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K K Raman - One of the best experts on this subject based on the ideXlab platform.
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did the 1998 merger of Price Waterhouse and coopers lybrand increase audit quality
Contemporary Accounting Research, 2017Co-Authors: Jonghag Choi, Seil Kim, K K RamanAbstract:We examine the effects of the 1998 merger of Price Waterhouse (PW) and Coopers & Lybrand (CL) on the audit quality of the merged firm PriceWaterhouseCoopers (PwC) at both the firm and office levels, where audit quality is surrogated by the auditor's propensity to issue a going-concern opinion, clients’ likelihood of meeting or beating analysts’ earnings forecasts, and clients’ accrual quality. At the firm level, we find that the merger increased audit quality for PwC relative to the audit quality of the other Big N firms. At the office level, our findings, albeit mixed, collectively suggest that the improvement in firm-level audit quality was likely driven by the improvement in audit quality at PwC's overlapping offices, that is, offices in cities where both PW and CL had separate offices prior to the merger. Further, our findings suggest that although the PW/CL merger increased auditor concentration in local audit markets with PwC overlapping offices, the merger improved (rather than hurt) audit quality in those markets. Overall, our study contributes to the extant sparse literature on the effect of Big N mergers on audit quality, and is of potential interest to regulators.
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did the 1998 merger of Price Waterhouse and coopers lybrand increase audit quality
Social Science Research Network, 2013Co-Authors: Jonghag Choi, Seil Kim, K K RamanAbstract:Prior research on the audit quality effects of Big N audit firm mergers is sparse. In this study, we examine the effects of the 1998 merger of Price Waterhouse (PW) and Coopers & Lybrand (CL) on the audit quality of PriceWaterhouseCoopers (PwC) at both the firm- and the local office-levels, where audit quality is surrogated by the auditor’s propensity to issue a going concern opinion and the client’s discretionary accruals and accruals quality. At the firm-level, we find only weak evidence of an increase in audit quality for the merged firm (PwC) relative to the audit quality of the pre-merger component firms (PW and CL). At the office-level, we find stronger evidence of an increase in audit quality following the merger but only at the firm’s overlapping local offices, i.e., PwC offices in cities where both PW and CL had separate offices prior to the merger. Following the merger, these overlapping offices immediately increased in size as a result of merging the pre-existing (but separate) PW and CL local offices. Overall, the evidence suggests that Big N mergers increase audit quality only to the extent that there is an increase in office size.
Ruiz Barbadillo Emiliano - One of the best experts on this subject based on the ideXlab platform.
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El éxito de los procesos de fusión en el mercado de auditoría: el caso de PriceWaterhouseCoopers
ASEPUC. Published by Elsevier España S.L., 2015Co-Authors: De Fuentes Cristina, García Benau, María Antonia, Pucheta Martínez, María Consuelo, Ruiz Barbadillo EmilianoAbstract:ResumenEste trabajo ofrece evidencia sobre el resultado de la fusión de Price Waterhouse y Coopers & Lybrand respecto a 2 de los objetivos que pretendían alcanzarse con la operación empresarial, como son el crecimiento de la nueva compañía en términos de cifra de negocios y el aumento de la cuota de mercado. El estudio, aplicando metodología utilizada en trabajos anteriores, comprende el periodo 1997-2003, incluyendo 5 años posteriores a la fusión, que se llevó a cabo en 1998.Los resultados revelan que PriceWaterhouse y Coopers & Lybrand hubiesen alcanzado una cuota de mercado y una facturación inferior a la de sus competidores más directos en caso de no haberse fusionado, aunque las diferencias no son significativas. Por otra parte, la firma fusionada alcanzó una facturación y cuota de mercado significativamente superior a la de sus competidoras más relevantes, siendo en este caso las diferencias estadísticamente significativas. Así pues, este trabajo nos permite concluir que la firma resultante de la fusión, PriceWaterhouseCoopers, ha alcanzado un grado de penetración en el mercado de auditoría mayor que el de sus competidores más directos.AbstractThis study offers evidence about the outcome of the Price Waterhouse and Coopers & Lybrand merger. In particular, we have analysed whether the two objectives of the integration project were finally reached, i.e. to boost the growth of the revenues, and the market share of the new company. To that