{"id":{"repo_id":"uiuc","oai_identifier":"oai:www.ideals.illinois.edu:2142/115707"},"canonical_url":"https://search.dev.ndltd.org/etd/uiuc/oai:www.ideals.illinois.edu:2142/115707","repository":{"repo_id":"uiuc","name":"University of Illinois - Urbana-Champaign","base_url":"https://www.ideals.illinois.edu/oai-pmh"},"display":{"title":"What is the interplay between auditing and regulatory investigations? Evidence from the municipal bond market","abstract":"Submission published under a 24 month embargo labeled 'Closed Access', the embargo will last until 2024-05-01","abstract_html":"Submission published under a 24 month embargo labeled 'Closed Access', the embargo will last until 2024-05-01","abstract_has_math":false,"creators":["Brumley, Bethany"],"institution":"University of Illinois at Urbana-Champaign","degree_name":"Ph.D.","degree_level":"Dissertation","degree_discipline":"Accountancy","degree_department":null,"school":null,"contributors":["Thompson, Anne","Almeida, Heitor","Sougiannis, Theodore","Urcan, Oktay"],"advisors":[],"committee_chairs":[],"committee_members":[],"year":2022,"date_issued":"2022-05","date_published":"2022-05","updated_at":"2026-07-22T22:24:55Z","subjects":["auditing","disclosure regulation","SEC enforcement","municipal bonds"],"languages":["en","eng"],"rights":["Copyright 2022 Bethany Brumley"],"rights_urls":[],"identifier_entries":[]},"links":{"outbound_url":"https://hdl.handle.net/2142/115707","outbound_label":"Handle","outbound_source":"dc:identifier"},"metadata_groups":[{"id":"people","label":"People","entries":[{"key":"dc:contributor","label":"Contributor","values":["Thompson, Anne","Almeida, Heitor","Sougiannis, Theodore","Urcan, Oktay"]},{"key":"dc:creator","label":"Author","values":["Brumley, Bethany"]}]},{"id":"academic_context","label":"Academic Context","entries":[{"key":"dc:date","label":"Dc Date","values":["2022-05","2022-04-18"]},{"key":"dc:type","label":"Dc Type","values":["text","Thesis"]},{"key":"thesis:degree_discipline","label":"Discipline","values":["Accountancy"]},{"key":"thesis:degree_level","label":"Degree Level","values":["Dissertation"]},{"key":"thesis:degree_name","label":"Degree Name","values":["Ph.D."]},{"key":"thesis:institution_name","label":"Thesis Institution Name","values":["University of Illinois at Urbana-Champaign"]}]},{"id":"subjects_keywords","label":"Subjects and Keywords","entries":[{"key":"dc:subject","label":"Dc Subject","values":["auditing","disclosure regulation","SEC enforcement","municipal bonds"]}]},{"id":"language_rights","label":"Language and Rights","entries":[{"key":"dc:language","label":"Dc Language","values":["en","eng"]},{"key":"dc:rights","label":"Dc Rights","values":["Copyright 2022 Bethany Brumley"]}]},{"id":"identifiers","label":"Identifiers","entries":[{"key":"dc:identifier","label":"Identifier","values":["https://hdl.handle.net/2142/115707"]}]},{"id":"additional","label":"Additional Metadata","entries":[{"key":"dc:description","label":"Description","values":["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","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."]},{"key":"dc:format","label":"Dc Format","values":["application/pdf"]},{"key":"dc:title","label":"Title","values":["What is the interplay between auditing and regulatory investigations? Evidence from the municipal bond market"]}]}],"canonical_facts":{"dc:contributor":["Thompson, Anne","Almeida, Heitor","Sougiannis, Theodore","Urcan, Oktay"],"dc:creator":["Brumley, Bethany"],"dc:date":["2022-05","2022-04-18"],"dc:description":["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","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."],"dc:format":["application/pdf"],"dc:identifier":["https://hdl.handle.net/2142/115707"],"dc:language":["en","eng"],"dc:rights":["Copyright 2022 Bethany Brumley"],"dc:subject":["auditing","disclosure regulation","SEC enforcement","municipal bonds"],"dc:title":["What is the interplay between auditing and regulatory investigations? Evidence from the municipal bond market"],"dc:type":["text","Thesis"],"thesis:degree_discipline":["Accountancy"],"thesis:degree_level":["Dissertation"],"thesis:degree_name":["Ph.D."],"thesis:institution_name":["University of Illinois at Urbana-Champaign"]},"updated_at":"2026-07-22T22:24:55Z"}