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Charles M.C. Lee

Stanford University - Graduate School of Business

Professor

Stanford Graduate School of Business

655 Knight Way

Stanford, CA 94305-5015

United States

  • Stanford University - Graduate School of Business

    • Email
    • Tel: 650-721-1295
SCHOLARLY PAPERS

43

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Top 157

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57,310

CITATIONS
Rank 176

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Top 176

in Total Papers Citations

1,876

Scholarly Papers (43)

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1.

Price Momentum and Trading Volume

Number of pages: 42 Posted: 06 Jul 1998
Charles M.C. Lee and Bhaskaran Swaminathan
Stanford University - Graduate School of Business and LSV Asset Management
Downloads 5,576 (755)
Citation 280

Abstract:

2.

What is the Intrinsic Value of the Dow?

Downloads 4,459 ( 1,386)
Citation 161

What is the Intrinsic Value of the Dow?

Number of pages: 55 Posted: 03 Mar 1997
Charles M.C. Lee, James N. Myers and Bhaskaran Swaminathan
Stanford University - Graduate School of Business, University of Tennessee, Knoxville - College of Business Administration and LSV Asset Management
Downloads 4,459 (1,360)
Citation 161

Abstract:

What Is the Intrinsic Value of the Dow?

Journal of Finance, Vol. 54, No. 5, October 1999
Posted: 24 Apr 1999
Charles M.C. Lee, James N. Myers and Bhaskaran Swaminathan
Stanford University - Graduate School of Business, University of Tennessee, Knoxville - College of Business Administration and LSV Asset Management

Abstract:

3.

Market Efficiency and Accounting Research: A Discussion of 'Capital Market Research in Accounting' by S.P. Kothari

Downloads 3,844 ( 1,787)
Citation 46

Market Efficiency and Accounting Research: A Discussion of 'Capital Market Research in Accounting' by S.P. Kothari

JAE Rochester Conference April 2000
Number of pages: 31 Posted: 02 Feb 2001
Charles M.C. Lee
Stanford University - Graduate School of Business
Downloads 3,844 (1,753)
Citation 46

Abstract:

Market Efficiency and Accounting Research: A Discussion of 'Capital Market Research in Accounting' by S.P. Kothari

Journal of Accounting & Economics, Vol. 31, Nos. 1-3, September 2001
Posted: 26 Nov 2001
Charles M.C. Lee
Stanford University - Graduate School of Business

Abstract:

4.

Toward an Implied Cost of Capital

Downloads 3,251 ( 2,424)
Citation 290

Toward an Implied Cost of Capital

Parker Center for Investment Research Working Paper
Number of pages: 78 Posted: 27 Dec 2000
William R. Gebhardt, Charles M.C. Lee and Bhaskaran Swaminathan
affiliation not provided to SSRN, Stanford University - Graduate School of Business and LSV Asset Management
Downloads 3,251 (2,365)
Citation 290

Abstract:

Valuation; Equity; Cost of capital; Residual income; Discounted cash flow; Capital budgeting; Investments; Earnings forecasts

Toward an Implied Cost of Capital

Journal of Accounting Research
Posted: 21 Feb 2001
William R. Gebhardt, Charles M.C. Lee and Bhaskaran Swaminathan
affiliation not provided to SSRN, Stanford University - Graduate School of Business and LSV Asset Management

Abstract:

Valuation; Equity; Cost of capital; Residual income; Discounted cash flow; Capital budgeting; Investments; Earnings forecasts

5.

Analyzing the Analysts: When Do Recommendations Add Value?

AFA 2002 Atlanta Meetings
Number of pages: 55 Posted: 22 Nov 2001
Narasimhan Jegadeesh, Joonghyuk Kim, Susan D. Krische and Charles M.C. Lee
Emory University - Department of Finance, Case Western Reserve University - Department of Banking & Finance, American University - Kogod School of Business and Stanford University - Graduate School of Business
Downloads 3,217 (2,225)
Citation 171

Abstract:

Analyst, Stock recommendations, Market efficiency, Investment, Trading rules, Quantitative analysis, Fundamental analysis

6.

