Charles M. C. Lee

Professor Emeritus, Accounting

Charles M. C. Lee

The Moghadam Family Professor and Professor of Accounting, Emeritus

Academic Area:

Research Statement

Broadly speaking, I am interested in the effect of human cognitive constraints on market participants and other factors that impact the efficiency with which market prices incorporate information.

Teaching Statement

Lee's teaching interests are closely aligned with his research interests and investment experience. He has taught PhD and Masters students at the GSB. Alphanomics, his Masters-level Elective, is focused on active investing in public equity markets.


Charles M. C. Lee is Moghadam Family Professor, Emeritus, at the Graduate School of Business (GSB), Stanford University.

Professor Lee has published extensively in leading academic journals on topics that include behavioral finance, market microstructure, equity valuation, financial statement analysis, quantitative investing, and security market regulation.

From 2004 to July 2008, Dr. Lee was Managing Director at Barclays Global Investors (BGI; now Blackrock). As Global Head of Equity Research, he led the firm’s world-wide active equity research team and was Co-Head of its North American active equity business. During his tenure, BGI had over $300 billion in active equity asset under management. He joined Stanford GSB as Visiting Professor in July 2008 while continuing to serve as an exclusive senior consultant to BGI, and became a full-time faculty member in July 2009.

As an academic, Dr. Lee has received numerous honors, including the Notable Contribution to Accounting Literature Prize, as well as twelve school-wide or national-level Teaching Excellence Awards.  He has been the Presidential Scholar of the AAA andhas received the Stanford University Asian American Faculty Award for Outstanding Achievements and Service to the University and to the Asian American Community.  Recently, he was Plenary Panel Speaker at the 2024 FARS Mid-year Conference; the Keynote Speaker at the 2023 HARC Research Conference; the Harry Lyman Hooker Distinguished Visiting Professor, McMaster University, 2021; and recipient of the Best Paper Award, AAA Spark Conference, Western Regional, 2021.

Professor Lee is a former member of the Stanford University Advisory Board (UAB), and has served as Editor or Associate Editor of many academic journals, including: The Accounting Review, the Journal of Finance, the Journal of Accounting and Economics, the Journal of Accounting Research, the Review of Accounting Studies, Management Science (Finance), and the Financial Analysts Journal. His research has also been featured in popular media outlets such as: the Economist, the New York Times, the Wall Street Journal, National Public Radio (NPR), the LA Times, Business Week, CNBC, Forbes, Barron’s, Worth, Smart Money, and Institutional Investors.

Professor Lee received his BMath from the University of Waterloo (1981), and his MBA (1989) and PhD (1990) from Cornell University. He has been a faculty member at the Michigan Business School (1990-95) and the Johnson Graduate School of Management, Cornell University (1996-2004). From 1995-96 he was Visiting Economist at the New York Stock Exchange. At Cornell he held the Henrietta Johnson Louis Professorship in Management and was Director of the Parker Center for Investment Research.

Prior to entering academic life, he spent five years in public accounting, the last three in the National Research Department of KPMG, Toronto, Canada. He holds a Certificate in Biblical Studies from Ontario Theological Seminary, and is fluent in Mandarin Chinese.

Academic Degrees

  • PhD in Accounting, Johnson Graduate School of Management, Cornell University, 1990
  • MBA, Johnson Graduate School of Management, Cornell University, 1989
  • Certificate in Biblical Studies, Ontario Theological Seminary, 1986
  • Chartered Accountant, Institute of Chartered Accountants of Ontario, Canada, 1982
  • B of Mathematics, University of Waterloo, Canada, 1981

Academic Appointments

  • Moghadam Family Professor, Emeritus, Stanford GSB, 2022 - present
  • Moghadam Family Professor and Professor of Accounting, Stanford GSB, 2015 - 2021
  • Joseph McDonald Professor of Accounting, Stanford GSB, 2009-2015
  • Visiting Professor of Accounting, Stanford GSB, 2008-2009
  • Co-chair of Accounting Department, Guanghua School of Management, Peking University, 2003-2012
  • Henrietta Johnson Louis Professor of Management, Cornell Johnson Graduate School of Management, 1998-2007
  • Director of the Parker Center for Investment Research, Cornell Johnson Graduate School of Management, 1997-2004
  • Associate Professor of Accounting, Cornell Johnson Graduate School of Management, 1996-1997
  • Associate Professor of Accounting, University of Michigan, 1994-1996
  • Assistant Professor of Accounting, University of Michigan, 1990-1994

