Joseph D. Piotroski
Professor, Accounting
Contact Info
JosephD.Piotroski
Professor of Accounting
GSB Trust Faculty Fellow for 2016-2017
Academic Area: 
Accounting

Additional Administrative Titles

  • Director, Stanford Ignite – Beijing

Research Statement

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.

Bio

Joseph Piotroski is a Professor of Accounting at Stanford University’s Graduate School of Business, and a Senior Fellow at the Asian Bureau of Finance and Economic Research (ABFER). Professor Piotroski was also the inaugural Center for Global Business and the Economy Research Fellow at the GSB. Prior to joining the faculty at Stanford in 2007, Professor Piotroski was an Associate Professor of Accounting at the University of Chicago’s Graduate School of Business (1999-2007).

Professor Piotroski’s research focuses on the economic impact of different financial reporting and governance practices around the world, and on how capital market participants use financial accounting information for valuation and investment purposes. Recent work focuses on the influence of legal, regulatory and political forces on transparency, corporate governance, and the efficiency of equity markets in international settings, most notably in the context of China.

Professor Piotroski has published research papers in numerous scholarly journals, includingThe Journal of Finance, Journal of Financial Economics, Review of Financial Studies, Journal of Accounting Research, Journal of Accounting and Economics, The Accounting Review, and Management Science.  His research on value investing has been widely cited in the popular press, including Forbes, Fortune, Business Week, Smart Money Magazine, Investors Business Daily, and Business Today (India), and highlighted on numerous investment-related websites.  He currently serves on the Editorial Advisory Boards of the Journal of Accounting Research, Review of Accounting Studies, The Accounting Review, and Journal of Business, Finance and Accounting.

Professor Piotroski received his PhD from the University of Michigan in 1999. He earned his MBA from Indiana University, BS from the University of Illinois, and worked as a tax consultant for Coopers and Lybrand in Chicago.

Academic Degrees

  • PhD in Accounting, University of Michigan, 1999
  • MBA in Finance, Indiana University, 1994
  • BS in Accounting, University of Illinois, 1989
  • Certified Public Accountant, State of Illinois, 1989

Academic Appointments

  • Professor of Accounting, Stanford GSB, 2016-present
  • Associate Professor of Accounting, Stanford GSB, 2007-2016
  • Associate Professor of Accounting, University of Chicago, 2003-2007
  • Assistant Professor of Accounting, University of Chicago, 1999-2003
  • Graduate Research Assistant; Graduate Instructor, University of Michigan, 1994-1999
  • Lecturer, Indiana University, 1992-1994

Professional Experience

  • Tax Senior Associate, Coopers and Lybrand, 1989-1992.

Awards and Honors

  • Stanford GSB Trust Faculty Fellow for 2016-2017
  • Center for Global Business and the Economy Research Fellow, Stanford GSB, 2012-2014
  • John A. Gunn and Cynthia Fry Gunn Faculty Scholar, Stanford GSB, 2010-2011
  • Robert S. Hamada Faculty Fellow, University of Chicago GSB, 2005
  • William Ladany Faculty Research Fellow, University of Chicago GSB, 2002
  • Ernest R. Wish Accounting Research Award, University of Chicago GSB, 2001
  • American Accounting Association Best Dissertation Award, Financial Reporting Section, 2000
  • Deloitte and Touche Doctoral Fellowship, Deloitte and Touche, 1996

