SP Kothari

Gordon Y Billard Professor of Accounting and Finance

Biography | Selected Publications

"Managing for the Moment: The Role of Real Activity versus Accrual Earnings Management in SEO Valuation." S.P. Kothari, Natalie Mizik and Sugata Roychowdhury, Working Paper. Accounting Review, 2015.

"The Behavior of Aggregate Corporate Investment." Kothari, S.P., Jonathan Lewellen and Jerold B. Warner, MIT Sloan Working Paper 5112-14. Cambridge, MA: MIT Sloan School of Management, September 2014.

"Econometrics of the Basu Asymmetric Timeliness Coefficient and Accounting Conservatism." Ball, Ray, S.P. Kothari and Valeri V. Nikolaev. Journal of Accounting Research Vol. 51, No. 5 (2013): 1071-1097. (2013)

"On Estimating Conditional Conservatism." Ball, Ray, S.P. Kothari and Valeri V. Nikolaev. The Accounting Review Vol. 88, No. 3 (2013): 755-787. (2013)

"The Effect of Industrial Sector Transparency on Bank Risk-taking and Banking System Fragility." Jayaraman, Sudarshan and S.P. Kothari, MIT Sloan Working Paper 5111-13. Cambridge, MA: MIT Sloan School of Management, January 2013.

"The Role of Accounting in the Financial Crisis: Lessons for the Future." Kothari, S.P. and Rebecca Lester. Accounting Horizons Vol. 26, No. 2 (2012): 335-351. (2012)

"Generating Superior Performance in Private Equity: A New Investment Methodology." Kothari, S.P., Gitanjali Swami and Konstantin Danilov. Journal of Investment Management Vol. 10, No. 1 (2012): 28-41. (2012)

“The Benefits of Financial Statement Comparability.” DeFranco, Gus, S.P. Kothari and Rodrigo S. Verdi. Journal of Accounting Research Vol. 49, No. 4 (2011): 895-931. (2011)

"The Value of Earnings Comparability." DeFranco, Gus, S.P. Kothari and Rodrigo S. Verdi. Journal of Accounting Research Vol. 49, No. 4 (2011): 895-931. (2011)

"Properties of Implied Cost of Capital Using Analysts' Forecasts." Guay, Wayne, SP Kothari and Susan Shu. Australian Journal of Management Vol. 36, No. 2 (2011): 125-149. (2011)

"Agency Theory of Overvalued Equity as an Explanation for the Accrual Anomaly." Kothari, S.P., Elena Loutskina and Valeri V. Nikolaev, Tilburg School of Economics and Management CenTER Discussion Paper Series 2006-103. Tilburg, Netherlands: Tilburg School of Economics and Management CenTER, 2011.

"Implications for GAAP from an Analysis of Positive Research in Accounting." Kothari, S.P., Karthik Ramanna and Douglas J. Skinner. Journal of Accounting & Economics Vol. 50, No. 2-3 (2010): 246-286. (2010)

"The Effect of Disclosures by Management, Analysts, and Financial Press on the Equity Cost of Capital: A Study Using Content Analysis." Kothari, S.P., Xu Li and James E. Short. The Accounting Review Vol. 84, No. 5 (2009): 1639-1670. (2009)

"Do Managers Withhold Bad News?" Kothari, S.P., Susan Shu and Peter D. Wysocki. Journal of Accounting Research Vol. 47, No. 1 (2009): 241-276. (2009)

"Investment Banking and Analyst Objectivity: Evidence from Analysts Affiliated with Mergers and Acquisitions Advisors." Kolasinski, Adam C. and S.P. Kothari. Journal of Financial and Quantitative Analysis Vol. 43, No.4 (2008): 817-842. (2008)

"Effect of Personal Taxes on Managers' Decision to Sell Unrestricted Equity." Jin, Li and S.P. Kothari. Journal of Accounting & Economics Vol. 46, No.1 (2008): 23-46. (2008)

"Econometrics of Event Studies." Kothari, S.P. and Jerold B. Warner. In Handbook of Empirical Corporate Finance Volume 1, edited by B. Espen Eckbo, 3-36. Amsterdam, Netherlands: Elsevier/North-Holland, 2007.

