Brian Bushee
Finance Professor at University of Pennsylvania
Research Expertise
About
Publications
Institutional Investors, Long-term Investment, And Earnings Management
SSRN Electronic Journal / Jan 01, 1997
Bushee, B. J. (1997). Institutional Investors, Long-term Investment, And Earnings Management. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.52686
Corporate Disclosure Practices, Institutional Investors, and Stock Return Volatility
Journal of Accounting Research / Jan 01, 2000
Bushee, B. J., & Noe, C. F. (2000). Corporate Disclosure Practices, Institutional Investors, and Stock Return Volatility. Journal of Accounting Research, 38, 171. https://doi.org/10.2307/2672914
Do Institutional Investors Prefer Near-Term Earnings over Long-Run Value?
Contemporary Accounting Research / Jun 01, 2001
BUSHEE, B. J. (2001). Do Institutional Investors Prefer Near-Term Earnings over Long-Run Value? Contemporary Accounting Research, 18(2), 207–246. https://doi.org/10.1506/j4gu-bhwh-8hme-le0x
Fundamental Analysis, Future Earnings, and Stock Prices
Journal of Accounting Research / Jan 01, 1997
Abarbanell, J. S., & Bushee, B. J. (1997). Fundamental Analysis, Future Earnings, and Stock Prices. Journal of Accounting Research, 35(1), 1. https://doi.org/10.2307/2491464
The Role of the Business Press as an Information Intermediary
Journal of Accounting Research / Jan 15, 2010
BUSHEE, B. J., CORE, J. E., GUAY, W., & HAMM, S. J. W. (2010). The Role of the Business Press as an Information Intermediary. Journal of Accounting Research, 48(1), 1–19. Portico. https://doi.org/10.1111/j.1475-679x.2009.00357.x
Abnormal Returns to a Fundamental Analysis Strategy
SSRN Electronic Journal / Jan 01, 1996
Abarbanell, J. S., & Bushee, B. J. (1996). Abnormal Returns to a Fundamental Analysis Strategy. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.40740
Economic consequences of SEC disclosure regulation: evidence from the OTC bulletin board
Journal of Accounting and Economics / Jun 01, 2005
Bushee, B. J., & Leuz, C. (2005). Economic consequences of SEC disclosure regulation: evidence from the OTC bulletin board. Journal of Accounting and Economics, 39(2), 233–264. https://doi.org/10.1016/j.jacceco.2004.04.002
Investor Relations, Firm Visibility, and Investor Following
The Accounting Review / Jan 01, 2012
Bushee, B. J., & Miller, G. S. (2012). Investor Relations, Firm Visibility, and Investor Following. The Accounting Review, 87(3), 867–897. https://doi.org/10.2308/accr-10211
Accounting Choice, Home Bias, and U.S. Investment in Non-U.S. Firms
Journal of Accounting Research / Dec 01, 2004
BRADSHAW, M. T., BUSHEE, B. J., & MILLER, G. S. (2004). Accounting Choice, Home Bias, and U.S. Investment in Non-U.S. Firms. Journal of Accounting Research, 42(5), 795–841. https://doi.org/10.1111/j.1475-679x.2004.00157.x
Open versus closed conference calls: the determinants and effects of broadening access to disclosure
Journal of Accounting and Economics / Jan 01, 2003
Bushee, B. J., Matsumoto, D. A., & Miller, G. S. (2003). Open versus closed conference calls: the determinants and effects of broadening access to disclosure. Journal of Accounting and Economics, 34(1–3), 149–180. https://doi.org/10.1016/s0165-4101(02)00073-3
Which Institutional Investors Trade Based on Private Information About Earnings and Returns?