Toward An Ex Ante Cost-of-Capital

Number of pages: 47 Posted: 25 Jan 1999
William R. Gebhardt, Charles M.C. Lee and Bhaskaran Swaminathan
affiliation not provided to SSRN, Stanford University - Graduate School of Business and LSV Asset Management
Downloads 2,434 (3,859)
Citation 268

Abstract:

7.

The Information Content of Analyst Stock Recommendations

Parker Center for Investment Research Working Papers
Number of pages: 40 Posted: 18 Feb 2001
Susan D. Krische and Charles M.C. Lee
American University - Kogod School of Business and Stanford University - Graduate School of Business
Downloads 2,306 (4,057)
Citation 13

Abstract:

Analyst, recommendations, market efficiency, investment, trading rules, quantitative analysis, fundamental analysis, stock screens

8.

What's My Line? A Comparison of Industry Classification Schemes for Capital Market Research

Number of pages: 38 Posted: 31 Dec 2002
Sanjeev Bhojraj, Charles M.C. Lee and Derek Oler
Cornell University - Samuel Curtis Johnson Graduate School of Management, Stanford University - Graduate School of Business and Texas Tech University - Rawls College of Business
Downloads 2,233 (4,327)
Citation 13

Abstract:

9.

Fraud Detection and Expected Returns

Number of pages: 53 Posted: 05 Feb 2012
Messod Daniel Beneish, Charles M.C. Lee and D. Craig Nichols
Indiana University - Kelley School of Business - Department of Accounting, Stanford University - Graduate School of Business and affiliation not provided to SSRN
Downloads 1,876 (3,088)

Abstract:

earnings manipulation detection, accounting fraud, returns prediction, market efficiency, financial statement analysis, market learning, information, behavioral finance, price discovery

10.

Analyst Forecast Revisions and Market Price Formation

Parker Center for Investment Working Paper
Number of pages: 43 Posted: 19 Mar 2002
Cristi A. Gleason and Charles M.C. Lee
University of Iowa - Department of Accounting and Stanford University - Graduate School of Business
Downloads 1,533 (8,220)
Citation 108

Abstract:

Analyst, earnings forecasts, estimates, revisions, momentum market efficiency, expected returns, investments

11.

Earnings Momentum in International Markets

Number of pages: 39 Posted: 08 Apr 2003
Dong Hong, Charles M.C. Lee and Bhaskaran Swaminathan
Singapore Management University - Lee Kong Chian School of Business, Stanford University - Graduate School of Business and LSV Asset Management
Downloads 1,519 (7,806)
Citation 14

Abstract:

12.

To Catch a Thief: Can Forensic Accounting Help Predict Stock Returns?

Number of pages: 36 Posted: 02 Aug 2011 Last Revised: 12 May 2014
Messod Daniel Beneish, Craig Nichols and Charles M.C. Lee
Indiana University - Kelley School of Business - Department of Accounting, Syracuse University and Stanford University - Graduate School of Business
Downloads 1,416 (7,659)

Abstract:

forensic accounting, stock return prediction, earnings manipulation

13.

Information Uncertainty and Expected Returns

Number of pages: 57 Posted: 07 May 2004
Guohua Jiang, Charles M.C. Lee and Grace Yi Zhang
Peking University - Guanghua School of Management, Stanford University - Graduate School of Business and Barclays - Barclays Global Investors (BGI)
Downloads 1,395 (9,497)
Citation 254

Abstract:

Information uncertainty, overconfidence, arbitrage cost, stock returns

14.

Characteristics of Price Informative Analyst Forecasts

Parker Center for Investment Research Working Papers
Number of pages: 40 Posted: 26 Dec 2000
Cristi A. Gleason and Charles M.C. Lee
University of Iowa - Department of Accounting and Stanford University - Graduate School of Business
Downloads 1,336 (10,643)
Citation 7

Abstract:

Analyst, earnings forecasts, estimates, revisions, mMomentum market efficiency, expected returns, investments

15.