"Determinants of the Informativeness of Analyst Research." Frankel, Richard, S.P. Kothari and Joseph Weber. Journal of Accounting & Economics Vol. 41, No. 1-2 (2006): 29-54. (2006)

"Stock Returns, Aggregate Earnings Surprises, and Behavioral Finance." Kothari, S.P., Jonathan Lewellen and Jerold B. Warner. Journal of Financial Economics Vol. 79, No. 3 (2006): 537-568. (2006)

"Matching Delivered Performance." Barclay, Michael J., Dan Gode and S.P. Kothari. Journal of Contemporary Accounting & Economics Vol. 1, No. 1 (2005): 1-25. (2005)

"Implications of Survival and Data Trimming for Tests of Market Efficiency." Kothari, S.P., Jowell S. Sabino and Tzachi Zach. Journal of Accounting & Economics Vol. 39, No. 1 (2005): 129-161. (2005)

"Performance Matched Discretionary Accrual Measures." Kothari, S.P., Andrew J. Leone and Charles E. Wasley. Journal of Accounting & Economics Vol. 39, No. 1 (2005): 163-197. (2005)

"Testing Behavioral Finance Theories Using Trends and Consistency in Financial Performance." Chan, Wesley S., S.P. Kothari, and Richard Frankel. Journal of Accounting & Economics Vol. 38 (2004): 3-50. (2004)

"Asset Allocation with Inflation-Protected Bonds." Kothari, S.P. and Jay Shanken. Financial Analysts Journal Vol. 60, No, 1 (2004): 54-70. (2004)

"How Much Do Firms Hedge with Derivatives?" Guay, Wayne and S.P. Kothari. Journal of Financial Economics Vol. 70, No. 3 (2003): 423-461. (2003)

"Accounting for Employee Stock Options." Guay, Wayne, S.P. Kothari and Richard Sloan. American Economic Review Vol. 93, No. 2 (2003): 405-409. (2003)

"Time-Series Coefficient Variation in Value-Relevance Regressions: A Discussion of Core, Guay, and Van Buskirk and New Evidence." Kothari, S.P. and Jay Shanken. Journal of Accounting & Economics Vol. 34, No. 1-3 (2003): 69-87. (2003)

Anomalies and Efficient Portfolio Formation. Edited by Kothari, S.P. and Jay Shanken. Charlottesville, VA: Association for Investment Management Research, 2002.

"Capitalization versus Expensing: Evidence on the Uncertainty of Future Earnings from Capital Expenditures versus R&D Outlays." Kothari, S.P., Ted E. Laguerre and Andrew J. Leone. Review of Accounting Studies Vol. 7, No. 7 (2002): 355-382. (2002)

"The Economic Dilution of Employee Stock Options: Diluted EPS for Valuation and Financial Reporting." Core, John E., Wayne R. Guay and S.P. Kothari.The Accounting Review Vol. 77, No. 3 (2002): 627-652. (2002)

Contemporary Accounting Research: Synthesis and Critique. Kothari, S.P., Thomas Z. Lys, Douglas J. Skinner, Ross L. Watts and Jerold L. Zimmerman (Eds.). Amsterdam, Netherlands: North-Holland Publishing, 2002.

"Evaluating Mutual Fund Performance." Kothari, S.P. and Jerold B. Warner. Journal of Finance Vol. 56, No. 5 (2001): 1985-2010. (2001)

"Capital Markets Research in Accounting." Kothari, S.P. Journal of Accounting & Economics Vol. 31, No. 1-3 (2001): 105-231. (2001)

"Are Corporations Reducing or Taking Risks with Derivatives?" Hentschel, Ludger and S.P. Kothari. Journal of Financial and Quantitative Analysis Vol. 36, No. 1 (2001): 93-118. (2001)

"Role of Financial Reporting in Reducing Financial Risks in the Market." S.P. Kothari. In Building an Infrastructure for Financial Stability, edited by Eric S. Rosengren and John S. Jordan. Federal Reserve Bank of Boston, June 2000.

"Beta and Book-to-Market: Is the Glass Half Full or Half Empty." Kothari, S.P. and Jay Shanken. In Security Market Imperfections in Worldwide Equity Markets, edited by Donald B. Keim and William T. Ziemba, 44-64. Cambridge, UK: Cambridge University Press, 2000. 

