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David F. Larcker

Professor, Accounting
DavidF.Larcker
James Irvin Miller Professor of Accounting
Professor of Law (by courtesy), Stanford Law School
Director of Corporate Governance Research Initiative, part of CIRCLE
Co-director of the Directors' Consortium Executive Program
Senior Faculty of the Arthur and Toni Rembe Rock Center for Corporate Governance at Stanford
Academic Area: 
Accounting

Research Statement

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, the impact of proxy advisory firms on shareholder proxy voting and modeling the cost of executive stock options.

Bio

Professor Larcker presently holds the James Irvin Miller Professorship. He is the director of the Corporate Governance Research Initiative at the Stanford Graduate School of Business and senior faculty of the Arthur and Toni Rembe Rock Center for Corporate Governance at Stanford University. Professor Larcker was previously the Ernst & Young Professor of accounting at the Wharton School of the University of Pennsylvania and Professor of accounting and information systems at the Kellogg Graduate School of Management at Northwestern University. He received his PhD in Business from the University of Kansas and his BS and MS in Engineering from the University of Missouri- Rolla.

He is on the editorial boards of the Journal of Accounting and Economics, Journal of Accounting Research, Accounting, Organizations and Society, Journal of Accounting and Public Policy, Journal of Applied Corporate Finance. Professor Larcker received the Notable Contribution to Managerial Accounting Research in 2001.

Academic Degrees

  • PhD, University of Kansas, 1978
  • MS, University of Missouri-Rolla, 1974
  • BS, University of Missouri-Rolla, 1972

Academic Appointments

  • At Stanford University since 2005
  • Ernst & Young Professor of Accounting, The Wharton School, University of Pennsylvania, 1985-2005
  • Assistant Professor - Professor, J.L. Kellogg Graduate School of Management, Northwestern University, 1978-1985

Awards and Honors

  • Winnick Family Faculty Fellow, Stanford GSB, 2013-2014
  • Notable Contribution to Managerial Accounting Research, 2001
  • PhD Faculty Distinguished Service Award, Stanford GSB, 2010

Publications

Journal Articles

David F. Larcker, Eric C. So, Charles C.Y. Wang . Journal of Accounting & Economics. 2013, Vol. 55, Issue 2–3, Pages 225–250.
Christopher S. Armstrong, David F. Larcker, Gaizka Ormazabal, Daniel J. Taylor. Journal of Financial Economics. 2013, Vol. 109 , Issue 2, Pages 327-350.
Christopher S. Armstrong, Christopher D. Ittner, David F. Larcker. Review of Accounting Studies. 2012, Vol. 17, Issue 2, Pages 322-351.
David F. Larcker, Anastasia A. Zakolyukina. Journal of Accounting Research. 2012, Vol. 50, Issue 2, Pages 495–540.
Chris Armstrong, Jennifer L. Blouin, David F. Larcker. Journal of Accounting and Economics. 2011, Vol. 53, Issue 1–2, Pages 391-411.
David F. Larcker, Gaizka Ormazabal , Daniel J. Taylor . Journal of Financial Economics. 2011, Vol. 101, Issue 2, Pages 431-448.
Robert Daines, Ian D. Gow, David F. Larcker. Journal of Financial Economics. December 2010, Vol. 98, Issue 3, Pages 439-461.
David F. Larcker, Tjomme O. Rusticus. European Accounting Review. May 2007, Vol. 16, Issue 1, Pages 207-215.
David F. Larcker, Scott A. Richardson, I˙rem Tuna. The Accounting Review. 2007, Vol. 82, Issue 4, Pages 963-1008.
Christopher D. Ittner , David F. Larcker, Mina Pizzini. Journal of Accounting and Economics. 2007, Vol. 44, Issue 3, Pages 300–327.
David F. Larcker, Scott A. Richardson. Journal of Accounting Research. June 2004, Vol. 42, Issue 3, Pages 625-658.
Christopher D Ittner, David F. Larcker, Taylor Randall. Accounting, Organizations and Society. October 2003, Vol. 28, Issue 7-8, Pages 715-741.
Christopher D. Ittner, Richard A. Lambert, David F. Larcker. Journal of Accounting and Economics. January 2003, Vol. 34, Issue 1-3, Pages 89-127.

Books

David F. Larcker, Brian Tayan Larcker and Tayan, 2013.

