Mark H. Lang - University of North Carolina at Chapel Hill



Mark H. Lang

Thomas W. Hudson, Jr./Deloitte L.L.P. Distinguished Professor

Kenan-Flagler Business School

University of North Carolina

April 2018

EDUCATION Ph.D., University of Chicago Graduate School of Business, 1990.

M.B.A., University of Chicago GSB, 1986.

B.S., Sioux Falls College, 1981.

C.P.A., Oklahoma, 1983.

EXPERIENCE University of North Carolina, Asst./Assoc./Full/Chaired Professor, 1994-

University of Queensland, Visiting Professor, 2002

Stanford University, Assistant Professor, 1989-1994

University of Chicago, Research Assistant and Tutor, 1985-1989

Amoco Corporation, Financial Analyst, 1981-1985

HONORS AND Notable Contribution to Accounting Research, American Accounting

AWARDS Association, 2016.

Outstanding Course Award, MBA@UNC, 2013

Notable Contribution to Accounting Research, American Accounting

Association, 2013.

MBA Teaching All-Star Award, 2004-.

Weatherspoon Outstanding Research Award, 2005.

MBA Outstanding Contribution Award, 2000.

MBA Outstanding Teaching Award, 1998.

Kenan Institute Fellowship, 1998.

O’Herron Fellowship, 1996.

KPMG Peat Marwick Tax Research Opportunity Grant, 1993

KPMG Peat Marwick Faculty Research Fellowship, 1992-1993

New York Stock Exchange Grant for Research on Germany, 1992

Stanford Business School Trust Faculty Fellowship, 1991-1992

Arthur Andersen and Co. Foundation Fellowship, 1988-1989

American Accounting Association Consortium Fellow, 1988

Peat Marwick Foundation Fellowship, 1986-1987

Amoco Foundation Fellowship, 1985-1986

University of Chicago Fellowship, 1985-1989

EDITORIAL Journal of Accounting Research, 2000- , Journal of Accounting and

BOARD Economics, 2011- , The Accounting Review, 1996-1999, Review of Accounting Studies, 1996-2014, Contemporary Accounting Research, 2003- , European Accounting Review, 2015- ,Journal of Accounting, Auditing and Finance, 2011- , Journal of International Financial Management and Accounting, 1994- , Journal of International Accounting Research, 2000- , Journal of Law, Finance and Accounting, 2014- .

EDITORIAL Journal of Accounting Research, (Guest Editor, 2015-)

RESEARCH “Time-Varying Stock Price Response to Earnings Induced by Uncertainty

PUBLICATIONS about the Time Series Process of Earnings,” Journal of Accounting Research, 1991.

“Cross-Sectional Determinants of Analyst Ratings of Corporate Disclosure,” with Russell Lundholm, Journal of Accounting Research, 1993. Abstract in The Certified Financial Analyst Digest, 1994; included in required readings for the Certified Financial Analyst Examination.

“Geographic Income Shifting by Multinationals in Response to Tax Rate Changes,” with Ken Klassen and Mark Wolfson, Journal of Accounting Research, 1993.

“The Value-Relevance of German Accounting Measures: An Empirical Analysis,” with Trevor Harris and H. Peter Moeller, Journal of Accounting Research, 1994. Abstract in the International Society of Financial Analysts Journal, 1995.

“The Effects of Accounting Diversity: Evidence from the European Union,” with Peter Joos, Journal of Accounting Research, Supplement, 1994.

“Zur Relevanz der Jahresabschlußgrößen Erfolg und Eigenkapital für die Aktienbewertung in Deutschland und den USA,“ with Trevor Harris and H. Peter Moeller, Schmalenbachs Zeitschrift für betriebswirtschaftliche Forschung, 1995.

“An Empirical Analysis of Employee Stock Option Exercise Behavior,” with Steven Huddart, Journal of Accounting and Economics, 1996. Cited in The New York Times, Business Week, Fortune, Inc. Magazine, Money, North Carolina Business, Smart Money, and The St. Louis Business Journal.

