Accounting / Finance

In the undergraduate and graduate accounting programs at the Olin School of Buisness, the focus is on issues related to the role of financial information in facilitating the operations of capital markets and in helping managers plan and control the way their institutions operate.

Olin faculty members in accounting conduct research and teaching within three general areas: analysis and preparation of financial statements, auditing, and managerial accounting.

They investigate a variety of issues in their research. Some focus on disclosure issues related to the role of financial information in capital markets, both domestic and international. Others examine the effects of legal institutions on the credibility of information produced and used in such markets, and the resulting effects on economic performance. Still others work in the area of managerial accounting, doing field study and analytical research.

Faculty have published work in such journals as Journal of Accounting Research; The Accounting Review; Journal of Accounting and Economics; Auditing: A Journal of Practice and Theory; Journal of Accounting, Auditing and Finance; and Contemporary Accounting Research.

Faculty Experts:

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Charles Cuny Senior Lecturer in Finance Professor Charles Cuny has published research on the role of growth on corporate capital structure, the impact of market volatility on the stock index-futures basis, the effect of portfolio manager compensation on turn-of-the-year stock prices, the design of futures contracts, valuing employee stock ... Expertise: Capital structure, financial innovation, venture capital, employee stock options, stock index changes, corporate payout policy Direct contact: (314) 935-4527 / cuny@wustl.edu

Raj Mashruwala Assistant Professor of Accounting Professor Mashruwala is an expert in managerial accounting. His research focuses on the role of non-financial measures in performance measurement and business value models; the role of non-financial measures in executive labor and capital markets; and the impact of information technology on performance. ... Expertise: managerial accounting, performance measures, executive performance, information technology Direct contact: (314) 935-5924 / mashruwala@wustl.edu

Hong Liu Associate Professor of Finance Professor Liu is an expert in asset and options pricing, and portfolio theory. His research focuses on optimal consumption and investment with market imperfections. Liu has also written papers that analyze traders' orders and that explore managerial preference for financial structure and corporate ... Expertise: Finance, stock market, investing, portfolio, options, market consumption Direct contact: (314) 935-5883 / liuh@wustl.edu

Michael Faulkender Assistant Professor of Finance Professor Faulkender has been at the Olin School of Business since 2002. In 2004-2005, Faulkender was a fellow at the Center for Financial Research, FDIC. His primary areas of expertise are in corporate finance and investments. Faulkender is a member of the American Finance Association, the Society ... Expertise: Corporate finance, Capital structure, Risk management, Corporate liquidity Direct contact: (314) 935-6329 / faulkender@wustl.edu

Tzachi Zach Professor/Assistant Professor of Accounting Zach's area of expertise lies in finance and accounting. He researches capital markets and earnings management. A native of Israel, Zach used data from Israel to study the impact political events have on the stock market. He is currently examing what role publicity had on the firms that started ... Expertise: accounting finance, Israel, stock market, Global Settlement, expensing stock options, accrual anomoly, Direct contact: (314) 935-4528 / zach@wustl.edu

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News Stories & Tip Sheets:

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A "Minsky moment" WUSTL economist says the time is nigh: Unsustainable financial boom turns to bust Sept. 26, 2008 -- Fazzari WUSTL economist Steven Fazzari, Ph.D., argues that we have now reached the "Minsky moment," the time when an unsustainable financial boom turns to bust. "The serious consequences for employment and economic growth in this crisis can be mitigated, but not eliminated, by the defensive financial bailouts that the federal government has initiated," Fazzari says.

Fannie, Freddie and me Finance expert comments on the mortgage giants' federal bailout and the impact on taxpayers, shareholders, the mortgage market and the confidence of the American people Sept. 8, 2008 -- Now that the U.S. government has taken the controls of distressed mortgage giants Fannie Mae and Freddie Mac, American taxpayers facing billions of dollars in losses in home loans issued by the private sector are left wondering, "What does this mean for me?"

Solving the credit crisis Government intervention in subprime mess rewards bad behavior, expert says Jan. 16, 2008 -- As the number of foreclosures on homes purchased with a subprime mortgage continues to grow, the chatter from Washington and big business is focused on a way to slow, or even reverse, the trend. However, bailing out the industry isn't necessarily the way to go, according to a finance professor at the Olin Business School at Washington University in St. Louis.

