ABSTRACT. Lai studies the association between investment opportunity and audit quality: high investment opportunity firms bear high agency cost that requires a higher level of audit quality, which will more likely constrain earnings management of those firms. Ruffino and Treussard contend that pursuing optimal life-cycle portfolio policies is technologically feasible but it represents a significant burden for individuals and financial firms acting as fiduciaries. Aivazian et al. write that managerial control issues may be less severe in bank centric market characterized by constant monitoring of corporate activities by lending officers.



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