Robert E. Verrecchia

University of Pennsylvania - Accounting Department

Ernst & Young Professor of Accounting

3641 Locust Walk

Philadelphia, PA 19104-6365

United States

  • University of Pennsylvania - Accounting Department

    • Email
    • Tel: 215-898-6976
    • Fax: 215-573-2054
SCHOLARLY PAPERS

37

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Scholarly Papers (37)

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1.

Accounting Information, Disclosure, and the Cost of Capital

Downloads 8,250 ( 1,036)
Citation 396

Accounting Information, Disclosure, and the Cost of Capital

Wharton Financial Institutions Center Working Paper Series #06-20
Number of pages: 47 Posted: 12 Oct 2005
Richard A. Lambert, Christian Leuz and Robert E. Verrecchia
University of Pennsylvania - Accounting Department, University of Chicago - Booth School of Business and University of Pennsylvania - Accounting Department
Downloads 8,239 (1,029)
Citation 38

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Cost of capital, disclosure, information risk, asset pricing

Accounting Information, Disclosure, and the Cost of Capital

Journal of Accounting Research, Vol. 45, No. 2, pp. 385-420, May 2007
Number of pages: 36 Posted: 11 Dec 2007
Richard A. Lambert, Christian Leuz and Robert E. Verrecchia
University of Pennsylvania - Accounting Department, University of Chicago - Booth School of Business and University of Pennsylvania - Accounting Department
Downloads 11 (809,705)
Citation 73

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Accounting Information, Disclosure, and the Cost of Capital

Journal of Accounting Research, Forthcoming
Posted: 08 Jan 2007
Richard A. Lambert, Christian Leuz and Robert E. Verrecchia
University of Pennsylvania - Accounting Department, University of Chicago - Booth School of Business and University of Pennsylvania - Accounting Department

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Cost of capital, disclosure, information risk, asset pricing

2.

The Economic Consequences of Increased Disclosure

Downloads 6,077 ( 1,776)
Citation 93

The Economic Consequences of Increased Disclosure

Number of pages: 63 Posted: 20 Aug 1999
Christian Leuz and Robert E. Verrecchia
University of Chicago - Booth School of Business and University of Pennsylvania - Accounting Department
Downloads 6,077 (1,755)
Citation 93

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The Economic Consequences of Increased Disclosure

Journal of Accounting Research 38 (Supplement 2000), pp. 91–124
Posted: 13 Dec 2000 Last Revised: 23 Feb 2013
Christian Leuz and Robert E. Verrecchia
University of Chicago - Booth School of Business and University of Pennsylvania - Accounting Department

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disclosure, international accounting, cost of capital, information asymmetry, liquidity

3.

Essays on Disclosure

Downloads 4,749 ( 2,704)

Essays on Disclosure

Number of pages: 123 Posted: 14 Jul 2001
Robert E. Verrecchia
University of Pennsylvania - Accounting Department
Downloads 4,749 (2,669)
Citation 155

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Disclosure; Information asymmetry reduction; Cost of capital

Essays on Disclosure

Posted: 13 Nov 2001
Robert E. Verrecchia
University of Pennsylvania - Accounting Department

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Disclosure; Information asymmetry reduction; Cost of capital

4.

Information Asymmetry, Information Precision, and the Cost of Capital

Downloads 3,294 ( 5,055)
Citation 39

Information Asymmetry, Information Precision, and the Cost of Capital

Review of Finance, 2011, Wharton Financial Institutions Center Working Paper No. 06-21
Number of pages: 42 Posted: 11 Oct 2006 Last Revised: 25 Nov 2011
Richard A. Lambert, Christian Leuz and Robert E. Verrecchia
University of Pennsylvania - Accounting Department, University of Chicago - Booth School of Business and University of Pennsylvania - Accounting Department
Downloads 3,127 (5,411)
Citation 49

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Information risk, Cost of capital, Expected return, Asset pricing, Disclosure, Rational expectations, Diversification

