On the information content of audit opinion: evidence from the Tunisian Stock Exchange

Faten Hakim Ghorbel and Mohamed Ali Omri

International Journal of Economics and Accounting, 2013, vol. 4, issue 2, 155-168

Abstract: This study investigates the effect of modified audit opinions on the emerging Tunisian Stock Market. The empirical association between qualified audit opinion and stock market reaction has been studied extensively in the accounting literature and reported mixed results. By using the cumulative abnormal liquidity as a measure of market reaction to the qualified audit opinion, we found that the abnormal liquidity surrounding the release of the auditor's report was negative for firms with received qualified audit opinion. This result consistent with the Tunisian investors' strong negative response to qualified audit opinion underscores their important signalling effect in an emerging market.

Keywords: auditor opinion; qualified audit opinion; cumulative abnormal liquidity; Tunisian Stock Exchange; TSE; Tunisia; auditing; emerging markets; auditor reports; accounting; signalling effect. (search for similar items in EconPapers)
Date: 2013
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Persistent link: https://EconPapers.repec.org/RePEc:ids:ijecac:v:4:y:2013:i:2:p:155-168

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