In early 2017, the Public Company Accounting Oversight Board (PCAOB) mandated the disclosure of audit participants, including the lead audit partner and other audit firms participating in the audit (“component auditors”). In this study, we examine whether investors use these disclosures in a way that influences their investment decisions, a primary goal of the PCAOB. Using trading volume, absolute abnormal returns, and bid–ask spreads, we find little evidence of a significant investor response following the disclosure of partner identity or component auditor participation in the first three years of the requirement. We also examine instances where these disclosures are most likely to be informative (e.g., partners associated with restatements or component auditors with PCAOB deficiencies) and find no significant investor response. Taken together, we find little evidence that capital markets respond to partner and component auditor identity in the United States.

中文翻译：

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投资者关心审计的对象是谁吗？来自表格 AP 的证据

2017 年初，上市公司会计监督委员会 (PCAOB) 要求披露审计参与者，包括首席审计合伙人和其他参与审计的审计公司（“组成审计师”）。在本研究中，我们检查投资者是否以影响其投资决策的方式使用这些披露，这是 PCAOB 的主要目标。使用交易量、绝对异常回报和买卖价差，我们发现几乎没有证据表明在要求的前三年披露合伙人身份或组成部分审计师参与后投资者会做出重大反应。我们还检查了这些披露最有可能提供信息的情况（例如，与重述相关的合作伙伴或具有 PCAOB 缺陷的组成部分审计师），并没有发现重大的投资者反应。综合起来，