"The Effect of International Institutional Factors on Properties of Accounting Earnings." Ball, Ray, S.P. Kothari and Ashok Robin. Journal of Accounting & Economics Vol. 29, No. 1 (2000): 1-51. (2000)

"Discussion of “The Relation Between Analysts' Forecasts of Long-Term Earnings Growth and Stock Price Performance Following Equity Officering".” S. Kothari. Contemporary Accounting Research Vol. 17, No. 1 (2000): 33-39. (2000)

"The Relation Between Earnings and Cash Flows." Dechow, Patricia M., S.P. Kothari and Ross L. Watts. Journal of Accounting & Economics Vol. 25, No. 2 (1998): 133-168. (1998)

"Book-to-Market, Dividend Yield, and Expected Market Returns: a Time-Series Analysis." Kothari, S.P. and Jay Shanken. Journal of Financial Economics Vol. 44, No. 2 (1997): 169-203. (1997)

"Measuring Long-Horizon Security Price Performance." Kothari, S.P. and Jerold B. Warner. Journal of Financial Economics Vol. 43, No 3 (1997): 301-339.

(1997)

"The Importance of Being Open." Kothari, S.P. and Clifford W. Smith, Jr. The Economic Times, September 1996.

"Derivatives & regulatory roadblocks." Kothari, S.P. and Clifford W. Smith, Jr. The Economic Times, August 1996.

"A minimum utility tax." Kothari, S.P. The Economic Times, August 1996.

"Need to privatise telecom industries." Kothari, S.P. The Economic Times, March 1996.

"Lift all restrictions on rupee." Kothari, S.P. The Economic Times, February 1996.

"Change campaign finance laws." Kothari, S.P. The Economic Times, February 1996.

"Switch institutions, not shares." Kothari, S.P. The Economic Times, January 1996.

"A Market-based Evaluation of Discretionary-Accrual Models." Guay, Wayne, S.P. Kothari and Ross L. Watts. Journal of Accounting Research Vol. 34 (1996): 83-115. (1996)

"Telecom: The ring is missing." Kothari, S.P. The Economic Times, December 1995.

"RBI intervention: A bad idea." Kothari, S.P. and Clifford W. Smith, Jr. The Economic Times, November 1995.

"Rational expectations from Indian policy makers." Kothari, S.P. The Economic Times, October 1995.

"Making the public FDI friendly." Kothari, S.P. The Economic Times, October 1995.

"A bourse for forward trading." Kothari, S.P. The Economic Times, September 1995.

"Price and Return Models." Kothari, S.P. and Jerold L. Zimmerman. Journal of Accounting and Economics Vol. 20, No. 2 (1995): 155-192. (1995)

"A hundred states within." Kothari, S.P. The Economic Times, August 1995.

"Value lies in future as well." Kothari, S.P. and Clifford W. Smith, Jr. The Economic Times, August 1995.

"What explains the stock market fall?" Kothari, S.P. The Economic Times, July 1995.

"Economics of investment in power." Kothari, S.P. The Economic Times, June 1995.

"Needed, a free foodgrain market." Kothari, S.P. The Economic Times, June 1995.

"An ethical reason to privatize." Kothari, S.P. The Economic Times, May 1995.

"Problems in Measuring Portfolio Performance: An Application to Contrarian Investment Strategies." Ball, Ray, S.P. Kothari and Jay Shanken. Journal of Financial Economics Vol. 38, No. 1 (1995): 79-107. (1995)

"Lessons from MS Shoes scandal." Kothari, S.P. The Economic Times, April 1995.

"Badla: Let it compete to survive." Kothari, S.P. The Economic Times, April 1995.

"Another Look at the Cross-Section of Expected Stock Returns." Kothari, S.P., Jay Shanken and Richard G. Sloan. Journal of Finance Vol. 50, No. 1 (1995): 185-224. (1995)

"Can We Implement Research on Stock Trading Rules?" Ball, Ray, S.P. Kothari and Charles Wasley. Journal of Portfolio Management Vol. 21, No. 2 (1995): 54-63. (1995)

"In Defense of Beta." Kothari, S.P. and Jay Shanken. Journal of Applied Corporate Finance Vol. 8, No. 1 (1995): 53-58. (1995)

"Lack of Timeliness and Noise as Explanations for Low Contemporaneous Return-Earnings Association." Collins, Daniel, S.P. Kothari, Jay Shanken and Richard G. Sloan. Journal of Accounting & Economics Vol.18, No. 3 (1994): 289-324. (1994)

Financial Statement Analysis. Ball, Ray and S.P. Kothari. New York: McGraw-Hill, 1994.

