Resumen

GUTIERREZ CASTANEDA, Belky Esperanza  y  BARRERA MONTOYA, Carlos Andrés. A Methodology to Study Events as a Measuring of the Impact of the Statutory Auditor’s Opinion on the Colombian Stock Market during 2009-2016. Cuad. Contab. [online]. 2018, vol.19, n.47, pp.149-170. ISSN 0123-1472.  https://doi.org/10.11144/javeriana.cc19-47.meem.

The strengthening of the stock market is directly related to the transparence and reliability of the information available to the users in these markets. To that end, the statutory auditor performs a particular function consisting in disclosing the administrative and financial situation of the company by means of the statutory auditor’s report. It becomes a guarantee of the company financial reality as it ratifies the absence of mistakes and frauds in the financial information received by the users. Despite the social significance of the statutory auditors in the Colombian context, the true impact of their work has not been quantified so far on the stock market, which is represented by the Colombian Stock Exchange (BVC, Spanish acronym). This research was conducted in response to this measuring of the impact and significance the statutory auditor’s report may have in the entrepreneurial context and the investors in Colombia. It aims to assess –through the methodology to study events– the effect of the statutory auditor’s report regarding her/his professional opinion about the financial statements and the influence thereof on the price behavior of 127 companies during 2009-2016, which were traded in the BVC. The results indicate that the statutory auditor’s report together with some variables in the financial statements do not bring about any significant effects on the return expected by the companies trading in the BVC, as found in the analyses both general and per economic sector. In conclusion, the statistical evidence demonstrates that there is not any significant relationship between the issuing and disclosing the statutory auditor’s report and the abnormal return or volatility that would impact the stock market dynamics.

Palabras clave : statutory auditor; professional opinion; stock market; market return; CAMP; ARCH.

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