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Wayne Guay

Professor of Accounting,  Yageo Professor


Professor Guay’s research focuses on the design of executive compensation contracts, stock-based incentives, corporate governance, financial reporting quality, the corporate information environment, firm valuation. His articles have appeared in Journal of Accounting & Economics, Journal of Accounting Research, Accounting Review, Journal of Financial Economics, Journal of Finance, American Economic Review, Michigan Law Review, and Economic Policy Review. His research on stock option accounting and valuation was selected by the Financial Executive Research Foundation as the 2002 Article of the Year in The Accounting Review. He currently serves on the editorial boards of Journal of Accounting & Economics and Journal of Accounting Research.

He has consulted with a wide range of companies, and provided expert testimony in a variety of high-profile litigation matters. His consulting and testimony focuses on design of executive compensation and incentives, corporate governance, employee stock option valuation, insider trading, firm valuation and financial statement analysis.

Professor Guay teaches the Core MBA Course on financial accounting. He received a PhD in Accounting from the Simon School of Business at the University of Rochester in 1998.

Publications
Wayne Guay, S.P. Kothari, Susan Shu (2011), Properties of Implied Cost of Capital Using Analysts' Forecasts, Australian Journal of Management, 36: 125-149
Martin Conyon, John Core, Wayne Guay (2011), Are US CEOs Paid More Than UK CEOs? Inferences From Risk-Adjusted Pay?, Review of Financial Studies, 24: 402-438.
Christopher Armstrong, Wayne Guay, Joseph Weber (2010), The Role of Information and Financial Reporting in Corporate Governance and Debt Contracting, Journal of Accounting & Economics, 50: 179-234.
John Core, Wayne Guay (2010), Is There a Case for Regulating Executive Pay in the Financial Services Industry?, After the Crash: The Future of Finance: Chapter 5, Published by Brookings Institution Press: 115-140.
Jennifer Blouin, John Core, Wayne Guay (2010), Have the tax benefits of debt been overstated?, Journal of Finance, 98: 195-213.

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Current Research
Karthik Balakrishnan, Jennifer Blouin, Wayne Guay, Does Tax Aggressiveness Reduce Financial Reporting Transparency?
Wayne Guay, Robert E. Verrecchia, Conservative Disclosure
John Core, Wayne Guay, When are Executive Compensation and Incentives Appropriately Measured by Their Market Values?
John Core, Wayne Guay, The Other Side of the Trade-Off: The Impact of Risk on Executive Compensation: A Revised Comment
Christopher Armstrong, John Core, Wayne Guay, “When Do Independent Directors Improve Firms’ Information Environments?”

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In The News
Prof. of Accounting Wayne Guay writes an op-ed about whether US companies should be forced to disclose CEO pay ratios (subscription may be required)., Financial Times, 09/07/2010, Wayne Guay
The opposition's rebuttal remarks, Economist, 08/15/2010, Wayne Guay
Picking Big 'Peers' to Set Pay: Executive Compensation Is Often Skewed by Comparisons, The Wall Street Journal, 08/17/2009, Wayne Guay

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Knowledge@Wharton
Say on Pay: Will U.S. Shareholders Give Executives the Thumbs Up on Compensation?, 01/05/2011, Wayne Guay
Walking 'on Eggshells': Corporate Boards Juggle Many Intangibles When Judging Performance, 09/15/2010, Wayne Guay
Executive Compensation: More Regulation, or Just More Transparency?, 02/17/2010, Wayne Guay
Crackdown on Executive Pay: Too Much or Not Enough?, 11/11/2009, Wayne Guay
Creating 'a Bigger Mess?' Battle Lines Are Drawn on the Proxy Access Rule, 09/02/2009, Wayne Guay

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Honors And Awards
Best Paper Award – The Accounting Review Article of the Year, selected by the Financial Executive Research Foundation, 2002
Wharton Undergraduate Excellence in Teaching Award, 2002
Best Paper Award – second prize, Journal of Accounting & Economics Conference, 2001
WorldatWork Compensation Research Camp, 2001
American Compensation Association Research Grant, 1997-1998

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Guay Wayne
Wayne Guay
 1329 Steinberg Hall-Dietrich Hall
3620 Locust Walk
Philadelphia, PA 19104-6365
Phone: (215) 898-7775
Fax: (215) 573-2054
guay@wharton.upenn.edu

Research Interests:
Executive compensation and incentives; executive stock holdings and trading behavior, corporate governance, financial reporting quality, the role of financial transparency in governance and contracting