Accounting plays a vital role in the development and growth of businesses and other entities in society. Accurate, reliable and transparent disclosures and financial information are critical for owners, managers, providers of capital and other parties to make informed decisions about how to use and allocate resources. Accountants and auditors support and help ensure that capital markets are functioning properly. As capital markets have grown internationally and continue to become more globally integrated, the role of accounting and implications of our research crosses boundaries and borders.

Themes: The global impact of Fox research

Research is a top priority at the Fox School. Faculty and students across departments regularly make unique contributions that impact the academic world and the global business community, as well as society as a whole. Learn more about the important work done at Fox by exploring the following research themes.​​

Focusing on approaches to, and consequences of, measuring managerial activity and implications for firm valuation.

Addressing the implications of the separation of ownership from control for monitoring; research in this area includes understanding compensation structures, the role of internal and external auditors, and risk assessment.

Investigating the role of incentives of managers, auditors and the corporate board in determining the transparency and quality of financial reporting; this area also includes how the firm communicates to investors, potential investors, creditors, employees, and other stakeholders.

Focusing on the role of regulation (e.g., SEC) in financial reporting, the shift in the public accounting profession from self-regulation to independent regulation (and the PCAOB), and recent regulatory changes in corporate governance brought about by the Sarbanes-Oxley and Dodd-Frank Acts and financial accounting standards setting (FASB, IASB).

Examining the relevance and reliability of information that is useful to decision makers and using economic and psychological theories to understand the role of information by managers in organizations, participants in labor markets and investors in capital markets.

Sample Publications

Basu, S., Ma, X., Briscoe-Tran, H., “Measuring multidimensional investment opportunity sets with 10-K text,” The Accounting Review (January 2022) 97(1), 51-73.

Knechel, W. R., Park, H.J., “Audit Firm Political Connections and PCAOB Inspection Reports,” Accounting, Organizations and Society (January 2022).

Hallman, N., Howe, J., Wang, W., “Analyst Coverage and Syndicated Lending,” Review of Accounting Studies (February 2022).


Basu, S., DeVides, Z., Harris, E.E., “Funding implications of normal and excessive profitability in the nonprofit sector,” Journal of Accounting and Public Policy (forthcoming).

Basu, S., Vitanza, J., Wang, W., Zhu, X., “Walking the walk? Bank ESG disclosures and home mortgage lending,” Review of Accounting Studies (forthcoming).

Grace, M. F., Basu, S., “Insurance: in or out of the ‘Too Difficult’ box,” Accounting and Business Research (52:5) (forthcoming).

Khavis, J., Jagan Krishnan, and C. Tipton, “Implications of Employee Satisfaction and Work-Life Balance in Accounting Firms”, Current Issues in Auditing (forthcoming).

Wang, W. “Accounting Restatements and Bank Liquidity Creation. Sole-authored (Dissertation)”, The Accounting Review 2022 (forthcoming).

Wang, W., Basu,S., Vitanza, J., and Zhu,X. Walking the Walk? Bank ESG Disclosures and Home Mortgage Lending”, Review of Accounting Studies (forthcoming).

Waymire, G.B., Basu, S., “The social value of FASB,” Accounting, Economics and L,—A Convivium (12:2-3) (forthcoming).

Adams, T., Krishnan,  Jagan,  Krishnan, Jayanthi, “Client Influence and Auditor Independence Revisited: Evidence from Auditor Resignations,” Journal of Accounting and Public Policy (September 2021) 40 (5).

Balsam, S., Kwack, S.Y., “The impact of connections between the CEO and top executives on appointment, turnover, and firm value,” Journal of Business, Finance, and Accounting (December 2021).

Balsam, S., Puthenpurackel, J., Upadhyay, A., “Corporate opacity and effectiveness of independent female directors,” Journal of Corporate Finance (August 2021). 

