審計公費係影響審計品質之一大因素，且中國事務所家數眾多，更易產生低價攬客的惡性競爭行為，再者，中國上市公司重編狀況近來層出不窮，因此本文以2004-2008年中國大陸A股上市公司為研究對象，欲研究重編事件對中國企業審計公費之影響。財務報表重編事件可以分為三個時間點：財務報表錯誤年度、財務報表執行重編年度以及重編後的次一年度。就財務報表發生錯誤年度而言，本研究發現該事件會伴隨較高的審計公費，但是無論是執行重編年度或次一年度，均未發現顯著提高公費的證據。除此之外，本研究也未能獲得審計委員會之設立與審計公費有統計關聯性的證據。具體而言，除了傳統審計公費的解釋變數之外，本文未能發現財務報表重編及審計委員會與審計公費有關之證據。 / Audit fees is one of the major factors affecting quality, and there are many audit firms in China, so it is easier to produce vicious competition . Furthermore, the number of Chinese listed company which has restated financial report is increasing in recent years. So, with a sample of A-share listed corporations in China from 2004 to 2008 , this dissertation develops a conceptual model for studying the relationship between financial restatement and audit fees. Financial restatement can be divided into three time points: the year when an error occurred in the financial report , the year when the financial report is restated ,and the year after the financial report is restated .In terms of the year when an error occurred in the financial report , this dissertation find the event associated with higher audit fees ,but in other two time point , this dissertation doesn’ t find the evidence of significantly increased audit fees. Moreover ,there is no statistical significant relationship between setting up an audit committee and audit fees. Specifically, in addition to the traditional explanatory variables, this dissertation can’t find the evidence that financial restatement and setting up an audit committee are related to audit fees.

本研究利用問卷調查內部稽核人員與外部審計人員兩者對於內部稽核功能之認知、雙方互動之情形、以及內部稽核功能與審計公費之關係。研究結果發現外部審計人員對於國內內部稽核功能能否有效發揮，仍有所保留，特別是在獨立性的部分，但對於內部稽核人員的專業能力則表示肯定。另外，大多數的填答者皆有與對方互動之經驗，但互動的程度並不高，以「偶而會」及「偶而詢問」為主。縱使互動程度不高，但是雙方皆認為互動對於外部查核工作或內部稽核工作是有助益的。此外，大多數的外部審計人員認為，內部稽核功能的好壞與審計公費有一定的關係存在，但其影響的比例以5%以下居多，這可能也是間接造成雙方互動不密切的重要因素之一。 / This thesis uses questionnaires to examine the external auditors’ perceptions of the internal auditing function, the level of co-operation between the internal and external auditors, and the relationship between internal audit function and external audit fees. The empirical findings indicate that external auditors expressed concern about the internal auditing function, independence especially. And the questionnaire responses show the lack of a close relationship between the internal and external auditors. They just occasionally co-operate with each other, but they consider that it is helpful to them. In addition, most external auditors are convinced of the existence of a direct link between internal audit function and external audit fees. But the percentage of external audit fee affected by internal audit function is below 5 percent, this may be one of the reasons why they lack a close relationship between each other.

Thesis (D.P.H.)--University of Michigan.

Thesis (Ph. D.)--RAND Graduate School, 2005. / Includes bibliographical references.

Dissertation (D.P.H.)--University of Michigan.