end, we have applied widely used methodology. The study covers the 1997-2003 period, including five years post-merger, an operation that took place in 1998.The findings show that PriceWatherhouse and Coopers & Lybrand would have achieved a market share and growth rate in revenues lower than their most direct competitors, if the merger had not taken place, although the differences between them are not statistically significant. On the other hand, the merged firm achieved a growth rate and market share higher than their most direct rivals, with the differences between them being statistically significant. Thus, we can conclude that the merged company, PriceWaterhouseCoopers, has achieved a higher level audit market penetration than their direct competitors
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The merger strategy within the audit market environment: The case of PriceWaterhouseCoopers
Asociación Española de Profesores Universitarios de Contabilidad, 2015Co-Authors: Pucheta Martínez, María Consuelo, De Fuentes Barberá Cristina, García Benaua, María Antonia, Ruiz Barbadillo EmilianoAbstract:Este trabajo ofrece evidencia sobre el resultado de la fusión de Price Waterhouse y Coopers & Lybrand respecto a 2 de los objetivos que pretendían alcanzarse con la operación empresarial, como son el crecimiento de la nueva compañía en términos de cifra de negocios y el aumento de la cuota de mercado. El estudio, aplicando metodología utilizada en trabajos anteriores, comprende el periodo 1997-2003, incluyendo 5 años posteriores a la fusión, que se llevó a cabo en 1998. Los resultados revelan que PriceWaterhouse y Coopers & Lybrand hubiesen alcanzado una cuota de mercado y una facturación inferior a la de sus competidores más directos en caso de no haberse fusionado, aunque las diferencias no son significativas. Por otra parte, la firma fusionada alcanzó una facturación y cuota de mercado significativamente superior a la de sus competidoras más relevantes, siendo en este caso las diferencias estadísticamente significativas. Así pues, este trabajo nos permite concluir que la firma resultante de la fusión, PriceWaterhouseCoopers, ha alcanzado un grado de penetración en el mercado de auditoría mayor que el de sus competidores más directos.This study offers evidence about the outcome of the Price Waterhouse and Coopers & Lybrand merger. In particular, we have analysed whether the two objectives of the integration project were finally reached, i.e. to boost the growth of the revenues, and the market share of the new company. To that end, we have applied widely used methodology. The study covers the 1997-2003 period, including five years post-merger, an operation that took place in 1998. The findings show that PriceWatherhouse and Coopers & Lybrand would have achieved a market share and growth rate in revenues lower than their most direct competitors, if the merger had not taken place, although the differences between them are not statistically significant. On the other hand, the merged firm achieved a growth rate and market share higher than their most direct rivals, with the differences between them being statistically significant. Thus, we can conclude that the merged company, PriceWaterhouseCoopers, has achieved a higher level audit market penetration than their direct competitors
Jonghag Choi - One of the best experts on this subject based on the ideXlab platform.
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did the 1998 merger of Price Waterhouse and coopers lybrand increase audit quality
Contemporary Accounting Research, 2017Co-Authors: Jonghag Choi, Seil Kim, K K RamanAbstract:We examine the effects of the 1998 merger of Price Waterhouse (PW) and Coopers & Lybrand (CL) on the audit quality of the merged firm PriceWaterhouseCoopers (PwC) at both the firm and office levels, where audit quality is surrogated by the auditor's propensity to issue a going-concern opinion, clients’ likelihood of meeting or beating analysts’ earnings forecasts, and clients’ accrual quality. At the firm level, we find that the merger increased audit quality for PwC relative to the audit quality of the other Big N firms. At the office level, our findings, albeit mixed, collectively suggest that the improvement in firm-level audit quality was likely driven by the improvement in audit quality at PwC's overlapping offices, that is, offices in cities where both PW and CL had separate offices prior to the merger. Further, our findings suggest that although the PW/CL merger increased auditor concentration in local audit markets with PwC overlapping offices, the merger improved (rather than hurt) audit quality in those markets. Overall, our study contributes to the extant sparse literature on the effect of Big N mergers on audit quality, and is of potential interest to regulators.
