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Richard A. Lambert

Professor of Accounting,  Miller-Sherrerd Professor


Professor Lambert’s research examines topics within financial and managerial accounting. In particular, he explores how information is related to the cost of capital in firms and how firms use information for performance evaluation. His articles have appeared in The Accounting Review, Journal of Accounting Research, Journal of Accounting and Economics, Rand Journal of Economics, and Strategic Management Journal.

He teaches an elective course in financial reporting in both the MBA and WEMBA programs, the core financial accounting class in the WEMBA program, and seminars in the doctoral program. He also teaches in various executive education programs. He is the recipient of several teaching awards.

Professor Lambert previously taught at the Kellogg School at Northwestern University and the Graduate School of Business at Stanford University. He received a Ph.D. from Stanford University in 1982, an MS in Statistics from Stanford in 1980, and a B.E.E. in Electrical Engineering from the Georgia Institute of Technology in 1977.

Publications
Richard A. Lambert (2010), Discussion of 'Implications for GAAP from an Analysis of Positive Research In Accounting, Journal of Accounting and Economics, (December), pp. 287-295.
Richard A. Lambert (2009), Discussion of On the Relation Between Expected Returns and Implied Cost of Capital, Review of Accounting Studies, (June/September), pp. 260-268.
Richard A. Lambert, Christian Leuz, Robert E. Verrecchia (2007), Accounting Information, Disclosure, and the Cost of Capital, Journal of Accounting Research, (May), pp. 385-420.
Richard A. Lambert (2006), Agency Theory and Management Accounting. In, Handbook of Management of Accounting, Volume 1, Chapman, Hopwood and Shields, eds., Elsevier Press, Oxford, 2006, pp. 247-268.
Richard A. Lambert (2004), Discussion of analysts’ treatment of non-recurring items in street earnings and loss function assumptions in rational expectations tests on financial analysts’ earnings forecasts, Journal of Accounting and Economics, (December), pp. 205-222.

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Current Research
Richard A. Lambert, Christian Leuz, Robert E. Verrecchia, Information Asymmetry, Asymmetric Information, and the Cost of Capital
Richard A. Lambert, Robert E. Verrecchia, Information Asymmetry and Cost of Capital in Imperfect Competition
Henry Friedman, Richard A. Lambert, Performance Measurement and Long Term Investment Incentives

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Knowledge@Wharton
Stock Option Repricing: Employees Benefit But What about Investors?, 06/04/2003, Richard A. Lambert
One Way to Settle the Controversy over Stock Options: Eliminate Them, 09/11/2002, Richard A. Lambert
Hedging Their Risk: Creating a Market for Managerial Stock Options, 09/13/2001, Richard A. Lambert
How Employees Value (Often Incorrectly) Their Stock Options, 05/23/2001, Richard A. Lambert
It’s Not Just How Many, But Who Gets Stock Options That Matters, 03/19/2001, Richard A. Lambert

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Honors And Awards
WEMBA Core Teaching Award, 2009
WEMBA Core Teaching Award, 2007
Visiting Faculty - Accounting Doctoral Consortium, 2005
Visiting Faculty - Accounting Doctoral Consortium, 2004
Joseph L. McDonald Professor of Accounting, 1995-1999

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Lambert A. Richard
Richard A. Lambert
 1307 Steinberg Hall-Dietrich Hall
3620 Locust Walk
Philadelphia, PA 19104-6365
Phone: (215) 898-7782
Fax: (215) 573-2054
lambertr@wharton.upenn.edu

Research Interests:
Theoretical and Empirical Research in Performance Measurement, Incentive Compensation Plans, Cost Analysis, and Financial Reporting