“Foreign Companies and U.S. Securities Markets: Financial Reporting Issues and Suggestions for Research,” with Carol Frost, Accounting Horizons, 1996.

“The Relation between Security Returns, Firm Earnings and Industry Earnings,” with Russell Lundholm, Contemporary Accounting Research, 1996.

“Corporate Disclosure Policy and Analyst Behavior,” with Russell Lundholm, The Accounting Review, 1996. Abstract in the National Investor Relations Institute’s Body of Knowledge, 1995.

“Book Review of ‘International Financial Reporting and Analysis: A Casebook,’” International Journal of Accounting, 1998.

“Cross-Jurisdiction Income Shifting and Earnings Valuation,” with Julie

Collins and Deen Kemsley, Journal of Accounting Research, 1998.

“Discussion of ‘Bridging the Information Gap: Quarterly Conference Calls as a Medium for Voluntary Disclosure.’” Review of Accounting Studies, 1998.

“Explaining Stock Option Exercise Through Reference Points,” with Chip Heath (Duke University) and Steven Huddart (Duke University), Quarterly Journal of Economics, 1999. Cited in the Philadelphia Enquirer and CNNfn.

“Capitalization of Capital Gains Taxes: Evidence from Stock Price Reactions to the 1997 Rate Reduction,” with Doug Shackelford, Journal of Public Economics, 1999.

“Voluntary Disclosure and Equity Offerings: Reducing Information Uncertainty or Hyping the Stock,” with Russell Lundholm, Contemporary Accounting Research, 2000. Cited in Barrons.

“Discussion of ‘Stock Performance and Intermediation Changes Surrounding Sustained Increases in Disclosure,” Contemporary Accounting Research, 2000.

“Information Distribution within Firms: Evidence from Stock Option

Exercises,” with Steven Huddart, Journal of Accounting and Economics, 2002. Winner of the Best Paper Award at the 2001 Journal of Accounting and Economics Conference.

“Empirical Evidence on the Evolution of International Earnings,” with Judy Land, The Accounting Review, 2003, presented at the 2002 Accounting Review Quality of Earnings Conference.

“ADRs, Analysts, and Accuracy: Do ADRs Improve a Firm's Information

Environment and Lower its Cost of Capital?,” with Karl Lins and Darius Miller, Journal of Accounting Research, 2003, presented at the 2002 Journal of Accounting Research Conference.

“How Representative are Cross-Listed Firms? An Analysis of Firm and

Accounting Quality,” with Jana Raedy and Michelle Yetman, Journal of Accounting Research, 2003, presented at the 2002 Journal of Accounting Research Conference.

“International Accounting in Light of Enron: Insights from Empirical Research,” N.C. Journal of International Law & Commercial Regulation, 2003, presented at the 2003 symposium on “International Accounting Standards in the Wake of Enron.”

“Employee Stock Options, Corporate Taxes and Debt Policy,” with John Graham and Doug Shackelford, Journal of Finance, 2004.

“Do Analysts Matter Most When Investors are Protected Least?: International Evidence,” with Karl Lins and Darius Miller, Journal of Accounting Research, 2004.

“Employee Stock Options and Valuation,” Monograph for the Research Foundation of the Association for Investment Management and Research, 2004.

“Bringing Down the Other Berlin Wall: Germany’s Repeal of the Corporate Capital Gains Tax,” with Courtney Edwards, Edward Maydew and Douglas Shackelford, Journal of the American Taxation Association, 2004.

“Earnings Management and Cross Listing: Are Reconciled Earnings Comparable to US Earnings,” with Jana Raedy and Wendy Wilson, Journal of Accounting and Economics, 2006, presented at the 2004 Journal of Accounting and Economics Conference.

“Employee Stock Options and Taxes,” with Courtney Edwards, John Graham and Douglas Shackelford, Journal of Investment Management, 2006.

“Governance and the Split of Options between Executive and Non-Executive Employees,” with Wayne Landsman and Shu Yeh, 2007, Journal of Accounting, Auditing and Finance, presented at the 2006 Journal of Accounting, Auditing and Finance conference

“The Effect of Sarbanes Oxley on Cross Listing: A Discussion of Piotroski and Srinivasan (2008)”, 2008, Journal of Accounting Research.