Basu, S., Lee, E. I., “The antecedents of and outcomes after finance committee use,” Journal of Business Finance and Accounting (December 2021).

Chy, M., De Franco, G., and Su, B., “The Effect of Auditor Litigation Risk on Client Access to Bank Debt: Evidence from a Quasi-Experiment,” Journal of Accounting and Economics (February 2021).

Francis, J.R., Wang, W., “Common Auditors and Private Bank Loans,” Contemporary Accounting Research (March 2021).

Khavis, J., Krishnan, Jagan, “Employee Satisfaction and Work–Life Balance in Accounting Firms and Audit Quality,” Auditing: A Journal of Practice & Theory (May 2021) 40 (2), 161-192.

Mayberry, M., Xu, T., and Park, H. J., “Risk Taking Incentives and Earnings Management: New Evidence,” Contemporary Accounting Research (December 2021).

Su, B., “Banking practices and borrowing firms’ financial reporting quality: evidence from bank cross-selling,” Review of Accounting Studies (October 2021).

Balsam, S., Fan, H., Mawani, A., Zhang, D., “The impact of the use of cross-border compensation peers: The case of Canadian companies using U.S. peers,” Journal of Accounting, Auditing, and Finance (June 2020).

Balsam, S., Harris, E.E., Saxton, G., “The Use and Consequences of Perquisites in Nonprofit Organizations,” Journal of Accounting and Public Policy (July 2020).

Banker, R.D., Byzalov, D., Fang, S., Jin, B. “Operating Asymmetries and Non-Linear Spline Correction in Discretionary Accrual Models,” Review of Quantitative Finance and Accounting (54:3), 803-850.

Banker, R.D., Fang, S., Mehta, M., “Anomalous Operating Performance During Economic Slowdowns,” Journal of Management Accounting Research (Summer 2020).

Basu, S., Vitanza, J., and Wang, W., “Asymmetric Loan Loss Provision Models,” Journal of Accounting and Economics (November 2020) 70 (2/3).

Krishnan, Jagan, Jayanthi Krishnan, and Liang, S. “Internal Control and Financial Reporting Quality of Small Firms: A Comparative Analysis of Regulatory Regimes,” Review of Accounting and Finance (April 2020) 19 (2), 221-246.

Balsam, S., Evans, J.H., and Yurko, A., “The Impact of Regulation on Executive Compensation: I.R.C. Section 162(m) and the Unexpected Exclusion of CFOs,” Journal of the American Tax Association (41: 2), 59-81.

Banker, R.D., Darrough, M., Li, S., and Threinen, L., “The Value of Precontract Information About an Agent’s Ability in the Presence of Moral Hazard and Adverse Selection,” Journal of Accounting Research (57:5), 1201-1245.

Banker, R.D., Huang, R., Natarajan, R., and Zhao, S., “Market Valuation of Intangible Asset: Evidence on SG&A Expenditure,” The Accounting Review (94:6), 61-90.

Basu, S., and Liang, Y., “Director Liability Reduction laws and Conditional Conservatism,” Journal of Accounting Research (57:4), 889-917.

Brown, L.D., Call, A.C., Clement, M.B., and Sharp, N.Y., “Managing the Narrative: Investor Relations Officers and Corporate Disclosure,” Journal of Accounting and Economics (67:1), 58-79.

Byzalov, D., and Basu, S., Modeling the Determinants of Meet-or-Just-Beat Behavior in Distribution Discontinuity Tests,” Journal of Accounting and Economics (68:2/3), 101266.

Khurana, I.K., and Wang, W., “International Mergers and Acquisitions Laws, the Market for Corporate Control and Accounting Conservatism,” Journal of Accounting Research (57:1), 241-290.

Balsam, S., Gu, Y., Mao, C.X., “Creditor Influence and CEO Compensation: Evidence from Debt Covenant Violations,” The Accounting Review (93:5), 23-50.

