"Panel A: Yearly tests on the effect of audit quality and financial distress risk on the NoKAMs and AvgWords using combined models. Only the coefficients for AUDITQ and DISTRESS are presented, as these are relevant for the time regression." ;2013;2014;2015;2016 NoKAMs AUDITQ;9.443;9.598**;2.350;-0.017 (1.94);(3.14);(0.72);(-0.01) DISTRESS;0.520;1.014**;0.901*;1.171** (1.11);(2.43);(2.11);(2.83) Observations;102;184;190;196 AvgWords AUDITQ;104.0;-416.9;304.0;142.6 (0.36);(-1.60);(0.96);(0.37) DISTRESS;56.75;6.194;8.329;-4.739 (1.10);(0.20);(0.24);(-0.12) Observations;102;184;190;196 "Panel B: Time regressions on the yearly coefficients of AUDITQ and DISTRESS for NoKAMs and AvgWords." ;NoKAMs;NoKAMs;AvgWords;AvgWords AUDITQ;DISTRESS;AUDITQ;DISTRESS Year;-3.563**;0.184*;83.670;-18.233 (0.656);(0.055);(106.547);(6.590) Constant;14.251**;0.441;-175.750;62.217 (2.481);(0.208);(400.575);(23.131)