Publications

Journal Articles

Peter R. Joos, Joseph D. Piotroski. Review of Accounting Studies (forthcoming). June 29, 2017.
Ed deHaan, Joshua Madsen, Joseph D. Piotroski. Journal of Accounting Research. June 2017, Vol. 53, Issue 3, Pages 509-550.
Peter Joos, Joseph D. Piotroski, Suraj Srinivasan. Journal of Financial Economics. September 2016, Vol. 121, Issue 3, Pages 645-663.
Joseph D. Piotroski, T.J. Wong, T. Zhang. Journal of Accounting Research. March 5, 2015, Vol. 53, Issue 2, Pages 405-459.
Joseph D. Piotroski, T. Zhang. Journal of Financial Economics. 2014, Vol. 111, Issue 1, Pages 111-136.
Joseph D. Piotroski, J. Gerakos, S. Srinivasan. Management Science. 2013, Vol. 59, Issue 11, Pages 2413-2434.
Joseph D. Piotroski. Journal of Accounting and Economics. 2013, Vol. 56, Issue 2-3, Pages 216-223.
Joseph D. Piotroski, E. So. Review of Financial Studies. 2012, Vol. 25, Issue 9, Pages 2841-2875.
Joseph D. Piotroski, R. Bushman, A. Smith. Journal of Business, Finance and Accounting. 2011, Vol. 38, Issue 1/2, Pages 1-33.
Joseph D. Piotroski, D. Roulstone. Journal of Law, Economics and Policy. 2008, Vol. 4, Issue 2, Pages 409-448.
Joseph D. Piotroski, S. Srinivasan. Journal of Accounting Research. 2008, Vol. 46, Issue 2, Pages 383-425.
Joseph D. Piotroski. Journal of Accounting Research. 2007, Vol. 45, Issue 2, Pages 469-479.
Joseph D. Piotroski, R. Bushman. Journal of Accounting and Economics. 2006, Vol. 42, Issue 1/2, Pages 107-148.
Robert M. Bushman, Joseph D. Piotroski, Abbie J. Smith. The Journal of Finance. July 20, 2005, Vol. 60, Issue 1, Pages 35-66.
Joseph D. Piotroski. Review of Accounting Studies. 2005, Vol. 10, Issue 2/3, Pages 171-184.
Joseph D. Piotroski, D. Roulstone. Journal of Accounting and Economics. 2005, Vol. 39, Issue 1, Pages 55-82.
Joseph D. Piotroski, R. Bushman, A. Smith. Journal of Accounting Research. 2004, Vol. 42, Issue 2, Pages 207-252.
Joseph D. Piotroski, I. Dichev. The Journal of Finance. 2001, Vol. 56, Issue 1, Pages 173-203.
Joseph D. Piotroski. Journal of Accounting Research. 2000, Vol. 38, Issue Supplement, Pages 1-41.
Joseph D. Piotroski, I Dichev. Journal of Business, Finance and Accounting. 1999, Vol. 26, Issue 9/10, Pages 1103-1132.

Book Chapters

Joseph D. Piotroski, T.J. Wong. Capitalizing China. Joseph Fan and Randall Morck, eds.. Chicago: NBER and University of Chicago Press, 2012, Pages Chapter 4.

Teaching

Degree Courses

2017-18

This course is designed to develop students' ability to interpret and use financial accounting information in an equity valuation context. The perspective taken is that of an outsider relying on publicly available financial information for...

This course examines the unique institutional, governance and transparency issues affecting corporate valuations in emerging markets. Through lectures, case discussions and the students' real-time analysis of an emerging market firm, this...

This course examines selected topics in accounting research. The course features three 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...

2016-17

This course is designed to develop students' ability to interpret and use financial accounting information in an equity valuation context. The perspective taken is that of an outsider relying on publicly available financial information for...

This course examines the unique institutional, governance and transparency issues affecting corporate valuations in emerging markets. Through lectures, case discussions and the students' real-time analysis of an emerging market firm, this...

2015-16

This course is designed to develop students' ability to interpret and use financial accounting information in an equity valuation context. The perspective taken is that of an outsider relying on publicly available financial information for...

This course examines the unique institutional, governance and transparency issues affecting corporate valuations in emerging markets. Through lectures, case discussions and the students' real-time analysis of an emerging market firm, this...

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...

Executive Education & Other Non-Degree Programs

Stanford Case Studies

Baidu.com, Inc., Valuation at IPO | A197
George Foster, Martin Haemmig, Ning Jia, Sara Leslie, Joseph Piotroski, Jennie Tung2009

Service to the Profession

Editorial Advisory Board member

  • Journal of Accounting Research, 2005-present
  • The Accounting Review, 2005-2011, 2014-present
  • Review of Accounting Studies, 2011-present
  • Journal of Accounting and Economics, 2006-2011
  • Journal of Business, Finance and Accounting, 2008-present

Insights by Stanford Business

September 3, 2014
Research shows it’s more complex than mere crony capitalism.

School News

March 2, 2016
Silicon Valley program returns to Beijing, Sept. 2 to Nov. 13, 2016, at Stanford Center at Peking University in collaboration with Z Park.