“International Accounting Standards and Accounting Quality,” with Mary

Barth and Wayne Landsman, 2008, Journal of Accounting Research.

“Analyst Following, Information Asymmetry and Cost of Capital: A Discussion of Bowen, Chang and Cheng (2008),” 2008, Contemporary Accounting Research.

“Volume and Price Patterns Around a Stock’s 52-Week Highs and Lows: Theory and Evidence,” 2009, Management Science.

“Book Review of, ‘Research, Standard Setting, and Global Financial Reporting,’ M.E. Barth, 2010, The Accounting Review.

“Transparency and Liquidity Uncertainty in Crisis Periods,” with Mark Maffett, presented at the Journal of Accounting and Economics conference, 2011, Journal of Accounting and Economics.

“Economic Effects of Transparency in International Equity Markets: A Review and Suggestions for Future Research,” with Mark Maffett, 2011, Foundations and Trends in Accounting.

“Transparency, Liquidity and Valuation: International Evidence on When Transparency Matters Most,” with Karl Lins and Mark Maffett, 2012, Journal of Accounting Research.

“Corporate Transparency and Uncertainty about Liquidity,” 2012, Journal of Applied Corporate Finance.

“Accounting Standards-Based and US GAAP-Based Accounting Amounts Comparable?” with Mary Barth, Wayne Landsman and Christopher Williams, 2012, Journal of Accounting and Economics.

“Post-Listing Performance and Private Sector Regulation: The Experience

of the AIM,” with Joseph Gerakos and Mark Maffett, presented at the Journal of Accounting and Economics conference, 2012, Journal of Accounting and Economics, 2013.

“Linking Industry Concentration to Proprietary Costs and Disclosure: Challenges and Opportunities,” with Ed Sul, Journal of Accounting and Economics conference, 2013, Journal of Accounting and Economics, 2014.

“Textual Analysis and International Financial Reporting: Large Sample Evidence,” with Lorien Stice-Lawrence, presented at the Journal of Accounting and Economics conference, 2014, Journal of Accounting and Economics, 2015.

“Do Managers Really Guide through the Fog? On the Challenges in Assessing the Causes of Voluntary Disclosure,” with Travis Dyer and Lorien Stice-Lawrence, Journal of Accounting and Economics conference, 2015, Journal of Accounting and Economics, 2016.

“CFO Narcissism and Financial Reporting Quality,” with Charles Ham, Nicholas Seybert and Sean Wang, Journal of Accounting Research, 2017.

“The Evolution of 10-K Textual Disclosure: Evidence from Latent

Dirichlet Allocation” with Travis Dyer and Lorien Stice-Lawrence,

presented at the Journal of Accounting and Economics conference, 2016,

Journal of Accounting and Economics, 2017.

“What Have Learned and Where Do We Go with Textual Research? A Discussion of Cazier and Pfeiffer (2017), Journal of Financial Reporting Conference, 2017, Journal of Financial Reporting, forthcoming.

“Effects on Comparability and Capital Market Benefits of Voluntary

Adoption of IFRS by US firms: Insights from Voluntary Adoption of IFRS by Non-US Firms,” with Mary Barth, Wayne Landsman and Christopher Williams, 2018, Journal of Financial Reporting, forthcoming.

WORKING “The Rise of US-Listed VIEs from China: Balancing State Control and

PAPERS Access for Foreign Capital,” with Justin Hopkins and Donny Zhao.

“Regulatory Cooperation and Foreign Portfolio Investment,” with Mark Maffett, James Omartian and Roger Silvers.

“Through the Eyes of Wolves: Understanding Activist Investors through Edgar Search,” with Alon Brav and Travis Dyer

“Through the Eyes of the Founder: CEO Characteristics and Firms’ Regulatory Filings,” with Kenneth Merkley and Brad Hendricks

“Predictive Analytics and Organizational Architecture: Plant

Level Evidence from Census Data,” with Eva Labro and Jim Omartian.

