<heading id="h1" level="1" implicit="yes" format="display">ABSTRACT</heading>The adoption of business risk audit (BRA) approaches during the 1990s by several leading audit firms has been the subject of considerable scrutiny and commentary. Under BRA, the auditor responds to the increasing complexity of auditee financial reports by acquiring a deep and...

<heading id="h1" level="1" implicit="yes" format="display">ABSTRACT</heading>The replacement of Auditing Standard No. 2 (AS2) by Auditing Standard No. 5 (AS5) creates a natural experiment that sheds light on (1) potential inefficiencies caused by regulatory responses to a political crisis and (2) audit efficiency and effectiveness improvements resulting from the...

We argue that conflicting estimates of auditors' industry leadership premia documented in prior research reflect model misspecification. We show that leadership measures can be expected to identify different auditors as leaders depending on the basis (assets, fees or auditee counts) used to...

The duration and magnitude of the private economic benefits obtained from firm-level R&D outlays are important to managers, investors and policy-makers. We present a modeling and estimation approach that facilitates reliable estimation of these benefits under mild a priori assumptions. Our...