Shivaram Rajgopal
- Roy Bernard Kester and T.W. Byrnes Professor of Accounting and Auditing; Accounting Division Chair
- Accounting Division
- Chartered Accountancy, 1987
- Areas of Expertise
- Climate Corporate Finance Corporate Governance Financial Accounting & Auditing Fundamental Investment Analysis Managerial Accounting
- Contact
- Office: 1111 Kravis
- E-mail: [email protected]
- Links
- Curriculum Vitae
Shiva Rajgopal is the Kester and Byrnes Professor of Accounting and Auditing at Columbia Business School. He has also been a faculty member at the Duke University, Emory University and the University of Washington. Professor Rajgopal’s research interests span financial reporting, earnings quality, fraud, executive compensation and corporate culture. His research is frequently cited in the popular press, including The Wall Street Journal, The New York Times, Bloomberg, Fortune, Forbes, Financial Times, Business Week, and the Economist. He teaches fundamental analysis of financial statements for investors, managers and entrepreneurs and a PhD seminar on accounting regulation.
Key awards include 2006 and 2016 American Accounting Association (AAA) Notable Contribution to the Literature award, 2006 and 2016 Graham and Dodd Scroll Prize given by the Financial Analysts Journal, and the 2008, 2012 and 2015 Glen McLaughlin Award for Research in Accounting Ethics.
He is the Departmental Editor of the Accounting track of Management Science. He is also an Associate Editor at the Journal of Accounting and Economics and an ex-editor at Contemporary Accounting Research. He was on the editorial board of The Accounting Review from 2003-2011.
Featured Research in Brief
Not Just Soft Skills: Corporate Culture As a Key Company Value Driver
- Education
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BCom, University of Bombay, 1988; Chartered Accountancy 1987, PhD, 1998, University of Iowa
- Joined CBS
- 2015
All Activities
- Type
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Journal Article
Rajgopal, Shivaram and Aneesh Raghunandan
.
“Do ESG Funds Make Stakeholder-Friendly Investments?”
(Forthcoming).
- Type
-
Journal Article
.
“Market Consequences of Sovereign Accounting Errors.”
(January 03, 2023).
- Type
-
Journal Article
Rajgopal, Shivaram and Aneesh Raghunandan
.
“Do Socially Responsible Firms Walk the Talk?”
(December 10, 2022).
- Type
-
Journal Article
.
“Does ESG Negative Screening Work?”
(August 10, 2022).
- Type
-
Journal Article
.
“Foreign Currency: Accounting, Communication and Management of Risks.”
Foundations and Trends in Accounting
vol.
16
,
(January 01, 2022):
184
-307
.
- Type
-
Journal Article
.
“The SEC's Enforcement Record Against Auditors.”
Journal of Law, Finance, and Accounting
vol.
3
,
(January 01, 2018):
243
-289
.
- Type
-
Journal Article
.
“Do the FASB's standards add shareholder value?”
The Accounting Review
vol.
93
,
(January 01, 2018):
209
-247
.
- Type
-
Journal Article
.
“Did Going Public Impair Moody's Credit Ratings?”
Journal of Financial Economics
vol.
114
,
(January 01, 2014):
293
-315
.
- Type
-
Journal Article
.
“R2 and Idiosyncratic Risk Are Not Interchangeable.”
The Accounting Review
vol.
89
,
(January 01, 2014):
2261
-2295
.
- Type
-
Journal Article
.
“Is Warren Buffett's Commentary on Accounting, Governance, and Investing Practices Reflected in the Investment Decisions and Subsequent Influence of Berkshire Hathaway?”
The Accounting Review
vol.
89
,
(January 01, 2014):
1609
-1644
.
- Type
-
Journal Article
.
“Reputation Repair After a Serious Restatement.”
The Accounting Review
vol.
89
,
(January 01, 2014):
1329
-1363
.
- Type
-
Journal Article
.
“Non-audit Services and Financial Reporting Quality: Evidence from 1978 to 1980.”
Review of Accounting Studies
vol.
18
,
(January 01, 2013):
1
-33
.
