2026-09-24T19:24:26Z https://www.ideals.illinois.edu/oai-pmh

oai:www.ideals.illinois.edu:2142/115707 2023-07-11 col_2142_5131 col_2142_16440 com_2142_5130 com_2142_16439 com_2142_9216

Thompson, Anne Thompson, Anne Almeida, Heitor Sougiannis, Theodore Urcan, Oktay 2022-05 application/pdf en text Submission published under a 24 month embargo labeled 'Closed Access', the embargo will last until 2024-05-01 The student, Bethany Brumley, accepted the attached license on 2022-04-16 at 18:07. The student, Bethany Brumley, submitted this Dissertation for approval on 2022-04-16 at 18:08. This Dissertation was approved for publication on 2022-04-18 at 12:27. DSpace SAF Submission Ingestion Package generated from Vireo submission #17726 on 2022-11-11 at 12:47:04 What is the interplay between auditing and regulatory investigations? Evidence from the municipal bond market Brumley, Bethany 2022-04-18 auditing disclosure regulation SEC enforcement municipal bonds I examine how auditing and regulatory investigations impact compliance with disclosure regulation and the cost of debt in the municipal bond market. Widespread noncompliance led the SEC to initiate an enforcement program and Louisiana to pass a state law requiring auditors to test compliance with disclosure regulation. I find that municipal bond issuers increase disclosure frequency by 32 percent following regulatory investigations without auditing and incrementally increase disclosure frequency by 59 percent following regulatory investigations with auditing, suggesting that they are complementary enforcement mechanisms. The cost of debt for new bond issues decreases by 11 basis points following regulatory investigations with auditing but does not change following regulatory investigations without auditing, suggesting that auditing decreases investors’ perception of default risk. Overall, my findings inform policy makers and regulators on the role of auditing over compliance with disclosure regulation as a mechanism to protect investors. Thesis eng https://hdl.handle.net/2142/115707 Copyright 2022 Bethany Brumley Ph.D. Dissertation Accountancy University of Illinois at Urbana-Champaign Accountancy