Philip B. Shane
Professor of Commerce
e-mail: Phil.Shane@Virginia.edu
Education:
Ph.D., Business, Lundquist College of Business, University of Oregon
B.S., Accountancy, College of Business, University of Illinois
Areas of Expertise:
Professor Shane’s research interests include the economics of financial reporting, financial statement analysis, incentives and efficiency of financial analysts as intermediaries in the interpretation of accounting information for resource allocation in capital markets, market efficiency with respect to accounting information, and accounting for the sustainability of corporate business practices. His current research focuses on market efficiency with respect to differences in the information contained in accrual and cash components of earnings, measuring and evaluating the efficiency of the market’s response to earnings news, and the impact of earnings management constraints on managers’ incentives to provide information about future earnings. Professor Shane currently teaches the core financial accounting course in the M.S. in Commerce Program and the second half of intermediate financial reporting for undergraduate Commerce students.
Professional Activities:
Professor Shane has presented his research at national and international conferences sponsored by the American Accounting Association, the American Finance Association, the European Accounting Association, and the Global Finance Association. His research has been published in journals such as The Accounting Review; Journal of Accounting Research; Journal of Accounting and Economics; Contemporary Accounting Research; Decision Sciences; Journal of Accounting, Auditing & Finance; and International Journal of Forecasting. He served as president of the Financial Accounting and Reporting Section of the American Accounting Association (2007-2008), and he held the Academic Research Fellow position at the Financial Accounting Standards Board (2010-2011). Before coming to the McIntire School of Commerce, he held faculty positions at the Universities of Kansas, Montana, Arizona, and Colorado and at The Pennsylvania State University. He currently holds a 10 percent appointment as a Professor in the Auckland Business School at the University of Auckland. He is a CPA (inactive) and had experience with PricewaterhouseCoopers before his academic career.
Selected Publications:
“Do Analysts’ Long-Term Growth Forecasts Matter? Evidence from Stock Recommendations and Career Outcomes,” Journal of Accounting and Economics 2012 (with B. Jung and Y. Yang).
"Financial Analysts' Forecasts and Stock Recommendations: A Review of the Research," Foundations and Trends(R) in Finance, 2008 (with S. Ramnath and S. Rock).
“Financial Analyst Forecasting Literature: A Taxonomy with Trends and Suggestions for Further Research,” International Journal of Forecasting, 2008 (with S. Ramnath and S. Rock).
"Security Analyst and Market Anticipation of Tax-Motivated Income Shifting," The Accounting Review, 2006 (with T. Stock).
"Horizon-Dependent Underreaction in Financial Analysts’ Earnings Forecasts," Contemporary Accounting Research, 2006 (with J. Raedy and Y.S. Yang).
“Investor and (Value Line) Analysts’ Underreaction to Information about Future Earnings: The Corrective Role of Non-Earnings Surprise Information,” Journal of Accounting Research, 2001 (with P. Brous).
"Overstated Quarterly Earnings and Financial Analysts' Earnings Forecast Revisions," Decision Sciences, 1995 (with M. Ettredge and D. Smith).
"An Investigation of Shareholder Wealth Effects of Environmental Regulation," Journal of Accounting, Auditing & Finance, 1995.
"A Comparative Analysis of Firms Included in and Excluded from the NAARS Database," Journal of Accounting Research, 1995 (with J. Mutchler).
"Acquisition Accounting Method and Bid Premia for Target Firms," The Accounting Review, 1990 (with J. Robinson).
"Market Response to Environmental Information Produced Outside the Firm," The Accounting Review, 1983 (with B. Spicer).