Robert M. Bushman

The Forensic Accounting Distinguished Professor
Kenan-Flagler Business School
University of North Carolina at Chapel Hill

My UNC Kenan-Flagler Website


Bushman’s Curriculum Vitae

My SSRN Author Page   

Google Scholar Page

Links to my intellectual recommendations & resources

Bushman's "Intellectual" Recommendations

PhD/MBA Related Resources

My PhD Seminar Websites

Lecture Videos on Accounting for Complex Deals

Health Care Lectures April 2016:  Syllabus ;  Lecture 1 Slides ; Lecture 1 Video ;  Lecture 2 Slides

Art embedded in my lecture slides

Slides from Keynote talks

Thoughts on Intangibles in the Banking Sector (Slides from Keynote Remarks at Workshop on Financial Institutions Research, St. Louis Federal Reserve Bank, May 19, 2023)

The Many Faces of Cash Bonus Plans (Slides from 13th Conference on New Directions in Management Accounting, Lisbon, December 2022)

The Morphing of Corporate Governance (Slides from Virginia Tech Conference Keynote Talk, May 2022)

Architecture of Transparency (Slides from 2019 AAA Doctoral Consortium)

Thoughts on Accounting Research (Slides from Keynote Talk Chinese University of Hong Kong Conference, May 2018)

Finding Connections in Chaos (Slides from Keynote Talk MIT Asia Conference, Xiamen China, July 2016)

Life in the Academic Big City (Slides from Talk to PhD students at NYU, April 2018)

Academics and the Life of the Mind  (Slides from 2014 AAA New Faculty Consortium Talk on Research)

2013 JAE Conference Discussion on Beatty and Liao  (Slides)

Random Thoughts

Thoughts on ESG Measurement, February 2022 (See also Kenan Insights version)

Talk on Politics and Financial Regulation, November 2010

An Essay: Social Arbitrage, December 2005

Bushman’s History

2022 Profile on UNC website: The art of depicting economic reality

Profiles on me from my University of Chicago days:    Profile 1 1990;   Profile 2 1992;   Profile 3 1992

My days with the Amazing Martial Arts Show 1978    The Martial Artists


1.            The Influence of Short Selling on the Production and Market Consequences of Negative Press Coverage, with Jedson Pinto, Management Science (forthcoming).

2.            Cash-based bonus plans as a strategic communication, coordination and commitment mechanism. Journal of Accounting and Economics, Volume 72, No. 2/3, November/December 2021.

3.            The Influence of Loan Officers on Debt Contract Design and Performance, with Janet Gao, Joseph Pacelli and Xiumin Martin, Journal of Accounting and Economics Vol. 71, No. 1, 2021.

4.            Bank CEO Materialism: Risk Controls, Culture and Tail Risk, with Rob Davidson, Aiyesha Dey and Abbie Smith. Journal of Accounting and Economics 65 (1), February 2018: 191-220.

5.            The Informational Role of the Media in Private Lending, with Christopher Williams and Regina Wittenberg-Moerman, Journal of Accounting Research Volume 55, Issue 1, March 2017: 115–152.

6.            Bank Competition: Measurement, Decision-Making and Risk-Taking, with Brad Hendricks and Christopher Williams, Journal of Accounting Research Volume 54 Issue 3, June 2016: 777–826.

7.            Transparency, Accounting Discretion and Bank Stability, Economic Policy Review, Issue Aug, pp. 129-149, 2016. 

8.            The Changing Landscape of Accrual Accounting, with Alina Lerman and Frank Zhang. Journal of Accounting Research Volume 54, Issue 1, March 2016: 41–78.

9.            Management Team Incentive Alignment and Firm Performance, with Zhonglan Dai and Weining Zhang. The Accounting Review, January 2016, Vol. 91, No. 1, 21-45.

10.       Delayed Expected Loss Recognition and the Risk Profile of Banks, with Chris Williams. Journal of Accounting Research, Volume 53, Issue 3, 511–553, June 2015.

11.       Thoughts on financial accounting and the banking industry, Journal of Accounting and Economics, 2014, 58, 384–395.

12.       Accounting discretion, loan loss provisioning, and discipline of Banks' risk-taking, with Christopher Williams. Journal of Accounting and Economics 54 (2012) 1–18

13.       The Role of Bank Reputation in "Certifying" Future Performance Implications of Borrowers' Accounting Numbers, with Regina Wittenberg-Moerman. Journal of Accounting Research 2012, Volume 50, Issue 4, pages 883–930.

14.       Capital Allocation and Timely Accounting Recognition of Economic Losses, with Abbie Smith and Joe Piotroski, Journal of Business, Finance and Accounting, 2011, Vol. 38, Issue 1/2.

15.       Price Discovery and Dissemination of Private Information by Loan Syndicate Participants, with Abbie Smith and Regina Wittenberg-Moerman, Journal of Accounting Research Vol. 48 No. 5 December 2010.

16.       The Pros and Cons of Regulating Corporate Reporting: A Critical Review of the Arguments, with Wayne Landsman.  Accounting and Business Research   Vol. 40 Number 3, 2010 .

17.       A Discussion of Creditors' and Shareholders' Reporting Demands in Public versus Private Firms: Evidence from Europe, Contemporary Accounting Research Vol. 27 No. 1 (Spring 2010) pp. 93–99.

18.       Risk and CEO Turnover, with Zhonglan Dai  and Xue Wang. Journal of Financial Economics Volume 96, Issue 3, June 2010, Pages 381-398.

19.       Weak" Governance May Be Optimal Governance: Discussion of Corporate Governance and Backdating of Executive Stock Options, Contemporary Accounting Research Vol 26, Summer 2009.