Other Publications

David F. Larcker, Scott Saslow, Brian Tayan. The Conference Board, Institute of Executive Development, and Stanford University. March 2014.
David F. Larcker, Scott Saslow. Institute of Executive Development and Stanford University. 2014.
Anne Beyer, David F. Larcker, Brian Tayan. National Investor Relations Institute and Stanford University. 2014.
David F. Larcker, Stephen Miles, Brian Tayan, Michelle E. Gutman. The Miles Group and Stanford University. 2013.
David F. Larcker, Stephen Miles, Brian Tayan, Michelle E. Gutman. The Miles Group and Stanford University. 2013.
David F. Larcker, Sarah M. Larcker, Brian Tayan. The Conference Board and Stanford University. October 2012.
David F. Larcker, Allan L. McCall , Brian Tayan. The Conference Board, NASDAQ, and Stanford University. March 2012.
David F. Larcker, Stephen A. Miles. Heidrick & Struggles and Stanford University. 2011.
David F. Larcker, Stephen A. Miles. Heidrick & Struggles and Stanford University. 2010.

Working Papers

Outsourcing Shareholder Voting to Proxy Advisory Firms | PDF
David F. Larcker, Allan McCall, Gaizka Ormazabal, June 2014
The Efficacy of Shareholder Voting: Evidence from Equity Compensation Plans | PDF
David F. Larcker, Christopher Armstrong, Ian Gow2012
The Relation Between Equity Incentives and Misreporting: The Role of Risk-Taking Incentives | PDF
David F. Larcker, Christopher Armstrong, Gaizka Ormazabal, Daniel Taylor2012
Boardroom Centrality and Stock Returns | PDF
David F. Larcker, Eric So, Charles Wang2010
Corporate Governance, Compensation Consultants, and CEO Pay Levels | PDF
David F. Larcker, Christopher Armstrong, Christopher Ittner2010
Detecting Deceptive Discussions in Conference Calls | PDF
David F. Larcker, Anastasia Zakolyukina2010
Endogenous Selection and Moral Hazard In Compensation Contracts | PDF
David F. Larcker, Christopher Armstrong, Che-Lin Su2010
Performance-Based Incentives for Internal Monitors | PDF
David F. Larcker, Christopher Armstrong, Alan Jagolinzer2010
The Market Reaction to Corporate Governance Regulation | PDF
David F. Larcker, Gaizka Ormazabal, Daniel Taylor2010
The Incentives for Tax Planning | PDF
David F. Larcker, Christopher Armstrong, Jennifer Blouin2009
The Stock Market's Pricing of Customer Satisfaction | PDF
David F. Larcker, Christopher Ittner, Daniel Taylor2009
Timing of Employee Stock Option Exercises and the Cost of Stock Option Grants
Chris Armstrong , Alan D. Jagolinzer , David F. Larcker, June 12007

Courses Taught

Degree Courses

2014-15

The course will examine the academic and professional controversies surrounding corporate governance and executive compensation. A basic framework will be developed to integrate the many important dimensions of corporate governance in the U.S....

This course is focused on helping students understand the role boards and board members play in corporate governance and the lives of businesses large and small. This case-driven course is designed to help students who plan to serve on boards as...

This course is elected as soon as a student is ready to begin research for the dissertation, usually shortly after admission to candidacy. To register, a student must obtain permission from the faculty member who is willing to supervise the...

Need approval from sponsoring faculty member and GSB Registrar.

Doctoral Practicum in Teaching

Doctoral Practicum in Research

2013-14

The course will examine the academic and professional controversies surrounding corporate governance and executive compensation. A basic framework will be developed to integrate the many important dimensions of corporate governance in the U.S....

This course is focused on helping students understand the role boards and board members play in corporate governance and the lives of businesses large and small. This case-driven course is designed to help students who plan to serve on boards as...

2012-13

This course is focused on helping students understand the role boards and board members play in corporate governance and the lives of businesses large and small. This case-driven course is designed to help students who plan to serve on boards as...

This course examines selected topics in accounting research. The course features four faculty who will each give a focused look at a given area, introduce students to important questions in that area, key papers in the related literature, and...

2010-11

This course examines selected topics in accounting research. The course features four faculty who will each give a focused look at a given area, introduce students to important questions in that area, key papers in the related literature, and...

