Dmdav.olin.wustl.edu
Richard Moses Frankel
Beverly and James Hance
Professor of Accounting
Curriculum Vitae
Washington University in St. Louis April 2018
Campus Box 1133
One Brookings Drive
St Louis, MO 631130-4899
(314) 935-6431
frankel@wustl.edu
Educational Background
• B.S. University of Illinois, 1987
• C.P.A. (certificate #45212) University of Illinois, 1987
• M.A.S. University of Illinois, 1988
• Ph. D., Stanford University, 1993
Research Publications
• “Predicting Accruals with Cash Flow Properties,” with Yan Sun, Forthcoming The Accounting Review.
• “Proprietary Costs and Sealing Documents in Patent Litigation,” with Josh Lee and Zawadi Lemayian, Review of Accounting Studies (2018) 23: 452-486.
• “Factors Associated with the Year-End Decline in Working Capital,” (2017) with Hagit Levy and Ron Shalev, Management Science (2017) 63: 438-458.
• “Using Unstructured and Qualitative Disclosures to Explain Accruals,” with Jared Jennings and Joshua Lee, Journal of Accounting and Economics (2016) 62: 209-227.
• “Accounting Conservatism and Creditor Recovery Rates,” with John Donovan and Xiumin Martin, Accounting Review (2015) 90: 2267-2303.
• “Panacea, Pandora’s Box or Placebo: Feedback in bank mortgage-backed security holdings and fair value accounting,” with Gauri Bhat and Xiumin Martin, Journal of Accounting and Economics (2011) 52: 153-173.
• “Street Earnings and Board Independence,” with Mark Soliman and Sarah McVay, Review of Accounting Studies (2011) 16: 719-744.
• “Do Pennies Matter? Investor Relations Consequences of Small Negative Earnings Surprises,” with William Mayew and Yan Sun, Review of Accounting Studies (2010) 15: 220-242.
• “GAAP Goodwill and Debt Contracting Efficiency: Evidence from Net-Worth Covenants,” with Chandra Seethamraju and Tzachi Zach, Review of Accounting Studies (2008) 13: 87-118.
• “Determinants of the Informativeness of Analyst Research,” with S. P. Kothari and Joseph Weber, Journal of Accounting and Economics (2006) 41: 29-54.
• “Testing Behavioral Finance Theories Using Trends and Sequences in Financial Performance,” with Wes Chan and S. P. Kothari, Journal of Accounting and Economics (December 2004): 3-50.
• “The Characteristics of a Firm’s Information Environment and the Predictive Ability of Insider Trades,” with Xu Li. Journal of Accounting and Economics (June 2004): 229-259.
• “The Association between Confirming Management Earnings Forecasts, Earnings Uncertainty, and Stock Returns,” with Michael Clement and Jeffrey Miller. Journal of Accounting Research (September 2003): 653-679.
• “The Relation between Auditor’s Fees for Nonaudit Services and Earnings Management,” with Marilyn Johnson and Karen Nelson. Accounting Review (Supplement 2002): 71-105.
• “Earn-Outs: The Effect of Adverse Selection on Acquisition Techniques,” with Srikant Datar and Mark Wolfson. Journal of Law, Economics and Organizations (April 2001): 201-238.
• "An Empirical Examination of Conference Calls as a Voluntary Disclosure Medium," with Marilyn Johnson, and Douglas J. Skinner. Journal of Accounting Research
(Spring 1999): 133-150.
• "Accounting Valuation, Market Expectation, and the Cross-section of Returns," with
Charles M. C. Lee, Journal of Accounting and Economics (June 1998): 283-320.
• "Discretionary Disclosure and External Financing," with Maureen McNichols and Peter Wilson, The Accounting Review (January 1995): 135-150.
Other Publications
• “Commentary on: Selective Disclosure" Journal of Financial Reporting (2017) 2: 62-68.
• “Issues Raised by Studying DeFond and Zhang: What should audit researchers do?" with John Donovan, Josh Lee, Xiumin Martin, and Hojun Seo, Journal of Accounting and Economics (November-December 2014) 58: 327-338.
• “Discussion of Future Profit Margins, Special Items and Core Profitability," Review of Accounting Studies (September 2009) 14: 237-245.
• “Earnings Persistence," with Lubomir Litov, Journal of Accounting and Economics (March 2009) 47: 182-190.
• “Accounting Diversity and International Valuation," with Charles Lee, ICFAI Journal of Accounting Research (January 2003).
