Charles Lee
Moghadam Family Professor, Emeritus
Graduate School of Business
Bio
Charles M. C. Lee is the Moghadam Family Professor, Emeritus, at the Graduate School of Business (GSB), Stanford University. (https://www.gsb.stanford.edu/faculty-research/faculty/charles-m-lee)
Professor Lee studies the effect of human cognitive constraints on market participants and other factors that impact the efficiency with which market prices incorporate information. He has published extensively in leading academic journals in accounting and finance on topics that include behavioral finance, market microstructure, equity valuation, financial analysis, quantitative investing, and security market regulation.
From 2004 to July 2008, Dr. Lee was Managing Director at Barclays Global Investors (BGI; now Blackrock). As Global Head of Equity Research and Co-Head of North America Active Equities, he led the firm’s world-wide active equity research team and was jointly responsible for its North American active equity business. During his tenure, BGI had over $300 billion in active equity asset under management. He joined Stanford GSB as Visiting Professor in July 2008 while continuing to serve as an exclusive senior consultant to BGI, and became a full-time faculty member in July 2009.
Dr. Lee has received numerous honors, including the Notable Contribution to Accounting Literature Prize, as well as twelve school-wide or national-level Teaching Excellence Awards. Most recently, he was honored with the Harry Lyman Hooker Distinguished Visiting Professorship, McMaster University, 2021; Keynote Speaker at the JIAR Annual Conference, 2021; and the Best Paper Award, AAA Spark Conference, Western Regional, 2021. He has been the Presidential Scholar of the AAA, and recipient of the Stanford University Asian American Faculty Award for Outstanding Achievements and Service to the University and to the Asian American Community.
Professor Lee has been Editor or Associate Editor of a number of academic journals, including: The Accounting Review, the Journal of Finance, Management Science (Finance), the Journal of Accounting and Economics, the Journal of Accounting Research, the Review of Accounting Studies, and the Financial Analysts Journal. His research has also been featured in such popular media outlets as: the Economist, the New York Times, the Wall Street Journal, National Public Radio (NPR), the LA Times, Business Week, CNBC, Forbes, Barron's, Worth, Smart Money, and Institutional Investors.
Professor Lee received his BMath from the University of Waterloo (1981), and his MBA (1989) and PhD (1990) from Cornell University. He has been a faculty member at the Michigan Business School (1990-95) the Johnson Graduate School of Management, Cornell University (1996-2004), and the Graduate School of Business, Stanford University (2009-2021). From 1995-96 he was Visiting Economist at the New York Stock Exchange.
Prior to entering academic life, he spent five years in public accounting, the last three in the National Research Department of KPMG, Toronto, Canada. He holds a Certificate in Biblical Studies from Ontario Theological Seminary, and is fluent in Mandarin Chinese.
8/2022
Academic Appointments
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Emeritus Faculty, Acad Council, Graduate School of Business
All Publications
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<i>ELPR:</i> A New Measure of Capital Adequacy for Commercial Banks
ACCOUNTING REVIEW
2024; 99 (1): 337-365
View details for DOI 10.2308/TAR-2020-0661
View details for Web of Science ID 001171813000016
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Shall we talk? The role of interactive investor platforms in corporate communication
JOURNAL OF ACCOUNTING & ECONOMICS
2022; 74 (2-3)
View details for DOI 10.1016/j.jacceco.2022.101524
View details for Web of Science ID 000893273500006
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A frog in every pan: Information discreteness and the lead-lag returns puzzle
JOURNAL OF FINANCIAL ECONOMICS
2022; 145 (2): 83-102
View details for DOI 10.1016/j.jfineco.2021.10.011
View details for Web of Science ID 000833535600005
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Why Do Predicted Stock Issuers Earn Low Returns?
