Dr. Leece has most recently conducted research investigating how the municipal bond market reacts to accounting information. In his article, "The Information Value of Qualified and Adverse Audit Reports: Evidence from the Municipal Sector", Dr. Leece and his coauthors find the bond market penalizes cities and counties via higher bond yields when they issue debt accompanied by financial statements with and adverse or qualified audit opinions. The article was published in Auditing: A Journal of Practice and Theory.