When the dependent variable in regression (6) is abnormal CFO, the coefficient on SUSPECT_NI is negative (À0.0200) and significant at the 5% level (t ¼ À3:05). Suspect firm-years have abnormal CFO that is lower on average by 2% of assets compared to the rest of the sample. This difference is economically large, given that the median CFO across allfirm-years is 8% of total assets at the beginning of the year (see Table 1).