REVIEW OF ASSET PRICING STUDIES
2022
View details for DOI 10.1093/rapstu/raac013
View details for Web of Science ID 000834307500001
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Gate Fees: The Pervasive Effect of IPO Restrictions on Chinese Equity Markets*
REVIEW OF FINANCE
2022
View details for DOI 10.1093/rof/rfac044
View details for Web of Science ID 000827704900001
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Active Funds and Bundled News
ACCOUNTING REVIEW
2022; 97 (1): 315-339
View details for DOI 10.2308/TAR-2018-0380
View details for Web of Science ID 000735440200013
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Tick Size Tolls: Can a Trading Slowdown Improve Earnings News Discovery?
ACCOUNTING REVIEW
2021; 96 (3): 373-401
View details for DOI 10.2308/TAR-2018-0689
View details for Web of Science ID 000658537800014
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Evaluating Firm-Level Expected-Return Proxies: Implications for Estimating Treatment Effects
REVIEW OF FINANCIAL STUDIES
2021; 34 (4): 1907-1951
View details for DOI 10.1093/rfs/hhaa066
View details for Web of Science ID 000649395600008
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Financing Entrepreneurship and Innovation in China
FOUNDATIONS AND TRENDS IN ENTREPRENEURSHIP
2020; 16 (1): 1–64
View details for DOI 10.1561/0300000095
View details for Web of Science ID 000506853200001
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Going public in China: Reverse mergers versus IPOs
JOURNAL OF CORPORATE FINANCE
2019; 58: 92–111
View details for DOI 10.1016/j.jcorpfin.2019.04.003
View details for Web of Science ID 000491217400006
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Technological links and predictable returns
JOURNAL OF FINANCIAL ECONOMICS
2019; 132 (3): 76–96
View details for DOI 10.1016/j.jfineco.2018.11.008
View details for Web of Science ID 000470054300004
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Is there a dark side to exchange traded funds? An information perspective
REVIEW OF ACCOUNTING STUDIES
2017; 22 (3): 1048–83
View details for DOI 10.1007/s11142-017-9400-8
View details for Web of Science ID 000407270500002
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Uncovering expected returns: Information in analyst coverage proxies
JOURNAL OF FINANCIAL ECONOMICS
2017; 124 (2): 331-348
View details for DOI 10.1016/j.jfineco.2017.01.007
View details for Web of Science ID 000400721400006
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Shell Games: The Long-Term Performance of Chinese Reverse-Merger Firms
ACCOUNTING REVIEW
2015; 90 (4): 1547-1589
View details for DOI 10.2308/accr-50960
View details for Web of Science ID 000368808300010
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Search-based peer firms: Aggregating investor perceptions through internet co-searches
JOURNAL OF FINANCIAL ECONOMICS
2015; 116 (2): 410-431
View details for DOI 10.1016/j.jfineco.2015.02.003
View details for Web of Science ID 000354831100010
- In Short Supply: Short-Sellers and Stock Returns Journal of Accounting and Economics 2015; 60: 33-57
- Alphanomics: the informational underpinnings of market efficiency Foundations and Trends in Accounting 2015; 9 (2-3): 59-258
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Aggregate Investment and Investor Sentiment
REVIEW OF FINANCIAL STUDIES
2014; 27 (11): 3241-3279
View details for DOI 10.1093/rfs/hhu054
View details for Web of Science ID 000344606800005
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Performance measurement: an investor's perspective
ACCOUNTING AND BUSINESS RESEARCH
2014; 44 (4): 383-406
View details for DOI 10.1080/00014788.2014.910376
View details for Web of Science ID 000337189000004
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Earnings Manipulation and Expected Returns
FINANCIAL ANALYSTS JOURNAL
2013; 69 (2): 57-82
View details for Web of Science ID 000317375500011
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Tunneling through intercorporate loans: The China experience
JOURNAL OF FINANCIAL ECONOMICS
2010; 98 (1): 1-20
View details for DOI 10.1016/j.jfineco.2010.05.002
View details for Web of Science ID 000280825100001