9For example, Bryan and Lilien (2005) examine firm characteristics such as firm size and beta, Chan et al. (2005)
examine if firms reporting material weaknesses in internal control under Section 404 have more earnings
management and lower return-earnings associations compared to other firms, Doyle et al. (2007) examine the
accruals quality of material weakness firms, Hogan and Wilkins (2005) examine earnings management and audit
fees, and Beneish et al. (2006) and Ogneva et al. (2006) examine the association between implied cost of equity and
internal control effectiveness.