Information Asymmetry, Information Precision, and the Cost of Capital

NBER Working Paper No. w14881
Number of pages: 44 Posted: 20 Apr 2009 Last Revised: 28 Feb 2022
Richard A. Lambert, Christian Leuz and Robert E. Verrecchia
University of Pennsylvania - Accounting Department, University of Chicago - Booth School of Business and University of Pennsylvania - Accounting Department
Downloads 167 (247,548)

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Information Asymmetry, Information Precision, and the Cost of Capital

Review of Finance, Forthcoming
Posted: 26 Apr 2011
Richard A. Lambert, Christian Leuz and Robert E. Verrecchia
University of Pennsylvania - Accounting Department, University of Chicago - Booth School of Business and University of Pennsylvania - Accounting Department

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Cost of Capital, Information Asymmetry, Imperfect Competition

5.

Information Disclosure and Adverse Selection Explanations for IPO Underpricing

Number of pages: 43 Posted: 23 Jun 2002
Catherine M. Schrand and Robert E. Verrecchia
University of Pennsylvania - Accounting Department and University of Pennsylvania - Accounting Department
Downloads 3,255 (5,143)
Citation 21

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Disclosure, initial public offerings, cost of capital

6.

Firms' Capital Allocation Choices, Information Quality, and the Cost of Capital

Number of pages: 26 Posted: 06 Feb 2004
Christian Leuz and Robert E. Verrecchia
University of Chicago - Booth School of Business and University of Pennsylvania - Accounting Department
Downloads 2,986 (5,956)
Citation 59

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Cost of capital, Disclosure, Information risk, Asset pricing, Risk premium

7.

When Does Information Asymmetry Affect the Cost of Capital?

Journal of Accounting Research, Forthcoming
Number of pages: 56 Posted: 25 Oct 2010 Last Revised: 09 Mar 2015
Chris Armstrong, John E. Core, Daniel J. Taylor and Robert E. Verrecchia
Stanford Graduate School of Business, Massachusetts Institute of Technology (MIT) - Sloan School of Management, The Wharton School, University of Pennsylvania and University of Pennsylvania - Accounting Department
Downloads 1,927 (12,003)
Citation 10

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information asymmetry, cost of capital, market competition, expected returns

8.

Conservative Disclosure

Number of pages: 45 Posted: 22 Jun 2007 Last Revised: 10 Dec 2017
Wayne R. Guay and Robert E. Verrecchia
University of Pennsylvania - Accounting Department and University of Pennsylvania - Accounting Department
Downloads 1,899 (12,298)
Citation 5

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financial reporting, conservatism, timeliness of loss and gain recognition, contracting, corporate governance, debt contracts

9.

Are Performance Measures Other than Price Important to CEO Incentives?

Number of pages: 46 Posted: 20 Apr 2000
John E. Core, Wayne R. Guay and Robert E. Verrecchia
Massachusetts Institute of Technology (MIT) - Sloan School of Management, University of Pennsylvania - Accounting Department and University of Pennsylvania - Accounting Department
Downloads 1,497 (17,774)
Citation 18

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10.

Price vs. Non-Price Performance Measures in Optimal CEO Compensation Contracts

Downloads 1,015 ( 31,522)
Citation 33

Price vs. Non-Price Performance Measures in Optimal CEO Compensation Contracts

Number of pages: 44 Posted: 30 Aug 2002
John E. Core, Wayne R. Guay and Robert E. Verrecchia
Massachusetts Institute of Technology (MIT) - Sloan School of Management, University of Pennsylvania - Accounting Department and University of Pennsylvania - Accounting Department
Downloads 1,015 (31,059)
Citation 33

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agency theory, cash pay, total compensation, equity incentives

Price vs. Non-Price Performance Measures in Optimal CEO Compensation Contracts

Posted: 24 Jun 2003
John E. Core, Wayne R. Guay and Robert E. Verrecchia
Massachusetts Institute of Technology (MIT) - Sloan School of Management, University of Pennsylvania - Accounting Department and University of Pennsylvania - Accounting Department

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agency theory, cash pay, total compensation, equity incentives

11.