- Type
-
Journal Article
.
“Earnings Quality: Evidence from the Field.”
Journal of Accounting and Economics
vol.
56
,
(January 01, 2013):
1
-33
.
- Type
-
Journal Article
.
“Frictions in the CEO Labor Market: The Role of Talent Agents in CEO Compensation.”
Contemporary Accounting Research
vol.
29
,
(January 01, 2012):
119
-151
.
- Type
-
Journal Article
Rajgopal, Shivaram and Mohan Venkatachalam
.
“Financial Reporting Quality and Idiosyncratic Return Volatility.”
Journal of Accounting and Economics
vol.
51
,
(January 01, 2011):
1
-20
.
- Type
-
Journal Article
Kedia, Simi and Shivaram Rajgopal
.
“Do the SEC's Enforcement Preferences Affect Corporate Misconduct?”
Journal of Accounting and Economics
vol.
51
,
(January 01, 2011):
259
-278
.
- Type
-
Journal Article
.
“Is Silence Golden? An Empirical Analysis of Firms That Stop Giving Quarterly Earnings Guidance.”
Journal of Accounting and Economics
vol.
51
,
(January 01, 2011):
134
-150
.
- Type
-
Journal Article
.
“Whistle-Blowing: Target Firm Characteristics and Economic Consequences.”
The Accounting Review
vol.
85
,
(January 01, 2010):
1239
-1271
.
- Type
-
Journal Article
.
“Accounting Discretion, Corporate Governance, and Firm Performance.”
Contemporary Accounting Research
vol.
25
,
(January 01, 2010):
351
-405
.
- Type
-
Journal Article
.
“Accelerated Vesting of Employee Stock Options in Anticipation of FAS 123-R.”
Journal of Accounting Research
vol.
47
,
(March 01, 2009):
105
-146
.
- Type
-
Journal Article
.
“Do Managers Value Stock Options and Restricted Stock Consistent with Economic Theory?”
Contemporary Accounting Research
vol.
26
,
(January 01, 2009):
899
-932
.
- Type
-
Journal Article
Benston, George, Douglas Carmichael, Theodore Christiansen, Robert Colson, Karim Jamal, Stephen Moehrle, Shivaram Rajgopal, Thomas Stober, Shyam Sunder, and Ross Watts
.
“Response to FAF Exposure Draft, 'Proposed Changes to Oversight, Structure, and Operations of the FAF, FASB, and GASB'.”
Journal of Accounting and Public Policy
vol.
28
,
(January 01, 2009):
51
-57
.
- Type
-
Journal Article
Kedia, Simi and Shivaram Rajgopal
.
“Neighborhood Matters: The Impact of Location on Broad Based Stock Option Plans.”
Journal of Financial Economics
vol.
92
,
(January 01, 2009):
109
-127
.
- Type
-
Journal Article
Mohanram, Partha and Shivaram Rajgopal
.
“Is PIN Priced Risk?”
Journal of Accounting and Economics
vol.
47
,
(January 01, 2009):
226
-243
.
- Type
-
Journal Article
.
“CEO Reputation and Earnings Quality.”
Contemporary Accounting Research
vol.
25
,
(January 01, 2008):
109
-147
.
- Type
-
Journal Article
.
“Meeting or Beating Analyst Expectations in the Post-Scandals World: Changes in Stock Market Rewards and Managerial Actions.”
Contemporary Accounting Research
vol.
25
,
(January 01, 2008):
1067
-1098
.
- Type
-
Journal Article
Jamal, Karim, George Benston, Douglas Carmichael, Theodore Christensen, Robert Colson, Stephen Moehrle, Shivaram Rajgopal, Thomas Stober, Shyam Sunder, and Ross Watts
.
“A Perspective on the SEC's Proposal to Accept Financial Statements Prepared in Accordance with International Financial Reporting Standards (IFRS) without Reconciliation to U.S. GAAP.”
Accounting Horizons
vol.
22
,
(January 01, 2008):
241
-248
.