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Related News Clips:

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Show More Accounting / Finance Clips

Debate over Fannie, Freddie takes place in the extremes Wall Street Journal March 3, 2006 -- Supporters of Fannie Mae and Freddie Mac say that cutting their massive mortgage portfolios would doom the housing market. Critics say those same portfolios create the risk of an LTCM-style meltdown that would doom financial markets. They could both be wrong. One of the studies mentioned was a 2004 paper co-authored by WUSTL's real estate and finance professor Michael LaCour-Little, which found that the U.S. government-sponsored entities (GSEs) that buy and hold mortgages in an effort to keep borrowing costs low and make home-buying more affordable, gave homeowners just a 0.24-percentage-point advantage on their mortgage rates.

Commentary: Private insecurities Wall Street Journal Feb. 20, 2006 -- U. Pittsburgh professor Ken Lehn looks at the Private Securities Litigation Reform Act on its 10th anniversary. He mentions a recent study co-authored by WUSTL business professor Anjan Thakor which reveals a fundamental problem: The compensation investors receive in settlements of federal securities class-actions does not correspond to the harm investors incur from alleged securities fraud.

Frist followed wave of insiders in selling hospital stock Associated Press and 1 others Sept. 23, 2005 -- Article on Senate Majority Leader Bill Frist and whether or not there was anything improper when he ordered a trustee to sell all his stock in his family's hospital corporation about a month before the price dropped. Information about the insiders' moves was publicly available through disclosures required by the SEC. WUSTL law professor and government ethics specialist Kathleen Clark comments.

Tips for improving your financial outlook Money Aug. 1, 2005 -- Summer is when people tend to blow off their goal of paying down credit-card debt, according to the Cambridge Consumer Credit Index. The reason might be that they've tried to pay too much. People who make unrealistic financial promises to themselves do no better than people who make none at all. "And if you don't meet a goal, you're less likely to perform well in the future," says WUSTL marketing professor Amar Cheema.

Cox's nomination to run SEC signals a regulatory shift Wall Street Journal and 16 others June 3, 2005 -- Business-friendly Californian Christopher Cox was named as the new chairman of the Securities and Exchange Commission. WUSTL law school dean and SEC historian Joel Seligman comments on the direction the SEC might take under Cox.

SEC looking at possible revisions to anti-fraud law, chairman says Associated Press and 32 others Feb. 10, 2005 -- The Securities and Exchange Commission chairman says a landmark anti-fraud law has proved too burdensome and costly for some public companies, especially smaller ones, and his agency is considering revisions of the statute. WUSTL law school dean and SEC historian Joel Seligman comments on the future of SEC reforms.

Olin overseas programs South China Morning Post and 2 others April 26, 2004 -- A third class of students will start their study programme in April for an Executive MBA offered by the Olin School of Business. By teaming up with Fudan University's School of Management in Shanghai, widely regarded as one of the leading universities in the mainland, the school believes it has one of the best programmes around. Based at Fudan University, the programme runs over 18 months and to keep downtime from work to a minimum, classroom sessions are held for four consecutive days per month. James Little, EMBA academic director and professor of international economics at the Olin School of Business, says this enables those who travel from outside Shanghai to combine study with work in Shanghai. "We have students who travel in monthly from Beijing, Wuhan, Xiamen, Shenzhen, Taiwan and the United States," he says.

News Features:

SEC disclosure regulations may be overwhelming investors with too much information
[St. Louis, Mo., March 2003] - Investors and legislators alike continue to be concerned about the true state of companies. Since the corporate accounting scandals of Enron, Tyco, WorldCom and others, there has been a legislative push for full disclosure from companies. As corporations now follow the SEC's strict mandatory disclosure guidelines, the question arises, how much is too much? Troy Paredes, associate professor of law at the Washington University School of Law, says the SEC and companies need to reexamine the mandatory disclosure regulations because investors may be provided too much information, making current disclosure regulation counterproductive. More info

Accounting abuses caused by changes made in '80s and '90s, says Washington University economist
[St. Louis, Mo., July/August 2002] - The corporate crisis that continues unabated due to questionable or even fraudulent accounting practices is frequently attributed to the fast-paced business environment of the last decade. But the problems are a direct result of changes in accounting procedures made over the last two decades, mainly in the '90s, says Glenn MacDonald, the John M. Olin Distinguished Professor of Economics and Strategy at the Olin School of Business at Washington University in St. Louis. MacDonald is available to comment.