20.       The Debt-Contracting Value of Accounting Information and Loan Syndicate Structure,  with Ryan Ball and Florin Vasvari, Journal of Accounting Research Vol. 46 No. 2 May 2008

21.       An Analysis of the Relation Between the Stewardship and Valuation Roles of Earnings,  with Ellen Engel, and Abbie Smith. Journal of Accounting Research Vol 44 Number 1 March 2006.

22.       Financial reporting incentives for conservative accounting: The influence of legal and political institutions,  with Joe PiotroskiJournal of Accounting and Economics Vol. 42 (October 2006), pp. 107-48.

23.       Insider Trading Restrictions and Analysts’ Incentives to Follow Firms,  with Joe Piotroski and Abbie Smith. Journal of Finance Volume 60 February 2005.  (Nominated for the 2005 Smith Breeden Prize)

24.       Financial Accounting Information, Organizational Complexity and Corporate Governance Systems, with Qi Chen, Ellen Engel, and Abbie Smith, Journal of Accounting and Economics 37 (2004), 167-201.

25.       What Determines Corporate Transparency?  with Joe Piotroski and Abbie Smith. Journal of Accounting Research 2004 , 42 (2).

26.       Transparency, Financial Accounting Information and Corporate Governance,  with Abbie Smith. Federal Reserve Bank of New York's Economic Policy Review,  April 2003 Volume 9, Number 1 : 65-87.

27.       Financial Accounting Information and Corporate Governance, with Abbie Smith. Journal of Accounting & Economics, Vol. 32, Nos. 1-3, August/October/December 2001.

28.       Private Pre-Decision Information, Performance Measure Congruity and the Value of Delegation, with Raffi Indjejikian and Mark Penno, Contemporary Accounting Research , Vol. 17 Winter 2000 pp. 561-587.

29.       Earnings Announcements and Market Depth, Robert Bushman, Sunil Dutta, John Hughes and Raffi Indjejikian, Contemporary Accounting Research, Vol. 14 No. 1 (Spring 1997) pp. 43-68.

30.       CEO Compensation: The Role of Individual Performance Evaluation, Robert Bushman, Raffi Indjejikian and Abbie Smith.  Journal of Accounting and Economics, Vol. 21 April 1996pp. 161-193.

31.       A Model of Two-Tiered Financial Reporting, Robert Bushman, Frank Gigler and Raffi Indjejikian. Journal of Accounting Research, Supplement 1996 pp. 51-74.

32.       A Note on Strategic Sampling in Agencies, Robert Bushman and Chandra Kanodia.  Management Science, Vol 43 January 1996 pp. 151-156.

33.       Aggregate Performance Measures in Business Unit Manager Compensation: The Role of Intrafirm Interdependencies, Robert Bushman, R. Indjejikian and Abbie Smith. Journal of Accounting Research, Vol. 33 Supplement 1995 pp. 101-128.

34.       Voluntary Disclosures and the Trading Behavior of Corporate Insiders, Robert Bushman and Raffi Indjejikian. Journal of Accounting Research, Vol. 33 No. 2, Autumn 1995 pp. 293-316.

35.       Stewardship Value of "Distorted" Accounting Disclosures, Robert Bushman and R. Indjejikian. The Accounting Review, October 1993 pp. 765-782.

36.       Accounting Income, Stock Price and Managerial Compensation, Robert Bushman and Raffi Indjejikian.   Journal of Accounting and Economics, Jan./Feb./March 1993 pp. 3-23.

37.       Public Disclosure and the Structure of Private Information Markets, Robert Bushman  Journal of Accounting Research,  Autumn 1991 pp. 261-276.

38.       Escalation Errors and the Sunk Cost Effect: An Explanation Based on Reputation and Information Asymmetries, with Chandra Kanodia and John Dickhaut Journal of Accounting Research, 1989 pp. 59-77.

Working papers

·               Private Information, Risk Tradeoffs and Disclosure Incentives of Activist Short Sellers, with Byung Hyun Ahn and Panos Patatoukas, July 2022.

·               Social Externalities of Bank Enforcement Actions: The Case of Minority Lending, with Byeongchan An, Anya Kleymenova and Rimmy Tomy. July 2022

·               Contracting Frictions, Dynamic Adjustment of CEO Incentives and Firm Performance with Zhonglan Dai and Weining Zhang, July 2022.

·               Human judgments of executive teams' human capital, with Salman Arif, John Donovan and Yadav Gopalan. April 2022.

·               Transparency of common downside risk exposures across banks, with Jason Chen and Chris Williams, (under revision July 2022). Link to earlier draft

·               Information from Implied Volatility Comovements and Insider Trades, with Vivek Ravel and Sean Wang, (Under revision, July 2022). Link to earlier draft

Research in Progress

·               Monitoring Mechanism Portfolio Choices in the Syndicated Loan Market, with Sunjin Park and Donny Zhang.

·               The Special Role of Bank Earnings in the Relation between Aggregated Earnings and Gross Domestic Product, With Boaz Noiman and Ryan Ball

Older Working Papers

Governance, Competition and Opportunistic Accounting Choices by Banks, with Susie Wang and Christopher Williams, May 2017.

Bank Incentives, Credit Market Discipline and Firm Performance in China, with Qi Chen, Kun Wang and Xing Xiao, July 2013.

Investment Cash Flow Sensitivities Really Reflect Related Investment Decisions, with Abbie Smith and Frank Zhang, May 2012.

Implied Bond Liquidity, with Ahn Le and Florin Vasvari, January 2010.

Does secondary loan market trading destroy lenders' incentives?, with Regina Wittenberg-Moerman, November 2009.