“Earnings Comovement and Accounting Comparability: The Effect of Mandatory IFRS Adoption,” with Mark Maffett and Ed Owens.

“Institutional Trading and Corporate Performance,” with M. McNichols.

OTHER Response to the FASB Exposure Draft, “Using Cash Flow Information in

PUBLICATIONS Accounting Measurement,” Financial Accounting Standards Committee,

Accounting Horizons, 1998.

Response to the FASB Invitation to Comment, “Disclosure Effectiveness,” Financial Accounting Standards Committee, Accounting Horizons, 1997.

Response to the FASB Invitation to Comment, “Recommendations of the AICPA Special Committee on Financial Reporting and the Association for Investment Management and Research,” Financial Accounting Standards Committee, Accounting Horizons, 1997.

Response to the FASB Exposure Draft, “Consolidated Financial Statement: Policy and Procedures,” Financial Accounting Standards Committee, Accounting Horizons, 1996.

COURSES Financial Reporting, M.B.A. core course

Financial Reporting, MBA@UNC core course

Financial Reporting, Semester Online, Undergraduate

Core Case Competition, M.B.A. core course

Analytical Skills Workshop, M.B.A. preparatory course

Introduction to Accounting, Undergraduate elective course

International Financial Reporting, M.B.A. elective course

Financial Accounting Research, M.A.C. elective course

Seminar in Accounting Research, Ph.D. course

Honours Accounting Research, University of Queensland

MAJOR UNC Committee on Appointments, Promotions & Tenure, 2015-2018

UNIVERSITY Kenan-Flagler Promotion and Tenure Committee, 2004- ; Chair, 2006- ;

SERVICE Faculty Advisory Committee, 2002-2003.

MBA Revision Program Team, 1999, 2003, 2015.

Chair of the MBA Core Coordination Committee, 1997-.

OTHER Visiting Fellow, Initiative on Global Markets, Univ. of Chicago, 2017

Outside Reviewer for University of Chicago, Booth, PhD Program, 2017

Discussant,“ 10-K Disclosure Repetition and Managerial Reporting

Incentives.” Journal of Financial Reporting Conference, 2017.

Presentation on ““The Evolution of 10-K Textual Disclosure: Evidence

from Latent Dirichlet Allocation”,” Journal of Accounting and

Economics Conference, MIT, 2016

Discussant, “Guiding Through the Fog: Financial Statement Complexity

and Voluntary Disclosure,” Journal of Accounting and Economics

Conference, University of Rochester, 2015.

FASB Academic Advisory Research Group, 2015-.

Series of lectures as Distinguished Lecturer, Georgetown University, 2015

Series of lectures as Distinguished Lecturer for PhD students from Cornell, Columbia,

Rochester, NYU, Wharton and Penn State at Cornell University, 2015

Group Leader, Financial Reporting Issues Conference, Norwalk, CT, 2015

Presentation of “Textual Analysis and International Financial Reporting:

Large Sample Evidence,” Journal of Accounting and Economics Conference, 2014.

New Faculty Development, International Accounting Section Annual

Meeting, AAA, 2014.

Discussant, “Industry Concentration and Corporate Disclosure Policy,”

Journal of Accounting and Economics Conference, MIT, 2013.

Keynote Speaker, Cross-Listing Conference, Hong Kong Polytechnic

University, 2013

Group Leader, Financial Reporting Issues Conference, Norwalk, CT,

2012

Presentation on “Post-Listing Performance and Private Sector Regulation:

The Experience of the AIM,” Journal of Accounting and Economics

Conference, 2012.

Presentation on “Accounting and Brands,” Conference on Brands and

Branding in Law, Accounting and Marketing, 2012.

Presentation on “(Why) Does Transparency Matter,” Journal of

Accounting, Auditing and Finance Conference, 2011.

Distinguished Resident Faculty and speaker on “International Research,”

AAA Doctoral Consortium, Lake Tahoe, 2011.

Presentation on “Transparency, Liquidity and Crises” at the CARE/

CEASA Conference, 2011.