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did the 1998 merger of Price Waterhouse and coopers lybrand increase audit quality
Social Science Research Network, 2013Co-Authors: Jonghag Choi, Seil Kim, K K RamanAbstract:Prior research on the audit quality effects of Big N audit firm mergers is sparse. In this study, we examine the effects of the 1998 merger of Price Waterhouse (PW) and Coopers & Lybrand (CL) on the audit quality of PriceWaterhouseCoopers (PwC) at both the firm- and the local office-levels, where audit quality is surrogated by the auditor’s propensity to issue a going concern opinion and the client’s discretionary accruals and accruals quality. At the firm-level, we find only weak evidence of an increase in audit quality for the merged firm (PwC) relative to the audit quality of the pre-merger component firms (PW and CL). At the office-level, we find stronger evidence of an increase in audit quality following the merger but only at the firm’s overlapping local offices, i.e., PwC offices in cities where both PW and CL had separate offices prior to the merger. Following the merger, these overlapping offices immediately increased in size as a result of merging the pre-existing (but separate) PW and CL local offices. Overall, the evidence suggests that Big N mergers increase audit quality only to the extent that there is an increase in office size.
García Benau, María Antonia - One of the best experts on this subject based on the ideXlab platform.
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El éxito de los procesos de fusión en el mercado de auditoría: el caso de PriceWaterhouseCoopers
ASEPUC. Published by Elsevier España S.L., 2015Co-Authors: De Fuentes Cristina, García Benau, María Antonia, Pucheta Martínez, María Consuelo, Ruiz Barbadillo EmilianoAbstract:ResumenEste trabajo ofrece evidencia sobre el resultado de la fusión de Price Waterhouse y Coopers & Lybrand respecto a 2 de los objetivos que pretendían alcanzarse con la operación empresarial, como son el crecimiento de la nueva compañía en términos de cifra de negocios y el aumento de la cuota de mercado. El estudio, aplicando metodología utilizada en trabajos anteriores, comprende el periodo 1997-2003, incluyendo 5 años posteriores a la fusión, que se llevó a cabo en 1998.Los resultados revelan que PriceWaterhouse y Coopers & Lybrand hubiesen alcanzado una cuota de mercado y una facturación inferior a la de sus competidores más directos en caso de no haberse fusionado, aunque las diferencias no son significativas. Por otra parte, la firma fusionada alcanzó una facturación y cuota de mercado significativamente superior a la de sus competidoras más relevantes, siendo en este caso las diferencias estadísticamente significativas. Así pues, este trabajo nos permite concluir que la firma resultante de la fusión, PriceWaterhouseCoopers, ha alcanzado un grado de penetración en el mercado de auditoría mayor que el de sus competidores más directos.AbstractThis study offers evidence about the outcome of the Price Waterhouse and Coopers & Lybrand merger. In particular, we have analysed whether the two objectives of the integration project were finally reached, i.e. to boost the growth of the revenues, and the market share of the new company. To that end, we have applied widely used methodology. The study covers the 1997-2003 period, including five years post-merger, an operation that took place in 1998.The findings show that PriceWatherhouse and Coopers & Lybrand would have achieved a market share and growth rate in revenues lower than their most direct competitors, if the merger had not taken place, although the differences between them are not statistically significant. On the other hand, the merged firm achieved a growth rate and market share higher than their most direct rivals, with the differences between them being statistically significant. Thus, we can conclude that the merged company, PriceWaterhouseCoopers, has achieved a higher level audit market penetration than their direct competitors
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El éxito de los procesos de fusión en el mercado de auditoría: el caso de PriceWaterhouseCoopers: The merger strategy within the audit market environment: The case of PriceWaterhouseCoopers