Stanford Case Studies

Corporate Governance According to Charles T. Munger | CGRP38
David F. Larcker, Brian Tayan2014
Lululemon: A Sheer Debacle in Risk Management | CGRP41
David F. Larcker, Sarah M. Larcker, Brian Tayan2014
Seven Myths of CEO Succession | CGRP39
David F. Larcker, Stephen A. Miles, Brian Tayan2014
Does the Composition of a Company’s Shareholder Base Really Matter? | CGRP42
Anne Beyer, David F. Larcker, Brian Tayan2014
Follow the Money: Compensation, Risk, and the Financial Crisis | CGRP43
David F. Larcker, Gaizka Ormazabal, Brian Tayan, Daniel J. Taylor2014
Separation Anxiety The Impact of CEO Divorce on Shareholders | CGRP36
David Larcker, Allan McCall, Brian Tayan2013
Sneak Preview How ISS Dictates Equity Plan Design | CGRP37
Ian D. Gow, David F. Larcker, Allan McCall, Brian Tayan2013
Trust The Unwritten Contract in Corporate Governance | CGRP34
David Larcker, Brian Tayan2013
Fixed or Contingent How Should "Governance Monitors" Be Paid? | CGRP27
David Larcker, Brian Tayan2012
Is a Powerful CEO Good or Bad for Shareholders? | CGRP-28
David Larcker, Brian Tayan2012
Monitoring Risks Before They Go Viral Is it Time for the Board to Embrace Social Media? | CGRP25
David F. Larcker, Sarah M Larcker, Brian Tayan2012
Ten Myths of “Say on Pay” | CGRP26
David F. Larcker, Allan McCall, Gaizka Ormazabal, Brian Tayan2012
What Is CEO Talent Worth? | CGRP23
David F. Larcker, Brian Tayan2012
CEO Health Disclosure at Apple A Public or Private Matter? | CGRP12
David F. Larcker, Brian Tayan2011
Do ISS Voting Recommendations Create Shareholder Value? | CGRP13
David F. Larcker, Brian Tayan2011
Keller Williams Realty (B) | HR29B
James Baron, David Larcker, Brian Tayan2011
Leadership Challenges at Hewlett-Packard Through the Looking Glass | CGRP21
David F. Larcker, Brian Tayan2011
Seven Myths of Corporate Governance | CGRP16
David F. Larcker, Brian Tayan2011
Seven Myths of Executive Compensation | CGRP17
David F. Larcker, Brian Tayan2011
Tesla Motors The Evolution of Governance from Inception to IPO | CGRP15
David F. Larcker, Brian Tayan2011
The NCAA Adopts "Dodd-Frank" A Fable | CGRP20
David F. Larcker, Brian Tayan2011
What Does It Mean for an Executive to Make A Million? | CGRP22
David F. Larcker, Allan McCall, Brian Tayan2011
Baker Hughes, Foreign Corrupt Practices Act | CG18
David Larcker, Brian Tayan2010
Berkshire Hathway The Role of Trust in Governance | CGRP02
David F. Larcker, Brian Tayan2010
CEO Succession Planning Who's Behind Door Number One? | CGRP05
David F. Larcker, Brian Tayan2010
Director Networks Good for the Director, Good for Shareholders | CGRP08
David F. Larcker, Brian Tayan2010
Equity on Demand, The Netflix Approach to Compensation | CG19
David Larcker, Allan McCall, Brian Tayan2010
Financial Manipulation Words Don't Lie | CGRP07
David F. Larcker, Brian Tayan2010
Lehman Brothers Peeking under the Board Facade | CGRP03
David F. Larcker, Brian Tayan2010
Pledge (and Hedge) Allegiance to the Company | CGRP11
David F. Larcker, Brian Tayan2010
Pro Forma Earnings What's Wrong with GAAP? | CGRP09
David F. Larcker, Brian Tayan2010
Proxy Access A Sheep, or Wolf in Sheep's Clothing? | CGRP06
David F. Larcker, Brian Tayan2010
Royal Dutch/Shell, A Shell Game with Oil Reserves (A) | CG17A
David Larcker, Robert Lawson, Brian Tayan2009
The Management of Berkshire Hathaway | CG16
David Larcker, Brian Tayan2009
Say on Pay, Does the Buck Stop Here? | CG12
David Larcker, Brian Tayan2008
10b5-1 Plans, Mortgaging a Defense Against Insider Trading | CG10
David Larcker, Brian Tayan2007
Shareholder Democracy, Does Gretchen Get It Right? | CG09
David Larcker, Brian Tayan2007

Stanford University Affiliations

Stanford GSB

Service to the Profession

Member

  • Accounting, Organization and Society, 1996-present
  • American Accounting Association
  • Journal of Accounting and Public Policy, 2002-present

Advisory Board

  • Journal of Applied Corporate Finance, 2004-present

Corporate Governance

  • Internal Governance, Organization, & Processes Abstracts Advisory Board
  • Corporate Governance Network, SSRN, 2009-present

In the Media

Forbes, June 11, 2009
Wall Street Journal, April 19, 2007
The Christian Science Monitor, February 4, 2007