Dans la perspective d’une évaluation critique des réformes adoptées récemment par la commission européenne et la législation des pays membres, cette recherche analyse les rôles respectifs de l’auditeur et de la réglementation qui régit son activité sur la qualité et le coût de l’audit. S’appuyant sur un échantillon 4218 firmes européennes pour une période allant de 2007 à 2010, notre première étude traite de l’impact de l’auditeur et de la réglementation de l’audit sur la qualité des chiffres comptables. Les résultats montrent que les Big n’offrent aucune garantie particulière sur la qualité de l’information comptable s’ils ne sont pas simultanément spécialistes de l’activité de la firme auditée. Elle montre aussi que la nature et l'ampleur de la gestion des résultats sont influencées par les réglementations nationales de l’audit. Il apparait en effet que l’audit conduit à une information de meilleure qualité lorsque la responsabilité de l’auditeur est délictuelle plutôt que contractuelle, mais aussi lorsque son mandat peut être remis en cause chaque année. Cette étude offre également un éclairage nouveau aux différends qui opposent auditeurs et régulateurs en matière de services annexes en montrant qu’il n’est pas forcément souhaitable d’interdire ou de contraindre trop fortement ces services. Ils conduisent les auditeurs à mieux percevoir l’entreprise, ce qui leur permet d’agir utilement sur l’ampleur des manipulations réelles. Il apparait enfin que les mesures visant à imposer la rotation de l’associé signataire responsable de la mission d’audit ou à imposer un audit joint sont sans effets réels.Retenant un échantillon de 4293 firmes européennes sur la période allant de 2003 à 2011, la deuxième étude traite de l’impact de l’auditeur et de la réglementation de l’audit sur les honoraires d’audit. Les résultats montrent que recourir à des auditeurs réputés (Big ou spécialistes du secteur d’activité de la firme auditée) génère, toutes choses égales par ailleurs, des honoraires d’audit plus élevés. Il apparait aussi que trois des attributs réglementaires étudiés (la responsabilité délictuelle de l’auditeur, la remise en cause annuelle du mandat de l’audit, l’obligation d’un audit conjoint) affectent positivement les honoraires d’audit versés par les firmes européennes. Le rapprochement des résultats des deux études que nous avons menées montre donc que, moyennant le paiement d’honoraires plus élevés, des auditeurs spécialistes sont un gage de qualité des chiffres comptables audités. Ce rapprochement montre aussi que la responsabilité délictuelle de l’auditeur et la possibilité d’une remise en cause annuelle de son mandat garantissent la qualité des chiffres comptables, ces deux contraintes réglementaires étant par ailleurs associées à des honoraires d’audit plus conséquents. / This dissertation includes two studies. The first study analyzes the impact of auditor quality and audit regulation on the quality of accounting information, particularly on tradeoff between accrual-based and activity-based earnings management. In the second study in order to better understand the audit fees incurred by listed European companies we analysis the impact of audit regulation on the level of audit fees.Our representative sample is 4219 firms listed on European capital markets from 15 European countries over the period 2007 to 2010. Based on our sample, in the first study we analyze the respective impacts of both auditor quality and audit regulation on earnings quality. We capture auditor quality through using both audit firm size and audit firm industry specialization. We analyze five attributes of audit regulation including namely duration of audit tenure, restrictions on provision of non-audit services, nature of the auditors’ liability, constraints on audit partners’ rotation and obligation of a joint audit.Our main results are as follows: A) Only income-increasing earnings management, which is resulted in overstated earnings, is affected by auditor quality or audit regulations. B) Audit firm expertise influences negatively on the level of the both accrual-based earnings management and activity-based earnings management. Audits provided by large audit firms (i.e. Big4 auditors), have no impact on both accrual-based and activity-based earnings management. C) Audit firm expertise is not the only factor that affects audit quality and earnings quality. Regulation that governs audit services plays a major role in earnings quality as well. Two regulatory attributes have significant beneficial impact on accrual-based earnings management: the nature of the auditor’s liability and the minimal duration of the audit mandate. D) There is a substitution effect between accrual-based and activity-based earnings management, regarding the two attributes of audit regulation that are effective in curbing discretionary accruals. Because of regulatory constraints, the firms that cannot manage accruals upward apply more real activity management, and consequently their earnings are left affected by management actions.In 14 European countries, the diversity of regulations that govern statutory audits provides us with the opportunity to analyze how audit regulation affects audit fees. Using a sample of 4293 European firms over the period 2003 to 2011, in the second study we analyze the attributes of audit regulation, namely duration of audit tenure, restrictions on provision of non-audit services and nature of the auditors’ liability joint audit. Based on Our main results, in addition to usual determinants of audit fees (auditor reputation, firm size, leverage, audit risk…), the three attributes under study impact audit fees significantly. Fees are lower when regulation allows long audit tenure, or non-audit services, as well as when the auditor’s liability is based on tort law.

Access to justice and the right to a fair trial are basic human rights explicitly stipulated in the European Convention on Human Rights (ECHR) as well as in the Swedish constitution. The fundamental meaning of these rights is that everyone should have an effective option for bringing their case to a court governed by the rule of law. Counsel fees and other process-costs may constitute a significant barrier to entry for an individual bringing his or her case to the court. Consequently, such cost-related barriers may deprive individuals of their right to a fair trial in practice. This fact is recognised in many legislations through legal aid provisions, reimbursement rules or similar mechanisms with the common purpose of eliminating, or at least lowering, the cost-barrier in question for the individual. Tax cases are often complex, and the average taxpayer would typically need to obtain legal counsel to vindicate his or her rights in a dispute with the tax authority. The taxpayer’s costs for such vindication may consequently be high. Swedish legislation stipulates that such costs under certain circumstances can be reimbursed by the state. In practice, however, the taxpayer seldom gets reimbursed for the full cost or even the majority of the cost, regardless of the outcome of the case. Even if the taxpayer wins the court case against the tax authority, it is not unusual that the taxpayer gets no reimbursement at all. This thesis analyses the Swedish reimbursement model for process-costs in tax cases and how it relates to the right to a fair trial. The question is whether the relevant legislation, and/or the courts’ application of it, risks being in breach of the ECHR’s and/or the Swedish constitution’s stipulated right to a fair trial. This thesis argues that it does; not as a result of the legislation itself, but because of the courts’ application of it. The risk of violating the right to a fair trial correlates primarily with two factors. These are what are at stake for the taxpayer (typically the disputed tax amount) and the complexity of the legal issues involved in the case. Trigger points for when the respective factor comes into play from a human rights perspective are analysed and discussed in the thesis. When they do, the absence of real possibilities of reimbursement of process-costs in a given tax case may constitute an unacceptable barrier for the individual to access justice and get a fair trial.