- Type
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Journal Article
Bradshaw, Mark, Paquita Davis-Friday, Elizabeth Gordon, Patrick Hopkins, Robert Laux, Karen Nelson, Shivaram Rajgopal, K. Ramesh, Hollis Skaife, Robert Uhl, and George Vrana
.
“Response to FASB Exposure Draft, "Employers' Accounting for Defined Benefit Pension and Other Postretirement Plans: An Amendment of FASB Statements No. 87, 88, 106, and 132(R).”
Accounting Horizons
vol.
21
,
(June 01, 2007):
201
-213
.
- Type
-
Journal Article
Bradshaw, Mark, Paquita Davis-Friday, Elizabeth Gordon, Patrick Hopkins, Robert Laux, Karen Nelson, Shivaram Rajgopal, Hollis Skaife, K. Ramesh, Robert Uhl, and George Vrana
.
“Response to FASB Exposure Draft, "The Fair Value Option for Financial Assets and Financial Liabilities, Including an Amendment of FASB Statement No. 115".”
Accounting Horizons
vol.
21
,
(June 01, 2007):
189
-200
.
- Type
-
Journal Article
Benston, George, Douglas Carmichael, Joel Demski, Bala Dharan, Karim Jamal, Robert Laux, Shivaram Rajgopal, and George Vrana
.
“The FASB's Conceptual Framework for Financial Reporting: A Critical Analysis.”
Accounting Horizons
vol.
21
,
(June 01, 2007):
229
-238
.
- Type
-
Journal Article
Bradshaw, Mark, Paquita Davis-Friday, Elizabeth Gordon, Patrick Hopkins, Robert Laux, Karen Nelson, Shivaram Rajgopal, K. Ramesh, Hollis Skaife, Robert Uhl, and George Vrana
.
“A Response to the FASB Exposure Draft on Accounting for Uncertain Tax Positions: An Interpretation of FASB Statement No. 109.”
Accounting Horizons
vol.
21
,
(March 01, 2007):
103
-112
.
- Type
-
Journal Article
.
“The Accrual Anomaly: International Evidence.”
The Accounting Review
vol.
82
,
(January 01, 2007):
169
-203
.
- Type
-
Journal Article
.
“Value Destruction and Financial Reporting Decisions.”
Financial Analysts Journal
vol.
62
,
(November 01, 2006):
27
-39
.
- Type
-
Journal Article
.
“Why Is the Accrual Anomaly Not Arbitraged Away? The Role of Idiosyncratic Risk and Transaction Costs.”
Journal of Accounting and Economics
vol.
42
,
(January 01, 2006):
3
-33
.
- Type
-
Journal Article
.
“CEOs' Outside Employment Opportunities and the Lack of Relative Performance Evaluation in Compensation Contracts.”
The Journal of Finance
vol.
61
,
(January 01, 2006):
1813
-1844
.
- Type
-
Journal Article
.
“The Economic Implications of Corporate Financial Reporting.”
Journal of Accounting and Economics
vol.
40
,
(January 01, 2005):
3
-73
.
- Type
-
Journal Article
.
“Value-Glamour and Accruals Mispricing: One Anomaly or Two?”
The Accounting Review
vol.
79
,
(January 01, 2004):
355
-385
.
- Type
-
Journal Article
.
“The Role of Online Buying Experience as a Competitive Advantage: Evidence from Third-Party Ratings for E-Commerce Firms.”
Journal of Business
vol.
77
,
(January 01, 2004):
S109-S133
.
- Type
-
Journal Article
.
“The Value Relevance of Network Advantages: The Case of E-Commerce Firms.”
Journal of Accounting Research
vol.
41
,
(March 01, 2003):
135
-162
.
- Type
-
Journal Article
.
“Does the Stock Market Fully Appreciate the Implications of Leading Indicators for Future Earnings? Evidence from Order Backlog.”
Review of Accounting Studies
vol.
8
,
(January 01, 2003):
461
-492
.
- Type
-
Journal Article
.
“Are Executive Stock Options Associated with Future Earnings?”
Journal of Accounting and Economics
vol.
36
,
(January 01, 2003):
3
-43
.