Balsam, S., Harris, E.E., “Nonprofit Executive Incentive Pay,” The Review of Accounting Studies (23:4), 1665-1714.

Banker, R.D., Byzalov, D., Fang, S., Liang, Y., “Cost Management Research,” Journal of Management Accounting Research (30:3), 187-209.

Basu, S., Krishnan, Jagan, Lee, J.E., and Zhang, Y., “Economic determinants and consequences of voluntary disclosure of internal control effectiveness: Evidence from Initial Public Offerings,” Auditing: A Journal of Practice and Theory (37:4), 1-24.

Gordon, E.A., and Hsu, H.-T., “Tangible Long-Lived Asset Impairments and Future Operating Cash Flows under U.S. GAAP and IFRS,” The Accounting Review (93:1), 187-211.

Banker, Rajiv D., Sudipta Basu, and Dmitri Byzalov. (2017) Implications of Impairment Decisions and Assets’ Cash-Flow Horizons for Conservatism Research. The Accounting Review, 92(2), 41-67.

GordonElizabeth, A. Henry, Elaine Jorgensen, and Bjorn Linthicum. (2017) Flexibility in Cash Flow Classification Under IFRS: Determinants and Consequences. Review of Accounting Studies, 22(2), 839-872.

KrishnanJaganKrishnanJayanthi, and Song, Hakjoon. (2017) PCAOB International Inspections and Audit Quality. The Accounting Review, 92(5), 143-166.

Balsam, Boone, Liu, and Yin. (2016) The Impact of Say-on-Pay on Executive Compensation. Journal of Accounting and Public Policy, 35(2), 162-191.

Banker, R.D.Basu, S.Byzalov, D., and Chen, J.Y.S. (2016) The Confounding Effect of Cost Stickiness in Conservatism Research. Journal of Accounting and Economics, 61(1), 203-220.

Brown, L.D., Call, A., Clement, M., and Sharp, N. (2016) The Activities of Buy-Side Analysts and the Determinants of their Recommendations. Journal of Accounting and Economics, 62(1), 139-156.

ByzalovDmitri, and Sudipta Basu. (2016) Conditional Conservatism and Disaggregated Bad News Indicators in Accrual Models. Review of Accounting Studies, 21(3), 859-897.

De George, Emmanuel, Xi Li, and Lakshmanan Shivakumar. (2016) A Review of the IFRS Adoption Literature. Review of Accounting Studies, 21(3), 898-1004.

LiXi I., and Holly I. Yang. (2016) Mandatory Financial Reporting and Voluntary Disclosure: The Effect of Mandatory IFRS Adoption on Management Forecasts. The Accounting Review, 91(3), 933-953.

Ball, Ray, Xi Li, and Lakshmanan Shivakumar. (2015) Contractibility and Transparency of Financial Statement Information Prepared under IFRS: Evidence from Debt Contracts around IFRS Adoption. Journal of Accounting Research, 53(5), 915-63

Brown, L.D., Call, A.C., Clement, M.B., and Sharp, N.Y D., Andrew C. Call, Michael B. Clement, and Nathan Y. Sharp. (2015) Inside the “Black Box” of Sell-Side Financial Analysts. Journal of Accounting Research, 53(1), 1-47

Chen, L.H., Krishnan, Jayanthi, and Sami, H.>Chen, Lucy Huajing, Jayanthi Krishnan, and Heibatollah Sami. (2015) Goodwill Impairment Charges and Analyst Forecast Properties. Accounting Horizons, 29(1), 141-169.

Amin, K., Krishnan, Jagan, and Yang, J.S. (2014) Going Concern Opinion and Cost of Equity. Auditing: A Journal of Practice and Theory, 33(4), 1-39.

Baber, W.R., Krishnan, Jagan, and Zhang, Y. (2014) Investor Perceptions of the Earnings Quality Consequences of Hiring an Affiliated Auditor. Review of Accounting Studies, 19(1), 69-102.