Discussion of an Economic Framework for Conservative Accounting and Bushman and Piotroski (2006)

Number of pages: 31 Posted: 24 Feb 2006
Wayne R. Guay and Robert E. Verrecchia
University of Pennsylvania - Accounting Department and University of Pennsylvania - Accounting Department
Downloads 942 (35,000)
Citation 25

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Financial reporting, conservatism, timeliness of loss and gain recognition, international accounting, political and legal institutions, contracting, compensation and incentives, debt contracts

12.

Reporting Bias

Number of pages: 41 Posted: 13 Sep 1998
Paul E. Fischer, Paul E. Fischer and Robert E. Verrecchia
University of Pennsylvania - Accounting DepartmentUniversity of Pennsylvania and University of Pennsylvania - Accounting Department
Downloads 793 (44,443)
Citation 43

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13.

Strategic Disclosure as an Explanation for Asymmetric Return Volatility

Number of pages: 49 Posted: 21 Apr 2004
Jonathan L. Rogers, Catherine M. Schrand and Robert E. Verrecchia
University of Colorado at Boulder - Leeds School of Business, University of Pennsylvania - Accounting Department and University of Pennsylvania - Accounting Department
Downloads 778 (45,493)
Citation 9

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Strategic disclosure, bad news, disclosure thresholds, leverage effect

14.

Discretionary Disclosure and Manager Horizon: Evidence from Patenting

Review of Accounting Studies, Forthcoming
Number of pages: 60 Posted: 24 Mar 2017 Last Revised: 30 Dec 2019
Stephen Glaeser, Jeremy Michels and Robert E. Verrecchia
University of North Carolina (UNC) at Chapel Hill - Accounting Area, University of Pennsylvania - The Wharton School and University of Pennsylvania - Accounting Department
Downloads 761 (46,860)
Citation 289

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Discretionary disclosure, voluntary disclosure, manager horizon, patents, trade secrets, innovation, research and development

15.

The Economics of Misreporting and the Role of Public Scrutiny

Journal of Accounting & Economics (JAE), Forthcoming
Number of pages: 66 Posted: 23 Apr 2018 Last Revised: 29 Dec 2021
Delphine Samuels, Daniel J. Taylor and Robert E. Verrecchia
University of Chicago -- Booth School of Business, The Wharton School, University of Pennsylvania and University of Pennsylvania - Accounting Department
Downloads 703 (52,097)
Citation 6

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misreporting, misrepresentation, fraud, earnings management, monitoring, valuation, information quality, information environment

16.

Redacted Disclosure

Number of pages: 42 Posted: 13 Jan 2006
Joseph Weber and Robert E. Verrecchia
Massachusetts Institute of Technology (MIT) - Sloan School of Management and University of Pennsylvania - Accounting Department
Downloads 664 (56,108)
Citation 22

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disclosure, cost of capital, bid ask spread, share turnover, depth

17.

Foreign Competition for Shares and the Pricing of Information Asymmetry: Evidence from Equity Market Liberalization

Journal of Accounting & Economics (JAE), Forthcoming
Number of pages: 67 Posted: 23 Feb 2014 Last Revised: 24 Aug 2018
Karthik Balakrishnan, Rahul Vashishtha and Robert E. Verrecchia
Rice University - Jesse H. Jones Graduate School of Business, Duke University and University of Pennsylvania - Accounting Department
Downloads 466 (87,288)
Citation 2

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Pricing of Information Asymmetry; Cost of Capital; Competition; Information Quality; Foreign Investors

18.

Public Information and Heuristic Trade

Number of pages: 48 Posted: 13 Sep 1998
Paul E. Fischer, Paul E. Fischer and Robert E. Verrecchia
University of Pennsylvania - Accounting DepartmentUniversity of Pennsylvania and University of Pennsylvania - Accounting Department
Downloads 422 (97,979)
Citation 7

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19.

