2017 Conference on Auditing and Capital Markets

The annual Conference on Auditing and Capital Markets is organized by the PCAOB Office of Economic and Risk Analysis in conjunction with the Journal of Accounting Research. Attendance is limited and by invitation only. Academics interested in receiving an invitation should contact the Office of Economic and Risk Analysis at ERA@pcaobus.org.

The views expressed in the papers selected for presentation are those of the authors, and do not necessarily reflect the view of the PCAOB, Board members, or staff.


* denotes presenting author

Thursday, October 26

11 a.m. – 12 p.m. Registration
12 p.m. – 1 p.m. Lunch
1 p.m. – 1:05 p.m.

Opening remarks

Luigi Zingales, Founding Director, PCAOB Office of Economic and Risk Analysis, and University of Chicago

1:05 p.m. – 2:05 p.m.

The Effect of National Inspection Regimes on Audit Quality

  • Elizabeth Carson (University of New South Wales)
  • Roger Simnett (University of New South Wales)
  • Ulrike Thürheimer (Maastricht University)
  • Ann Vanstraelen* (Maastricht University)
Discussant: Nemit Shroff (Massachusetts Institute of Technology)
2:05 p.m. – 3:05 p.m.

Overcoming Communication Challenges: Can Taking the Specialist's Perspective Improve Auditors' Critical Evaluation and Integration of the Specialist's Work?

  • Jennifer Joe (University of Delaware)
  • Yi-Jing Wu* (Texas Tech University)
  • Aleksandra Zimmerman (Northern Illinois University)

Discussant: Kathryn Kadous (Emory University)

3:05 p.m. – 3:35 p.m. Break
3:35 p.m. – 4:35 p.m.

Small Audit Firms' Failure to Remediate the PCAOB's Quality Control Criticisms: The Supply and Demand of Small Firms' Audit Services

  • Melissa Carlisle (Case Western Reserve University)
  • Bryan Church (Georgia Institute of Technology)
  • Wei Yu* (City University of New York)

Discussant: Gregor Matvos (University of Texas at Austin)

4:35 p.m. – 5:35 p.m.

Keynote address

Evidence-Based Policy Making: Challenges and Opportunities for Accounting and Financial Markets Research

Christian Leuz (University of Chicago and NBER) 

5:35 p.m. – 6:20 p.m. Welcome reception

Friday, October 27

8 a.m. – 8:45 a.m. Breakfast
8:45 a.m. – 9:45 a.m.

Does Company Reporting of Non-GAAP Earnings Result in Less Conservative Auditor Materiality Judgments? Evidence from the U.K.

  • Nicholas Hallman (University of Texas at Austin)
  • Jaime Schmidt (University of Texas at Austin)
  • Anne Thompson* (University of Illinois at Urbana-Champaign)

Discussant: Ted Christensen (University of Georgia)

9:45 a.m. – 10:45 a.m.

How Useful are Auditor’s Going Concern Opinions as Predictors of Default?

  • Elizabeth Gutierrez (Universidad de Chile)
  • Jake Krupa* (University of Miami)
  • Miguel Minutti-Meza (University of Miami)
  • Maria Vulcheva (Florida International University)

Discussant: Tyler Shumway (University of Michigan)

10:45 a.m. – 11:05 a.m. Break
11:05 a.m. – 12:05 p.m.

On the Economics of Audit Partner Tenure and Rotation: Evidence from PCAOB Data

  • Brandon Gipper* (Stanford University)
  • Luzi Hail (University of Pennsylvania)
  • Christian Leuz (University of Chicago and NBER)

Discussant: Steven Huddart (Pennsylvania State University)

12:05 p.m. – 1:05 p.m.

The Effect of Auditor Fair Value Expertise on Audit Quality

  • Dereck Barr-Pulliam* (University of Wisconsin-Madison)
  • Helen Brown-Liburd (Rutgers University)
  • Stephani Mason (DePaul University)

Discussant: S.P. Kothari (Massachusetts Institute of Technology)

1:05 p.m. – 1:55 p.m.


1:55 p.m. – 2:40 p.m.

Economic Research Fellowships in the Office of Economic and Risk Analysis at the PCAOB

Patricia Ledesma, Acting Director and Chief Economist, Research and Economic Tools
2:40 p.m. – 2:45 p.m.

Closing remarks