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What is Investor Response to Going Concern Audits about?
This document summarizes a study on investor reaction to going concern audit reports (GCARs). The study finds: 1) Investors react negatively, on average, to the announcement of a first-time GCAR, as evidenced by negative excess stock returns. 2) The negative reaction is more severe for GCARs that cite financing problems or trigger a violation of debt covenants restricting GCARs. 3) The negative reaction is driven by institutional investors, as the reaction increases with institutional ownership and ins
- Author
- Rania Rebai
- Language
- EN