• “Non-audit fees paid auditors: Do they lead to managed earnings?" with Marilyn Johnson and Karen Nelson, Directorship (July/August 2002): 6-8.
• Book review: "Clean Surplus: A Link between Accounting and Finance," The Accounting Review (April 1997): 314-316.
Working papers
• “How Well Do Machines Mimic Readers? Comparing Analyst Revisions to Machine-Based Revisions Generated from Conference-Call Narratives,” with Jared Jennings and Josh Lee, January 2018.
• Complementarity between Audited Financial Reporting and Voluntary Disclosure: The Case of Former Andersen Clients, with Alon Kalay, Gil Sadka, and Yuan Zou, January 2018
Appointments
• Washington University in St. Louis
Beverly and James Hance Professor of Accounting 2010-present
Professor 2008-2010
Associate Professor, 2005-2008
• Massachusetts Institute of Technology
Associate Professor, 2003-2005
Assistant Professor, 2000-2002
• The University of Michigan
Assistant Professor, 1993-2000
Presentations
• George Washington University, February 2018
• Northwestern University, October 2017
• University of Minnesota, Empirical Research Conference, April 2017
• University of Illinois, PwC Young Scholars Conference, March 2017
• Boston College, March 2017
• University of Toronto, 10th annual Rotman Research Conference, August 2016
• University at Buffalo (SUNY), April 2016
• University of Texas at Dallas, March 2016
• MIT Asia Conference in Accounting, Shenzhen, China, July 2015
• University of North Carolina, Chapel Hill, May 2015
• Baruch College – The City University of New York, April 2015
• University of Houston – Ninth Annual Bauer Accounting Research Symposium, March 2015
• Rice University –Houston, November 2014
• Columbia University –New York, October 2014
• Rutgers University, Newark, September 2014
• University of Pennsylvania, May 2014
• Stanford University, April 2014
• Indiana University, March 2014
• Notre Dame, March 2014
• Kansas University, March 2014
• Journal of Accounting and Economic Conference, November 2013
• American Accounting Association Annual Meeting, August 2013
• London Business School, July 2013
• Temple University, May 2013
• University of Southern California, March 2013
• American Accounting Association Conference, San Diego, CA, January 2013
• Florida State University, April 2012
• MIT, April 2012
• University of Technology Sydney Australian Summer Accounting Symposium, February 2012
• University of Chicago, April 2011
• Journal of Accounting and Economics Conference, October 2010
• Duke University, January 2010
• University of Oregon, December 2009
• Review of Accounting Studies (Discussion), Annual Conference, Duke University, October 2008
• American Accounting Association, Annual Meeting, Anaheim, August 2008
• Singapore Management University, January 2008
• Hong Kong University of Science and Technology, January 2008
• University of Minnesota, November 2007
• Washington University in St. Louis, Nick Dopuch Conference, November 2007
• Yale University Accounting Conference, November 2007
• Journal of Accounting and Economics (Discussion), Annual Conference, Philadelphia, October 2007
• American Accounting Association, Annual Meeting, Chicago, August 2007
• Columbia University, January 2007
• New York University Summer Camp, May 2006
• American Accounting Association, Annual Meeting, San Francisco, August 2005
• Washington University in St. Louis, April 2005
• Emory University, April 2005
• University of Texas, March 2005
• Ohio State University, March 2005
• University of Arizona, February 2005
• University of Houston, February 2005
• Northwestern University, January 2005
• Michigan State University, December 2004
• George Washington University, November 2004
• American Accounting Association, Annual Meeting, Orlando, August 2004
• MIT Sloan School of Management, June 2004
• University of Rochester, January 2004
• Rice University, November 2003
• Journal of Accounting and Economics Conference (Chicago), October 2003
• Bank of International Settlement (Basel), April 2003
• Dartmouth College, March 2003
• Syracuse University, January 2003
• Washington University, St. Louis, January 2003
• 13th Annual Conference on Financial Economics and Accounting, October 2002
• London Business School Accounting Symposium, July 2002
• Western Finance Association Meeting, June 2002
• University of Chicago, January 2002
• Stanford University Summer Camp, July 2001
• University of Wisconsin, February 2000
• Penn State, January 2000
• MIT Sloan School of Management, January 2000
• 10th Annual Conference on Financial Economics and Accounting, October 1999
• The Ohio State University, January 1999
• American Accounting Association, New Orleans, Annual meeting, August 1998
• Harvard University, January 1998
• Columbia University, October 1997
• Emory University, September 1997
• Enquire U.K., Annual Conference June 1997
• Institute for Quantitative Research in Finance (Q-group) grant, Annual Conference,
April 1997
• Stanford University, February 1997
• University of Washington, January 1997
• Seventh Annual Conference on Financial Economics and Accounting, Rutgers
University, November 1996
• New York University, Accounting Seminar, September 1996
• American Accounting Association, Chicago, Annual meeting, August 1996
• University of Michigan, Finance seminar, July 1996
• Sixth Annual Conference on Financial Economics and Accounting, University of
Maryland, November 1995
• Chicago Quantitative Alliance, Chicago, Annual meeting September 1995
• University of Michigan, Accounting seminar, September 1995
• American Accounting Association, Orlando, Annual meeting, August 1995
• University of Notre Dame, April 1994.