Presentation on “Transparency and Liquidity Uncertainty in Crisis

Periods,” at Journal of Accounting and Economics Conference, 2010.

Presentation on “Transparency and Liquidity Uncertainty in Crisis

Periods,” at the FRIAS/Review of Financial Studies Conference on

“Information, Liquidity and Trust in Incomplete Financial Markets.”

Presentation on “International Accounting Research,” International

Accounting Section of the American Accounting Association, 2010.

Presentation on Transparency and Valuation, Financial Accounting

Standards Board, 2009.

Member of the Financial Accounting Standards Advisory Council

(FASAC), 2008-2012; Steering Committee Member, 2009-2012.

Presentation on “International Accounting Research,” Doctoral/New

Faculty Consortium of the International Accounting Section of the

American Accounting Association, 2009.

Roundtable testimony, IFRS in US Markets, Securities and Exchange

Commission, 2008.

Session chair, Disclosure Session, Western Finance Association annual

meeting, 2007.

Presentation on “The Impact of IFRS Adoption on the Properties of

Financial Reports,” Corporate Governance Roundtable, San Diego State

University, 2007.

Presentation on “International Accounting Standards and Accounting

Quality,” International Accounting Convergence and Capital Market

Integration Conference, New York University, 2006.

Presentation on “International Accounting Standards and Accounting

Quality,” Sanford Bernstein Conference on Controversies in Quantitative

Finance, 2006.

Presentation on “Law Endowments and Property Rights,” Conference on

the Foundations of Accounting, Emory University, 2006.

Visiting Faculty and presenter on International Accounting Quality,

American Accounting Association Doctoral Consortium, Tahoe, 2005.

Session organizer and moderator, Accounting and Corporate Finance

Session, American Finance Association annual meeting, 2005.

Presentation on International Accounting Research to the Canadian

Academic Accounting Association Doctoral Consortium, 2004.

Discussant at the National Bureau of Economic Research, Public

Economics Section, 2004.

Discussant at the Contemporary Accounting Research conference, 2004.

Presentation on “International Accounting in Light of Enron: Insights

from Empirical Research,” N.C. Journal of International Law &

Commercial Regulation symposium on “International Accounting

Standards in the Wake of Enron.”

Academic representative on the AICPA Blockage Factor Taskforce, 2002-

2003.

Member of the International Accounting Standards Board Shared-Based

Payment Advisory Group, 2002.

Presentation of the National Association of Stock Plan Professionals on

Employee Stock Options, 2000.

Testimony before the Financial Accounting Standards Board on “Using

Cash Flow Information in Accounting Measurement,” 1998.

Discussant at the Review of Accounting Studies and Contemporary

Accounting Research conferences, 1998.

Chairman of the Annual Program Committee of the American Accounting

Association’s Financial Reporting Section, 1997.

Presentation at the Association for Investment Management and Research

Annual Meeting on International Accounting Standards, 1997.

Discussant at the Financial Reporting Section Conference, 1997.

Panelist on International Accounting Standards, American Accounting

Association Annual Meeting, 1997.

Presentation at the FASB on “Recommendations of the AICPA Special

Committee on Financial Reporting and the Association for Investment

Management and Research,” 1997.

Presentation at the AAA/FASB Conference on the future of the accounting

model, 1996.

Testimony before the Financial Accounting Standards Board on

Consolidation Policy and Procedures, 1996.

Member of the Editorial Board, Review of Accounting Studies, 1996 - .

Member of the Doctoral Consortium Committee of the American

Accounting Association, 1996.

Presentation to the National Association of Stock Plan Professionals on

Employee Stock Options, 1995.

Moderator at the International Accounting Research Conference of the

American Accounting Association, 1995.

Presentation to the Financial Accounting Standards Board on Employee

Stock Options, 1994.

Presentation to the ShareData Annual Users Conference on Employee

Stock Options, 1994 and 1995.

Chairman of the Annual Program Committee of the American Accounting

Association’s International Accounting Section, 1994.

Member of the International Accounting Research Conference Committee

of the American Accounting Association, 1994-1995.

