shares are subject to different liquidity constraint. We show that the severity of this constraint is inversely related to the extent to which earnings information is reflected in the share prices....

In this study, we investigate whether individual auditors have their own styles by examining their clients' financial statement comparability based on a sample from China. We first confirm the existence of an office-level auditor style (Francis et al. 2014) in China. More importantly, we show...