Audit and COC Current

International Evidence on the Association between Excess Auditor Remuneration and the Implied Required Rate of Return Ole-Kristian Hope Rotman School of Management University of Toronto okhope@rotman.utoronto.ca Tony Kang School of Accountancy Singapore Management University tonykang@smu.edu.sg Wayne Thomas Michael F. Price College of Business University of Oklahoma wthomas@ou.edu Yong Keun Yoo Korea University Business School Korea Univeristy yooyk@korea.ac.kr November 14, 2006 We thank Zhihong Chen, Mark Clatworthy, Gus De Franco, Stephan Hollander, Clive Lennox, Sue McCracken, Shiva Shivakumar, Heidi Vanderbauwede, Larry Weiss and seminar participants at Brock University, Cardiff Business School, Chulalongkorn University, Korea University, Norwegian School of Economics and Business Administration, Norwegian School of Management, Oklahoma State University, Seoul National University, Tilburg University, University of Tennessee, University of Western Australia, 2005 HKUST-SMU Accounting Research Camp (Singapore), 2006 AAA IAS Mid-year meeting (Los Angeles), 2006 Global Issues in Accounting Conference at UNC (Chapel Hill), 2006 LBS Summer thSymposium (London), 2006 AAA annual meeting (Washington, D.C.), and 18 Asian-Pacific Conference on International Accounting Issues (Kapalua) for helpful comments on various versions of this paper. Hope acknowledges the financial support of the Deloitte & Touche Professorship and ...