Evaluating Firm-Level Expected-Return Proxies

Harvard Business School Accounting & Management Unit Working Paper No. 15-022, Rock Center for Corporate Governance at Stanford University Working Paper No. 197, Stanford University Graduate School of Business Research Paper No. 15-57
Number of pages: 54 Posted: 06 Aug 2010 Last Revised: 16 Jun 2017
Charles M.C. Lee, Eric C. So and Charles C. Y. Wang
Stanford University - Graduate School of Business, Massachusetts Institute of Technology (MIT) - Sloan School of Management and Harvard Business School
Downloads 1,320 (7,355)
Citation 2

Abstract:

Implied Cost of Capital, Expected Returns

16.

Testing International Asset Pricing Models Using Implied Costs of Capital

Downloads 1,232 ( 12,601)
Citation 40

Testing International Asset Pricing Models Using Implied Costs of Capital

Number of pages: 44 Posted: 17 Mar 2004
Charles M.C. Lee, David T. Ng and Bhaskaran Swaminathan
Stanford University - Graduate School of Business, Cornell University and LSV Asset Management
Downloads 915 (19,510)
Citation 40

Abstract:

Testing International Asset Pricing Models Using Implied Costs of Capital

Journal of Financial and Quantitative Analysis (JFQA), Forthcoming
Number of pages: 43 Posted: 16 Jan 2008
Charles M.C. Lee, David T. Ng and Bhaskaran Swaminathan
Stanford University - Graduate School of Business, Cornell University and LSV Asset Management
Downloads 317 (78,088)
Citation 24

Abstract:

international asset pricing, implied cost of capital, noise

17.

Is There a Dark Side to Exchange Traded Funds? An Information Perspective

Review of Accounting Studies, Vol. 22, Pages 1048-1083, 2017
Number of pages: 56 Posted: 03 Jul 2015 Last Revised: 09 Aug 2017
Doron Israeli, Charles M.C. Lee and Suhas A. Sridharan
Interdisciplinary Center (IDC) Herzliya - Arison School of Business, Stanford University - Graduate School of Business and Emory University - Goizueta Business School
Downloads 1,102 (2,091)

Abstract:

Exchange traded funds (ETFs); Informed and uninformed traders; Trading costs; Informational efficiency; Pricing efficiency

18.

Retail Investor Sentiment and Return Comovements

Number of pages: 48 Posted: 17 Feb 2004
Alok Kumar and Charles M.C. Lee
University of Miami - School of Business Administration and Stanford University - Graduate School of Business
Downloads 1,062 (13,996)
Citation 118

Abstract:

Correlated trading, Retail sentiment, Habitat-based comovement, Arbitrage costs

19.

Tunneling in China: The Surprisingly Pervasive Use of Corporate Loans to Extract Funds from Chinese Listed Companies

Johnson School Research Paper Series No. 31-06
Number of pages: 41 Posted: 05 Dec 2005
Guohua Jiang, Charles M.C. Lee and Heng Yue
Peking University - Guanghua School of Management, Stanford University - Graduate School of Business and Singapore Management University - School of Accountancy
Downloads 1,014 (15,973)
Citation 9

Abstract:

Tunneling, Law and Finance, China

20.

Shell Games: The Long Term Performance of Chinese Reverse Merger Firms

The Accounting Review, Forthcoming
Number of pages: 56 Posted: 04 Oct 2012 Last Revised: 20 Sep 2014
Charles M.C. Lee, Kevin K. Li and Ran Zhang
Stanford University - Graduate School of Business, University of California, Riverside (UCR) - UCR School of Business Administration (SoBA) and Guanghua School of Management
Downloads 999 (13,225)
Citation 1

Abstract:

Reverse mergers, listing requirements, Chinese firms, accounting fraud, cash flow life cycle, private-equity (PIPE) financing

21.

