Brian Bushee

Finance Professor at University of Pennsylvania

Research Expertise

Economics and Econometrics
Finance
Accounting
Pharmacology (medical)
Business and International Management
Statistics, Probability and Uncertainty
Applied Mathematics
Control and Optimization
Geometry and Topology
Mechanics of Materials
Management Science and Operations Research
Strategy and Management
Organizational Behavior and Human Resource Management

About

Brian Bushee is the Americus Brothers Professor of Accounting at the University of Pennsylvania. He is a Visiting Scholar at the University of Michigan and a Research Associate at the National Bureau of Economic Research. His research interests include the role of accounting information in capital markets, the effect of accounting disclosures on managerial incentives and resource allocation, and the economics of professional service firms. He has been published in the Journal of Accounting and Economics, the Journal of Accounting Research, and the Review of Accounting Studies, among other journals. He has been a consultant to the Securities and Exchange Commission and the Financial Accounting Standards Board.

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

Ann Arbor, Michigan, United States of America

Duke University

AB, Economics

Durham, North Carolina, United States of America

Experience

University of Pennsylvania

Professor / 2000Present

University of Chicago

Visiting Assistant Professor / 19992000

Harvard University

Assistant Professor / 19972000

CoreStates Financial Corp.

Senior Credit Analyst / 19971995

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