David F. Larcker
James Irvin Miller Professor of Accounting
Lacob Family Faculty Fellow
Director of the Corporate Governance Research Program
Senior Faculty, Arthur and Toni Rembe Rock Center for Corporate Governance at Stanford
Codirector of the Directors' Consortium Executive Program
Professor of Law (by courtesy), Stanford Law School

Professor Larcker’s research focuses on executive compensation, corporate governance, and managerial accounting. His work examines the choice of performance measures and compensation contracts in organizations. He has current research projects on the valuation implications of corporate governance, role of the business press in the debate on executive compensation, and modeling the cost of executive stock options.

Robert M. Daines
Pritzker Professor of Law and Business; Professor of Finance (by courtesy), Stanford Graduate School of Business;
Senior Faculty, Arthur and Toni Rembe Rock Center for Corporate Governance

An internationally recognized corporate law scholar, Robert Daines is widely known for his rigorous statistical analysis of empirical data on the relationship between economic theory and corporate governance and contracting in practice. His recent work has focused on issues in corporate governance, such as CEO pay, mandatory disclosure regulations, and the use of classified boards of directors.

Joseph A. Grundfest
W. A. Franke Professor of Law and Business, School of Law;
Senior Faculty, Arthur and Toni Rembe Rock Center for Corporate Governance

Joseph A. Grundfest is a nationally prominent expert on capital markets, corporate governance, and securities litigation. His scholarship has been published in the Harvard, Yale, and Stanford law reviews, and he has been recognized as one of the most influential attorneys in the United States. Professor Grundfest founded the award-winning Stanford Securities Class Action Clearinghouse, which provides detailed, online information about the prosecution, defense, and settlement of federal class action securities fraud litigation. He also launched Stanford Law School’s executive education programs, and continues to co-direct Directors' College, the nation's leading venue for the continuing professional education of directors of publicly traded corporations.

Dan Siciliano
Faculty Director, Arthur and Toni Rembe Rock Center for Corporate Governance
Associate Dean for Executive Education and Special Programs
Senior Lecturer in Law, Stanford Law School
Co-director, Directors’ College

F. Daniel Siciliano is a legal scholar and entrepreneur with expertise in corporate governance, corporate finance, and immigration law. He is the faculty director of the Arthur and Toni Rembe Rock Center for Corporate Governance, associate dean for executive education and special programs and co-director of Stanford’s Directors’ College. He is the senior research fellow with the Immigration Policy Center and a frequent commentator on the long-term economic impact of immigration policy and reform. His work has included expert testimony in front of both the U.S. Senate and House of Representatives. Prior to joining Stanford Law School, Siciliano co-founded and led LawLogix Group—named three times to the Inc. 500/5000 list. Siciliano serves as a governance consultant and trainer to board directors of several Fortune 500 companies and is a member of the Academic Council of Corporate Board Member magazine.

Anat R. Admati
George G.C. Parker Professor of Finance and Economics
GSB Trust Faculty Fellow  
Professor of Management Science and Engineering (by courtesy), School of Engineering
Professor of Economics (by courtesy), School of Humanities and Sciences

Anat Admati is the George G.C. Parker Professor of Finance and Economics at the Graduate School of Business, Stanford University. She has written extensively on information dissemination in financial markets, portfolio management, financial contracting, and, most recently, on corporate governance and banking. In the last year she has been active in the policy debate on financial regulation, particularly capital regulation.

David Baron
David S. and Ann M. Barlow Professor of Political Economy and Strategy, Emeritus

David Baron has published in the fields of industrial organization, economic theory, political science, business strategy, operations research, statistics, and finance. He has authored over 100 articles and 3 books, one of which is in its 5th edition. His principal research interests have been the theory of the firm, the economics of regulation, mechanism design and its applications, political economics, and nonmarket strategy. His current research focuses on political economics and strategy in the business environment.

Mary E Barth
Joan E. Horngren Professor of Accounting

Professor Mary Barth’s research focuses on financial accounting and reporting issues, particularly topics of interest to accounting standard setters. Such topics include using fair values in financial reporting, stock-based compensation, recognition versus disclosure, asset securitizations, asset revaluations, the information roles of accruals and cash flows, the relation between financial statement quality and cost of capital, and issues related to global financial reporting and convergence. Professor Barth was a member of the International Accounting Standards Board (IASB) from its inception in 2001 until 2009.

John Beshears
Assistant Professor of Finance

John Beshears conducts empirical research on the financial decisions of firms and households, with a particular focus on understanding how economic outcomes are influenced by the institutional environment in which choices are made. In recent work, he has studied the performance of corporate alliances among oil and gas firms, the impact of changes in disclosure on individual portfolio decisions, and the effect of exposure to peer-related information on retirement savings.