Search Based Peer Firms: Aggregating Investor Perceptions through Internet Co-Searches

Journal of Financial Economics (JFE), Forthcoming, Rock Center for Corporate Governance at Stanford University Working Paper No. 128, Harvard Business School Accounting & Management Unit Working Paper No. 13-048
Number of pages: 58 Posted: 06 Nov 2012 Last Revised: 05 Oct 2014
Charles M.C. Lee, Paul Ma and Charles C. Y. Wang
Stanford University - Graduate School of Business, University of Minnesota - Carlson School of Management and Harvard Business School
Downloads 849 (17,111)

Abstract:

peer firm, EDGAR search traffic, revealed preference, co-search, industry classification

22.

Aggregate Investment and Investor Sentiment

Review of Financial Studies (RFS), Forthcoming, Rock Center for Corporate Governance at Stanford University Working Paper No. 181, Kelley School of Business Research Paper No. 2014-44
Number of pages: 49 Posted: 02 Jan 2013 Last Revised: 01 Dec 2014
Salman Arif and Charles M.C. Lee
Indiana University - Kelley School of Business - Department of Accounting and Stanford University - Graduate School of Business
Downloads 738 (17,329)
Citation 1

Abstract:

Investor Sentiment, Corporate Investment, Market Efficiency, Financial Accounting

23.

International Asset Pricing: Evidence from the Cross Section of Implied Cost of Capital

14th Annual Conference on Financial Economics and Accounting (FEA)
Number of pages: 48 Posted: 15 Jan 2004
Charles M.C. Lee, David T. Ng and Bhaskaran Swaminathan
Stanford University - Graduate School of Business, Cornell University and LSV Asset Management
Downloads 734 (25,275)
Citation 31

Abstract:

24.

Corruption and International Valuation: Does Virtue Pay?

Downloads 725 ( 27,837)
Citation 16

Corruption and International Valuation: Does Virtue Pay?

Number of pages: 33 Posted: 03 Oct 2006
Charles M.C. Lee and David T. Ng
Stanford University - Graduate School of Business and Cornell University
Downloads 495 (45,510)
Citation 16

Abstract:

Corruption, International Valuation

Corruption and International Valuation: Does Virtue Pay?

Johnson School Research Paper No. 41-06
Number of pages: 34 Posted: 20 Nov 2006
Charles M.C. Lee and David T. Ng
Stanford University - Graduate School of Business and Cornell University
Downloads 230 (110,663)
Citation 16

Abstract:

25.

Capital Market Governance: How Do Security Laws Affect Market Performance?

Downloads 692 ( 29,651)
Citation 29

Capital Market Governance: How Do Security Laws Affect Market Performance?

Number of pages: 53 Posted: 21 Apr 2005
Hazem Daouk, Charles M.C. Lee and David T. Ng
Cornell University - School of Applied Economics and Management, Stanford University - Graduate School of Business and Cornell University
Downloads 692 (29,185)
Citation 29

Abstract:

capital market governance, insider trading, earnings opacity, market performance

Capital Market Governance: How do Security Laws Affect Market Performance?

Journal of Corporate Finance, Vol. 12, No. 12, pp. 560-593, June 2006
Posted: 04 Aug 2006
Hazem Daouk, Charles M.C. Lee and David T. Ng
Cornell University - School of Applied Economics and Management, Stanford University - Graduate School of Business and Cornell University

Abstract:

capital market governance, insider trading, earnings opacity, short-selling constraints, market performance

26.

In Short Supply: Short Sellers and Stock Returns

Rock Center for Corporate Governance at Stanford University Working Paper No. 165
Number of pages: 55 Posted: 04 Dec 2013 Last Revised: 19 Apr 2015
Messod Daniel Beneish, Charles M.C. Lee and Craig Nichols
Indiana University - Kelley School of Business - Department of Accounting, Stanford University - Graduate School of Business and Syracuse University
Downloads 666 (17,880)

Abstract:

Short Selling, Overvaluation, Market Efficiency

27.