Accounting Alchemy

BIS Working Paper No. 302
Number of pages: 31 Posted: 05 May 2010
Robert E. Verrecchia
University of Pennsylvania - Accounting Department
Downloads 384 (109,231)
Citation 2

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Earnings reporting, heuristic behaviour, fair value, disclosure

20.

Asymmetric Reporting

Journal of Financial Reporting, Forthcoming
Number of pages: 45 Posted: 11 Mar 2015 Last Revised: 05 Sep 2015
Chris Armstrong, Daniel J. Taylor and Robert E. Verrecchia
Stanford Graduate School of Business, The Wharton School, University of Pennsylvania and University of Pennsylvania - Accounting Department
Downloads 373 (112,779)
Citation 7

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asymmetric reporting; reporting precision; the CAPM; Beta; systematic risk; cost of capital

21.

Voluntary Disclosure and the Cost of Capital

Downloads 364 (115,964)
Citation 25

Voluntary Disclosure and the Cost of Capital

Number of pages: 35 Posted: 16 Nov 2013
Greg Clinch and Robert E. Verrecchia
Macquarie Business School and University of Pennsylvania - Accounting Department
Downloads 364 (115,119)
Citation 25

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Cost of capital, voluntary disclosure

Voluntary Disclosure and the Cost of Capital

Australian Journal of Management, Vol. 40, No. 2, 2015
Posted: 06 Jun 2015
Greg Clinch and Robert E. Verrecchia
Macquarie Business School and University of Pennsylvania - Accounting Department

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cost of capital, voluntary disclosure

22.

Voluntary Disclosure when Private Information and Disclosure Costs are Jointly Determined

Review of Accounting Studies, forthcoming
Number of pages: 47 Posted: 04 Jun 2020 Last Revised: 29 Dec 2021
Jung Min Kim, Daniel J. Taylor and Robert E. Verrecchia
Northwestern University - Kellogg School of Management, The Wharton School, University of Pennsylvania and University of Pennsylvania - Accounting Department
Downloads 342 (124,253)
Citation 7

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voluntary disclosure; adverse selection; private information; disclosure costs; proprietary costs; capital investment; major customers

23.

The Viability of Heuristics in Expert Judgement

Number of pages: 37 Posted: 15 Oct 1998
Paul E. Fischer, Paul E. Fischer and Robert E. Verrecchia
University of Pennsylvania - Accounting DepartmentUniversity of Pennsylvania and University of Pennsylvania - Accounting Department
Downloads 278 (154,183)

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24.

Aggregate Corporate Tax Avoidance and Cost of Capital

Number of pages: 42 Posted: 05 Sep 2020
Stephanie Sikes and Robert E. Verrecchia
University of Illinois at Chicago - College of Business Administration and University of Pennsylvania - Accounting Department
Downloads 247 (173,444)
Citation 2

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Corporate Tax Avoidance, Cost of Capital, Expected Rate of Return, Risk-Sharing

25.

Economic Consequences of Idiosyncratic Information in Diversified Markets

Chicago Booth Research Paper No. 12-09
Number of pages: 36 Posted: 21 Feb 2012
Pingyang Gao and Robert E. Verrecchia
Booth School of Business, University of Chicago and University of Pennsylvania - Accounting Department
Downloads 212 (200,481)
Citation 6

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Cost of capital, moral hazard, systematic and idiosyncratic risk

26.

Liquidity, Trade, and Investor-Identity Disclosure

Number of pages: 48 Posted: 28 Feb 2022
Robert E. Verrecchia and Christina Zhu
University of Pennsylvania - Accounting Department and University of Pennsylvania - The Wharton School
Downloads 206 (205,941)

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trading volume, bid-ask spreads, sophisticated investors, short selling

27.

Bias and the Commitment to Disclosure

Forthcoming in Management Science
Number of pages: 37 Posted: 24 Jul 2015
Mirko Stanislav Heinle and Robert E. Verrecchia
University of Pennsylvania - Accounting Department and University of Pennsylvania - Accounting Department
Downloads 200 (211,592)
Citation 6

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committed disclosure, earnings guidance, bias, multiple firms

28.