Journal of Accounting Research / May 01, 2007
BUSHEE, B. J., & GOODMAN, T. H. (2007). Which Institutional Investors Trade Based on Private Information About Earnings and Returns? Journal of Accounting Research, 45(2), 289–321. https://doi.org/10.1111/j.1475-679x.2007.00234.x
Managerial and Investor Responses to Disclosure Regulation: The Case of Reg FD and Conference Calls
The Accounting Review / Jul 01, 2004
Bushee, B. J., Matsumoto, D. A., & Miller, G. S. (2004). Managerial and Investor Responses to Disclosure Regulation: The Case of Reg FD and Conference Calls. The Accounting Review, 79(3), 617–643. https://doi.org/10.2308/accr.2004.79.3.617
Linguistic Complexity in Firm Disclosures: Obfuscation or Information?
Journal of Accounting Research / Aug 23, 2017
BUSHEE, B. J., GOW, I. D., & TAYLOR, D. J. (2017). Linguistic Complexity in Firm Disclosures: Obfuscation or Information? Journal of Accounting Research, 56(1), 85–121. Portico. https://doi.org/10.1111/1475-679x.12179
Conference Presentations and the Disclosure Milieu
Journal of Accounting Research / Sep 19, 2011
BUSHEE, B. J., JUNG, M. J., & MILLER, G. S. (2011). Conference Presentations and the Disclosure Milieu. Journal of Accounting Research, 49(5), 1163–1192. https://doi.org/10.1111/j.1475-679x.2011.00426.x
Identifying and Attracting the "Right" Investors: Evidence on the Behavior of Institutional Investors
Journal of Applied Corporate Finance / Sep 01, 2004
Bushee, B. (2004). Identifying and Attracting the “Right” Investors: Evidence on the Behavior of Institutional Investors. Journal of Applied Corporate Finance, 16(4), 28–35. https://doi.org/10.1111/j.1745-6622.2004.00005.x
Do Investors Benefit from Selective Access to Management?
Journal of Financial Reporting / Mar 01, 2017
Bushee, B. J., Jung, M. J., & Miller, G. S. (2017). Do Investors Benefit from Selective Access to Management? Journal of Financial Reporting, 2(1), 31–61. https://doi.org/10.2308/jfir-51776
Investor Relations, Firm Visibility, and Investor Following
SSRN Electronic Journal / Jan 01, 2007
Bushee, B. J., & Miller, G. S. (2007). Investor Relations, Firm Visibility, and Investor Following. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.643223
Factors Affecting the Implementability of Stock Market Trading Strategies
SSRN Electronic Journal / Jan 01, 2003
Bushee, B. J., & Raedy, J. S. (2003). Factors Affecting the Implementability of Stock Market Trading Strategies. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.384500
Discussion of Disclosure Practices of Foreign Companies Interacting with U.S. Markets
Journal of Accounting Research / May 01, 2004
BUSHEE, B. J. (2004). Discussion of Disclosure Practices of Foreign Companies Interacting with U.S. Markets. Journal of Accounting Research, 42(2), 509–525. https://doi.org/10.1111/j.1475-679x.2004.00147.x
Economic Consequences of SEC Disclosure Regulation: Evidence from the OTC Bulletin Board
SSRN Electronic Journal / Jan 01, 2004
Bushee, B. J., & Leuz, C. (2004). Economic Consequences of SEC Disclosure Regulation: Evidence from the OTC Bulletin Board. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.307821
Nonholonomic Hamilton-Jacobi equation and integrability
Journal of Geometric Mechanics / Jan 01, 2009
Ohsawa, T., & M. Bloch, A. (2009). Nonholonomic Hamilton-Jacobi equation and integrability. Journal of Geometric Mechanics, 1(4), 461–481. https://doi.org/10.3934/jgm.2009.1.461
Institutional Investor Preferences for Corporate Governance Mechanisms
SSRN Electronic Journal / Jan 01, 2009
Bushee, B. J., Carter, M. E., & Gerakos, J. J. (2009). Institutional Investor Preferences for Corporate Governance Mechanisms. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.1070168
Do Analysts and Investors Efficiently Respond to Managerial Linguistic Complexity on Conference Calls?