Anne Beyer
Associate Professor of Accounting
Michelle R. Clayman Faculty Scholar for 2011 - 2012

Anne Beyer’s research interest is in the area of financial accounting with a focus on corporate disclosure, capital market prices, and corporate governance. Recent work has examined the properties of analyst and management earnings forecasts as well as investors’ reaction to different kinds of corporate disclosures.

Darrell Duffie
Dean Witter Distinguished Professor of Finance
Coulter Family Faculty Fellow

Darrell Duffie’s research interests include over-the-counter market financial modeling, financial risk management, credit risk, valuation of defaultable securities, valuation and hedging of derivative securities, term structure of interest rate modeling, financial innovation, and security design. Recently, Duffie has focused on how capital moves from one segment of asset markets to another, and the implications of imperfect trading opportunities for asset price behavior, especially in over-the-counter markets. Duffie and several collaborators have some recent results on portfolio credit risk, based on the assumption that there are unobservable common default-risk factors.

George Foster
The Konosuke Matsushita Professor of Management
Dhirubhai Ambani Faculty Fellow in Entrepreneurship for 2010-2011
Director of the Executive Program for Growing Companies
Director of the Leadership for Growth (L4G) Program for Enterprise Ireland

George Foster’s research and teaching includes entrepreneurship/early-stage companies; financial analysis, especially in commercial disputes; and sports business management. His recent research includes global entrepreneurship, and the role of financial and other systems in the growth and valuation of companies. He also is researching globalization challenges facing both sporting organizations and companies.

Joy Ishii
Assistant Professor of Finance

Joy Ishii’s research focuses on empirical corporate finance and banking. Recent work has examined the valuation effects of insider stock ownership, the relationship between firm-level corporate governance structures and corporate performance, the role of social networks in corporate finance, and the role of network effects in ATMs in the retail banking industry.

Ilan Guttman
Assistant Professor of Accounting

Professor Ilan Guttman's research is in the area of applications of economics of information in accounting and corporate finance. In particular, his recent research focuses on issues of voluntary disclosure, earnings management, financial analysts, and dividend policy.

Dirk Jenter
Associate Professor of Finance

Professor Jenter's work focuses on the interaction of managers and firms with (possibly inefficient) capital markets. Recent research projects have examined the capital structure decisions of U.S. firms, option and stock compensation for top executives and other employees, insider trading by managers, the role of institutional investors in mergers and acquisitions, and the effects of the business cycle on forced CEO turnover.

Ron Kasznik
Professor of Accounting

Ron Kasznik's research focuses on examining the strategic use of accounting and financial information by market participants, particularly firm managers. Within this broad area, he focuses primarily on issues related to the provision of financial and non-financial information, the determinants and outcomes of voluntary disclosures, incentives to manage reported earnings, and the disclosure and reporting effects of employee stock options.

Charles M.C. Lee
Joseph McDonald Professor of Accounting

Fundamental analysis, equity valuation, behavioral finance, and market microstructure. Broadly speaking, I am interested in the effect of human cognitive constraints on markets, as well as factors that affect the efficiency with which prices incorporate information.

Ivan Marinovic
Assistant Professor of Accounting

Professor Iván Marinovic's research is in the area of applications of economics and information in accounting and finance. In particular, his recent research focuses on issues of disclosure, earnings management and optimal standards. 

Maureen McNichols
Marriner S. Eccles Professor of Public and Private Management;
Professor of Law (by courtesy), Stanford Law School

Maureen McNichols’ research examines financial reporting and its role in providing information to investors. Her recent work focuses on earnings quality, on earnings management and on securities analysts. The research on earnings quality examines the informativeness of earnings and its components under alternative accounting principles. The research on earnings management examines companies’ incentives and methods for managing earnings, detection of managed earnings and the consequences for investors. The research on analysts examines their incentives to report information truthfully, how investment banking influences analysts’ behavior, and the implications for investors.

Charles O'Reilly, III
Frank E. Buck Professor of Management
Director of the Leading Change and Organizational Renewal Executive Program

Professor Charles O’Reilly’s research includes studies of leadership, organizational culture and demography, the management of human resources, and the impact of change and innovation on firms. He has published widely in his field, including the books Winning Through Innovation: a Practical Guide to Leading Organizational Change and Renewal with M. Tushman (Harvard Business School Press, 2002) and Hidden Value: How Great Companies Achieve Extraordinary Results with Ordinary People with J. Pfeffer (Harvard Business School Press, 2000). His recent work investigates how managers can design organizations that can generate streams of innovation and deal with disruptive technological change.

