We examine whether auditors accommodate the information needs of some clients by sharing their private information learned from other clients in their portfolio. In analyzing the setting where the forecast-issuing brokerage houses and the forecasted companies engage the same auditor, we find...

We examine the role that political-economic factors play in shaping financial analyst bias using a series of scheduled provincial elections in China. Theory on political business cycles holds that, in a short period prior to these political events, provincial politicians have stronger incentives...

We examine the role that an audit firm’s national office plays in shaping its practice offices’ economic outcomes. Given that national offices provide superior support, monitoring, and advising to physically closer offices, we expect an increase in proximity to improve practice offices’...

We study the effect of state control on capital allocation and investment in China where the government screens prospective stock issuers. We find that state firms are more likely to obtain government approval to conduct seasoned equity offerings than non-state firms. Further, non-state firms...