Rotman School of Management

Main Content

Gordon D. Richardson

Gordon D. Richardson

KPMG Professor of Accounting
Professor of Accounting


PhD, Cornell University
MBA, York University
BA, University of Toronto




Gordon Richardson is a Professor of Accounting. He was Editor of Contemporary Accounting Research from 2001-2006, one of the top five academic accounting journals in the world. An Honorary Professor of the University of Queensland Business School since 2004, he enjoys an international reputation as a leading scholar in academic accounting. In 2004, he delivered the prestigious Wei Lun Visiting Professor Public lecture in Hong Kong. In 2008, he gave a public address as part of the Korean Accounting Association Distinguished Professor Seminar Series. In 2007, in recognition of his research achievements, he was awarded the Haim Falk Award.

Other Info

Dr. Richardson is a capital markets researcher and has over 25 publications in peer reviewed academic journals. In 2006, he published an influential paper in Contemporary Accounting Research which deals with securitizations. He has published several articles related to environmental accounting and he is currently working on a project involving the European carbon emissions cap and trade system. He has also conducted research in the area of the valuation of private companies and the Private Company Discount, the usefulness of internal control disclosures mandated by Sarbanes-Oxley, the impact of Sarbanes-Oxley on the valuation of private companies, and the impact of voluntary disclosures on firm valuation. He specializes in accounting based valuation models and the value relevance for investors of financial statements.

Academic Positions

  • 1970-Present

    School of Management, University of Toronto,

  • 1985

    Visiting Professor, New York University

  • 1977

    Visiting Professor, University of Pennsylvania

  • 2002 - present

    Full Professor , University of Toronto

  • 1973

    Visiting Professor, Hebrew University, Jerusalem

  • 2001-2006

    Editor, Contemporary Accounting Research

  • 1962-1970

    Professor, School of Management, University of Rochester

  • 1989-2002

    Chaired Full Professor, University of Waterloo

  • 1966-1967

    Visiting Professor, University of California at Berkeley

  • 1952-1962

    Associate Professor, School of Management, Massachusetts Institute of Technology

  • 1987-1989

    Associate Professor, McMaster University

  • 1947-1952

    Assistant Professor, Graduate School of Industrial Administration, Carnegie-Mellon University

  • 1983-1987

    Assistant Professor, University of British Columbia

Selected Publications - Papers

  • Risk, Asymmetric Payoffs, and the Underpricing of Initial Public Offerings

    with Jiazhen Jin

    Research in Finance

    Issue:vol. II, JAI Press

    Pages: pp.133-165

  • Capitalism's Growth Imperative

    with Jeffrey S. Rosenthal

    Cambridge Journal of Economics

    Issue:27.1, Jan


    Pages: pp. 25-48

  • Growth and Security under Welfare - Corporate Capitalism and Market Socialism

    Brazilian Journal of Political Economy

    Issue:21, 3(83), July


    Pages: pp. 65-80 (Online at:

  • The Comparative Benefits to the People of Toronto of City versus Private Ownership of Toronto Hydro

    For The City Council of Toronto at the Request of Local 1, Canadian Union of Public Employees. May 21


  • Why Foreign Ownership is a Problem and What to Do About It

    Policy Options



    Pages: pp. 52-55

  • An Examination of the Comparative Financial Consequences of Owning and Selling Epcor for the People of Edmonton

    For the City Council of Edmonton at the request of the Parkland Institute. June 28


  • Don't Sell Hydro Short

    Policy Options



    Pages: pp. 61-64

  • The Consequences of Privatizing New Brunswick Power and Deregulating the Electric Power Industry in New Brunswick

    Prepared for The Select Committee on Energy of the New Brunswick Legislature at the Request of Locals 2309 and 1733 of the International Brotherhood of Electrical Workers. Jan. 6


  • The Performance and Market Value of United States Nonfinancial Corporations, 1987 to 1997

    Journal of Post-Keynesian Economics

    Issue:21.4 (Summer)


    Pages: pp. 551-560

  • Monopoly power in the United States Manufacturing Sector, 1899 to 1994

    Journal of Post Keynesian Economics

    Issue:20 (Spring)


    Pages: pp. 323-335

  • The Finite Horizon Expected Return Model

    with Joseph R. Gordon

    Financial Analysts Journal

    Issue:53.3 (May/June)


