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

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

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Scholarly Papers (34)

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1.

Accounting Information, Disclosure, and the Cost of Capital

Downloads 7,866 ( 657)
Citation 209

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 7,856 (646)
Citation 209

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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 10 (591,291)
Citation 209
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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 5,697 ( 1,152)

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 5,697 (1,129)
Citation 382

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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 4,411 ( 1,799)
Citation 307

Essays on Disclosure

JAE Rochester Conference April 2000
Number of pages: 123 Posted: 14 Jul 2001
Robert E. Verrecchia
University of Pennsylvania - Accounting Department
Downloads 4,411 (1,767)
Citation 307

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Disclosure; Information asymmetry reduction; Cost of capital

Essays on Disclosure

Journal of Accounting & Economics, Vol. 32, Nos. 1-3, December 2001
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 3,140 ( 3,257)
Citation 49

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 3,000 (3,444)
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: 31 Aug 2010
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 140 (202,631)
Citation 49

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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 2,886 (3,754)
Citation 13

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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 2,689 (4,237)
Citation 25

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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
University of Pennsylvania - Accounting Department, Massachusetts Institute of Technology (MIT) - Sloan School of Management, Wharton School, University of Pennsylvania and University of Pennsylvania - Accounting Department
Downloads 1,826 (8,172)
Citation 22

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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 1,654 (9,594)
Citation 15

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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?

EFA 0418
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 1,455 (11,803)
Citation 16

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10.

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

Downloads 982 ( 21,591)

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 982 (21,224)
Citation 58

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agency theory, cash pay, total compensation, equity incentives

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

The Accounting Review, Forthcoming
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 917 (23,847)
Citation 53

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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.

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 743 (32,101)
Citation 5

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Strategic disclosure, bad news, disclosure thresholds, leverage effect

13.

Reporting Bias

Number of pages: 41 Posted: 13 Sep 1998
Paul E. Fischer and Robert E. Verrecchia
University of Pennsylvania - Accounting Department and University of Pennsylvania - Accounting Department
Downloads 730 (32,860)
Citation 70

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14.

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 629 (40,133)
Citation 16

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

15.

Discretionary Disclosure and Manager Horizon: Evidence from Patenting

Number of pages: 56 Posted: 24 Mar 2017 Last Revised: 16 Feb 2019
Stephen Glaeser, Jeremy Michels and Robert E. Verrecchia
University of North Carolina (UNC) at Chapel Hill - Accounting Area, University of Pennsylvania - Accounting Department and University of Pennsylvania - Accounting Department
Downloads 504 (53,567)

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

16.

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
London Business School, Duke University and University of Pennsylvania - Accounting Department
Downloads 420 (66,921)

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

17.

Public Information and Heuristic Trade

Number of pages: 48 Posted: 13 Sep 1998
Paul E. Fischer and Robert E. Verrecchia
University of Pennsylvania - Accounting Department and University of Pennsylvania - Accounting Department
Downloads 409 (69,109)
Citation 17

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18.

Accounting Alchemy

BIS Working Paper No. 302
Number of pages: 31 Posted: 05 May 2010
Robert E. Verrecchia
University of Pennsylvania - Accounting Department
Downloads 364 (79,267)
Citation 3

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Earnings reporting, heuristic behaviour, fair value, disclosure

19.

Financial Misreporting: Hiding in the Shadows or in Plain Sight?

Number of pages: 53 Posted: 23 Apr 2018 Last Revised: 14 Jan 2019
Delphine Samuels, Daniel J. Taylor and Robert E. Verrecchia
Massachusetts Institute of Technology (MIT) - Economics, Finance, Accounting (EFA), Wharton School, University of Pennsylvania and University of Pennsylvania - Accounting Department
Downloads 351 (82,652)

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

20.

Voluntary Disclosure and the Cost of Capital

Downloads 325 ( 90,237)

Voluntary Disclosure and the Cost of Capital

Number of pages: 35 Posted: 16 Nov 2013
Greg Clinch and Robert E. Verrecchia
Independent and University of Pennsylvania - Accounting Department
Downloads 325 (89,644)
Citation 13

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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
Independent and University of Pennsylvania - Accounting Department

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cost of capital, voluntary disclosure

21.

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
University of Pennsylvania - Accounting Department, Wharton School, University of Pennsylvania and University of Pennsylvania - Accounting Department
Downloads 324 (90,556)

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

22.

The Viability of Heuristics in Expert Judgement

Number of pages: 37 Posted: 15 Oct 1998
Paul E. Fischer and Robert E. Verrecchia
University of Pennsylvania - Accounting Department and University of Pennsylvania - Accounting Department
Downloads 270 (110,222)

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23.

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 188 (157,037)
Citation 2

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Cost of capital, moral hazard, systematic and idiosyncratic risk

24.

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
Wharton School, University of Pennsylvania and University of Pennsylvania - Accounting Department
Downloads 173 (169,228)

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

25.

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 172 (170,105)

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committed disclosure, earnings guidance, bias, multiple firms

26.

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, Mirko Stanislav Heinle and Robert E. Verrecchia
University of Pennsylvania - Accounting Department, University of Pennsylvania - Accounting Department and University of Pennsylvania - Accounting Department
Downloads 152 (189,004)

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

27.

Intertemporal Tax Discontinuities

NBER Working Paper No. w7451
Number of pages: 35 Posted: 30 Mar 2000 Last Revised: 22 Sep 2012
Douglas A. Shackelford and Robert E. Verrecchia
University of North Carolina Kenan-Flagler Business School and University of Pennsylvania - Accounting Department
Downloads 44 (400,060)
Citation 18

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28.

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

29.

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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30.

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

31.

Financial Reporting System Choice and Disclosure Management

Accounting Review, October 2004
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

32.

The Relation Among Disclosure, Returns, and Trading Volume Information

The Accounting Review, October 2001
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

33.

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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34.

The Effect of Limited Liability on the Market Response to Disclosure

CONTEMPORARY ACCOUNTING RESEARCH, Vol 14, No 3, 1997
Posted: 19 Mar 1997
Paul E. Fischer and Robert E. Verrecchia
University of Pennsylvania - Accounting Department and University of Pennsylvania - Accounting Department

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