- Type
-
Journal Article
.
“Managerial Actions, Stock Returns, and Earnings: The Case of Business-to-Business Internet Firms.”
Journal of Accounting Research
vol.
40
,
(May 01, 2002):
529
-556
.
- Type
-
Journal Article
.
“Institutional Ownership and the Extent to Which Stock Prices Reflect Future Earnings.”
Contemporary Accounting Research
vol.
19
,
(January 01, 2002):
117
-145
.
- Type
-
Journal Article
Pincus, Morton and Shivaram Rajgopal
.
“The Interaction between Accrual Management and Hedging: Evidence from Oil and Gas Firms.”
The Accounting Review
vol.
77
,
(January 01, 2002):
127
-160
.
- Type
-
Journal Article
.
“Determinants of Revenue-Reporting Practices for Internet Firms.”
Contemporary Accounting Research
vol.
19
,
(January 01, 2002):
523
-562
.
- Type
-
Journal Article
Rajgopal, Shivaram and Terry Shevlin
.
“Empirical Evidence on the Relation between Stock Option Compensation and Risk Taking.”
Journal of Accounting and Economics
vol.
33
,
(January 01, 2002):
145
-171
.
- Type
-
Journal Article
.
“Early Evidence on the Informativeness of the SEC's Market Risk Disclosures: The Case of Commodity Price Risk Exposure of Oil and Gas Producers.”
The Accounting Review
vol.
74
,
(January 01, 1999):
251
-280
.
- Type
-
Working Paper
.
Evidence on Contagion in Earnings Management. Forthcoming.
- Type
-
Working Paper
.
Were Information Intermediaries Sensitive to the Financial Statement-based Leading Indicators of Bank Distress prior to the Financial Crisis? Forthcoming.
- Type
-
Working Paper
.
Does financial reporting misconduct pay off even when discovered? October 01, 2018.
- Type
-
Working Paper
Rajgopal, Shivaram and Prasanna Tantri
.
Does Mandated Corporate Social Responsibility Reduce Intrinsic Motivation? Evidence from India. January 01, 2018.
- Type
-
Working Paper
Rajgopal, Shivaram and Roger White
.
Cheating When in The Hole: The Case of New York City Taxis. June 01, 2015.
- Type
-
Working Paper
.
Who Gets Swindled in Ponzi Schemes? May 01, 2015.
- Type
-
Working Paper
Manchiraju, Hariom and Shivaram Rajgopal
.
Does Corporate Social Responsibility (CSR) Create Shareholder Value? Exogenous Shock-Based Evidence from the Indian Companies Act 2013. January 01, 2015.
- Type
-
Working Paper
.
The Revolving Door and the SEC's Enforcement Outcomes: Initial Evidence from Civil Litigation. January 01, 2015.
- Type
-
Working Paper
.
The Misrepresentation of Earnings. January 01, 2015.
- Type
-
Working Paper
.
Does It Matter Who Owns Moody's? January 01, 2014.
- Type
-
Working Paper
Rajgopal, Shivaram and Roger White
.
Stock Picking Skills of SEC Employees. January 01, 2014.
- Type
-
Working Paper
.
The Revolving Door and the SEC's Enforcement Outcomes: Initial Evidence from Civil Litigation. January 01, 2014.
- Type
-
Newspaper/Magazine Article
.
“Review of Financial Reporting Disclosures: Market and Regulatory Failures.”
The Accounting Review
.
January 01, 2015.
- Type
- Course
B9020: Research on Investing with Fundamental Analysis
- Type
- Course
B8010: Fundamental Analysis for Investors, Managers and Entrepreneurs
- Type
- Course
B7010: Fundamental Analysis for Investors, Managers and Entrepreneurs
- Type
- Course
B8028: Measuring and Managing Climate Risk
- Type
- Course
B9022: Research On Regulation And Accounting Institutions
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Corporate Profit Is at a Level Well Beyond What We Have Ever Seen, and It's Expected to Keep Growing
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Research In Brief
Not Just Soft Skills: Corporate Culture as a Key Company Value Driver