    Pages: pp. 52-61

  • Finance, Investment and Their Macroeconomic Implications

    Quarterly Review of Economics and Finance

    Issue:34 (Spring)


    Pages: pp.1-11

  • The Real Income and Consumption of an Urban Chinese Family

    with Chen Haichun and Yan Zhiming

    Journal of Development Studies

    Issue:31 (October)


    Pages: pp.201-213, and in Guanli Shijie (Management World) 4 (1993) pp.196-203

  • China's Path to Market Socialism

    Challenge: The Magazine of Economic Affairs

    Issue:35 (January)


    Pages: pp.53-56

  • The Investment, Financing and Control of the Firm: A Long-term Survival View

    with Trevor Chamberlain

    Cambridge Journal of Economics



    Pages: pp.393-403

  • The Interest Rate Component of Systematic Risk

    with D.A. Gordon and L.I. Gould

    Journal of Accounting, Auditing and Finance

    Issue:5 (4)


    Pages: pp.573-591

  • Liquidity, Profitability and Long-run Survival: Theory and Evidence on Business Investment

    with Trevor Chamberlain

    Journal of Post Keynesian Economics

    Issue:11 (Summer)


    Pages: pp.589-610

  • Insecurity, Growth and the Rise of Capitalism

    Journal of Post Keynesian Economics

    Issue:9 (Summer)


    Pages: pp.529-551

Selected Publications - Books and Chapters

  • Economic Bases for World Order: Corporate Capitalism and/or Market Socialism?

    World Order for a New Millennium: Political, Cultural and Spiritual Approaches to Building Peace. Ed. A. Walter Dorn. New York: St. Martin's Press


    Pages: pp. 35-44

  • Growth and Security under Welfare - Corporate Capitalism and Market Socialism

    Social Security Reform in China. Ed. Dianqing Xu, Jason Yin and Yuxin Zheng. [People's Republic of China]: Economic Science Press


    Pages: pp. 425-441

  • Consumption and Investment when Bankruptcy is not a Fate Worse than Death

    with Suresh P. Sethi in P. Arestis, ed. Method, Theory and Policy in Keynes; Essays in Honour of Paul Davidson Vol 3. London: Elgar


    Pages: pp. 88-108

  • The Future of Market Socialism in China

    with Yui Li and Zhilong Tian in Donald Brean, ed. Taxation in Modern China., Routledge


  • Towards a Workable Effective Corporate Governance System for China's State Owned Enterprises

    with Yue Li and Zhilong Tian, in China's Tax Reform Options. Ed. Trish Fulton, Jinyan Li and Dianqing Xu. Singapore: World Scientific


  • A Keynesian Theory of Finance and Its Macroeconomic Implications

    in G.C. Harcourt and Peter Reich, A


    Pages: pp. 79-101

  • A Contribution to the Micro Foundation for Keynesian Macroeconomic Models

    with S.P.Sethi in S.P.Sethi, Optimal Consumption and Investment with Bankruptcy (Boston: Kluwer)


    Pages: pp.213-240

  • Comparative Costs of Financing Ontario Hydro as a Crown Corporation and a Private Corporation

    in R.J.Daniels, Ontario Hydro at the Millennium (Montreal: McGill-Queens


  • Finance, Investment and Macroeconomics: The Neoclassical and a Post Keynesian Solution

    London: Edward Elgar


  • The Automotive Experience in Sino-Western Manufacturing Joint Ventures

    Advances in Chinese Industrial Studies, vol. 3, N. Campbell and W.C. Wedley eds., Greenwich, CT: JAI Press


    Pages: pp.135-147

Research and Teaching Interests

Research includes Cost of Capital to a Public Utility, Corporation Investment and Financing Policies, and Compariative Performance of Welfare-Corporate Capitalism in the West and Market Socialism in China.

Honors and Awards

  • 1993

    Honorary Doctor of Laws Degree, McMaster University

  • 1993

    Fellow, Royal Society of Canada

  • 1982-1983

    Connaught Faculty Fellow,

  • 1975-1976

    President, American Finance Association

  • 1962-1963

    Ford Foundation Faculty Fellow,

Academic / Professional Service

  • Associate Editor, Journal of Finance, Financial Management, Journal of Banking and Finance, and Journal of Economics and Business

  • , Served on various committees of American Finance Association, American Accounting Association, and the Institute of Management Sciences

© Rotman School of ManagementAASCB