Balsam, S., and Harris, E.E. (2014) The Impact of CEO Compensation on Nonprofit Donations The Accounting Review, 89(2), 425-450.

Balsam, S., Jiang, W., and Lu, B. (2014) Equity Incentives and Internal Control Weaknesses Contemporary Accounting Research, 31(1), 178-201.

Banker, R.D., and Byzalov, D. (2014) Asymmetric Cost Behavior. Journal of Management Accounting Research, 26(2), 43-79.

Banker, R.D., and Kaplan, R.S. (2014) William W. Cooper: Innovator, Fighter, and Scholar. Accounting Horizons, 28(1), 193-203.

Banker, R.D., Byzalov, D., and Plehn-Dujowich, J.M. (2014) Demand Uncertainty and Cost Behavior The Accounting Review, 89(3), 839-865.

Banker, R.D., Byzalov, D., Ciftci, M., and Mashruwala, R. (2014) The Moderating Effect of Prior Sales Changes on Asymmetric Cost Behavior,” Journal of Management Accounting Research, 26(2), 221-242.

Banker, R.D., Byzalov, D., and Chen, L. (2013) Employment Protection Legislation, Adjustment Costs and Cross-Country Differences in Cost Behavior. Journal of Accounting and Economics, 55(1), 111-127.

Banker, R.D., Darrough, M.N., Huang, R., and Plehn-Dujowich, J.M. (2013) The Relation between CEO Compensation and Past Performance. The Accounting Review, 88(1), 1-30.

Basu, S. Book Review: Accounting and Order by Mahmoud Ezzamel. The Accounting Review, 88(4), 1496-1499.

Basu, S. Devil’s Advocate: The Most Incorrect Beliefs of Accounting Experts. Accounting Horizons, 27(4), 841-846.

Bradshaw, M. T., Brown, L.D., and Huang, K. (2013) Do Sell-Side Analysts Exhibit Differential Target Price Forecasting Ability. Review of Accounting Studies, 18(4), 930-955.

Bradshaw, M., Bens, D., Frost, C.A., Gordon, E.A., McVay, S., Miller, G., Pfeiffer, R., Plumlee, M., Shakespeare, C., Thomas, W., and Wong, F. (2013) Financial Reporting Policy Committee of the

American Accounting Association’s Financial Accounting and Reporting Section: Accounting Standard Setting for Private Companies. Accounting Horizons, 28(1), 175-192.

Brown, L.D., and Huang, K. (2013)Recommendation-Forecast Consistency and Earnings Forecast Quality Accounting Horizons , 27(3), 451-467.

Brown, L.D., and Larocque, S. (2013) I/B/E/S Reported Actual EPS and Analysts’ Inferred Actual EPS. The Accounting Review, 88(3), 853-880.

Chen, L.H., Krishnan, Jayanthi, Sami, H., and Zhou, H. (2013) Auditor Attestation under SOX Section 404 and Earnings Informativeness. Auditing: A Journal of Practice and Theory, 32(1), 61-84.

Goh, B., Krishnan, Jayanthi, and Li, D. (2013) Auditor Reporting under Section 404: The Association between the ICFR and Going Concern Audit Opinions. Contemporary Accounting Research, 30(3), 970-995.

Gordon, E.A., Greiner, A., Kohlbeck, M.J., Lin, S., and Skaife, H. (2013) Challenges and Opportunities in Cross-country Accounting Research. Accounting Horizons, 27(1), 141-154.

Krishnan, Jagan, Li, C., and Wang, Q. (2013) Auditor Industry Expertise and Cost of Equity Accounting Horizons, 27(4), 667-691.

Ye, Z.S., Hermanson, D.R., and Krishnan, Jagan (2013) Shareholder Voting in Director Elections and Initial SOX Section 404 Reports. Journal of Accounting, Auditing and Finance, 28(2), 103-127.

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