Research Areas
Effects of organizational structure on financial performance; management compensation issues; effects of information on prices and volume; valuation; accounting choice and organizational structure
Current Projects
Current projects primarily deal with issues in valuation and explaining variation in firm performance as a function of their governance structures, compensation practices, managerial equity ownership and capital structure decisions.
Representative Publications
Accounting Standards, Financial Reporting Outcomes and Enforcement”, Journal of Accounting Research 47 (May 2009).
“Testing the Relative Power of Accounting Standards versus Incentives and Other Institutional Features to Influence the Outcome of Financial Reporting in an International Setting.” Journal of Accounting and Economics 36 (December 2003).
(with R. L. Watts)
"The Relevance of the Value Relevance Literature for Financial Accounting Standard Setting," Journal of Accounting and Economics 31 (September 2001).
(with J.E. Core and D.F. Larcker)
"Corporate Governance, Chief Executive Officer Compensation, and Firm Performance." Journal of Financial Economics 51.3 (March 1999).
(with D.F. Larcker and R. Sloan)
"Annual Bonus Schemes and the Manipulation of Earnings." Journal of Accounting and Economics 19.1 (February 1995).
(with D.F. Larcker)
"The Financial Performance of Reverse Leveraged Buyouts." Journal of Financial Economics 42.3 (November 1996).
Education
PhD, University of Rochester, 1980; MBA, University of Rochester, 1971; BA, St. Lawrence University, 1969
Career and Recent Professional Awards; Teaching Awards
Graduate Division Excellence in Teaching Award, 2004,1991; Undergraduate Division Excellence in Teaching Award, 2005, 1996, 1993, 1991,1990; David J. Hauck Undergraduate Teaching Award, 1993
Academic Positions Held
Wharton: 1989-present (Chairperson, Accounting Department, 2004-present; named The Nomura Securities Co. Professor, 1992; Coopers & Lybrand Term Professor of Accounting, 1989-92). Previous appointments: University of Chicago, University of Rochester, State University of New York (Plattsburgh)
Professional Leadership 2005-2009
Editor, Journal of Accounting and Economics, 2005-present; Program Organizer, Journal of Accounting and Economics Conference, 2005-2008; Program Committee, Winter Accounting Conference, University of Utah, 2008-2009; Accounting Department External Review Committee, Stern School of Business, 2007-2008; Simon School of Business External Faculty Advisory Committee, University of Rochester, 2006; Accounting Department External Review Committee, Kellogg School of Business, Northwestern University, 2005.
