Contagion or Competition: Going Concern Audit Opinions for Real Estate Firms |
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Authors: | R Stephen Elliott Michael J Highfield Mark Schaub |
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Institution: | (1) Northwestern State University, Natchitoches, LA, USA;(2) Mississippi State University, Ruston, LA, USA |
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Abstract: | We examine whether intra–industry information transfers from going–concern audit opinion announcements create contagion or
competitive stock price reactions for other real estate firms operating in the same line of business. Using returns from publicly-traded
land subdivision/development firms and Real Estate Investment Trusts, we find modest evidence supporting a competitive effect
among rival firms as a result of another real estate firm announcing the receipt of a Going Concern Opinion (GCO) from its
independent auditors. |
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Keywords: | Going concern opinions Contagion effect Competitive effect |
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