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Luzi Hail

Associate Professor of Accounting


Luzi Hail joined the Accounting Department at the Wharton School in 2004 as a Visiting Scholar and Lecturer and is now an Associate Professor of Accounting. His research interests focus on international accounting, disclosure regulation, cost of capital and the interrelation between countries' institutional framework and the reporting behavior by corporations. His research has been published in the Accounting Review, the Journal of Accounting Research, the Journal of Financial Economics and the Review of Accounting Studies.

Prior to joining the Wharton School, Luzi Hail spent three years as a Visiting Scholar at the University of Washington in Seattle. He earned his doctorate from the University of Zurich, where he later joined the Economics and Business faculty as an Assistant Professor. He has also worked for Credit Suisse and the Union Bank of Switzerland in the Accounting & Control Group and the Asset & Liability Management Department.

Publications
Luzi Hail (2011), Discussion of consequences and institutional determinants of unregulated corporate financial statements: Evidence from embedded value reporting, Journal of Accounting Research, 49 (2): 573-594.
Luzi Hail, Christian Leuz, Peter Wysocki (2010), Global accounting convergence and the potential adoption of IFRS by the U.S. (Part II): Political factors and future scenarios for U.S. accounting standards, Accounting Horizons, 24 (4): 567-588.
Luzi Hail, Christian Leuz, Peter Wysocki (2010), Global accounting convergence and the potential adoption of IFRS by the U.S. (Part I): Conceptual underpinnings and economic analysis, Accounting Horizons, 24 (3): 355-394.
Jennifer Blouin, Luzi Hail, Michelle Yetman (2009), Capital gains taxes, pricing spreads, and arbitrage: Evidence from cross-listed firms in the U.S., The Accounting Review, 84 (5): 1321-1361.
Luzi Hail, Christian Leuz (2009), Cost of capital effects and changes in growth expectations around U.S. cross-listings, Journal of Financial Economics, 93 (3): 428-454.

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Current Research
Hans Christensen, Luzi Hail, Christian Leuz 2010, Capital-Market Effects of Securities Regulation: The Role of Implementation and Enforcement
John Core, Luzi Hail, Rodrigo Verdi 2010, Mandatory disclosure quality, inside ownership, and cost of capital
Ryan Ball, Luzi Hail, Florin Vasvari 2009, Equity cross-listings in the U.S. and the price of debt
Holger Daske, Luzi Hail, Christian Leuz, Rodrigo Verdi 2009, Adopting a label: Heterogeneity in the economic consequences of IFRS adoptions

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Knowledge@Wharton
Mind the GAAP: Analyzing the Proposed Switch to International Accounting Standards, 04/01/2009, Luzi Hail
Do the Answers to Our Current Financial Woes Lie in the Past?, 10/01/2008, Luzi Hail
Do International Financial Reporting Standards Live Up to Their Promise?, 12/12/2007, Luzi Hail
U.S. Securities Law: Does 'High Intensity' Enforcement Pay Off?, 05/30/2007, Luzi Hail

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Honors And Awards
AAA/Deloitte Wildman Medal Award, 2011
AAA Notable Contributions to Accounting Literature Award, 2010
Recipient of the Golub Faculty Scholar Award, 2009
Best Paper Award, 31st Annual meeting of the European Accounting Association, 2008
Geewax, Terker & Company Prize in Investment Research, Honorable Mention, 2004

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Hail Luzi
Luzi Hail
 1319 Steinberg Hall-Dietrich Hall
3620 Locust Walk
Philadelphia, PA 19104-6365
Phone: (215) 898-8205
Fax: (215) 573-2054
lhail@wharton.upenn.edu

Personal Website

Research Interests:
International accounting; financial disclosure and capital markets; cost of capital; accounting harmonization; law and finance