Delegated Trade and the Pricing of Public and Private Information

Journal of Accounting & Economics (JAE), Forthcoming
Number of pages: 61 Posted: 11 Mar 2015 Last Revised: 30 Aug 2015
Daniel J. Taylor and Robert E. Verrecchia
The Wharton School, University of Pennsylvania and University of Pennsylvania - Accounting Department
Downloads 188 (223,483)
Citation 3

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delegated trade; institutional investors; imperfect competition; risk premium; expected returns; information quality; accounting quality; idiosyncratic risk; asset pricing tests

29.

Beliefs-Driven Price Association

Forthcoming in Journal of Accounting & Economics (JAE)
Number of pages: 41 Posted: 20 Jun 2015 Last Revised: 24 Jul 2015
Paul E. Fischer, Paul E. Fischer, Mirko Stanislav Heinle and Robert E. Verrecchia
University of Pennsylvania - Accounting DepartmentUniversity of Pennsylvania, University of Pennsylvania - Accounting Department and University of Pennsylvania - Accounting Department
Downloads 169 (244,780)
Citation 2

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Higher-Order-Beliefs, Earnings Response, Price Volatility, Pricing Bubbles

30.

Intertemporal Tax Discontinuities

NBER Working Paper No. w7451
Number of pages: 35 Posted: 30 Mar 2000 Last Revised: 13 May 2022
Douglas A. Shackelford and Robert E. Verrecchia
University of North Carolina Kenan-Flagler Business School and University of Pennsylvania - Accounting Department
Downloads 48 (533,657)

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31.

Risk-Factor Disclosure and Asset Prices

The Accounting Review, Forthcoming
Posted: 13 Feb 2018
Mirko Stanislav Heinle, Kevin Smith and Robert E. Verrecchia
University of Pennsylvania - Accounting Department, Stanford University Graduate School of Business and University of Pennsylvania - Accounting Department

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Factor loading, disclosure, capital markets

32.

Liquidity, Investor-Level Tax Rates, and Expected Rates of Return

2012 American Taxation Association Midyear Meeting: Research-In-Process
Posted: 13 Feb 2012
Stephanie A. Sikes and Robert E. Verrecchia
University of Pennsylvania - Accounting Department and University of Pennsylvania - Accounting Department

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33.

Capital Gains Taxes and Expected Rates of Return

The Accounting Review, Vol. 87, No. 3, May 2012
Posted: 01 Oct 2011 Last Revised: 25 Jan 2014
Stephanie A. Sikes and Robert E. Verrecchia
University of Pennsylvania - Accounting Department and University of Pennsylvania - Accounting Department

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Taxes, Asset Pricing, Expected Return

34.

Financial Reporting System Choice and Disclosure Management

Posted: 26 Apr 2004
Phillip C. Stocken and Robert E. Verrecchia
Dartmouth College - Tuck School of Business and University of Pennsylvania - Accounting Department

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Financial reporting system choice, reporting discretion, non-financial measures, resource allocation efficiency

35.

The Relation Among Disclosure, Returns, and Trading Volume Information

Posted: 12 Jun 2001
Oliver Kim and Robert E. Verrecchia
University of Maryland and University of Pennsylvania - Accounting Department

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Disclosure; Trading volume information; Asset pricing

36.

Analysts' Forecasts as Proxies for Investor Beliefs in Empirical Research

Posted: 23 Jul 1999
Jeffery S. Abarbanell, William N. Lanen and Robert E. Verrecchia
University of North Carolina (UNC) at Chapel Hill - Finance Area, University of Michigan, Stephen M. Ross School of Business and University of Pennsylvania - Accounting Department

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37.

The Effect of Limited Liability on the Market Response to Disclosure

Posted: 19 Mar 1997
Paul E. Fischer, Paul E. Fischer and Robert E. Verrecchia
University of Pennsylvania - Accounting DepartmentUniversity of Pennsylvania and University of Pennsylvania - Accounting Department

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