In the News
The Value of Collateral in Trade Finance
Anna Costello’s paper, “The Value of Collateral in Trade Finance,” was recently accepted for publication in the Journal of Financial Economics. She finds that a country’s bankruptcy laws have a significant impact on how lenders behave. Using a change in the U.S. bankruptcy code, she shows that an improvement in the rights of trade creditors to reclaim and liquidate the collateral of their bankrupt customers increases their willingness to provide trade credit but also decreases their incentives to monitor. Importantly, improving the rights of trade creditors has negative spillover effects to other lenders, who now face less protection against a bankrupt debtor. Overall, the paper highlights the important role of bankruptcy laws in choosing winners and losers.
Investor Relations and Information Assimilation
Gregory Miller’s paper, “Investor Relations and Information Assimilation,” was recently published in The Accounting Review. The paper examines the role of investor relations professionals and shows that they help the market to assimilate information about the firm. This leads to financial market outcomes such as a more informed price and less volatile stock.
Elon Musk got bored — and shareholders took the hit
Professor Greg Miller weighs in.
Each year Michigan Accounting hosts conferences, seminars and events in support of accounting excellence in research and teaching.
Accounting Kapnick Spring ConferenceTHURSDAY & FRIDAY, APRIL 12-13, 2018Ross School of Business Colloquium.
In its fourth year, the annual Accounting Kapnick Spring Conference brings together top academics to share their current research on various accounting topics with Ross faculty and students. This year the conference is proud to have five distinguished professors of accounting present their current research.
University of Michigan
Professor Ball’s primary research interest focuses on understanding how high-frequency economic activities affect and are affected by low-frequency accounting information using a mixed data sampling (MIDAS) framework. He has applied this framework to a number of research topics including shareholder taxation, earnings recognition timeliness, real-time forecasts of corporate earnings, aspirational peer-firm relative performance evaluation, and aggregate earnings as a macroeconomic leading indicator. His additional research focuses on the debt-contracting role of accounting information. His studies have been published in Management Science, Review of Accounting Studies and Journal of Accounting Research. He received his Ph.D. in Accounting from the University of North Carolina at Chapel Hill.
Professor Dichev studies the role of accounting information in capital markets. His areas of expertise are market efficiency, dollar-weighted returns, earnings quality and earnings management. He has been published in The Accounting Review, Journal of Accounting and Economics, Journal of Accounting Research, The Journal of Finance, Journal of Financial Economics, Journal of Business, and American Economic Review. He is the recipient of several awards for his research, including the Notable Contributions to the Accounting Literature Award (twice), and the Distinguished Contributions to the Accounting Literature Award. He received his Ph.D. in Accounting from the University of Washington.
Wharton, University of Pennsylvania
Professor Fischer research spans two areas of interest: the acquisition and dissemination of information in capital markets, and the design of incentive systems within and between firms. His capital market research has considered the impact of accounting disclosures on security prices, manager disclosure behavior, investor information gathering strategies, and the economic determinants and consequences of heuristic behaviors. His research on the design of incentive systems has examined the roles played by insider trading restrictions, risk management activities, peer evaluation systems, monitoring systems, and social norms. His research has appeared in The Accounting Review, Journal of Accounting Research, Journal of Accounting and Economics, Review of Accounting Studies, Contemporary Accounting Research, Management Science, Journal of Finance, and The American Economic Review. He has served as a special editor for The Accounting Review and is currently serving as the managing editor at the Review of Accounting Studies. He received his Ph.D. in Economics from The University of Rochester.
University of Iowa
Professor Hribar’s has expertise in measurement of earnings management using empirical models, accounting-based anomalies, and predicting stock returns using accounting data. He has been published in the Journal of Accounting and Economics, Contemporary Accounting Research, Management Science, Review of Accounting Studies, The Accounting Review, Asian Journal of Finance and Accounting, The Journal of Finance, Journal of Accounting Research, and Journal of Financial Economics. He serves as an editor for Contemporary Accounting Research and as an associate editor for Management Science. He also serves or has served on the editorial boards of The Journal of Accounting Research, Review of Accounting Studies, and The Accounting Review. He received his Ph.D. in Accounting from The University of Iowa.
University of Washington
Professor McVay research interests focus on earnings quality, internal controls, and managerial ability. Her research has appeared in the Accounting Horizons, The Accounting Review, Contemporary Accounting Research, Journal of Accounting and Economics, Journal of Accounting and Public Policy, Journal of Accounting Research, Management Science, and Review of Accounting Studies. She received her Ph.D. in Accounting from the University of Michigan.