Tunneling in China: The Remarkable Case of Inter-Corporate Loans

Number of pages: 53 Posted: 02 Jul 2008
Guohua Jiang, Charles M.C. Lee and Heng Yue
Peking University - Guanghua School of Management, Stanford University - Graduate School of Business and Singapore Management University - School of Accountancy
Downloads 606 (32,927)
Citation 4

Abstract:

Tunneling, minority shareholder rights, investor protection, regulatory reform, corporate governance, emerging markets, Chinese stock market

28.

The Search for Peer Firms: When Do Crowds Provide Wisdom?

Harvard Business School Accounting & Management Unit Working Paper No. 15-032, Stanford University Graduate School of Business Research Paper No. 14-46, Rock Center for Corporate Governance at Stanford University Working Paper No. 198
Number of pages: 47 Posted: 02 Nov 2014 Last Revised: 07 Nov 2016
Charles M.C. Lee, Paul Ma and Charles C. Y. Wang
Stanford University - Graduate School of Business, University of Minnesota - Carlson School of Management and Harvard Business School
Downloads 570 (20,071)

Abstract:

peer firm, performance benchmarking, EDGAR co-search, analyst co-coverage, wisdom of crowds, crowd of crowds

29.

Short-Sellers and Mutual Funds: Why Does Short-Sale Volume Predict Stock Returns?

Rock Center for Corporate Governance at Stanford University Working Paper No. 195, Stanford University Graduate School of Business Research Paper No. 14-35, Finance Down Under 2016 Building on the Best from the Cellars of Finance
Number of pages: 54 Posted: 17 Sep 2014 Last Revised: 02 Oct 2016
Salman Arif, Azi Ben-Rephael and Charles M.C. Lee
Indiana University - Kelley School of Business - Department of Accounting, Indiana University - Kelley School of Business - Department of Finance and Stanford University - Graduate School of Business
Downloads 430 (28,449)

Abstract:

Price discovery, mutual funds, short-sellers, price pressure, liquidity provision, market efficiency

30.

Reverse Mergers, Shell Value, and Regulation Risk in Chinese Equity Markets

Number of pages: 58 Posted: 19 Sep 2017
Charles M.C. Lee, Yuanyu Qu and Tao Shen
Stanford University - Graduate School of Business, Tsinghua University - School of Economics & Management and Tsinghua University
Downloads 0 (515,552)

Abstract:

reverse mergers, shell value, anomalies, regulation risk, IPOs, Chinese equity markets.

31.

Sexy or Safe: Why Do Predicted Stock Issuers (PSIs) Earn Low Returns?

Number of pages: 58 Posted: 18 Nov 2016
Charles M.C. Lee and Ken Li
Stanford University - Graduate School of Business and Stanford University, Graduate School of Business
Downloads 0 (67,297)

Abstract:

asset pricing, risk factors, investment, profitability, saliency, market efficiency, fundamental analysis

32.

Uncovering Expected Returns: Information in Analyst Coverage Proxies

Journal of Financial Economics (JFE), Forthcoming
Number of pages: 43 Posted: 27 Jan 2016 Last Revised: 16 Jun 2016
Charles M.C. Lee and Eric C. So
Stanford University - Graduate School of Business and Massachusetts Institute of Technology (MIT) - Sloan School of Management
Downloads 0 (53,090)

Abstract:

expected returns, analysts, mispricing

33.

Earnings Manipulation and Expected Returns

Financial Analysts Journal, Vol. 69, No. 2, 2013
Posted: 31 Mar 2013
Messod Daniel Beneish, Charles M.C. Lee and D. Craig Nichols
Indiana University - Kelley School of Business - Department of Accounting, Stanford University - Graduate School of Business and Cornell University - Samuel Curtis Johnson Graduate School of Management

Abstract:

Equity Investments, Fundamental Analysis (Sector, Industry, Company), Valuation of Individual Equity Securities, Company Analysis, Financial Statement Analysis, Financial Reporting Quality, Aggressive Financial Reporting Techniques

34.