'Elsevier BV', 2015Co-Authors: Ruiz barbadillo Emiliano, De fuentes Cristina, Pucheta-martínez María consuelo, García Benau, María AntoniaAbstract:This study offers evidence about the outcome of the Price Waterhouse and Coopers & Lybrand merger. In particular, we have analysed whether the two objectives of the integration project were finally reached, i.e. to boost the growth of the revenues, and the market share of the new company. To that end, we have applied widely used methodology. The study covers the 1997-2003 period, including five years post-merger, an operation that took place in 1998.The findings show that PriceWatherhouse and Coopers & Lybrand would have achieved a market share and growth rate in revenues lower than their most direct competitors, if the merger had not taken place, although the differences between them are not statistically significant. On the other hand, the merged firm achieved a growth rate and market share higher than their most direct rivals, with the differences between them being statistically significant. Thus, we can conclude that the merged company, PriceWaterhouseCoopers, has achieved a higher level audit market penetration than their direct competitors.Este trabajo ofrece evidencia sobre el resultado de la fusión de Price Waterhouse y Coopers & Lybrand respecto a 2 de los objetivos que pretendían alcanzarse con la operación empresarial, como son el crecimiento de la nueva compañía en términos de cifra de negocios y el aumento de la cuota de mercado. El estudio, aplicando metodología utilizada en trabajos anteriores, comprende el periodo 1997-2003, incluyendo 5 años posteriores a la fusión, que se llevó a cabo en 1998.Los resultados revelan que PriceWaterhouse y Coopers & Lybrand hubiesen alcanzado una cuota de mercado y una facturación inferior a la de sus competidores más directos en caso de no haberse fusionado, aunque las diferencias no son significativas. Por otra parte, la firma fusionada alcanzó una facturación y cuota de mercado significativamente superior a la de sus competidoras más relevantes, siendo en este caso las diferencias estadísticamente significativas. Así pues, este trabajo nos permite concluir que la firma resultante de la fusión, PriceWaterhouseCoopers, ha alcanzado un grado de penetración en el mercado de auditoría mayor que el de sus competidores más directos
Seil Kim - One of the best experts on this subject based on the ideXlab platform.
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did the 1998 merger of Price Waterhouse and coopers lybrand increase audit quality
Contemporary Accounting Research, 2017Co-Authors: Jonghag Choi, Seil Kim, K K RamanAbstract:We examine the effects of the 1998 merger of Price Waterhouse (PW) and Coopers & Lybrand (CL) on the audit quality of the merged firm PriceWaterhouseCoopers (PwC) at both the firm and office levels, where audit quality is surrogated by the auditor's propensity to issue a going-concern opinion, clients’ likelihood of meeting or beating analysts’ earnings forecasts, and clients’ accrual quality. At the firm level, we find that the merger increased audit quality for PwC relative to the audit quality of the other Big N firms. At the office level, our findings, albeit mixed, collectively suggest that the improvement in firm-level audit quality was likely driven by the improvement in audit quality at PwC's overlapping offices, that is, offices in cities where both PW and CL had separate offices prior to the merger. Further, our findings suggest that although the PW/CL merger increased auditor concentration in local audit markets with PwC overlapping offices, the merger improved (rather than hurt) audit quality in those markets. Overall, our study contributes to the extant sparse literature on the effect of Big N mergers on audit quality, and is of potential interest to regulators.
-
did the 1998 merger of Price Waterhouse and coopers lybrand increase audit quality
Social Science Research Network, 2013Co-Authors: Jonghag Choi, Seil Kim, K K RamanAbstract:Prior research on the audit quality effects of Big N audit firm mergers is sparse. In this study, we examine the effects of the 1998 merger of Price Waterhouse (PW) and Coopers & Lybrand (CL) on the audit quality of PriceWaterhouseCoopers (PwC) at both the firm- and the local office-levels, where audit quality is surrogated by the auditor’s propensity to issue a going concern opinion and the client’s discretionary accruals and accruals quality. At the firm-level, we find only weak evidence of an increase in audit quality for the merged firm (PwC) relative to the audit quality of the pre-merger component firms (PW and CL). At the office-level, we find stronger evidence of an increase in audit quality following the merger but only at the firm’s overlapping local offices, i.e., PwC offices in cities where both PW and CL had separate offices prior to the merger. Following the merger, these overlapping offices immediately increased in size as a result of merging the pre-existing (but separate) PW and CL local offices. Overall, the evidence suggests that Big N mergers increase audit quality only to the extent that there is an increase in office size.