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Christopher Armstrong

Harold C. Stott Term Assistant Professor


Professor Christopher Armstrong’s research focuses primarily on corporate governance, with an emphasis on executive incentive compensation contracts. His recent research focuses on the interface between corporate governance and financial reporting. Professor Armstrong's research has been published in top-tier academic journals including The Accounting Review, Journal of Accounting Research, Journal of Accounting and Economics, and The Review of Accounting Studies.

Professor Armstrong teaches introductory financial accounting in the undergraduate program. He received a PhD in Accounting from the Stanford University Graduate School of Business, Master of Professional Accounting from the University of Texas at Austin, and BS in Commerce from the University of Virginia.

Publications
Christopher Armstrong, Rahul Vashishtha (2012), Executive Stock Options, Differential Risk-Taking Incentives, and Firm Value, Journal of Financial Economics, Forthcoming.
Christopher Armstrong, Karthik Balakrishnan, Daniel Cohen (2012), Corporate Governance and the Information Environment: Evidence from State Antitakeover Laws, Journal of Accounting and Economics, Forthcoming.
Christopher Armstrong, Jennifer Blouin, David Larcker (2012), The Incentives for Tax Planning, Journal of Accounting and Economics, Forthcoming.
Christopher Armstrong, Christopher D. Ittner, David Larcker (2012), Corporate Governance, Compensation Consultants, and CEO Pay Levels, Review of Accounting Studies, Forthcoming.
Christopher Armstrong, Antonio Davila, George Foster, John Hand (2011), Market-to-revenue multiples in public and private capital markets, Australian Journal of Management, 36: 15-57.

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Current Research
Christopher Armstrong, John Core, Wayne Guay, When Do Independent Directors Improve Firms? Information Environments?
Christopher Armstrong, Snehal Banerjee, Carlos Corona, Information Quality and the Cross-Section of Expected Returns
Christopher Armstrong, David Larcker, Gaizka Ormazabal, Measuring Risk-Taking Equity Incentives
Christopher Armstrong, George Foster, Daniel Taylor, Financial Reporting Incentives in Newly Public Companies: Are Accruals Opportunistic?
Christopher Armstrong, The Valuation of Equity-Based Compensation and Incentives

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In The News
"Tudo como antes nos salários dos executivos americanos?" (article is in Portuguese), Exame.com, 06/06/2011, Christopher Armstrong

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Knowledge@Wharton
Outrage over Outsized Executive Compensation: Who Should Fix It and How?, 02/04/2009, Christopher Armstrong

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Honors And Awards
Rodney L. White Center Aronson+Johnson+Ortiz Research Fellowship, 2011
Dorinda and Mark Winkelman Distinguished Scholar Award, 2010-2011

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Armstrong Christopher
Christopher Armstrong
 1313 Steinberg Hall-Dietrich Hall
3620 Locust Walk
Philadelphia, PA 19104-6365
Phone: (215) 898-2063
Fax: (215) 573-2054
carms@wharton.upenn.edu

Personal Website

Research Interests:
Executive Compensation and Incentives, Corporate Governance, Asset Pricing