Professional Experience

  • Co-founder and General Partner, Nipun Capital LP, 2011-2017
  • Global Head of Equity Research, Barclays Global Investors (now Blackrock), 2006-2008
  • Co-Head of North America Active Equity Strategies, Barclays Global Investors (now Blackrock), 2006-2007
  • Head of U.S. Equity Research, Barclays Global Investors (now Blackrock), 2005-2006
  • Director of Accounting Research, Barclays Global Investors (now Blackrock), 2004-2004
  • Visiting Research Economist, New York Stock Exchange, 1995-1996
  • Senior Manager (last position held), National Research Department of KPMG Peat Marwick Thorne, Toronto, Canada, 1982-1985

Awards and Honors

  • Harry Lyman Hooker Distinguished University Professor, McMaster University, 2021
  • Best Paper Award, AAA Spark Conference, Western Regional, 2021
  • Keynote Speaker at the JIAR Annual Conference, 2021
  • The Q Group's 2018 Roger F. Murray Prize (1st place)
  • Distinguished Visiting Faculty, AAA Doctoral Consortium, 1999, 2003, 2012, 2017, 2018
  • R. Michael Shanahan Faculty Fellow, 2017-2018
  • MBA Distinguished Teaching Award, Stanford GSB, 2017
  • 2017 AAA Innovation in Financial Accounting Education Award (for "Alphanomics" course)
  • 2015 American Accounting Association Annual Meeting Presidential Scholar
  • 2014 Stanford University Asian American Faculty Award for Outstanding Achievements and Service to the University
  • 2014 Faculty of Mathematics Alumni Achievement Medal, University of Waterloo
  • 2014 China Accounting and Finance Review, Best Paper Award
  • Distinguished Service Award, PhD Program, Stanford GSB, 2013
  • Graduate School of Business Trust Faculty Fellow, Stanford GSB, 2012-2013
  • Teaching Excellent Award, MSx (formerly Sloan) Program, Stanford GSB, 2012
  • Teaching Excellent Award, MSx (formerly Sloan) Program, Stanford GSB, 2011
  • Robert and Marilyn Jaedicke Faculty Fellow, Stanford GSB, 2010-2011
  • Tang Peng Yeu Distinguished Visiting Professor, National University of Singapore, 2010
  • Price Waterhouse Coopers Global Competency Center Research Grant, 2004
  • Moskowitz Prize for Best Quantitative Study of Socially Responsible Investing, 2003
  • AAA Notable Contribution to Accounting Literature Award, 2003
  • MBA Apple Award for Teaching Excellence, Cornell Johnson School, 1997, 2000, 2003
  • Stephen Russell Distinguished Teaching Award, Cornell Johnson School, 2002
  • Faculty Award for Research Excellence, Cornell Johnson School, 2001


Journal Articles

Charles M. C. Lee, Yanruo Wang, Qinlin Zhong
The Accounting Review
January 2024 Vol. 99 Issue 1 Pages 337–365
Charles M. C. Lee, Yuanyu Qu, Tao Shen
Review of Finance
May 2023 Vol. 27 Issue 3 Pages 809–849
Charles M. C. Lee, Ken Li
Review of Asset Pricing Studies
March 2023 Vol. 13 Issue 1 Pages 181-221
Charles M. C. Lee, Qinlin Zhong
Journal of Accounting and Economics
November 2022 Vol. 74 Issue 2-3
Charles M. C. Lee, Shiyang Huang, Yang Song, Hong Xiang
Journal of Financial Economics
August 2022 Vol. 145 Issue 2 Pages 83–102
Charles M. C. Lee, Christina Zhu
The Accounting Review
January 2022 Vol. 97 Issue 1 Pages 315-339
Charles M. C. Lee, Eric C. So, Charles C. Y. Wang
The Review of Financial Studies
2021 Vol. 34 Issue 4 Pages 1907–1951
Charles M. C. Lee, Edward M. Watts
The Accounting Review
2021 Vol. 96 Issue 3 Pages 373–401
Charles M. C. Lee, Yuanyu Qu, Tao Shen
Foundations and Trends in Entrepreneurship
2020 Vol. 16 Issue 1 Pages 1-64
Charles M. C. Lee, Yuanyu Qu, Tao Shen
Journal of Corporate Finance
October 2019 Vol. 58 Pages 92-111
Charles M. C. Lee, Stephen Teng Sun, Rongfei Wang, Ran Zhang
Journal of Financial Economics
2019 Vol. 132 Pages 76-96
Charles M. C. Lee, Doron Israeli, Suhas Sridharan
Review of Accounting Studies
September 2017 Vol. 22 Issue 3 Pages 1048-1083
Charles M. C. Lee, Eric C. So
Journal of Financial Economics
May 2017 Vol. 124 Issue 2 Pages 331-348
Daniel M. Beneish, Craig Nichols, Charles M. C. Lee
Journal of Accounting and Economics
2015 Vol. 60 Issue 2-3 Pages 1547-1589
Charles M. C. Lee, Paul Ma, Charles Wang
Journal of Financial Economics
2015 Vol. 116 Issue 2 Pages 410-431
Charles M. C. Lee, Kevin K. Li, Ran Zhang
The Accounting Review
2015 Vol. 90 Issue 4 Pages 1547-1589
Salman Arif, Charles M. C. Lee
Review of Financial Studies
August 14, 2014 Vol. 27 Issue 11 Pages 3241-3279
Charles M. C. Lee
Accounting and Business Research
May 21, 2014 Vol. 44 Issue 4 Pages 383-406
Charles M. C. Lee
China Finance and Accounting Review
2014 Vol. 16 Issue 2 Pages 10-38
Daniel M. Beneish, Charles M. C. Lee, Craig D. Nichols
Financial Analysts Journal
2013 Vol. 69 Issue 2 Pages 57-82
Guohua Jiang, Charles M. C. Lee, Heng Yue
Journal of Financial Economics
2010 Vol. 98 Pages 1-20
Charles M. C. Lee, David Ng
Journal of Investing
2009 Vol. Winter 18 Issue 4 Pages 23-41


