Hai Lu

McCutcheon Professor in International Business and Professor of Accounting
Director, Guanghua-Rotman Centre for Information and Capital Market Research

Degrees:

PhD, University of Southern California

Email:

Send an email to Hai Lu

Personal Website:

https://guanghua-rotman.work/

Bio

Hai Lu is McCutcheon Professor in International Business and Professor of Accounting at the Rotman School where he conducts research on insider trading, securities valuation, corporate governance, and the Chinese capital market. He is currently interested in field studies and unstructured data analysis. He has published in leading academic journals in accounting such as Accounting, Organizations and Society, The Accounting Review, Contemporary Accounting Research, Journal of Accounting and Economics, Journal of Accounting Research, Review of Accounting Studies, and Management Science. Professor Lu is the director of Guanghua-Rotman Centre for Information and Capital Market Research and is an editor of Contemporary Accounting Research and Accountability in a Sustainable World Quarterly.

Academic Positions

2016-

Professor , Rotman School, University of Toronto
2015-2017

Visiting Professor, Singapore Management University
2011-2016

Associate Professor, Rotman School, University of Toronto
2004-2011

Assistant Professor, Rotman School, University of Toronto

Selected Publications - Papers

Financial Reporting and Disclosure Practices in China

with Jee-Eun Shin and Mingyue Zhang

Journal of Accounting and Economics, forthcoming, 76 (1).

2023
The Effect of Social Skills on Analyst Performance

with Congcong Li and An-Ping Lin

Contemporary Accounting Research, forthcoming.

2023
Beauty and Accounting Academic Career

with Y. Liu and K. Veenstra

Journal of Accounting, Auditing, and Finance, forthcoming.

2022
Gender and Beauty in the Financial Analyst Profession: Evidence from the U.S. and China

with C. Li, A. Lin, and K. Veenstra

Review of Accounting Studies, 25 (4)

2020
Regulations and Brain Drain: Evidence from the Wall Street Star Analysts' Career Choices

with Y. Guan, C. Li, and F. Wong

Management Science, 65 (12)

2019
The Benefits of Specific Risk-Factor Disclosures

with O.K. Hope and D. Hu

Review of Accounting Studies, 21 (4)

2016
Is Sin Always Sin? The Interaction Effect of Social Norms and Financial Performance on Market Participants' Behavior

with Y. Liu and K. Veenstra

Accounting, Organizations and Society, 39

2014
Price Shocks, News Disclosures, and Asymmetric Drifts

with K. Wang and X. Wang

The Accounting Review, 89 (5)

2014
Rational Information Leakage

with R. Indjejikian and L. Yang

Management Science, 60 (11)

2014
Accounting Quality, Stock Price Delay, and Future Stock Returns

with J. Callen and M. Khan

Contemporary Accounting Research, 30 (1)

2013
Do Short Sellers Front-Run Insider Sales?

with M. Khan

The Accounting Review, 88 (5)

2013
Investor Sentiment, Disagreement, and Breadth-Return Relationship

with L. Cen and L. Yang

Management Science, 59 (5)

2013
Conflict-of-interest Reforms and Investment Bank Analysts’ Research Biases

with Franco Wong and Yuyan Guan

Journal of Accounting, Auditing, and Finance, 27 (4)

2012
The Agency Problem, Corporate Governance, and the Asymmetrical Behavior of Selling, General, and Administrative Costs

with Clara Chen and Theodore Sougiannis

Contemporary Accounting Research, 29 (1)

2012
Brokerage Industry Self-regulation: The Case of Analysts’ Background Disclosures

with Lawrence Brown and Artur Hugon

Contemporary Accounting Research, 27 (4)

2011
Direct and Indirect Effects of Internal Control Weakness and External Audit Effort on Accruals Quality: Evidence from a Unique Canadian Regulatory Setting

with Gordon Richardson and Steve Salterio

Contemporary Accounting Research, 28 (2)

2011
Wealth Transfer Effects of Analysts’ Misleading Behavior

with Gus De Franco and Florin Vasvari

Journal of Accounting Research, 45 (1)

2007

Featured Work

Our field study forthcoming in Journal of Accounting and Economics indicates the importance of understanding the unique institutional features in China which shapes its financial reporting and disclsoure practices.
The development of the Annual Transparency Index and White Paper and the Annual Best Listed Company Award which recognizes companies for their transparent information disclosure summarize our field work and is our effort to promote better governance in China.
“Gender and beauty biases exist in our society regardless of how competitive an industry is, and stereotypes and bias may be rooted deeply in culture and legal environment.” See our study published in Review of Accounting Studies on the all-star analysts vote and the findings are featured by the Institutional Investor magazine. The bias also exists in academic world (See our research findings)