"Sensitivity of Multivariate Tests of the CAPM to the Return Measurement Interval." Handa, Puneet, S.P. Kothari and Charles Wasley. Journal of Finance Vol. 48, No. 4 (1993): 1543-1551. (1993)

"The Economics Determinants of the Relation Between Earnings Changes and Stock Returns." Ball, Ray, S.P. Kothari and Ross L. Watts. The Accounting Review Vol. 68, No. 3 (1993): 622-638. (1993)

"Fundamentals Largely Explain Stock Price Volatility." Kothari, S.P. and Jay Shanken. Journal of Applied Corporate Finance Vol. 6 No. 2 (1993): 81-87. (1993)

"Growth Rates, Not Levels. An Exchange Between Robert Shiller and S.P. Kothari & Jay Shanken on Excess Volatility." Kothari, S.P. and Jay Shanken. Journal of Applied Corporate Finance Vol. 6, No. 3 (1993): 111-112. (1993)

"Information in Prices About Future Earnings: Implications for Earnings Response Coefficients." Kothari, S.P. and Richard G. Sloan. Journal of Accounting and Economics Vol. 15,  No. 2-3 (1992): 143-171. (1992)

"Price-Earnings Regressions in the Presence of Prices Leading Earnings: Earnings Level versus Change Specification and Alternative Deflators." Kothari, S.P. Journal of Accounting & Economics Vol. 15, No. 2-3 (1992): 173-202. (1992)

"Stock Return Variation and Expected Dividends: A Time-Series and Cross-Sectional Analysis." Kothari, S.P. and Jay Shanken. Journal of Financial Economics Vol. 31, No. 2 (1992): 177-210. (1992)

"Security Returns Around Earnings Announcements." Ball, Ray and S.P. Kothari. The Accounting Review Vol. 66, No. 4 (1991): 718-738. (1991)

"Nonstationary Expected Returns: Implications for Tests of Market Efficiency and Serial Correlation in Returns." BBall, Ray and S.P. Kothari. Journal of Financial Economics Vol. 25, No. 1 (1989): 51-74 (1989)

"An Analysis of the Cross-sectional and Intertemporal Determinants of Earnings Response Coefficients." Collins, Daniel and S.P. Kothari. Journal of Accounting and Economics Vol. 11, No. 2-3 (1989): 143-181. (1989)

"The Relation Between the Return Interval and Betas: Implications for the Size-Effect." Handa, Puneet, S.P. Kothari and Charles Wasley. Journal of Financial Economics Vol. 23, No. 1 (1989): 79-100. (1989)

"Measuring Security Price Performance in Size Clustered Samples." Kothari, S.P. and Charles E. Wasley. The Accounting Review Vol. 64, No. 2 (1989): 228-249. (1989)

"Auditor Liability and Information Disclosure."Kothari, S.P., Thomas Lys, Clifford Smith and Ross L. Watts. Journal of Accounting, Auditing and Finance Vol. 3, No. 4 (1988): 307-339. (1988)

"Firm Size and the Information Content of Prices with Respect to Earnings."Collins, Daniel W., S.P. Kothari and Judy Dawson Rayburn. Journal of Accounting and Economics Vol. 9, No. 2 (1987): 111-138. (1987)

 

Contact Information
Office: E62-662
Tel: (617) 253-0994
Fax: (617) 253-0603
Support Staff
Name: Jackie Donnelly
Tel: (617) 324-1198
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Research Center(s)

General Expertise
Accounting; Accounting standards; Capital market; Capital markets; Corporate disclosure practices; Corporate governance; Disclosure; Earnings management; Earnings quality; Econometrics; Finance; Financial reporting; Financial statement analysis; Foreign investment; India; Investment analysis; Portfolio theory; Statement analysis; Stock options