Charles M. C. Lee, Eric C. So
Now Publishers
January 2016

Working Papers

Doron Israeli , Charles M. C. Lee, Suhas A. Sridharan July 26, 2015
M. Daniel Beneish, Charles M. C. Lee, D. Craig Nichols July 15, 2015

Service to the Profession

American Accounting Association (AAA)

  • AAA New Faculty Consortium: Distinguished Lecturer, 1998, 1999, 2003, 2004, 2005, 2006, 2009, 2016, 20020; Team Leader, 1995, 1996; Planning Committee, 1998-1999
  • AAA Doctoral Consortium: Distinguished Faculty, 1999, 2003, 2012, 2017, 2018
  • AAA Innovation in Accounting Education Award Committee, 2003-2004
  • AAA Research Advisory Committee, 1998-2002
  • AAA Annual Meeting Program Selection Committee, 1993, 1994, 1996, 1999
  • AAA Financial Accounting and Reporting Concepts Committee, 1996-1997
  • AAA Financial Accounting Standards Committee, 1995-1996
  • AAA Notable Contribution Award Screening Committee, 1994-1995

Editorial Boards

  • The Accounting Review, Co-Editor, 2011-2014
  • Management Science, Associate Editor in Finance, 2009-2011
  • Journal of Accounting and Economics, Associate Editor, 2000-2006
  • Review of Accounting Studies, Co-Editor, 1996-2006
  • Journal of Accounting Research, Editorial Board, 2001-2003
  • Journal of Finance, Associate Editor, 2000-2003
  • Financial Analysts Journal, Associate Editor, 1999-2008
  • Journal of Financial Markets, Associate Editor, 1996-2008

Insights by Stanford Business

September 21, 2022
By making it harder for companies to go public, Beijing is stifling innovation and growth, Charles Lee finds.
August 20, 2021
Automated trades are tactically brilliant, but these “speed demons” can discourage serious market research.
December 09, 2020
We’ve compiled an eclectic collection of books to share — or hoard — while sheltering in place this season.
October 15, 2019
A new study finds that similarities in technological expertise can bind the fortunes of seemingly unrelated companies.
October 02, 2019
A new strategy to predict a bank’s risk of failure appears to outperform what regulators consider their gold standard for bank strength.
April 12, 2019
A Ukrainian native challenges the financial industry to lose its fear of decentralized transactions.
June 26, 2017
Analyst coverage is a good prediction of how well a company will perform.
June 07, 2016
Mutual funds regularly underperform in the markets. Here’s why.
September 29, 2015
Four guidelines for surviving and thriving in the current volatility.
August 24, 2015
These investments, now more popular than hedge funds, come with a down side.
July 02, 2014
An accounting professor says shareholders need accountants to keep track of asset history, not to forecast future prices.
November 14, 2013
New research suggests these companies performed better than their reputation suggested.
November 01, 2010
Research shows that firms in countries perceived as less corrupt trade at bigger market premiums than those in places deemed more corrupt.

School News

October 11, 2021
Stanford GSB’s predoctoral fellowship is helping the next generation of academics jumpstart their careers — and bringing needed diversity to the professorship pipeline.
January 13, 2020
Stanford GSB accounting professor Charles M. C. Lee shares the story behind his favorite teaching keepsake.
May 11, 2017
In three separate ceremonies this spring, students in the MBA, MSx, and PhD programs lauded Professors Charles Lee, Mary Barth, and Adina Sterling, respectively.
June 04, 2013
Stanford GSB students honor three professors for their extraordinary teaching skill.
June 04, 2012
Stanford GSB students recognize Dirk Jenter, Charles Lee, and Jeremy Bulow for their passionate teaching of challenging subjects.