• American Accounting Association, Buffalo, Northeast regional meeting April 1994.
Scholarly Honors and Awards
• American Accounting Association, Notable Contribution Award 2003 (with Charles Lee)
• First Place Award, I/B/E/S 25th Anniversary Global Expectation Research
Competition, 1996
• Institute for Quantitative Research in Finance (Q-group) grant, 1995
• First Place Award, Chicago Quantitative Alliance Earnings Expectation Research
Competition, 1995
• Arthur Andersen Dissertation Fellow, 1992
• American Accounting Association Doctoral Consortium representative, Stanford
University
• Andrew Barr Graduate Award, University of Illinois, 1987, 1988
• Bronze Tablet: University of Illinois, 1987
Teaching Experience
• Washington University in St. Louis Olin School
- MBA/MSF/MACC, Financial Statement Analysis 2005-present, 2/3 sections
- PhD, Doctoral Seminar in Empirical Financial Accounting Research 2006-present
• MIT Sloan School
- MBA, Financial Accounting 2004-05, 2 sections (course coordinator)
- MBA, Financial Accounting 2003-04, 2 sections (course coordinator)
- MBA, Financial Accounting 2002-03, 2 sections
- MBA, Financial Accounting 2001-02, 2 sections
BBA, Financial Accounting 2001-02, 1 section
- MBA, Financial Accounting 2000-01, 2 sections
• University of Michigan
- MBA, Introduction to Financial Accounting 1999-00, 3 sections
- MBA, Introduction to Financial Accounting 1998-99, 3 sections
- MBA, Introduction to Financial Accounting 1997-98, 3 sections (core course
coordinator)
- MBA, Introduction to Financial Accounting 1996-97, 3 sections
- MBA, Introduction to Financial Accounting 1995-96, 3 sections
- Faculty Supervisor for IMAP team in Israel (1996)
- MBA, Introduction to Financial Accounting 1994-95, 3 sections
- MBA, Introduction to Financial Accounting 1993-94, 3 sections
- MBA, Introduction to Financial Accounting 1992-93, 2 sections
Teaching Awards
• Master of Science in Finance Reid Teaching Award (2012)
• Graduate Accounting Student Teaching Award (2010-2011)
• Graduate Student Outstanding Mentorship Award (2009-2010)
• Sloan School Teacher of the Year (2004-2005)
• Sloan School Teacher of the Year (2001-2002)
• Sloan School Excellence in Teaching Award (2000-2001)
• Nominated for MBA Student Award for Teaching Excellence (1999, University of Michigan)
• MBA Student Award for Teaching Excellence (1997, University of Michigan)
• Nominated for MBA Student Award for Teaching Excellence (1996, University of Michigan)
Review Activities
• Associate Editor – Journal of Accounting and Economics and Journal of Accounting Research
• Refereed Journals
Accounting and Business Research
Contemporary Accounting Research
Journal of Accounting and Economics
Journal of Finance
Journal of Financial Economics
Journal of International Financial Management & Accounting
Review of Accounting Studies
The Accounting Review
Management Science
Popular press citations
• Wall Street Journal, "Heard on the Street," March 6, 1997, C2.
• BusinessWeek Online, Best Business Schools, 1998 Profiles, University of Michigan Business School. Listed as one of the 6 most popular professors
• Los Angeles Times, (Orange County Edition), “Western Digitals Stock Price Spike Illustrates Information Inequities.” December 15, 1998, C-1
• Wall Street Journal, “Study Faults Work of Auditors Who Consult.” August 1, 2001, C-18.
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