Les fonds d'investissement islamiques et conventionnels se retrouvent dans la mesure où ils ont la même finalité. En revanche, à la différence des fonds conventionnels, les fonds islamiques se doivent d'investir conformément à un ensemble de règles de sélection. Cette thèse s'intéresse à élaborer un cadre d'analyse théorique et empirique permettant d'expliquer les frais de gestion, ainsi que la performance et le risque des fonds d'investissement. Ainsi, ce travail commence par élaborer une analyse théorique autour des contrats de partage des pertes et des profits (venture contracts) confrontés aux problèmes d'asymétrie d'information. Un modèle théorique, en présence de problème de sélection adverse entre le gérant et l'apporteur de fonds, montre que les degrés d'aversion au risque respectifs du gérant et de l'investisseur ont un impact sur la négociation des frais de gestion indexés sur la performance périodique du fonds (carried interest). Les conclusions de ce modèle nous incitent à expliquer empiriquement le choix des partenaires du fonds concernant les clauses de rémunération, la performance et le risque des fonds d'investissement. Pour ce faire, nous élaborons une base de données unique qui comporte un échantillon international de fonds islamiques et conventionnels regroupés par société de gestion. En distinguant les fonds islamiques des fonds conventionnels, le cadre légal, les conditions politiques et économiques expliquent leurs frais, leurs performances et leurs risques. / Islamic and conventional investment funds have the same purpose. However, unlike conventional funds, Islamic funds offer different investment contracts and have to invest in accordance with a set of selection rules. This dissertation focuses on developing theoretical and empirical analysis framework to explain the fixed and performance fees, the performance and the risk of investment funds. Thus, we begin by developing a theoretical analysis about profit and loss-Sharing contracts (venture capital) that face agency problems. Based on this theoretical framework, a theoretical model, in the presence of adverse selection problem between the fund manager and the investor, shows that the risk aversions of the fund manager and the investor have respectively an impact on the periodic performance fees (carried interest) during the bargaining stage. The conclusions of this model lead us to empirically explain the terms of compensation and profit-Sharing, the performance and the risk of funds. To achieve our objective, we create a unique database that has an international sample of Islamic and conventional funds grouped by management company. By distinguishing between Islamic and conventional funds, the legal, political and economic conditions explain their fees, performance and risk.

The Public health insurance system in the Czech Republic was established more than 20 years ago. During this period, the public health insurance system has gone through many transformations. A lot of reform proposals have been submitted with the aim of keeping the increase of healthcare expenses under control but simultaneously not limiting the quality and the accessibility of healthcare. The introduction of the regulatory fees was a part of the healthcare reformation and its purpose was to reduce the demand for healthcare and thus regulate the consumption of health services. Secondarily, the regulatory fees should bring private funds into healthcare system. In the theoretical part of the research, the author describes healthcare systems of several European countries mainly from the point of view of cost sharing by patients. The funding of healthcare in the Czech Republic is then evaluated in more detail. The research characterises all the types of regulatory fees including all the legal changes they have undergone prior to their implementation. The author summarizes the amounts of funds received from the different types of fees which patients have paid since the introduction of regulatory fees in 2012 on the basis of data received from health insurance companies. In the practical part of the research, the author analyses and statistically processes data which were taken from one specific bureau of employee health insurance company. On the basis of this data, the author maps the development of average visits of healthcare institutions per patient in the chosen fields of ambulant care specializations. The author compares the number of average visits in 2007, which is the year before the introduction of regulatory fees, with the number of average visits after the regulations implementation that means during the 2008-2013 period. The aim was to discover whether the fees had any effect on the amount of healthcare services and whether they led to decrease in the number of patients´ visits (at the doctor). The development of the number of patients´ visits was studied in 22 different fields of ambulatory specialization in total. The collected results have been statistically processed using one sample, one-tailed T test. Furthermore, the influence of fees on the healthcare expenses was surveyed in the respective ambulatory fields. In the similar manner as with the patients´ visits, the author compares the average expenses per one patient before the introduction of regulatory fees in 2007 with the average value after the implementation of regulatory fees to the healthcare system. The research offers a comprehensive overview of these issues and can be used as a basic material for further research about regulatory fees and patient cost sharing in healthcare.

During the last few years, market micro-structure research has been active in analysing the dependence of market efficiency on different market character­ istics. Make-take fees are one of those topics as they might modify the incen­ tives for participating agents, e.g. broker-dealers or market-makers. In this thesis, we propose a Hawkes process-based model that captures statistical differences arising from different fee regimes and we estimate the differences on limit order book data. We then use these estimates in an attempt to measure the execution quality from the perspective of a market-maker. We appropriate existing theoretical market frameworks, however, for the pur­ pose of hireling optimal market-making policies we apply a novel method of deep reinforcement learning. Our results suggest, firstly, that maker-taker exchanges provide better liquidity to the markets, and secondly, that deep reinforcement learning methods may be successfully applied to the domain of optimal market-making. JEL Classification Keywords Author's e-mail Supervisor's e-mail C32, C45, C61, C63 make-take fees, Hawkes process, limit order book, market-making, deep reinforcement learn­ ing kiselrastislavSgmail.com barunik@f sv.cuni.cz