SSRN Electronic Journal / Jan 01, 2019
Bushee, B. J., & Huang, Y. (2019). Do Analysts and Investors Efficiently Respond to Managerial Linguistic Complexity on Conference Calls? SSRN Electronic Journal. https://doi.org/10.2139/ssrn.3405086
Disclosure Quality, Institutional Investors, and Stock Return Volatility
SSRN Electronic Journal / Jan 01, 1999
Bushee, B. J., & Noe, C. F. (1999). Disclosure Quality, Institutional Investors, and Stock Return Volatility. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.146434
The Effects of Institutional Investor Preferences on Ownership Changes and Stock Prices around Corporate Spin-offs
SSRN Electronic Journal / Jan 01, 1998
Abarbanell, J. S., Bushee, B. J., & Raedy, J. S. (1998). The Effects of Institutional Investor Preferences on Ownership Changes and Stock Prices around Corporate Spin-offs. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.118608
Derivatives: Were 1994 disclosures adequate?
Journal of Corporate Accounting & Finance / Jan 01, 1995
Bushee, B. J., Herz, R. H., & Elmy, F. J. (1995). Derivatives: Were 1994 disclosures adequate? Journal of Corporate Accounting & Finance, 7(2), 21–34. https://doi.org/10.1002/jcaf.3970070204
Did the Siebel Systems Case Limit the SEC's Ability to Enforce Regulation Fair Disclosure?
Journal of Accounting Research / Mar 31, 2022
ALLEE, K. D., BUSHEE, B. J., KLEPPE, T. J., & PIERCE, A. T. (2022). Did the Siebel Systems Case Limit the SEC’s Ability to Enforce Regulation Fair Disclosure? Journal of Accounting Research, 60(4), 1235–1291. Portico. https://doi.org/10.1111/1475-679x.12423
Co-opetition and the Firm’s Information Environment
SSRN Electronic Journal / Jan 01, 2021
Bushee, B. J., Keusch, T., & Kim-Gina, J. (2021). Co-opetition and the Firm’s Information Environment. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.3925687
Public and Private Information Channels along Supply Chains: Evidence from Contractual Private Forecasts
SSRN Electronic Journal / Jan 01, 2020
Bushee, B. J., Kim-Gina, J., & Leung, E. (2020). Public and Private Information Channels along Supply Chains: Evidence from Contractual Private Forecasts. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.3736405
The Rolling Cross-Section: Design and Utility for Political Research Kate Kenski, University of Arizona, Jeffrey A. Gottfried, University of Pennsylvania, and Kathleen Hall Jamieson, University of Pennsylvania
Sourcebook for Political Communication Research / Dec 20, 2010
The Rolling Cross-Section: Design and Utility for Political Research Kate Kenski, University of Arizona, Jeffrey A. Gottfried, University of Pennsylvania, and Kathleen Hall Jamieson, University of Pennsylvania. (2010). Sourcebook for Political Communication Research, 56–76. https://doi.org/10.4324/9780203938669-10
9. Identifying and Attracting the “Right” Investors: Evidence on the Behavior of Institutional Investors
U.S. Corporate Governance / Dec 31, 2009
Bushee, B. (2009). 9. Identifying and Attracting the “Right” Investors: Evidence on the Behavior of Institutional Investors. U.S. Corporate Governance, 170–183. https://doi.org/10.7312/chew14856-009
Editorial Statement—Accounting
Management Science / Oct 01, 2018
Editorial Statement—Accounting. (2018). Management Science, 64(10), v–v. https://doi.org/10.1287/mnsc.2018.3192
Acknowledgement
Journal of Accounting and Economics / Aug 01, 2002
Acknowledgement. (2002). Journal of Accounting and Economics, 33(3), 427–430. https://doi.org/10.1016/s0165-4101(02)00061-7
Pay Without Performance – The Unfulfilled Promise of Executive Compensation. By Lucian Bebchuk and Jesse Fried. Harvard University Press, 2004. ISBN 0-674-01665-304 pages, Price $24.95.