The Marketing of Closed-End Fund IPOs: Evidence from Transactions Data

Journal of Financial Intermediation, Vol. 5, pp. 127-159, 1996
Posted: 14 Feb 2008
Kathleen Weiss Hanley, Charles M.C. Lee and Paul J. Sequin
Lehigh University - College of Business & Economics, Stanford University - Graduate School of Business and affiliation not provided to SSRN

Abstract:

35.

Analyst Forecast Revisions and Market Price Discovery

The Accounting Review, January 2003
Posted: 17 Apr 2003
Cristi A. Gleason and Charles M.C. Lee
University of Iowa - Department of Accounting and Stanford University - Graduate School of Business

Abstract:

analysts, forecasts, revisions, market efficiency, earnings quality

36.

Option Trading and Earnings News Dissemination

Posted: 10 Sep 1999
Charles M.C. Lee and Kaushik I. Amin
Stanford University - Graduate School of Business and Lehman Brothers

Abstract:

37.

Closed-End Country Funds and U.S. Market Sentiment, Mitsui Life Financial Research Center

Working Paper No. 93-13
Posted: 09 Aug 1999
James N. Bodurtha, Dong-Soon Kim and Charles M.C. Lee
Georgetown University - Department of Finance, Chung-Ang University and Stanford University - Graduate School of Business

Abstract:

38.

Closed-end Country Funds and U.S. Market Sentiment

THE REVIEW OF FINANCIAL STUDIES, Vol. 8 No. 3
Posted: 25 Jul 1998
James N. Bodurtha, Dong-Soon Kim and Charles M.C. Lee
Georgetown University - Department of Finance, Chung-Ang University and Stanford University - Graduate School of Business

Abstract:

39.

Accounting Standards and the Valuation of International Securities

Posted: 15 Jul 1998
Richard M. Frankel and Charles M.C. Lee
Washington University in Saint Louis - Olin Business School and Stanford University - Graduate School of Business

Abstract:

40.

Accounting Valuation, Market Expectation, and the Book-to-Market Effect

Downloads 0 (565,313)

Accounting Valuation, Market Expectation, and the Book-to-Market Effect

Posted: 25 Aug 1998
Richard M. Frankel and Charles M.C. Lee
Washington University in Saint Louis - Olin Business School and Stanford University - Graduate School of Business

Abstract:

Accounting Valuation, Market Expectation, and the Book-to-Market Effect

Posted: 08 Jul 1998
Richard M. Frankel and Charles M.C. Lee
Washington University in Saint Louis - Olin Business School and Stanford University - Graduate School of Business

Abstract:

41.

Accounting Diversity and International Valuation

Posted: 21 May 1998
Richard M. Frankel and Charles M.C. Lee
Washington University in Saint Louis - Olin Business School and Stanford University - Graduate School of Business

Abstract:

42.

Option Trading, Price Discovery, and Earnings News Dissemination

CONTEMPORARY ACCOUNTING RESEARCH, Vol 14, No 2, Summer 1997
Posted: 19 Feb 1997
Kaushik I. Amin and Charles M.C. Lee
Lehman Brothers and Stanford University - Graduate School of Business

Abstract:

43.

Technological Links and Predictable Returns

Number of pages: 60 Posted: 14 Sep 2017
Charles M.C. Lee, Stephen Teng Sun, Rongfei Wang and Ran Zhang
Stanford University - Graduate School of Business, Peking University, Guanghua School of Management, Peking University - Guanghua School of Management and Guanghua School of Management
Downloads 66

Abstract:

Technology Momentum, Stock Returns, Return Predictability, Patents, Technological Closeness, Limited Attention, Market Efficiency

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