Presentation on International Stock Valuation, at the Stanford Center for

International Security and Arms Control Defense Conversion, 1993.

Member of the American Accounting Association’s International

Accounting Research Conference Proposal Committee, 1992.

Co-organizer and speaker at the Conference on Financial Management

Under the Market Economy, Moscow State University, 1992.

Presentation on Business Accounting, Investment and Finance at the

International Security and Arms Control Conference on Industrial

Demilitarization, Privatization, Economic Reform, and Investment in

Russia, 1992.

Presentation on International Accounting Issues to visiting members of the

Swedish Association of CPA’s, 1991 and 1992.

Faculty mentor to Prof. Tatiana Krylova, Moscow State Univ., 1991-92.

Reviewer for the Journal of Accounting Research, Journal of Accounting and Economics, Journal of Financial Economics, Journal of Finance, Review of Financial Studies, Contemporary Accounting Research, Management Science, The Accounting Review, National Tax Journal, Review of Accounting Studies, Journal of Public Economics, Journal of International Accounting, Accounting and Business Research, Journal of Accounting, Auditing and Finance, Asian Business Journal, Advances in International Accounting, and Southwestern Publishing.

PRESENTATIONS University of Arizona, 1993

Arizona State University, 2015

Baruch College, 2015

University of British Columbia, 2007

Boston Area Research Consortium, 2008

Bristol University, 2016

University of California-Berkeley, 1989, 1992, 2002

University of California-Davis, 1992

University of California-Los Angeles, 1992

University of Chicago, 2009, 2017

University of Colorado, 2018

Columbia University, 1989, 1993, 1996

Cornell University, 1989, 1997, 2003, 2010, 2015

Dartmouth College, 2018

Duke University, 1989, 1997, 2005

Emory University, 1993, 2000

Exeter University, 2016

FRIAS Center, Freiburg University, 2010

George Washington University, 2006

Georgetown, 2015

Harvard University, 1992, 1996, 2011, 2017

Hong Kong Polytechnic University, 2013

Indiana University, 2016

University of Iowa, 1989, 2011

University of Kansas, 1998

London Business School, 2004, 2014

University of Maryland, 2000

Massachusetts Institute of Technology, 1993, 2003, 2010, 2015, 2017

University of Melbourne, 2003

University of Miami, 2017

University of Michigan, 1989, 1995, 1999, 2008

University of Minnesota, 2004, 2012

Monash University, 2003

Moscow State University, 1992

University of Nebraska, 1993

New York University, 1996, 2006, 2011

University of North Carolina, 1993, 1994, 1995

Northwestern University, 1989, 1990, 1996, 2011

Ohio State University, 1996

University of Oregon, 2009

University of Oklahoma, 2004

Oklahoma State University, 2006

University of Pennsylvania, 1989, 1996, 2001, 2005, 2007, 2009, 2014

Pennsylvania State University, 1999, 2008, 2013

University of Queensland, 2003

Queensland Institute of Technology, 2003

Rice University, 2018

University of Rochester, 1989, 2012, 2016

San Diego State University, 2007, 2015

Santa Clara University, 2018

Stanford University, 1989, 1990, 1991, 1992, 1993, 1994, 2016

University of Southern California, 2003

Southern Methodist University, 2005

Temple University, 2009, 2017

Tilburg University, 2010

University of Texas, 1989, 2007, 2010

Tilburg University, 2010

University of Toronto, 2003, 2013

University of Utah, 2016

Washington University, 1989, 1993, 2014

University of Virginia, 2005, 2009

Virginia Commonwealth University, 2013

University of Washington, 1992

University of Waterloo, 2012

William and Mary University, 1997

Yale University, 1989, 2012

Journal of Accounting and Economics Conference, 1991 (presenter), 2002 (presenter), 2004 (presenter), 2010 (presenter), 2012 (presenter), 2013 (discussant), 2014 (presenter), 2015 (discussant), 2016 (presenter).

Journal of Accounting Research Conference, 1993 (presenter), 1994 (presenter), 2002 (presenter), 2005 (presenter), 2008 (discussant).

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