Michael Ostrovsky
Associate Professor of Economics

Michael Ostrovsky’s research is in the areas of game theory, industrial organization, and finance. Most recently, he has analyzed information aggregation in financial markets, the properties of internet advertising auctions, stability in vertical networks, and voting in shareholder meetings.

Paul Oyer
The Fred H. Merrill Professor of Economics

Paul Oyer studies the economics of organizations and human resource practices. His recent work has looked at the use of broad-based stock option plans, how firms use non-cash benefits, and how firms respond to limits on their ability to displace workers. Oyer’s current projects include studies of how labor market conditions affect their entire careers when MBAs and PhD economists leave school, how firms identify and recruit workers in high-skill and competitive labor markets (with a focus on the markets for software engineers and newly minted lawyers), and, of most importance to his colleagues, how universities price and allocate parking spaces.

Francisco Pérez-González
Assistant Professor of Finance

Francisco Pérez-González’s research is in the intersection of corporate finance and organizational economics, with particular interest in family firms. He has studied how the incentives of large shareholders can shape dividend payout and managerial succession decisions; the impact of ownership structures on productivity; and the interaction between product market competition and corporate governance. Recent work has examined the importance of top managerial talent for firm performance in family controlled firms in the U.S. and abroad.

Jeffrey Pfeffer
Thomas D. Dee II Professor of Organizational Behavior
John S. Osterweis Faculty Fellow  for 2011 - 2012

Jeffrey Pfeffer has published extensively in the fields of organization theory and human resource management. His current research focuses on the relationship between time and money, power and leadership in organizations, economics language and assumptions and their effects on management practice, how social science theories become self-fulfilling, barriers to turning knowledge into action and how to overcome them, and evidence-based management—what it is, barriers to its use, and how to implement it.

Paul Pfleiderer
C.O.G. Miller Distinguished Professor of Finance;
Professor of Law (by courtesy), Stanford Law School;

Paul Pfleiderer’s research is primarily focused on issues arising in financial markets when traders are asymmetrically informed. He has developed theoretical models to analyze how information is incorporated in prices through trading and how information flows determine trading volume. He has also analyzed how information is sold to investors when the value of the information is reduced the more widely it is disseminated. In addition he has studied problems in measuring active funds’ performance, contracting concerns in venture financing, policy issues related to disclosure requirements, and explanations for the stock market crash of 1987. His current research concerns corporate governance.

Joseph D. Piotroski
Associate Professor of Accounting

Professor Joseph Piotroski’s research primarily focuses on financial reporting issues. Within this broad area, his research focuses on how capital market participants use financial accounting information for valuation and risk assessment purposes, how financial, legal, regulatory and political institutions shape capital market behavior (including financial reporting practices, governance practices, insider trading activity and foreign listing behavior) and the economic consequences of alternative financial reporting, information dissemination and governance practices around the world.

Madhav Rajan
Gregor G. Peterson Professor of Accounting
Senior Associate Dean for Academic Affairs
Professor of Law (by courtesy), Stanford Law School

Madhav Rajan specializes in the economics-based analysis of management accounting issues. His work examines the optimal choice of information and incentive systems in firms and the rationale behind observed internal accounting practices. Rajan has done analytical, empirical, and field-based work on the role of incentives in supply chain contracting, the use of nonfinancial performance measures, and the value of “cost of quality” accounting systems in modern manufacturing environments.

Stefan J. Reichelstein
William R. Timken Professor of Accounting
Robert & Marilyn Jaedicke Faculty Fellow 2011 - 2012
Director of the Business Strategies for a Low Carbon Economy Executive Program 

Stefan Reichelstein is known internationally for his research on the interface of management accounting and economics. His most recent work has addressed cost- and profitability analysis, decentralization, internal pricing and performance measurement. These research projects have spanned both analytical models and field studies. Reichelstein’s papers have been published consistently in leading accounting and economics journals. Insights from his research have been applied by a range of corporations and government organizations.

John Roberts
John H. Scully Professor of Economics, Strategic Management, and International Business
Professor of Economics (by courtesy), School of Humanities and Sciences
Director of the Center for Global Business and the Economy
Faculty Director of the Global Management Program
Codirector of the Executive Program in Strategy and Organization

John Roberts’ teaching and research involve the application of economic and strategic (game-theoretic) analysis to management problems. His specific areas of current interest involve international business, the organization of the firm, and the connection between strategy and organization.