Journal of Pension Economics and Finance / Oct 06, 2005
GERAKOS, J. (2005). Pay Without Performance – The Unfulfilled Promise of Executive Compensation. By Lucian Bebchuk and Jesse Fried. Harvard University Press, 2004. ISBN 0-674-01665-304 pages, Price $24.95. Journal of Pension Economics and Finance, 4(3), 334–335. https://doi.org/10.1017/s1474747205232171
Cartography at the 1994 Association of American Geographers Meeting
Cartographic Perspectives / Jun 01, 1994
Anderson, J. (1994). Cartography at the 1994 Association of American Geographers Meeting. Cartographic Perspectives, 18, 28. https://doi.org/10.14714/cp18.930
The Dark Side of Investor Conferences: Evidence of Managerial Opportunism
The Accounting Review / Oct 06, 2022
Bushee, B., Taylor, D. J., & Zhu, C. (2022). The Dark Side of Investor Conferences: Evidence of Managerial Opportunism. The Accounting Review. https://doi.org/10.2308/tar-2020-0624
Does the media help or hurt retail investors during the IPO quiet period?
Journal of Accounting and Economics / Feb 01, 2020
Bushee, B., Cedergren, M., & Michels, J. (2020). Does the media help or hurt retail investors during the IPO quiet period? Journal of Accounting and Economics, 69(1), 101261. https://doi.org/10.1016/j.jacceco.2019.101261
Financial Reporting Quality, Investment Horizon, and Institutional Investor Trading Strategies
The Accounting Review / Jul 01, 2018
Bushee, B. J., Goodman, T. H., & Sunder, S. V. (2018). Financial Reporting Quality, Investment Horizon, and Institutional Investor Trading Strategies. The Accounting Review, 94(3), 87–112. https://doi.org/10.2308/accr-52202
Corporate jets and private meetings with investors
Journal of Accounting and Economics / Apr 01, 2018
Bushee, B. J., Gerakos, J., & Lee, L. F. (2018). Corporate jets and private meetings with investors. Journal of Accounting and Economics, 65(2–3), 358–379. https://doi.org/10.1016/j.jacceco.2018.01.005
Measuring Tax-Sensitive Institutional Investor Ownership
The Accounting Review / Feb 01, 2017
Blouin, J. L., Bushee, B. J., & Sikes, S. A. (2017). Measuring Tax-Sensitive Institutional Investor Ownership. The Accounting Review, 92(6), 49–76. https://doi.org/10.2308/accr-51719
Disclosure Standards and the Sensitivity of Returns to Mood
Review of Financial Studies / Sep 08, 2015
Bushee, B. J., & Friedman, H. L. (2015). Disclosure Standards and the Sensitivity of Returns to Mood. Review of Financial Studies, hhv054. https://doi.org/10.1093/rfs/hhv054
Institutional Investor Preferences for Corporate Governance Mechanisms
Journal of Management Accounting Research / Jul 01, 2013
Bushee, B. J., Carter, M. E., & Gerakos, J. (2013). Institutional Investor Preferences for Corporate Governance Mechanisms. Journal of Management Accounting Research, 26(2), 123–149. https://doi.org/10.2308/jmar-50550
Discussion of “Financial reporting opacity and informed trading by international institutional investors”
Journal of Accounting and Economics / Oct 01, 2012
Bushee, B. J. (2012). Discussion of “Financial reporting opacity and informed trading by international institutional investors.” Journal of Accounting and Economics, 54(2–3), 221–228. https://doi.org/10.1016/j.jacceco.2012.09.001
Institutional Investor Preferences and Price Pressure: The Case of Corporate Spin‐Offs*
The Journal of Business / Apr 01, 2003
Abarbanell, J. S., Bushee, B. J., & Smith Raedy, J. (2003). Institutional Investor Preferences and Price Pressure: The Case of Corporate Spin‐Offs*. The Journal of Business, 76(2), 233–261. https://doi.org/10.1086/367749
Education
University of Michigan
PhD, Accounting
Duke University
AB, Economics
Experience
University of Pennsylvania
Professor / 2000 — Present
University of Chicago
Visiting Assistant Professor / 1999 — 2000
Harvard University
Assistant Professor / 1997 — 2000
CoreStates Financial Corp.
Senior Credit Analyst / 1997 — 1995
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